(8198,1,'2016-07-23 11:23:12','2016-07-23 16:23:12','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI’m back again… last weekend I was in Saratoga Springs to see The Dave Matthews Band in concert at SPAC… great band, great venue and Saratoga Springs is well worth a visit if you can get there.\r\n\r\nHere it is the final blog of part one 2016. After this week I am on my summer break and I am not releasing blogs again until September 11<sup>th</sup>. I am trading and I will be active for PREMIUM SERVICE subscribers with trade set ups etc.\r\n\r\nThis summer I have to decide what I am going to do with twitter. I am taking a 17-day personal development course from my wife’s business portfolio (www.achievesuccesstoday.ca). Maybe this will help shed some enlightenment on my complete and utter disdain for twitter and the bullsh*t that it churns out. I have to decide what to do with twitter as a promotional tool and over the coming weeks I will draw up my action plan to move forward.\r\n\r\nReturning to Forex…\r\n\r\nAfter a rather disjointed period of about 8 weeks I am now settled into the comforts of my office with the multi-screens. Trading off a MacBook and iPAD/iPhone frankly is difficult. To use them to close trades and look at a specific trades progression is fine but chart analysis is restrictive and impossible for me on the iPad/iPhone.\r\n<ul>\r\n 	<li>We have choppy markets.</li>\r\n 	<li>We have uncertainty.</li>\r\n 	<li>We have to a large extent, emasculated central banks.</li>\r\n 	<li>Happy fecking days to one and all!</li>\r\n</ul>\r\nIf this was not enough, the summer trading sessions are with us. It is virtually impossible in my opinion to take the Asian sessions seriously. Liquidity is so thin, moves are retraced and cancelled, false breakouts and false breakdowns will become more and more a common event and a permanent feature until the autumn/fall sessions return.\r\n\r\nOn my recent TOUR, I was in a timezone with the best times to trade Forex. We are in my opinion, almost at the point of limiting trading to the following hours: -\r\n\r\nUK      Monday to Friday      8:00AM-9:00AM (Tokyo and London) and 1:00PM-5:00PM (New York and London)\r\n\r\nEST    Monday to Friday      3:00AM-4:00AM (Tokyo and London) and 8:00AM-12:00PM (New York and London)\r\n\r\nLike it or not as market makers, Banks move monies around when there are two of the three major centers open and when liquidity is at its best.\r\n\r\nPart of me is also of the opinion that Fridays in the New York session are also loss leaders. So many traders treat summer Fridays as “POETS DAY” (Piss off early tomorrows Saturday). Sometimes you are left sitting in trades that you really do NOT want to hold over the weekend.\r\n\r\nHowever, despite all of this through adapting to “real life” trading, by being more flexible in approach and having greater patience and tolerance with trades, I find myself in a place I did not think I would be in at this time of the year. Back in February 2016, the PREMIUM SERVICE took severe hits when all power and ISP’s had no service due to ice storms in my area for two/three days in total, stops were triggered left right and centre, profits could not be taken, trades could not be managed at all, it was a complete disaster.\r\n\r\nThe chart below which is based on end of July trading positions, shows that the recovery from zero at the end of February to now, in just 5 months has been strong. When you add in the fact that I was away on tour in the UK and IRELAND for some of the time…it is clear… that the PREMIUM SERVICE is doing something right!!\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PIP-COMPARISONS-TO-JULY-2016.png\"><img class=\"aligncenter size-full wp-image-8173\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PIP-COMPARISONS-TO-JULY-2016.png\" alt=\"PIP COMPARISONS TO JULY 2016\" width=\"473\" height=\"298\" /></a>\r\n\r\nThe takeaway from the chart above is that despite it being only 5 months performance of which 4 weeks was on tour with virtually no trading, the pip total for 2016 is within 50 pips of that of 2015 and well ahead of 2014. If you want to know more and subscribe you need to contact me.\r\n\r\nI am trading this summer, but if you want to take a break from trading, now through to September is the time to do it. I am trading because I felt I let down my subscribers a little during my UK &amp; IRELAND TOUR last month. There is also so much uncertainty in the marketplace that I am hoping that I will be able to capitalize on some fallout, plus I have so many LIVE trades at the moment that I DO NOT want to cover, they require managing!!\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nFREE PREMIUM SERVICE subscriptions; just to remind you that you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE\r\n\r\nThe next draw will be early September when I return from my summer break. The winner will be all set up prior to the September 11<sup>th</sup> blog release.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD $240.00 - 4 weeks (1 month)\r\nCAD $500.00 - 10 weeks (3 months)\r\nCAD $750.00 - 20 weeks (6 months)\r\nCAD $1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD $1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.</p>\r\n<p style=\"text-align: center;\"><strong><u>IMPORTANT TO NOTE:\r\n</u></strong>Even though I am not posting “DRIVE THRU” blogs through the summer, any subscriptions opened now will not take effect until 11<sup>th</sup> September. However, the trade set-ups and all the benefits of the PREMIUM SERVICE will be open from the day you subscribe.\r\ne.g.\r\nYou sign up today for a 10-week subscription. Cost = CAD $500.00\r\nYour subscription will start September 11<sup>th</sup> and run until November 20<sup>th</sup>, but from the day you pay you will have full access to the PREMIUM SERVICE website content and receive ALL trade set-ups.\r\nIn this example subscribing today July 23<sup>rd</sup> that will give you a total of 16 weeks subscription (without the DRIVE THRU blog for 6 weeks) more than 50% in weeks\r\nFREE OF CHARGE.\r\nThis is a great deal and a great opportunity.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:\r\n</u>\r\nNET PIPS TO THE MONTH SO FAR:       +1,577 pips\r\nNET PIPS THIS YEAR SO FAR:                +7,697 pips</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\n<p style=\"text-align: center;\">If you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.</p>\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nThere were a couple of goodies last week that I want to mention.\r\nECB PRESS CONFERENCE:\r\n\r\nThis was the only announcement that I was looking forward to last week, and I use the phrase looking forward to “tongue in cheek”.\r\n\r\nIt was as expected a bit of a non-event, hardly surprisingly really as the BRITS are putting nearly everything financial in the world on hold. In fact BREXIT is being used as the reason for most things negative.\r\n\r\nHere in Quebec, I am waiting for the likes of my ISP’s (Rogers and Videotron) and more likely Canada Post to increase prices and blame the BREXIT for this. Canada Post being a classic “nickel &amp; dime” organization, they introduced a temporary fuel surcharge when OIL reached $140 a barrel, even with OIL sub $30 there was STILL a fuel surcharge and there is still one today. Canadians are ripped off left right and centre by institutions who blame everyone else except for themselves, looking to exploit and profiteer.\r\n\r\nOff my soapbox…\r\n\r\nDraghi basically shied away from anything new and basically intimated any new policy initiatives on easing etc. would come in September. This would follow Carney’s announcement due in August, when he is widely expected to cut interest rates and fly over London in a helicopter dropping wads of cash over the city!!\r\n\r\n&nbsp;\r\n\r\nRBNZ ECONOMIC STATEMENT:\r\n\r\nStatler and Waldorf aka Wheeler (RBNZ Governor) and McDermott (Assistant Governor and Head of Economics) between them the biggest pair of numpties in the Central Bank world, have led the markets a merry dance of false, poor interpretation of the facts, a basic inability to translate a world and regional macro economic position into an effective central bank monetary policy.\r\n\r\nThe monetary policy of the RBNZ is like a pair of hooker’s knickers up and down, up and down, up and down. I think that Mark Carney (BOE) misleads markets because he’s basically inept at what he does. His forward guidance is irrelevant and 100% mis-leading. My boy Labrador Ozzy has more of an idea, and he’s mainly focused on food.\r\n\r\nHaving said that I urge you to read back over statements made by the RBNZ in particular, and, if you can watch the press conferences without slashing your wrists through boredom watch these flutes in action. It is a scene from what I would have expected the BOE to look like in the 1950’s. A few chaps in the room telling a few chaps that it’s all right because we’ve spoken to our other chaps and chaps are chaps so all is fine.\r\n\r\nAt the last RBNZ meeting an acknowledgement was made to the Auckland housing bubble, that they were monitoring closely but a rate cut was no longer on the immediate horizon. They stated that they were still looking at the value of NZD, which they had previously stated was too high. Naturally the market reaction to this was to strengthen the NZD against all currencies; most notably it was the catalyst that sent the AUD/NZD lower towards 1.0300.\r\n\r\nNext, they crap themselves and once again become reactionary. They then put out a press release that says that there will be a special announcement “An Economic Statement” on July 21<sup>st</sup>. Around the same time they announce that housing speculators will be subject to a 40% deposit on investment properties. Combing the two, the NZD comes under pressure and 7 days in a row the NZD/USD falls.\r\n\r\nThe financial statement comes out and guess what? It looks like interest cuts are on the way. The New Zealand economy is so heavily reliant on Dairy and China, their influences push and pull about with ease. Right now with interest rate differentials there is a desire from multi-nationals to use the antipodean countries to affect a carry-trade benefit. This places a tremendous strain on a country of the size of New Zealand.\r\n\r\nDo not be surprised to see a 0.50% rate cut next time around. What makes me laugh a little is why wait for the meeting. Do it now… this instant… this moment. We all know that Statler and Waldorf are reactionary - why wait?\r\n\r\nThese guys have the authority just do it, all this prepare the markets is bullsh*t. The markets are like children that require a fixed routine and now the children are in control of the parents. If these central bankers were more authoritative they may have more respect.\r\n\r\nRight now around the globe Central Bank Governors comments are to a large extent taken with a pinch of salt. It is their own fault they created this situation. I know it\'s a difficult thin line that none of them want to cross, but for God’s sake it has gone so far the wrong way the line is so far in the distance for a lot of central bankers they can no longer even see it. Central Bank Governors all need to grow a pair of bollo**s and step up… in my opinion!\r\n\r\n&nbsp;\r\n\r\nBOJ KURODA:\r\n\r\nSome flute gets hold of a June interview made by Kuroda (BOJ Govenor) for the BBC and the markets go ape shit over the fact he said back then that there would be no helicopter money being dropped in Tokyo…WTF.\r\n\r\nThe JPY across the board fell like a lead balloon. I noticed on twitter some cowboys were saying how well they traded this news and already had trades in place…liars. In the name of sanity how on this planet could anyone, the likes of DAVID COPPERFIELD included predict that news event to move the JPY? This is one reason why I hate twitter, it is so full of crap.\r\n\r\n&nbsp;\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n\r\nMy last normal full-sized blog posted on July 9<sup>th</sup> had the following as the title: -\r\n\r\n<strong>GET READY IN SPRING 2017 THERE WILL BE ANOTHER BREXIT VOTE</strong>\r\n\r\nI follow that one two weeks later with:\r\n<p style=\"text-align: center;\"><strong>LOOKING LONGER-TERM THERE’S ONLY ONE WAY TO TRADE “THE CABLE”</strong></p>\r\nI have nailed my colours to the mast on this one. I do still believe that there is a very strong possibility of a re-vote next spring. (If you missed my original blog with this call you need to read it at: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nI do not want to go over old ground, but even with Theresa May as the new UK Prime Minister nothing changes. We are dealing with politicians and politics. Europe has a history with referendums.\r\n\r\nJust because Theresa May says “BREXIT MEANS BREXIT”… “BEANS MEANZ HEINZ” but we still bought Cross and Blackwell or HP!!\r\n\r\nOn Friday last week we had the first real set of economic data after the BREXIT vote. The UK PMI’s were awful: -\r\n<ul>\r\n 	<li>FLASH UK PMi composite output index:\r\n7 July (52.4 June) = 87 month low.</li>\r\n 	<li>FLASH UK SERVICES PMi activity index:\r\n4 July (52.3 June) = 88 month low.</li>\r\n 	<li>FLASH UK MANUFACTURING PMi:\r\n1 July (52.1 June) = 41 month low.</li>\r\n 	<li>FLASH UK MANUFACTURING PMi output index:\r\n1 July (52.9 June) = 40 month low.</li>\r\n</ul>\r\nBy any stretch this looks as if things came to an <strong>emergency stop</strong> when the votes were counted. To some extent, this is to be expected as the result was not predicted and massive uncertainty hung over all businesses as both sides of the debate sold FEAR rather than FACTS.\r\n\r\nThe “remains” stated that the end of the world as we know it could happen should a BREXIT vote prevails. Business sat back and waited for the sirens to bellow out… but nothing happened, the political world in the UK when you needed strength all fecked off on party divisions.\r\n\r\nIs it any wonder there are protest votes all over the world against the political establishment?\r\n\r\nThis uncertainty is not helped by the infamous Article 50 from the Lisbon Treaty, that by the way the IRISH rejected first time around in a EUROPEAN REFERENDUM. PM May is stating that she has a timeline that looks at invoking Article 50 early in 2017. There is a long, long, long, long time in politics between now and then.\r\n\r\nOf course no member EU state has ever invoked Article 50. Is it irrevocable once triggered? There is no precedent at all. Is the two-year transition period to leave once the article is triggered like a cooling-off period?\r\n\r\nI believe between now and the end of 2016 pressure for another vote will mount prior to legal interpretation being required.\r\n\r\nLegal challenges will be in the news soon because big business did not get its way. London voted Yes so fu*k the rest of the country will be the call. Those living in the capital have no idea what it is like to live away from London. The capital city gets most of the money, the rest of the country sees the privileged wasting their hard earned taxes and in return the rest of the country lacks the same commitment to investment by central government.\r\n\r\nIt’s a typical overview for a protest vote. Instead of examining why, those in the city carry on regardless in the same way using money to buy influence. This action only fuels the protest vote, how can people not see it and yet be so stupid?\r\n\r\nAnyway… it is what it is. Most political establishments around the globe need an enema of massive proportions to clean the sh*t out once and for all!\r\n\r\nSo, the bottom-line from a trading perspective is that we have political and global uncertainties as a result of the BREXIT vote.\r\n\r\nWhichever way I look at this, there is only one way to trade, the cable and that is to SELL RIPS, sell into spikes and look for lower levels. Can the GBP come really undone? Dead right my arse it can.\r\n\r\nThe charts below (GBP/USD, EUR/GBP, GBP/CHF, GBP/AUD, GBP/CAD and GBP/NZD) contain levels and a few of my own thoughts (GBP/JPY will be treated separately).\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-BREXIT-MONTHLY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8182\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-BREXIT-MONTHLY-CHART-23072016-1024x480.png\" alt=\"GBPUSD BREXIT MONTHLY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPNZD-BREXIT-DAILY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8181\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPNZD-BREXIT-DAILY-CHART-23072016-1024x480.png\" alt=\"GBPNZD BREXIT DAILY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCHF-BREXIT-MONTHLY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8180\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCHF-BREXIT-MONTHLY-CHART-23072016-1024x480.png\" alt=\"GBPCHF BREXIT MONTHLY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCAD-BREXIT-DAILY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8179\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCAD-BREXIT-DAILY-CHART-23072016-1024x480.png\" alt=\"GBPCAD BREXIT DAILY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPAUD-BREXIT-DAILY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8178\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPAUD-BREXIT-DAILY-CHART-23072016-1024x480.png\" alt=\"GBPAUD BREXIT DAILY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURGBP-BREXIT-MONTHLY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8177\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURGBP-BREXIT-MONTHLY-CHART-23072016-1024x480.png\" alt=\"EURGBP BREXIT MONTHLY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nThere are potentially massive moves ahead and remember we get two bites of the cherry, the downward move and then the inevitable retracement move.\r\n\r\n(For PREMIUM SERVICE subscribers I will be releasing a full “BREXIT OPPORTUNITY TRADE” analysis with trade set ups across the 6 currency pairs listed above very, very soon, in fact within days. This will be similar to the G20 trades from earlier this year that generated a lot of pips).\r\n\r\nLooking at what is on the horizon to back up my thoughts from the chart opportunities etc.\r\n<ol>\r\n 	<li>Mark Carney has already indicated that the BOE will be jumping in to support the markets. Next month an interest rate cut will be made and in addition potentially QE re-enforcements. (GBP negative)</li>\r\n 	<li>The PMi data must be scaring the crap out of the government. They will treat it for now as a BREXIT blip and pray to God for an improvement next month. My view from the business owners I have spoken with is that nothing much has altered since the BREXIT vote was announced and that economically things are going backwards rather than forwards. (GBP negative)</li>\r\n 	<li>House prices in London and around the country are under pressure. House values are critical for London, for the “feel good factor” it’s even more important than it is for the rest of the country because the capital’s prices are so inflated. Foreign investment that inflates prices has dried up almost completely. This will send shivers through the government. Housing needs to be buoyant to keep an economy moving. No housing sales, no home improvement purchases, no contractors employed and potential lay-offs, unemployment reduced tax intake and benefits required. (GBP negative)</li>\r\n 	<li>General business stagnation through uncertainty to proceed. There is a “what’s the point” process in place ridiculous as it sounds. The delay in triggering article 50 does NOT help and the fact it\'s a two-year process to complete the switch, is also producing more uncertainties through the transition period. (GBP negative)</li>\r\n 	<li>Consumer confidence is low, driven by the uncertainty. (GBP negative)</li>\r\n</ol>\r\nIt’s not a pretty picture moving forward.\r\n\r\nI am NOT bullish at all. I think with regards to the GBP pairs its very simple; “SELL the RIPS and BUY the DIPS” (where applicable).\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\n(NOT AVAILABLE IN THIS VERSION – CONTENT FOR PREMIUM SERVICE SUBSCRIBERS ONLY)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\n&nbsp;\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP – Inflation Report Hearings.\r\nTUESDAY: USD – Consumer Confidence.\r\nTUESDAY: AUD – CPi.\r\n\r\nWEDNESDAY: GBP – Preliminary GDP.\r\nWEDNESDAY: USD – FOMC Statement.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: JPY – BOJ Press Conference.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0977\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8184\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-DAILY-23072016-1024x480.png\" alt=\"EURUSD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.3108\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8185\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-DAILY-23072016-1024x480.png\" alt=\"GBPUSD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7461\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-DAILY-230720156.png\"><img class=\"aligncenter size-large wp-image-8183\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-DAILY-230720156-1024x480.png\" alt=\"AUDUSD DAILY 230720156\" width=\"1024\" height=\"480\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6999\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8186\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-DAILY-23072016-1024x480.png\" alt=\"NZDUSD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3127\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8187\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-DAILY-23072016-1024x480.png\" alt=\"USDCAD DAILY  23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9866\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8188\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-DAILY-23072016-1024x480.png\" alt=\"USDCHF DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.05\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8189\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-DAILY-23072016-1024x480.png\" alt=\"USDJPY DAILY 23072016\" width=\"1024\" height=\"480\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nUncertainty continues as we move into the summer months.\r\n\r\nI am not expecting much from the FED this week; I think like everyone else they will blame the BREXIT for masterly inactivity.\r\n\r\nBe very careful getting suckered into trades this summer, the liquidity is very thin, especially in the Asian session.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 23<sup>rd</sup> July 2016\r\nBLOG VERSION: #211 FREE NEWSLETTER','LOOKING LONGER-TERM THERE’S ONLY ONE WAY TO TRADE “THE CABLE”','','publish','open','closed','','looking-longer-term-theres-one-way-trade-cable','','','2016-07-23 11:23:12','2016-07-23 16:23:12','',0,'http://weeklyfxdrivethru.com/?p=8198',0,'post','',0),(8199,1,'2016-07-23 11:23:12','2016-07-23 16:23:12','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI’m back again… last weekend I was in Saratoga Springs to see The Dave Matthews Band in concert at SPAC… great band, great venue and Saratoga Springs is well worth a visit if you can get there.\r\n\r\nHere it is the final blog of part one 2016. After this week I am on my summer break and I am not releasing blogs again until September 11<sup>th</sup>. I am trading and I will be active for PREMIUM SERVICE subscribers with trade set ups etc.\r\n\r\nThis summer I have to decide what I am going to do with twitter. I am taking a 17-day personal development course from my wife’s business portfolio (www.achievesuccesstoday.ca). Maybe this will help shed some enlightenment on my complete and utter disdain for twitter and the bullsh*t that it churns out. I have to decide what to do with twitter as a promotional tool and over the coming weeks I will draw up my action plan to move forward.\r\n\r\nReturning to Forex…\r\n\r\nAfter a rather disjointed period of about 8 weeks I am now settled into the comforts of my office with the multi-screens. Trading off a MacBook and iPAD/iPhone frankly is difficult. To use them to close trades and look at a specific trades progression is fine but chart analysis is restrictive and impossible for me on the iPad/iPhone.\r\n<ul>\r\n 	<li>We have choppy markets.</li>\r\n 	<li>We have uncertainty.</li>\r\n 	<li>We have to a large extent, emasculated central banks.</li>\r\n 	<li>Happy fecking days to one and all!</li>\r\n</ul>\r\nIf this was not enough, the summer trading sessions are with us. It is virtually impossible in my opinion to take the Asian sessions seriously. Liquidity is so thin, moves are retraced and cancelled, false breakouts and false breakdowns will become more and more a common event and a permanent feature until the autumn/fall sessions return.\r\n\r\nOn my recent TOUR, I was in a timezone with the best times to trade Forex. We are in my opinion, almost at the point of limiting trading to the following hours: -\r\n\r\nUK      Monday to Friday      8:00AM-9:00AM (Tokyo and London) and 1:00PM-5:00PM (New York and London)\r\n\r\nEST    Monday to Friday      3:00AM-4:00AM (Tokyo and London) and 8:00AM-12:00PM (New York and London)\r\n\r\nLike it or not as market makers, Banks move monies around when there are two of the three major centers open and when liquidity is at its best.\r\n\r\nPart of me is also of the opinion that Fridays in the New York session are also loss leaders. So many traders treat summer Fridays as “POETS DAY” (Piss off early tomorrows Saturday). Sometimes you are left sitting in trades that you really do NOT want to hold over the weekend.\r\n\r\nHowever, despite all of this through adapting to “real life” trading, by being more flexible in approach and having greater patience and tolerance with trades, I find myself in a place I did not think I would be in at this time of the year. Back in February 2016, the PREMIUM SERVICE took severe hits when all power and ISP’s had no service due to ice storms in my area for two/three days in total, stops were triggered left right and centre, profits could not be taken, trades could not be managed at all, it was a complete disaster.\r\n\r\nThe chart below which is based on end of July trading positions, shows that the recovery from zero at the end of February to now, in just 5 months has been strong. When you add in the fact that I was away on tour in the UK and IRELAND for some of the time…it is clear… that the PREMIUM SERVICE is doing something right!!\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PIP-COMPARISONS-TO-JULY-2016.png\"><img class=\"aligncenter size-full wp-image-8173\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PIP-COMPARISONS-TO-JULY-2016.png\" alt=\"PIP COMPARISONS TO JULY 2016\" width=\"473\" height=\"298\" /></a>\r\n\r\nThe takeaway from the chart above is that despite it being only 5 months performance of which 4 weeks was on tour with virtually no trading, the pip total for 2016 is within 50 pips of that of 2015 and well ahead of 2014. If you want to know more and subscribe you need to contact me.\r\n\r\nI am trading this summer, but if you want to take a break from trading, now through to September is the time to do it. I am trading because I felt I let down my subscribers a little during my UK &amp; IRELAND TOUR last month. There is also so much uncertainty in the marketplace that I am hoping that I will be able to capitalize on some fallout, plus I have so many LIVE trades at the moment that I DO NOT want to cover, they require managing!!\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nFREE PREMIUM SERVICE subscriptions; just to remind you that you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE\r\n\r\nThe next draw will be early September when I return from my summer break. The winner will be all set up prior to the September 11<sup>th</sup> blog release.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u></p>\r\n<p style=\"text-align: center;\">Details of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.</p>\r\n<p style=\"text-align: center;\">PREMIUM SERVICE subscription costs are as follows: -</p>\r\n<p style=\"text-align: center;\">CAD $240.00 - 4 weeks (1 month)\r\nCAD $500.00 - 10 weeks (3 months)\r\nCAD $750.00 - 20 weeks (6 months)\r\nCAD $1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD $1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.</p>\r\n<p style=\"text-align: center;\"><strong><u>IMPORTANT TO NOTE:\r\n</u></strong>Even though I am not posting “DRIVE THRU” blogs through the summer, any subscriptions opened now will not take effect until 11<sup>th</sup> September. However, the trade set-ups and all the benefits of the PREMIUM SERVICE will be open from the day you subscribe.\r\ne.g.\r\nYou sign up today for a 10-week subscription. Cost = CAD $500.00\r\nYour subscription will start September 11<sup>th</sup> and run until November 20<sup>th</sup>, but from the day you pay you will have full access to the PREMIUM SERVICE website content and receive ALL trade set-ups.\r\nIn this example subscribing today July 23<sup>rd</sup> that will give you a total of 16 weeks subscription (without the DRIVE THRU blog for 6 weeks) more than 50% in weeks\r\nFREE OF CHARGE.\r\nThis is a great deal and a great opportunity.</p>\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:\r\n</u>\r\nNET PIPS TO THE MONTH SO FAR:       +1,577 pips\r\nNET PIPS THIS YEAR SO FAR:                +7,697 pips</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n(I trade basically for 10 months a year. I do not trade from mid July through early September or mid December through early January).</p>\r\n<p style=\"text-align: center;\">If you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.</p>\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nThere were a couple of goodies last week that I want to mention.\r\nECB PRESS CONFERENCE:\r\n\r\nThis was the only announcement that I was looking forward to last week, and I use the phrase looking forward to “tongue in cheek”.\r\n\r\nIt was as expected a bit of a non-event, hardly surprisingly really as the BRITS are putting nearly everything financial in the world on hold. In fact BREXIT is being used as the reason for most things negative.\r\n\r\nHere in Quebec, I am waiting for the likes of my ISP’s (Rogers and Videotron) and more likely Canada Post to increase prices and blame the BREXIT for this. Canada Post being a classic “nickel &amp; dime” organization, they introduced a temporary fuel surcharge when OIL reached $140 a barrel, even with OIL sub $30 there was STILL a fuel surcharge and there is still one today. Canadians are ripped off left right and centre by institutions who blame everyone else except for themselves, looking to exploit and profiteer.\r\n\r\nOff my soapbox…\r\n\r\nDraghi basically shied away from anything new and basically intimated any new policy initiatives on easing etc. would come in September. This would follow Carney’s announcement due in August, when he is widely expected to cut interest rates and fly over London in a helicopter dropping wads of cash over the city!!\r\n\r\n&nbsp;\r\n\r\nRBNZ ECONOMIC STATEMENT:\r\n\r\nStatler and Waldorf aka Wheeler (RBNZ Governor) and McDermott (Assistant Governor and Head of Economics) between them the biggest pair of numpties in the Central Bank world, have led the markets a merry dance of false, poor interpretation of the facts, a basic inability to translate a world and regional macro economic position into an effective central bank monetary policy.\r\n\r\nThe monetary policy of the RBNZ is like a pair of hooker’s knickers up and down, up and down, up and down. I think that Mark Carney (BOE) misleads markets because he’s basically inept at what he does. His forward guidance is irrelevant and 100% mis-leading. My boy Labrador Ozzy has more of an idea, and he’s mainly focused on food.\r\n\r\nHaving said that I urge you to read back over statements made by the RBNZ in particular, and, if you can watch the press conferences without slashing your wrists through boredom watch these flutes in action. It is a scene from what I would have expected the BOE to look like in the 1950’s. A few chaps in the room telling a few chaps that it’s all right because we’ve spoken to our other chaps and chaps are chaps so all is fine.\r\n\r\nAt the last RBNZ meeting an acknowledgement was made to the Auckland housing bubble, that they were monitoring closely but a rate cut was no longer on the immediate horizon. They stated that they were still looking at the value of NZD, which they had previously stated was too high. Naturally the market reaction to this was to strengthen the NZD against all currencies; most notably it was the catalyst that sent the AUD/NZD lower towards 1.0300.\r\n\r\nNext, they crap themselves and once again become reactionary. They then put out a press release that says that there will be a special announcement “An Economic Statement” on July 21<sup>st</sup>. Around the same time they announce that housing speculators will be subject to a 40% deposit on investment properties. Combing the two, the NZD comes under pressure and 7 days in a row the NZD/USD falls.\r\n\r\nThe financial statement comes out and guess what? It looks like interest cuts are on the way. The New Zealand economy is so heavily reliant on Dairy and China, their influences push and pull about with ease. Right now with interest rate differentials there is a desire from multi-nationals to use the antipodean countries to affect a carry-trade benefit. This places a tremendous strain on a country of the size of New Zealand.\r\n\r\nDo not be surprised to see a 0.50% rate cut next time around. What makes me laugh a little is why wait for the meeting. Do it now… this instant… this moment. We all know that Statler and Waldorf are reactionary - why wait?\r\n\r\nThese guys have the authority just do it, all this prepare the markets is bullsh*t. The markets are like children that require a fixed routine and now the children are in control of the parents. If these central bankers were more authoritative they may have more respect.\r\n\r\nRight now around the globe Central Bank Governors comments are to a large extent taken with a pinch of salt. It is their own fault they created this situation. I know it\'s a difficult thin line that none of them want to cross, but for God’s sake it has gone so far the wrong way the line is so far in the distance for a lot of central bankers they can no longer even see it. Central Bank Governors all need to grow a pair of bollo**s and step up… in my opinion!\r\n\r\n&nbsp;\r\n\r\nBOJ KURODA:\r\n\r\nSome flute gets hold of a June interview made by Kuroda (BOJ Govenor) for the BBC and the markets go ape shit over the fact he said back then that there would be no helicopter money being dropped in Tokyo…WTF.\r\n\r\nThe JPY across the board fell like a lead balloon. I noticed on twitter some cowboys were saying how well they traded this news and already had trades in place…liars. In the name of sanity how on this planet could anyone, the likes of DAVID COPPERFIELD included predict that news event to move the JPY? This is one reason why I hate twitter, it is so full of crap.\r\n\r\n&nbsp;\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n\r\nMy last normal full-sized blog posted on July 9<sup>th</sup> had the following as the title: -\r\n\r\n<strong>GET READY IN SPRING 2017 THERE WILL BE ANOTHER BREXIT VOTE</strong>\r\n\r\nI follow that one two weeks later with:\r\n<p style=\"text-align: center;\"><strong>LOOKING LONGER-TERM THERE’S ONLY ONE WAY TO TRADE “THE CABLE”</strong></p>\r\nI have nailed my colours to the mast on this one. I do still believe that there is a very strong possibility of a re-vote next spring. (If you missed my original blog with this call you need to read it at: - <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nI do not want to go over old ground, but even with Theresa May as the new UK Prime Minister nothing changes. We are dealing with politicians and politics. Europe has a history with referendums.\r\n\r\nJust because Theresa May says “BREXIT MEANS BREXIT”… “BEANS MEANZ HEINZ” but we still bought Cross and Blackwell or HP!!\r\n\r\nOn Friday last week we had the first real set of economic data after the BREXIT vote. The UK PMI’s were awful: -\r\n<ul>\r\n 	<li>FLASH UK PMi composite output index:\r\n7 July (52.4 June) = 87 month low.</li>\r\n 	<li>FLASH UK SERVICES PMi activity index:\r\n4 July (52.3 June) = 88 month low.</li>\r\n 	<li>FLASH UK MANUFACTURING PMi:\r\n1 July (52.1 June) = 41 month low.</li>\r\n 	<li>FLASH UK MANUFACTURING PMi output index:\r\n1 July (52.9 June) = 40 month low.</li>\r\n</ul>\r\nBy any stretch this looks as if things came to an <strong>emergency stop</strong> when the votes were counted. To some extent, this is to be expected as the result was not predicted and massive uncertainty hung over all businesses as both sides of the debate sold FEAR rather than FACTS.\r\n\r\nThe “remains” stated that the end of the world as we know it could happen should a BREXIT vote prevails. Business sat back and waited for the sirens to bellow out… but nothing happened, the political world in the UK when you needed strength all fecked off on party divisions.\r\n\r\nIs it any wonder there are protest votes all over the world against the political establishment?\r\n\r\nThis uncertainty is not helped by the infamous Article 50 from the Lisbon Treaty, that by the way the IRISH rejected first time around in a EUROPEAN REFERENDUM. PM May is stating that she has a timeline that looks at invoking Article 50 early in 2017. There is a long, long, long, long time in politics between now and then.\r\n\r\nOf course no member EU state has ever invoked Article 50. Is it irrevocable once triggered? There is no precedent at all. Is the two-year transition period to leave once the article is triggered like a cooling-off period?\r\n\r\nI believe between now and the end of 2016 pressure for another vote will mount prior to legal interpretation being required.\r\n\r\nLegal challenges will be in the news soon because big business did not get its way. London voted Yes so fu*k the rest of the country will be the call. Those living in the capital have no idea what it is like to live away from London. The capital city gets most of the money, the rest of the country sees the privileged wasting their hard earned taxes and in return the rest of the country lacks the same commitment to investment by central government.\r\n\r\nIt’s a typical overview for a protest vote. Instead of examining why, those in the city carry on regardless in the same way using money to buy influence. This action only fuels the protest vote, how can people not see it and yet be so stupid?\r\n\r\nAnyway… it is what it is. Most political establishments around the globe need an enema of massive proportions to clean the sh*t out once and for all!\r\n\r\nSo, the bottom-line from a trading perspective is that we have political and global uncertainties as a result of the BREXIT vote.\r\n\r\nWhichever way I look at this, there is only one way to trade, the cable and that is to SELL RIPS, sell into spikes and look for lower levels. Can the GBP come really undone? Dead right my arse it can.\r\n\r\nThe charts below (GBP/USD, EUR/GBP, GBP/CHF, GBP/AUD, GBP/CAD and GBP/NZD) contain levels and a few of my own thoughts (GBP/JPY will be treated separately).\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-BREXIT-MONTHLY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8182\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-BREXIT-MONTHLY-CHART-23072016-1024x480.png\" alt=\"GBPUSD BREXIT MONTHLY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPNZD-BREXIT-DAILY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8181\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPNZD-BREXIT-DAILY-CHART-23072016-1024x480.png\" alt=\"GBPNZD BREXIT DAILY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCHF-BREXIT-MONTHLY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8180\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCHF-BREXIT-MONTHLY-CHART-23072016-1024x480.png\" alt=\"GBPCHF BREXIT MONTHLY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCAD-BREXIT-DAILY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8179\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPCAD-BREXIT-DAILY-CHART-23072016-1024x480.png\" alt=\"GBPCAD BREXIT DAILY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPAUD-BREXIT-DAILY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8178\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPAUD-BREXIT-DAILY-CHART-23072016-1024x480.png\" alt=\"GBPAUD BREXIT DAILY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURGBP-BREXIT-MONTHLY-CHART-23072016.png\"><img class=\"aligncenter size-large wp-image-8177\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURGBP-BREXIT-MONTHLY-CHART-23072016-1024x480.png\" alt=\"EURGBP BREXIT MONTHLY CHART 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nThere are potentially massive moves ahead and remember we get two bites of the cherry, the downward move and then the inevitable retracement move.\r\n\r\n(For PREMIUM SERVICE subscribers I will be releasing a full “BREXIT OPPORTUNITY TRADE” analysis with trade set ups across the 6 currency pairs listed above very, very soon, in fact within days. This will be similar to the G20 trades from earlier this year that generated a lot of pips).\r\n\r\nLooking at what is on the horizon to back up my thoughts from the chart opportunities etc.\r\n<ol>\r\n 	<li>Mark Carney has already indicated that the BOE will be jumping in to support the markets. Next month an interest rate cut will be made and in addition potentially QE re-enforcements. (GBP negative)</li>\r\n 	<li>The PMi data must be scaring the crap out of the government. They will treat it for now as a BREXIT blip and pray to God for an improvement next month. My view from the business owners I have spoken with is that nothing much has altered since the BREXIT vote was announced and that economically things are going backwards rather than forwards. (GBP negative)</li>\r\n 	<li>House prices in London and around the country are under pressure. House values are critical for London, for the “feel good factor” it’s even more important than it is for the rest of the country because the capital’s prices are so inflated. Foreign investment that inflates prices has dried up almost completely. This will send shivers through the government. Housing needs to be buoyant to keep an economy moving. No housing sales, no home improvement purchases, no contractors employed and potential lay-offs, unemployment reduced tax intake and benefits required. (GBP negative)</li>\r\n 	<li>General business stagnation through uncertainty to proceed. There is a “what’s the point” process in place ridiculous as it sounds. The delay in triggering article 50 does NOT help and the fact it\'s a two-year process to complete the switch, is also producing more uncertainties through the transition period. (GBP negative)</li>\r\n 	<li>Consumer confidence is low, driven by the uncertainty. (GBP negative)</li>\r\n</ol>\r\nIt’s not a pretty picture moving forward.\r\n\r\nI am NOT bullish at all. I think with regards to the GBP pairs its very simple; “SELL the RIPS and BUY the DIPS” (where applicable).\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\n(NOT AVAILABLE IN THIS VERSION – CONTENT FOR PREMIUM SERVICE SUBSCRIBERS ONLY)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\n&nbsp;\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP – Inflation Report Hearings.\r\nTUESDAY: USD – Consumer Confidence.\r\nTUESDAY: AUD – CPi.\r\n\r\nWEDNESDAY: GBP – Preliminary GDP.\r\nWEDNESDAY: USD – FOMC Statement.\r\n\r\nTHURSDAY: N/A.\r\n\r\nFRIDAY: JPY – BOJ Press Conference.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.0977\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8184\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/EURUSD-DAILY-23072016-1024x480.png\" alt=\"EURUSD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.3108\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8185\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/GBPUSD-DAILY-23072016-1024x480.png\" alt=\"GBPUSD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7461\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-DAILY-230720156.png\"><img class=\"aligncenter size-large wp-image-8183\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/AUDUSD-DAILY-230720156-1024x480.png\" alt=\"AUDUSD DAILY 230720156\" width=\"1024\" height=\"480\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.6999\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8186\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/NZDUSD-DAILY-23072016-1024x480.png\" alt=\"NZDUSD DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3127\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8187\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCAD-DAILY-23072016-1024x480.png\" alt=\"USDCAD DAILY  23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9866\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8188\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDCHF-DAILY-23072016-1024x480.png\" alt=\"USDCHF DAILY 23072016\" width=\"1024\" height=\"480\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 106.05\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-DAILY-23072016.png\"><img class=\"aligncenter size-large wp-image-8189\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/USDJPY-DAILY-23072016-1024x480.png\" alt=\"USDJPY DAILY 23072016\" width=\"1024\" height=\"480\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nUncertainty continues as we move into the summer months.\r\n\r\nI am not expecting much from the FED this week; I think like everyone else they will blame the BREXIT for masterly inactivity.\r\n\r\nBe very careful getting suckered into trades this summer, the liquidity is very thin, especially in the Asian session.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 23<sup>rd</sup> July 2016\r\nBLOG VERSION: #211 FREE NEWSLETTER','LOOKING LONGER-TERM THERE’S ONLY ONE WAY TO TRADE “THE CABLE”','','inherit','closed','closed','','8198-revision-v1','','','2016-07-23 11:23:12','2016-07-23 16:23:12','',8198,'http://weeklyfxdrivethru.com/8198-revision-v1/',0,'revision','',0),(8201,1,'2016-07-26 16:19:40','2016-07-26 21:19:40','&nbsp;\r\n<h3 style=\"text-align: center;\">BREXIT</h3>\r\n<h3 style=\"text-align: center;\">THE BREXIT\r\nFALLOUT OPPORTUNITY TRADES</h3>\r\n<u>BACKDROP &amp; OVERVIEW:</u>\r\n\r\nEarlier this year, I launched a series of trades based around the G7 countries. The basis of these trades was to use the 2016 currency targets from many financial institutions in conjunction with my own FUNDAMENTAL longer-term views.\r\n\r\nThey were successful and some of you may still be LIVE in these original trades. I had a rather peculiar situation with a new broker where trades can time out and…they did. I never knew that that was possible with live trades but I had checked the box in my original set up. Rather annoyingly, I missed the moment and never really felt committed to getting back into those trades…. next year 2017, they will be on my agenda once again to look at.\r\n\r\nThe BREXIT offers up the opportunity to look at longer-term trades once again.\r\n\r\nThese are my own thoughts and ideas. You may NOT agree with me at all or only partially with what follows, it is entirely up to you if you want to add these trades or not.\r\n\r\nI am taking only small positions to start with as want to have a lot of flexibility with stop loss levels. Over the past few sessions the GBP has been even twitchier and more volatile than usual.\r\n\r\n&nbsp;\r\n\r\n<u>HISTORY BEHIND THESE TRADES:</u>\r\n\r\nLast month whilst in the middle of Sales Presentations in the UK and IRELAND the UK BREXIT referendum took place.\r\n\r\nOn the night, I did NOT trade the event the way that I had planned for several reasons.\r\n<ol>\r\n 	<li>The result took me by surprise as much as it did the “Bookies” and “The Pollsters”, never mind the major players involved in the debates. If you recall Nigel LaFarge (UKIP) practically conceded defeat prior to the Sunderland result coming through. After that it was all history as the TV pundits have stated.</li>\r\n 	<li>On the night itself, being hotel based my Internet connection was not brilliant.</li>\r\n 	<li>I completely underestimated the difficulties in reverting back to trading multiple brokers off basically a MacBook Air and iPAD.</li>\r\n 	<li>Communication was stretched as social media networks were in overdrive and to cap it all, I was reading and checking reports that certain brokers had in fact closed the doors to trades involving any currency pair that was GBP related.</li>\r\n</ol>\r\nTo sum up it was not an ideal trading situation and I decided not to publish trades and I merely scalped the markets in and out of trades for the day following the vote. Whilst this was for me personally, financially successful, it was NOT what I had planned to do.\r\n\r\nI knew then that to be more constructive in trading THE BREXIT FALLOUT I had to be patient and wait.\r\n\r\nWhen I was holding seminars in BRENTWOOD, GATWICK, READING and BRISTOL discussions took place about the GBP/USD and where would it trade based off a REMAIN or BREXIT outcome.\r\n\r\nBased upon a BREXIT result prevailing, the level of 1.3000 was openly discussed and this was achieved.\r\n\r\nHowever, myself and many other traders could NOT see how deep the effect of a BREXIT would run. The politicians involved in the debates in the UK certainly flooded the population with fear and painted dreadful outcomes, but these were NOT based upon facts just thoughts to attempt to sway voters.\r\n\r\n&nbsp;\r\n\r\n<u>THE BREXIT FALLOUT PERIOD SO FAR:</u>\r\n\r\nTo say that there has been nothing but uncertainty in the period following the result would be one of the most over-used statements in the financial markets this year so far.\r\n\r\nNever mind market uncertainty, the UK has seen massive political uncertainty with David Cameron resigning and Theresa May (Ex. Home Secretary) stepping up as both the new Conservative Party leader and UK Prime Minister. The opposition Labour Party under Jeremy Corbyn’s leadership looks doomed to the opposition benches. He refused to step down as leader despite a massive vote of no confidence.\r\n\r\nTheresa May appointed BREXIT champion and former London Mayor, Boris Johnson as Foreign Secretary in her new cabinet, a very interesting appointment to say the least. If I were in her shoes I would have done the same. This move will either make him a major force in her cabinet or she has given him enough rope to hang himself.\r\n\r\nFrom Brussels, Berlin, Frankfurt and Paris the initial comments were that the UK should move quickly to trigger article 50 of the Lisbon Treaty to formally begin an exit process from the single market, but there is now an acceptance that this will be a much slower process not even starting until 2017. The process will take an estimated 2 years to complete.\r\n\r\nBasically, we have an extended period of great uncertainty.\r\n\r\nNo one could have predicted that UK business would basically come to halt following the referendum votes being counted. This looks like what has essentially happened.\r\n\r\nPrior to the vote, the fear of God vis-à-vis the financial market was given to the voters to consider. Last weeks PMi numbers reflect “THE STOP” and re-think that is going on right now. There is CBI data, some retail numbers plus consumer confidence figures all out in the next few days.\r\n\r\nInvestment into the UK has apparently taken such a beating; some areas, such as housing are quoting a virtual STOP and PULLBACK from existing commitments.\r\n\r\nThe BOE under the leadership of Mark Carney has promised support by way of liquidity to banks if required and of course to keep the economy moving, or kick-start it again he is looking at interest rate cuts.\r\n\r\n&nbsp;\r\n\r\n<u>SO WHATS NEXT:</u>\r\n\r\nMy thoughts are that the BOE will cut rates next month, supporting the banks and “the city”. Basically, Carney will do a “Helicopter Ben” impression by flying over the city of London dropping waddies of cash!!\r\n\r\n&nbsp;\r\n\r\n<u>THE SCOPE OF THE OPPORTUNITY:</u>\r\n\r\nI believe that we have two bites of the cherry with the BREXIT OPPORTUNITY TRADES.\r\n<ol>\r\n 	<li>The sell off in cable trade.</li>\r\n 	<li>The spike back trade.</li>\r\n</ol>\r\nThere will be a spike back. I do NOT know when that will happen, but it will, and, it should be epic.\r\n\r\nI wrote in last weekends DRIVE THRU blog about the GBP fall and the levels that I felt it could fall to across a number GBP crosses in addition to the GBP/USD. Some additional thoughts and comments with levels were written on the charts that formed that section of the blog.\r\n\r\nThe excel sheet below shows you the trades that I have in mind. These have already been added to my broker account.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BREXIT-TRADES2-DROPBOX-FMT.png\"><img class=\"aligncenter size-full wp-image-8207\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BREXIT-TRADES2-DROPBOX-FMT.png\" alt=\"BREXIT TRADES(2) - DROPBOX FMT\" width=\"569\" height=\"491\" /></a>\r\n\r\n&nbsp;\r\n\r\n(The individual charts will accompany Tweets confirming the trades and will also be emailed  in two folders. The first folder contains that charts that I first published in last weekends \"DRIVE THRU\" blog and the second folder contains the updated charts since the original charts were published.\r\n\r\nWithout doubt there are huge potentials of both pips and $$$ available. Some of the measured movers based off chart patterns are massive if they play out. At the same time though there is as always RISK with trading Forex.\r\n\r\nI have also added to this communication via email, all charts from the “DRIVE THRU” blog last weekend, plus additional charts that I have used to further examine entry and exit levels.\r\n\r\n&nbsp;\r\n\r\n<u>CAUTION / RISK / PLEASE NOTE:</u>\r\n\r\nI have amended these trades so many times to try to get the best entries. Before I had completed this document to go with the trades we had some price volatility in Japan that caused the markets to skew. This price action affected the antipodean currencies and of course there was a knock on effect into the GBP cross-rates. These caused a small delay, as I needed to look at revised entries.\r\n\r\nBecause of the increased volatility of GBP pairs, it will NOT be cheap to trade this BOT trades.\r\n\r\nThe initial trades have a RISK total of about 3,750 pips, which is under the weekly average true ranges for each pair added together. I would factor in about 300-350 pips of RISK for any additional BOT trade set-ups. I also want to point out that some flexibility in stops needs to be applied to trades that may be premature in activating. The level of 1.3050 breaking in the GBP/USD is key to the start of the bigger move in my opinion.\r\n\r\nTo give you an idea of RISK with your trading account, the following will hopefully shed some light on my thinking in this area.\r\n\r\nBased off the initial 12 trades posted, your RISK per size of lot traded is simply expressed as follows: -\r\n\r\n1 x MICRO LOT = approximate total risk of $360.00\r\n1 x MINI LOT = approximate total risk of $3,600.00\r\n1 x STANDARD LOT = approximate total risk of $36,000.00\r\n\r\nHowever, if like me you will be trading a mixture of lot types and position sizes, you will require a decent sized account to trade these trades without attracting many margin call issues.\r\n\r\nOnce we have approximately 20 trades in place at any one time I have calculated my account requirement as follows based on MINI LOTS.\r\n\r\nI will trade position sizes from 5 micro lots through to 3 x mini lots on the GBP pairs.\r\n<ul>\r\n 	<li>I have based my calculations on an average of 2 mini lots as the average position size.</li>\r\n 	<li>I am assuming a combination of 20 live or limit orders in place at any one time.</li>\r\n 	<li>Initial trades RISK = 3,750 / 12 (trades) x 20 (potential trades) = c.6,250 pips of risk.</li>\r\n 	<li>6,250 pips = $6,250 of risk x 50% to cover margin calls.</li>\r\n 	<li>Funds in this broker account to trade BOT trades = $9,375.00 ($9,500.00)</li>\r\n</ul>\r\nI will protect profits to reduce RISK EXPOSURE, but you must ensure that your broker account is adequately funded to compensate and allow for the potential RISK multiple trades can build up.\r\n\r\nIf you really want to participate in these trades it is vital that you position size effectively and approximate your risk from day one with your eyes wide open. Remember you can trade with just one micro lot $0.10 (£0.10, A$0.10 or €0.10) per trade. These smaller position sizes still allow participation but at the same time severely reduce risk. As you should know the GBP is volatile at the best of times never mind this period of enhanced uncertainty.\r\n\r\n<u>REPORTING:</u>\r\n\r\nFor now, I will report these trades separately under the BOT prefix and they will have a separate section under the FUNDAMENTAL TRADES excel spreadsheet.\r\n\r\n<u> </u>\r\n\r\n<u>SUMMARY:</u>\r\n\r\nYou will notice one or two disconnects between my thoughts on the charts and the actual initial set of trades. I apologise for this, but on my fourth run through I wanted to look in more detail on smaller minute charts.\r\n\r\nWhat I decided to do in the end was for the GBP/USD, base both initial trade set ups off pullback entries. For the other 10 trades (5 for each cross rate), one entry was based upon a pullback and one was a momentum trade entering through previous support, or in the case of the EUR/GBP previous resistance. The momentum trades are a little more risky but I feel that the opportunities are there to take. The problem is that the pullback entries just may NOT trigger as the GBP is under so much scrutiny.\r\n\r\nThere are greater than usual RISKS involved with these trades. Many may argue greater than POSITION TRADES because they are all based around the GBP currency.\r\n\r\nI will have my BOT trades in a separate account to measure performance.\r\n\r\nTo give you an idea of risk I am looking at no more than 15% - 20% initial position sizes, if the trades gather traction, then I will increase.\r\n\r\nMy thoughts at this time are that we should have about 9-12 months worth of trading opportunities with these trade set-ups. This time period can of course alter and needs to be fluid.\r\n\r\nShould my macro view play out; early in 2017 we could see another UK referendum taking place in May/June 2017. Should this be the case we will have the possibility of more FALLOUT, or maybe just the retracement spike of the century to trade with!!\r\n\r\nFrom a RISK perspective, once again, please ensure that your account can cope with these extra trades.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTuesday 26<sup>th</sup> July 2016.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','THE BREXIT - FALLOUT OPPORTUNITY TRADES','','publish','open','closed','','brexit-fallout-opportunity-trades','','','2016-07-26 16:19:40','2016-07-26 21:19:40','',0,'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=8201',0,'member_posts','',0),(8207,1,'2016-07-26 16:18:24','2016-07-26 21:18:24','','BREXIT TRADES(2) - DROPBOX FMT','','inherit','open','closed','','brexit-trades2-dropbox-fmt','','','2016-07-26 16:18:58','2016-07-26 21:18:58','',8201,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BREXIT-TRADES2-DROPBOX-FMT.png',0,'attachment','image/png',0),(8205,1,'2016-07-26 16:08:20','2016-07-26 21:08:20','&nbsp;\r\n<h3 style=\"text-align: center;\">BREXIT</h3>\r\n<h3 style=\"text-align: center;\">THE BREXIT\r\nFALLOUT OPPORTUNITY TRADES</h3>\r\n<u>BACKDROP &amp; OVERVIEW:</u>\r\n\r\nEarlier this year, I launched a series of trades based around the G7 countries. The basis of these trades was to use the 2016 currency targets from many financial institutions in conjunction with my own FUNDAMENTAL longer-term views.\r\n\r\nThey were successful and some of you may still be LIVE in these original trades. I had a rather peculiar situation with a new broker where trades can time out and…they did. I never knew that that was possible with live trades but I had checked the box in my original set up. Rather annoyingly, I missed the moment and never really felt committed to getting back into those trades…. next year 2017, they will be on my agenda once again to look at.\r\n\r\nThe BREXIT offers up the opportunity to look at longer-term trades once again.\r\n\r\nThese are my own thoughts and ideas. You may NOT agree with me at all or only partially with what follows, it is entirely up to you if you want to add these trades or not.\r\n\r\nI am taking only small positions to start with as want to have a lot of flexibility with stop loss levels. Over the past few sessions the GBP has been even twitchier and more volatile than usual.\r\n\r\n&nbsp;\r\n\r\n<u>HISTORY BEHIND THESE TRADES:</u>\r\n\r\nLast month whilst in the middle of Sales Presentations in the UK and IRELAND the UK BREXIT referendum took place.\r\n\r\nOn the night, I did NOT trade the event the way that I had planned for several reasons.\r\n<ol>\r\n 	<li>The result took me by surprise as much as it did the “Bookies” and “The Pollsters”, never mind the major players involved in the debates. If you recall Nigel LaFarge (UKIP) practically conceded defeat prior to the Sunderland result coming through. After that it was all history as the TV pundits have stated.</li>\r\n 	<li>On the night itself, being hotel based my Internet connection was not brilliant.</li>\r\n 	<li>I completely underestimated the difficulties in reverting back to trading multiple brokers off basically a MacBook Air and iPAD.</li>\r\n 	<li>Communication was stretched as social media networks were in overdrive and to cap it all, I was reading and checking reports that certain brokers had in fact closed the doors to trades involving any currency pair that was GBP related.</li>\r\n</ol>\r\nTo sum up it was not an ideal trading situation and I decided not to publish trades and I merely scalped the markets in and out of trades for the day following the vote. Whilst this was for me personally, financially successful, it was NOT what I had planned to do.\r\n\r\nI knew then that to be more constructive in trading THE BREXIT FALLOUT I had to be patient and wait.\r\n\r\nWhen I was holding seminars in BRENTWOOD, GATWICK, READING and BRISTOL discussions took place about the GBP/USD and where would it trade based off a REMAIN or BREXIT outcome.\r\n\r\nBased upon a BREXIT result prevailing, the level of 1.3000 was openly discussed and this was achieved.\r\n\r\nHowever, myself and many other traders could NOT see how deep the effect of a BREXIT would run. The politicians involved in the debates in the UK certainly flooded the population with fear and painted dreadful outcomes, but these were NOT based upon facts just thoughts to attempt to sway voters.\r\n\r\n&nbsp;\r\n\r\n<u>THE BREXIT FALLOUT PERIOD SO FAR:</u>\r\n\r\nTo say that there has been nothing but uncertainty in the period following the result would be one of the most over-used statements in the financial markets this year so far.\r\n\r\nNever mind market uncertainty, the UK has seen massive political uncertainty with David Cameron resigning and Theresa May (Ex. Home Secretary) stepping up as both the new Conservative Party leader and UK Prime Minister. The opposition Labour Party under Jeremy Corbyn’s leadership looks doomed to the opposition benches. He refused to step down as leader despite a massive vote of no confidence.\r\n\r\nTheresa May appointed BREXIT champion and former London Mayor, Boris Johnson as Foreign Secretary in her new cabinet, a very interesting appointment to say the least. If I were in her shoes I would have done the same. This move will either make him a major force in her cabinet or she has given him enough rope to hang himself.\r\n\r\nFrom Brussels, Berlin, Frankfurt and Paris the initial comments were that the UK should move quickly to trigger article 50 of the Lisbon Treaty to formally begin an exit process from the single market, but there is now an acceptance that this will be a much slower process not even starting until 2017. The process will take an estimated 2 years to complete.\r\n\r\nBasically, we have an extended period of great uncertainty.\r\n\r\nNo one could have predicted that UK business would basically come to halt following the referendum votes being counted. This looks like what has essentially happened.\r\n\r\nPrior to the vote, the fear of God vis-à-vis the financial market was given to the voters to consider. Last weeks PMi numbers reflect “THE STOP” and re-think that is going on right now. There is CBI data, some retail numbers plus consumer confidence figures all out in the next few days.\r\n\r\nInvestment into the UK has apparently taken such a beating; some areas, such as housing are quoting a virtual STOP and PULLBACK from existing commitments.\r\n\r\nThe BOE under the leadership of Mark Carney has promised support by way of liquidity to banks if required and of course to keep the economy moving, or kick-start it again he is looking at interest rate cuts.\r\n\r\n&nbsp;\r\n\r\n<u>SO WHATS NEXT:</u>\r\n\r\nMy thoughts are that the BOE will cut rates next month, supporting the banks and “the city”. Basically, Carney will do a “Helicopter Ben” impression by flying over the city of London dropping waddies of cash!!\r\n\r\n&nbsp;\r\n\r\n<u>THE SCOPE OF THE OPPORTUNITY:</u>\r\n\r\nI believe that we have two bites of the cherry with the BREXIT OPPORTUNITY TRADES.\r\n<ol>\r\n 	<li>The sell off in cable trade.</li>\r\n 	<li>The spike back trade.</li>\r\n</ol>\r\nThere will be a spike back. I do NOT know when that will happen, but it will, and, it should be epic.\r\n\r\nI wrote in last weekends DRIVE THRU blog about the GBP fall and the levels that I felt it could fall to across a number GBP crosses in addition to the GBP/USD. Some additional thoughts and comments with levels were written on the charts that formed that section of the blog.\r\n\r\nThe excel sheet below shows you the trades that I have in mind. These have already been added to my broker account.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n(The individual charts will accompany Tweets confirming the trades and will also be emailed  in two folders. The first folder contains that charts that I first published in last weekends \"DRIVE THRU\" blog and the second folder contains the updated charts since the original charts were published.\r\n\r\nWithout doubt there are huge potentials of both pips and $$$ available. Some of the measured movers based off chart patterns are massive if they play out. At the same time though there is as always RISK with trading Forex.\r\n\r\nI have also added to this communication via email, all charts from the “DRIVE THRU” blog last weekend, plus additional charts that I have used to further examine entry and exit levels.\r\n\r\n&nbsp;\r\n\r\n<u>CAUTION / RISK / PLEASE NOTE:</u>\r\n\r\nI have amended these trades so many times to try to get the best entries. Before I had completed this document to go with the trades we had some price volatility in Japan that caused the markets to skew. This price action affected the antipodean currencies and of course there was a knock on effect into the GBP cross-rates. These caused a small delay, as I needed to look at revised entries.\r\n\r\nBecause of the increased volatility of GBP pairs, it will NOT be cheap to trade this BOT trades.\r\n\r\nThe initial trades have a RISK total of about 3,750 pips, which is under the weekly average true ranges for each pair added together. I would factor in about 300-350 pips of RISK for any additional BOT trade set-ups. I also want to point out that some flexibility in stops needs to be applied to trades that may be premature in activating. The level of 1.3050 breaking in the GBP/USD is key to the start of the bigger move in my opinion.\r\n\r\nTo give you an idea of RISK with your trading account, the following will hopefully shed some light on my thinking in this area.\r\n\r\nBased off the initial 12 trades posted, your RISK per size of lot traded is simply expressed as follows: -\r\n\r\n1 x MICRO LOT = approximate total risk of $360.00\r\n1 x MINI LOT = approximate total risk of $3,600.00\r\n1 x STANDARD LOT = approximate total risk of $36,000.00\r\n\r\nHowever, if like me you will be trading a mixture of lot types and position sizes, you will require a decent sized account to trade these trades without attracting many margin call issues.\r\n\r\nOnce we have approximately 20 trades in place at any one time I have calculated my account requirement as follows based on MINI LOTS.\r\n\r\nI will trade position sizes from 5 micro lots through to 3 x mini lots on the GBP pairs.\r\n<ul>\r\n 	<li>I have based my calculations on an average of 2 mini lots as the average position size.</li>\r\n 	<li>I am assuming a combination of 20 live or limit orders in place at any one time.</li>\r\n 	<li>Initial trades RISK = 3,750 / 12 (trades) x 20 (potential trades) = c.6,250 pips of risk.</li>\r\n 	<li>6,250 pips = $6,250 of risk x 50% to cover margin calls.</li>\r\n 	<li>Funds in this broker account to trade BOT trades = $9,375.00 ($9,500.00)</li>\r\n</ul>\r\nI will protect profits to reduce RISK EXPOSURE, but you must ensure that your broker account is adequately funded to compensate and allow for the potential RISK multiple trades can build up.\r\n\r\nIf you really want to participate in these trades it is vital that you position size effectively and approximate your risk from day one with your eyes wide open. Remember you can trade with just one micro lot $0.10 (£0.10, A$0.10 or €0.10) per trade. These smaller position sizes still allow participation but at the same time severely reduce risk. As you should know the GBP is volatile at the best of times never mind this period of enhanced uncertainty.\r\n\r\n<u>REPORTING:</u>\r\n\r\nFor now, I will report these trades separately under the BOT prefix and they will have a separate section under the FUNDAMENTAL TRADES excel spreadsheet.\r\n\r\n<u> </u>\r\n\r\n<u>SUMMARY:</u>\r\n\r\nYou will notice one or two disconnects between my thoughts on the charts and the actual initial set of trades. I apologise for this, but on my fourth run through I wanted to look in more detail on smaller minute charts.\r\n\r\nWhat I decided to do in the end was for the GBP/USD, base both initial trade set ups off pullback entries. For the other 10 trades (5 for each cross rate), one entry was based upon a pullback and one was a momentum trade entering through previous support, or in the case of the EUR/GBP previous resistance. The momentum trades are a little more risky but I feel that the opportunities are there to take. The problem is that the pullback entries just may NOT trigger as the GBP is under so much scrutiny.\r\n\r\nThere are greater than usual RISKS involved with these trades. Many may argue greater than POSITION TRADES because they are all based around the GBP currency.\r\n\r\nI will have my BOT trades in a separate account to measure performance.\r\n\r\nTo give you an idea of risk I am looking at no more than 15% - 20% initial position sizes, if the trades gather traction, then I will increase.\r\n\r\nMy thoughts at this time are that we should have about 9-12 months worth of trading opportunities with these trade set-ups. This time period can of course alter and needs to be fluid.\r\n\r\nShould my macro view play out; early in 2017 we could see another UK referendum taking place in May/June 2017. Should this be the case we will have the possibility of more FALLOUT, or maybe just the retracement spike of the century to trade with!!\r\n\r\nFrom a RISK perspective, once again, please ensure that your account can cope with these extra trades.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTuesday 26<sup>th</sup> July 2016.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','THE BREXIT - FALLOUT OPPORTUNITY TRADES','','inherit','closed','closed','','8201-revision-v1','','','2016-07-26 16:08:20','2016-07-26 21:08:20','',8201,'http://weeklyfxdrivethru.com/8201-revision-v1/',0,'revision','',0),(8202,1,'2016-07-26 16:05:45','2016-07-26 21:05:45','&nbsp;\r\n<h3 style=\"text-align: center;\">BREXIT</h3>\r\n<h3 style=\"text-align: center;\">THE BREXIT\r\nFALLOUT OPPORTUNITY TRADES</h3>\r\n<u>BACKDROP &amp; OVERVIEW:</u>\r\n\r\nEarlier this year, I launched a series of trades based around the G7 countries. The basis of these trades was to use the 2016 currency targets from many financial institutions in conjunction with my own FUNDAMENTAL longer-term views.\r\n\r\nThey were successful and some of you may still be LIVE in these original trades. I had a rather peculiar situation with a new broker where trades can time out and…they did. I never knew that that was possible with live trades but I had checked the box in my original set up. Rather annoyingly, I missed the moment and never really felt committed to getting back into those trades…. next year 2017, they will be on my agenda once again to look at.\r\n\r\nThe BREXIT offers up the opportunity to look at longer-term trades once again.\r\n\r\nThese are my own thoughts and ideas. You may NOT agree with me at all or only partially with what follows, it is entirely up to you if you want to add these trades or not.\r\n\r\nI am taking only small positions to start with as want to have a lot of flexibility with stop loss levels. Over the past few sessions the GBP has been even twitchier and more volatile than usual.\r\n\r\n&nbsp;\r\n\r\n<u>HISTORY BEHIND THESE TRADES:</u>\r\n\r\nLast month whilst in the middle of Sales Presentations in the UK and IRELAND the UK BREXIT referendum took place.\r\n\r\nOn the night, I did NOT trade the event the way that I had planned for several reasons.\r\n<ol>\r\n 	<li>The result took me by surprise as much as it did the “Bookies” and “The Pollsters”, never mind the major players involved in the debates. If you recall Nigel LaFarge (UKIP) practically conceded defeat prior to the Sunderland result coming through. After that it was all history as the TV pundits have stated.</li>\r\n 	<li>On the night itself, being hotel based my Internet connection was not brilliant.</li>\r\n 	<li>I completely underestimated the difficulties in reverting back to trading multiple brokers off basically a MacBook Air and iPAD.</li>\r\n 	<li>Communication was stretched as social media networks were in overdrive and to cap it all, I was reading and checking reports that certain brokers had in fact closed the doors to trades involving any currency pair that was GBP related.</li>\r\n</ol>\r\nTo sum up it was not an ideal trading situation and I decided not to publish trades and I merely scalped the markets in and out of trades for the day following the vote. Whilst this was for me personally, financially successful, it was NOT what I had planned to do.\r\n\r\nI knew then that to be more constructive in trading THE BREXIT FALLOUT I had to be patient and wait.\r\n\r\nWhen I was holding seminars in BRENTWOOD, GATWICK, READING and BRISTOL discussions took place about the GBP/USD and where would it trade based off a REMAIN or BREXIT outcome.\r\n\r\nBased upon a BREXIT result prevailing, the level of 1.3000 was openly discussed and this was achieved.\r\n\r\nHowever, myself and many other traders could NOT see how deep the effect of a BREXIT would run. The politicians involved in the debates in the UK certainly flooded the population with fear and painted dreadful outcomes, but these were NOT based upon facts just thoughts to attempt to sway voters.\r\n\r\n&nbsp;\r\n\r\n<u>THE BREXIT FALLOUT PERIOD SO FAR:</u>\r\n\r\nTo say that there has been nothing but uncertainty in the period following the result would be one of the most over-used statements in the financial markets this year so far.\r\n\r\nNever mind market uncertainty, the UK has seen massive political uncertainty with David Cameron resigning and Theresa May (Ex. Home Secretary) stepping up as both the new Conservative Party leader and UK Prime Minister. The opposition Labour Party under Jeremy Corbyn’s leadership looks doomed to the opposition benches. He refused to step down as leader despite a massive vote of no confidence.\r\n\r\nTheresa May appointed BREXIT champion and former London Mayor, Boris Johnson as Foreign Secretary in her new cabinet, a very interesting appointment to say the least. If I were in her shoes I would have done the same. This move will either make him a major force in her cabinet or she has given him enough rope to hang himself.\r\n\r\nFrom Brussels, Berlin, Frankfurt and Paris the initial comments were that the UK should move quickly to trigger article 50 of the Lisbon Treaty to formally begin an exit process from the single market, but there is now an acceptance that this will be a much slower process not even starting until 2017. The process will take an estimated 2 years to complete.\r\n\r\nBasically, we have an extended period of great uncertainty.\r\n\r\nNo one could have predicted that UK business would basically come to halt following the referendum votes being counted. This looks like what has essentially happened.\r\n\r\nPrior to the vote, the fear of God vis-à-vis the financial market was given to the voters to consider. Last weeks PMi numbers reflect “THE STOP” and re-think that is going on right now. There is CBI data, some retail numbers plus consumer confidence figures all out in the next few days.\r\n\r\nInvestment into the UK has apparently taken such a beating; some areas, such as housing are quoting a virtual STOP and PULLBACK from existing commitments.\r\n\r\nThe BOE under the leadership of Mark Carney has promised support by way of liquidity to banks if required and of course to keep the economy moving, or kick-start it again he is looking at interest rate cuts.\r\n\r\n&nbsp;\r\n\r\n<u>SO WHATS NEXT:</u>\r\n\r\nMy thoughts are that the BOE will cut rates next month, supporting the banks and “the city”. Basically, Carney will do a “Helicopter Ben” impression by flying over the city of London dropping waddies of cash!!\r\n\r\n&nbsp;\r\n\r\n<u>THE SCOPE OF THE OPPORTUNITY:</u>\r\n\r\nI believe that we have two bites of the cherry with the BREXIT OPPORTUNITY TRADES.\r\n<ol>\r\n 	<li>The sell off in cable trade.</li>\r\n 	<li>The spike back trade.</li>\r\n</ol>\r\nThere will be a spike back. I do NOT know when that will happen, but it will, and, it should be epic.\r\n\r\nI wrote in last weekends DRIVE THRU blog about the GBP fall and the levels that I felt it could fall to across a number GBP crosses in addition to the GBP/USD. Some additional thoughts and comments with levels were written on the charts that formed that section of the blog.\r\n\r\nThe excel sheet below shows you the trades that I have in mind. These have already been added to my broker account.\r\n\r\nI will not be tweeting these BOT trade set-ups but I will tweet any additional trades that I set up with a BOT prefix.\r\n\r\n&nbsp;\r\n\r\n(SEE THE ATTACHED “BOT” EXCEL SPREAD SHEET)\r\n\r\n(the individual charts will accompany Tweets confirming the trades and will also be emailed  in two folders. The first folder contains that charts that I first published in last weekends \"DRIVE THRU\" blog and the second folder contains the updated charts since the orriginal charts were published.\r\n\r\nWithout doubt there are huge potentials of both pips and $$$ available. Some of the measured movers based off chart patterns are massive if they play out. At the same time though there is as always RISK with trading Forex.\r\n\r\nI have also added to this communication via email, all charts from the “DRIVE THRU” blog last weekend, plus additional charts that I have used to further examine entry and exit levels.\r\n\r\n&nbsp;\r\n\r\n<u>CAUTION / RISK / PLEASE NOTE:</u>\r\n\r\nI have amended these trades so many times to try to get the best entries. Before I had completed this document to go with the trades we had some price volatility in Japan that caused the markets to skew. This price action affected the antipodean currencies and of course there was a knock on effect into the GBP cross-rates. These caused a small delay, as I needed to look at revised entries.\r\n\r\nBecause of the increased volatility of GBP pairs, it will NOT be cheap to trade this BOT trades.\r\n\r\nThe initial trades have a RISK total of about 3,750 pips, which is under the weekly average true ranges for each pair added together. I would factor in about 300-350 pips of RISK for any additional BOT trade set-ups. I also want to point out that some flexibility in stops needs to be applied to trades that may be premature in activating. The level of 1.3050 breaking in the GBP/USD is key to the start of the bigger move in my opinion.\r\n\r\nTo give you an idea of RISK with your trading account, the following will hopefully shed some light on my thinking in this area.\r\n\r\nBased off the initial 12 trades posted, your RISK per size of lot traded is simply expressed as follows: -\r\n\r\n1 x MICRO LOT = approximate total risk of $360.00\r\n1 x MINI LOT = approximate total risk of $3,600.00\r\n1 x STANDARD LOT = approximate total risk of $36,000.00\r\n\r\nHowever, if like me you will be trading a mixture of lot types and position sizes, you will require a decent sized account to trade these trades without attracting many margin call issues.\r\n\r\nOnce we have approximately 20 trades in place at any one time I have calculated my account requirement as follows based on MINI LOTS.\r\n\r\nI will trade position sizes from 5 micro lots through to 3 x mini lots on the GBP pairs.\r\n<ul>\r\n 	<li>I have based my calculations on an average of 2 mini lots as the average position size.</li>\r\n 	<li>I am assuming a combination of 20 live or limit orders in place at any one time.</li>\r\n 	<li>Initial trades RISK = 3,750 / 12 (trades) x 20 (potential trades) = c.6,250 pips of risk.</li>\r\n 	<li>6,250 pips = $6,250 of risk x 50% to cover margin calls.</li>\r\n 	<li>Funds in this broker account to trade BOT trades = $9,375.00 ($9,500.00)</li>\r\n</ul>\r\nI will protect profits to reduce RISK EXPOSURE, but you must ensure that your broker account is adequately funded to compensate and allow for the potential RISK multiple trades can build up.\r\n\r\nIf you really want to participate in these trades it is vital that you position size effectively and approximate your risk from day one with your eyes wide open. Remember you can trade with just one micro lot $0.10 (£0.10, A$0.10 or €0.10) per trade. These smaller position sizes still allow participation but at the same time severely reduce risk. As you should know the GBP is volatile at the best of times never mind this period of enhanced uncertainty.\r\n\r\n<u>REPORTING:</u>\r\n\r\nFor now, I will report these trades separately under the BOT prefix and they will have a separate section under the FUNDAMENTAL TRADES excel spreadsheet.\r\n\r\n<u> </u>\r\n\r\n<u>SUMMARY:</u>\r\n\r\nYou will notice one or two disconnects between my thoughts on the charts and the actual initial set of trades. I apologise for this, but on my forth run through I wanted to look in more detail on smaller minute charts.\r\n\r\nWhat I decided to do in the end was for the GBP/USD, base both initial trade set ups off pullback entries. For the other 10 trades (5 for each cross rate), one entry was based upon a pullback and one was a momentum trade entering through previous support, or in the case of the EUR/GBP previous resistance. The momentum trades are a little more risky but I feel that the opportunities are there to take. The problem is that the pullback entries just may NOT trigger as the GBP is under so much scrutiny.\r\n\r\nThere are greater than usual RISKS involved with these trades. Many may argue greater than POSITION TRADES because they are all based around the GBP currency.\r\n\r\nI will have my BOT trades in a separate account to measure performance.\r\n\r\nTo give you an idea of risk I am looking at no more than 15% - 20% initial position sizes, if the trades gather traction, then I will increase.\r\n\r\nMy thoughts at this time are that we should have about 9-12 months worth of trading opportunities with these trade set-ups. This time period can of course alter and needs to be fluid.\r\n\r\nShould my macro view play out; early in 2017 we could see another UK referendum taking place in May/June 2017. Should this be the case we will have the possibility of more FALLOUT, or maybe just the retracement spike of the century to trade with!!\r\n\r\nFrom a RISK perspective, once again, please ensure that your account can cope with these extra trades.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTuesday 26<sup>th</sup> July 2016.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','THE BREXIT - FALLOUT OPPORTUNITY TRADES','','inherit','closed','closed','','8201-revision-v1','','','2016-07-26 16:05:45','2016-07-26 21:05:45','',8201,'http://weeklyfxdrivethru.com/8201-revision-v1/',0,'revision','',0),(8203,1,'2016-07-26 16:06:45','2016-07-26 21:06:45','&nbsp;\r\n<h3 style=\"text-align: center;\">BREXIT</h3>\r\n<h3 style=\"text-align: center;\">THE BREXIT\r\nFALLOUT OPPORTUNITY TRADES</h3>\r\n<u>BACKDROP &amp; OVERVIEW:</u>\r\n\r\nEarlier this year, I launched a series of trades based around the G7 countries. The basis of these trades was to use the 2016 currency targets from many financial institutions in conjunction with my own FUNDAMENTAL longer-term views.\r\n\r\nThey were successful and some of you may still be LIVE in these original trades. I had a rather peculiar situation with a new broker where trades can time out and…they did. I never knew that that was possible with live trades but I had checked the box in my original set up. Rather annoyingly, I missed the moment and never really felt committed to getting back into those trades…. next year 2017, they will be on my agenda once again to look at.\r\n\r\nThe BREXIT offers up the opportunity to look at longer-term trades once again.\r\n\r\nThese are my own thoughts and ideas. You may NOT agree with me at all or only partially with what follows, it is entirely up to you if you want to add these trades or not.\r\n\r\nI am taking only small positions to start with as want to have a lot of flexibility with stop loss levels. Over the past few sessions the GBP has been even twitchier and more volatile than usual.\r\n\r\n&nbsp;\r\n\r\n<u>HISTORY BEHIND THESE TRADES:</u>\r\n\r\nLast month whilst in the middle of Sales Presentations in the UK and IRELAND the UK BREXIT referendum took place.\r\n\r\nOn the night, I did NOT trade the event the way that I had planned for several reasons.\r\n<ol>\r\n 	<li>The result took me by surprise as much as it did the “Bookies” and “The Pollsters”, never mind the major players involved in the debates. If you recall Nigel LaFarge (UKIP) practically conceded defeat prior to the Sunderland result coming through. After that it was all history as the TV pundits have stated.</li>\r\n 	<li>On the night itself, being hotel based my Internet connection was not brilliant.</li>\r\n 	<li>I completely underestimated the difficulties in reverting back to trading multiple brokers off basically a MacBook Air and iPAD.</li>\r\n 	<li>Communication was stretched as social media networks were in overdrive and to cap it all, I was reading and checking reports that certain brokers had in fact closed the doors to trades involving any currency pair that was GBP related.</li>\r\n</ol>\r\nTo sum up it was not an ideal trading situation and I decided not to publish trades and I merely scalped the markets in and out of trades for the day following the vote. Whilst this was for me personally, financially successful, it was NOT what I had planned to do.\r\n\r\nI knew then that to be more constructive in trading THE BREXIT FALLOUT I had to be patient and wait.\r\n\r\nWhen I was holding seminars in BRENTWOOD, GATWICK, READING and BRISTOL discussions took place about the GBP/USD and where would it trade based off a REMAIN or BREXIT outcome.\r\n\r\nBased upon a BREXIT result prevailing, the level of 1.3000 was openly discussed and this was achieved.\r\n\r\nHowever, myself and many other traders could NOT see how deep the effect of a BREXIT would run. The politicians involved in the debates in the UK certainly flooded the population with fear and painted dreadful outcomes, but these were NOT based upon facts just thoughts to attempt to sway voters.\r\n\r\n&nbsp;\r\n\r\n<u>THE BREXIT FALLOUT PERIOD SO FAR:</u>\r\n\r\nTo say that there has been nothing but uncertainty in the period following the result would be one of the most over-used statements in the financial markets this year so far.\r\n\r\nNever mind market uncertainty, the UK has seen massive political uncertainty with David Cameron resigning and Theresa May (Ex. Home Secretary) stepping up as both the new Conservative Party leader and UK Prime Minister. The opposition Labour Party under Jeremy Corbyn’s leadership looks doomed to the opposition benches. He refused to step down as leader despite a massive vote of no confidence.\r\n\r\nTheresa May appointed BREXIT champion and former London Mayor, Boris Johnson as Foreign Secretary in her new cabinet, a very interesting appointment to say the least. If I were in her shoes I would have done the same. This move will either make him a major force in her cabinet or she has given him enough rope to hang himself.\r\n\r\nFrom Brussels, Berlin, Frankfurt and Paris the initial comments were that the UK should move quickly to trigger article 50 of the Lisbon Treaty to formally begin an exit process from the single market, but there is now an acceptance that this will be a much slower process not even starting until 2017. The process will take an estimated 2 years to complete.\r\n\r\nBasically, we have an extended period of great uncertainty.\r\n\r\nNo one could have predicted that UK business would basically come to halt following the referendum votes being counted. This looks like what has essentially happened.\r\n\r\nPrior to the vote, the fear of God vis-à-vis the financial market was given to the voters to consider. Last weeks PMi numbers reflect “THE STOP” and re-think that is going on right now. There is CBI data, some retail numbers plus consumer confidence figures all out in the next few days.\r\n\r\nInvestment into the UK has apparently taken such a beating; some areas, such as housing are quoting a virtual STOP and PULLBACK from existing commitments.\r\n\r\nThe BOE under the leadership of Mark Carney has promised support by way of liquidity to banks if required and of course to keep the economy moving, or kick-start it again he is looking at interest rate cuts.\r\n\r\n&nbsp;\r\n\r\n<u>SO WHATS NEXT:</u>\r\n\r\nMy thoughts are that the BOE will cut rates next month, supporting the banks and “the city”. Basically, Carney will do a “Helicopter Ben” impression by flying over the city of London dropping waddies of cash!!\r\n\r\n&nbsp;\r\n\r\n<u>THE SCOPE OF THE OPPORTUNITY:</u>\r\n\r\nI believe that we have two bites of the cherry with the BREXIT OPPORTUNITY TRADES.\r\n<ol>\r\n 	<li>The sell off in cable trade.</li>\r\n 	<li>The spike back trade.</li>\r\n</ol>\r\nThere will be a spike back. I do NOT know when that will happen, but it will, and, it should be epic.\r\n\r\nI wrote in last weekends DRIVE THRU blog about the GBP fall and the levels that I felt it could fall to across a number GBP crosses in addition to the GBP/USD. Some additional thoughts and comments with levels were written on the charts that formed that section of the blog.\r\n\r\nThe excel sheet below shows you the trades that I have in mind. These have already been added to my broker account.\r\n\r\nI will not be tweeting these BOT trade set-ups but I will tweet any additional trades that I set up with a BOT prefix.\r\n\r\n&nbsp;\r\n\r\n(SEE THE ATTACHED “BOT” EXCEL SPREAD SHEET)\r\n\r\n(the individual charts will accompany Tweets confirming the trades and will also be emailed  in two folders. The first folder contains that charts that I first published in last weekends \"DRIVE THRU\" blog and the second folder contains the updated charts since the original charts were published.\r\n\r\nWithout doubt there are huge potentials of both pips and $$$ available. Some of the measured movers based off chart patterns are massive if they play out. At the same time though there is as always RISK with trading Forex.\r\n\r\nI have also added to this communication via email, all charts from the “DRIVE THRU” blog last weekend, plus additional charts that I have used to further examine entry and exit levels.\r\n\r\n&nbsp;\r\n\r\n<u>CAUTION / RISK / PLEASE NOTE:</u>\r\n\r\nI have amended these trades so many times to try to get the best entries. Before I had completed this document to go with the trades we had some price volatility in Japan that caused the markets to skew. This price action affected the antipodean currencies and of course there was a knock on effect into the GBP cross-rates. These caused a small delay, as I needed to look at revised entries.\r\n\r\nBecause of the increased volatility of GBP pairs, it will NOT be cheap to trade this BOT trades.\r\n\r\nThe initial trades have a RISK total of about 3,750 pips, which is under the weekly average true ranges for each pair added together. I would factor in about 300-350 pips of RISK for any additional BOT trade set-ups. I also want to point out that some flexibility in stops needs to be applied to trades that may be premature in activating. The level of 1.3050 breaking in the GBP/USD is key to the start of the bigger move in my opinion.\r\n\r\nTo give you an idea of RISK with your trading account, the following will hopefully shed some light on my thinking in this area.\r\n\r\nBased off the initial 12 trades posted, your RISK per size of lot traded is simply expressed as follows: -\r\n\r\n1 x MICRO LOT = approximate total risk of $360.00\r\n1 x MINI LOT = approximate total risk of $3,600.00\r\n1 x STANDARD LOT = approximate total risk of $36,000.00\r\n\r\nHowever, if like me you will be trading a mixture of lot types and position sizes, you will require a decent sized account to trade these trades without attracting many margin call issues.\r\n\r\nOnce we have approximately 20 trades in place at any one time I have calculated my account requirement as follows based on MINI LOTS.\r\n\r\nI will trade position sizes from 5 micro lots through to 3 x mini lots on the GBP pairs.\r\n<ul>\r\n 	<li>I have based my calculations on an average of 2 mini lots as the average position size.</li>\r\n 	<li>I am assuming a combination of 20 live or limit orders in place at any one time.</li>\r\n 	<li>Initial trades RISK = 3,750 / 12 (trades) x 20 (potential trades) = c.6,250 pips of risk.</li>\r\n 	<li>6,250 pips = $6,250 of risk x 50% to cover margin calls.</li>\r\n 	<li>Funds in this broker account to trade BOT trades = $9,375.00 ($9,500.00)</li>\r\n</ul>\r\nI will protect profits to reduce RISK EXPOSURE, but you must ensure that your broker account is adequately funded to compensate and allow for the potential RISK multiple trades can build up.\r\n\r\nIf you really want to participate in these trades it is vital that you position size effectively and approximate your risk from day one with your eyes wide open. Remember you can trade with just one micro lot $0.10 (£0.10, A$0.10 or €0.10) per trade. These smaller position sizes still allow participation but at the same time severely reduce risk. As you should know the GBP is volatile at the best of times never mind this period of enhanced uncertainty.\r\n\r\n<u>REPORTING:</u>\r\n\r\nFor now, I will report these trades separately under the BOT prefix and they will have a separate section under the FUNDAMENTAL TRADES excel spreadsheet.\r\n\r\n<u> </u>\r\n\r\n<u>SUMMARY:</u>\r\n\r\nYou will notice one or two disconnects between my thoughts on the charts and the actual initial set of trades. I apologise for this, but on my fourth run through I wanted to look in more detail on smaller minute charts.\r\n\r\nWhat I decided to do in the end was for the GBP/USD, base both initial trade set ups off pullback entries. For the other 10 trades (5 for each cross rate), one entry was based upon a pullback and one was a momentum trade entering through previous support, or in the case of the EUR/GBP previous resistance. The momentum trades are a little more risky but I feel that the opportunities are there to take. The problem is that the pullback entries just may NOT trigger as the GBP is under so much scrutiny.\r\n\r\nThere are greater than usual RISKS involved with these trades. Many may argue greater than POSITION TRADES because they are all based around the GBP currency.\r\n\r\nI will have my BOT trades in a separate account to measure performance.\r\n\r\nTo give you an idea of risk I am looking at no more than 15% - 20% initial position sizes, if the trades gather traction, then I will increase.\r\n\r\nMy thoughts at this time are that we should have about 9-12 months worth of trading opportunities with these trade set-ups. This time period can of course alter and needs to be fluid.\r\n\r\nShould my macro view play out; early in 2017 we could see another UK referendum taking place in May/June 2017. Should this be the case we will have the possibility of more FALLOUT, or maybe just the retracement spike of the century to trade with!!\r\n\r\nFrom a RISK perspective, once again, please ensure that your account can cope with these extra trades.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTuesday 26<sup>th</sup> July 2016.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','THE BREXIT - FALLOUT OPPORTUNITY TRADES','','inherit','closed','closed','','8201-revision-v1','','','2016-07-26 16:06:45','2016-07-26 21:06:45','',8201,'http://weeklyfxdrivethru.com/8201-revision-v1/',0,'revision','',0),(8208,1,'2016-07-26 16:19:16','2016-07-26 21:19:16','&nbsp;\r\n<h3 style=\"text-align: center;\">BREXIT</h3>\r\n<h3 style=\"text-align: center;\">THE BREXIT\r\nFALLOUT OPPORTUNITY TRADES</h3>\r\n<u>BACKDROP &amp; OVERVIEW:</u>\r\n\r\nEarlier this year, I launched a series of trades based around the G7 countries. The basis of these trades was to use the 2016 currency targets from many financial institutions in conjunction with my own FUNDAMENTAL longer-term views.\r\n\r\nThey were successful and some of you may still be LIVE in these original trades. I had a rather peculiar situation with a new broker where trades can time out and…they did. I never knew that that was possible with live trades but I had checked the box in my original set up. Rather annoyingly, I missed the moment and never really felt committed to getting back into those trades…. next year 2017, they will be on my agenda once again to look at.\r\n\r\nThe BREXIT offers up the opportunity to look at longer-term trades once again.\r\n\r\nThese are my own thoughts and ideas. You may NOT agree with me at all or only partially with what follows, it is entirely up to you if you want to add these trades or not.\r\n\r\nI am taking only small positions to start with as want to have a lot of flexibility with stop loss levels. Over the past few sessions the GBP has been even twitchier and more volatile than usual.\r\n\r\n&nbsp;\r\n\r\n<u>HISTORY BEHIND THESE TRADES:</u>\r\n\r\nLast month whilst in the middle of Sales Presentations in the UK and IRELAND the UK BREXIT referendum took place.\r\n\r\nOn the night, I did NOT trade the event the way that I had planned for several reasons.\r\n<ol>\r\n 	<li>The result took me by surprise as much as it did the “Bookies” and “The Pollsters”, never mind the major players involved in the debates. If you recall Nigel LaFarge (UKIP) practically conceded defeat prior to the Sunderland result coming through. After that it was all history as the TV pundits have stated.</li>\r\n 	<li>On the night itself, being hotel based my Internet connection was not brilliant.</li>\r\n 	<li>I completely underestimated the difficulties in reverting back to trading multiple brokers off basically a MacBook Air and iPAD.</li>\r\n 	<li>Communication was stretched as social media networks were in overdrive and to cap it all, I was reading and checking reports that certain brokers had in fact closed the doors to trades involving any currency pair that was GBP related.</li>\r\n</ol>\r\nTo sum up it was not an ideal trading situation and I decided not to publish trades and I merely scalped the markets in and out of trades for the day following the vote. Whilst this was for me personally, financially successful, it was NOT what I had planned to do.\r\n\r\nI knew then that to be more constructive in trading THE BREXIT FALLOUT I had to be patient and wait.\r\n\r\nWhen I was holding seminars in BRENTWOOD, GATWICK, READING and BRISTOL discussions took place about the GBP/USD and where would it trade based off a REMAIN or BREXIT outcome.\r\n\r\nBased upon a BREXIT result prevailing, the level of 1.3000 was openly discussed and this was achieved.\r\n\r\nHowever, myself and many other traders could NOT see how deep the effect of a BREXIT would run. The politicians involved in the debates in the UK certainly flooded the population with fear and painted dreadful outcomes, but these were NOT based upon facts just thoughts to attempt to sway voters.\r\n\r\n&nbsp;\r\n\r\n<u>THE BREXIT FALLOUT PERIOD SO FAR:</u>\r\n\r\nTo say that there has been nothing but uncertainty in the period following the result would be one of the most over-used statements in the financial markets this year so far.\r\n\r\nNever mind market uncertainty, the UK has seen massive political uncertainty with David Cameron resigning and Theresa May (Ex. Home Secretary) stepping up as both the new Conservative Party leader and UK Prime Minister. The opposition Labour Party under Jeremy Corbyn’s leadership looks doomed to the opposition benches. He refused to step down as leader despite a massive vote of no confidence.\r\n\r\nTheresa May appointed BREXIT champion and former London Mayor, Boris Johnson as Foreign Secretary in her new cabinet, a very interesting appointment to say the least. If I were in her shoes I would have done the same. This move will either make him a major force in her cabinet or she has given him enough rope to hang himself.\r\n\r\nFrom Brussels, Berlin, Frankfurt and Paris the initial comments were that the UK should move quickly to trigger article 50 of the Lisbon Treaty to formally begin an exit process from the single market, but there is now an acceptance that this will be a much slower process not even starting until 2017. The process will take an estimated 2 years to complete.\r\n\r\nBasically, we have an extended period of great uncertainty.\r\n\r\nNo one could have predicted that UK business would basically come to halt following the referendum votes being counted. This looks like what has essentially happened.\r\n\r\nPrior to the vote, the fear of God vis-à-vis the financial market was given to the voters to consider. Last weeks PMi numbers reflect “THE STOP” and re-think that is going on right now. There is CBI data, some retail numbers plus consumer confidence figures all out in the next few days.\r\n\r\nInvestment into the UK has apparently taken such a beating; some areas, such as housing are quoting a virtual STOP and PULLBACK from existing commitments.\r\n\r\nThe BOE under the leadership of Mark Carney has promised support by way of liquidity to banks if required and of course to keep the economy moving, or kick-start it again he is looking at interest rate cuts.\r\n\r\n&nbsp;\r\n\r\n<u>SO WHATS NEXT:</u>\r\n\r\nMy thoughts are that the BOE will cut rates next month, supporting the banks and “the city”. Basically, Carney will do a “Helicopter Ben” impression by flying over the city of London dropping waddies of cash!!\r\n\r\n&nbsp;\r\n\r\n<u>THE SCOPE OF THE OPPORTUNITY:</u>\r\n\r\nI believe that we have two bites of the cherry with the BREXIT OPPORTUNITY TRADES.\r\n<ol>\r\n 	<li>The sell off in cable trade.</li>\r\n 	<li>The spike back trade.</li>\r\n</ol>\r\nThere will be a spike back. I do NOT know when that will happen, but it will, and, it should be epic.\r\n\r\nI wrote in last weekends DRIVE THRU blog about the GBP fall and the levels that I felt it could fall to across a number GBP crosses in addition to the GBP/USD. Some additional thoughts and comments with levels were written on the charts that formed that section of the blog.\r\n\r\nThe excel sheet below shows you the trades that I have in mind. These have already been added to my broker account.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BREXIT-TRADES2-DROPBOX-FMT.png\"><img class=\"aligncenter size-full wp-image-8207\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/BREXIT-TRADES2-DROPBOX-FMT.png\" alt=\"BREXIT TRADES(2) - DROPBOX FMT\" width=\"569\" height=\"491\" /></a>\r\n\r\n&nbsp;\r\n\r\n(The individual charts will accompany Tweets confirming the trades and will also be emailed  in two folders. The first folder contains that charts that I first published in last weekends \"DRIVE THRU\" blog and the second folder contains the updated charts since the original charts were published.\r\n\r\nWithout doubt there are huge potentials of both pips and $$$ available. Some of the measured movers based off chart patterns are massive if they play out. At the same time though there is as always RISK with trading Forex.\r\n\r\nI have also added to this communication via email, all charts from the “DRIVE THRU” blog last weekend, plus additional charts that I have used to further examine entry and exit levels.\r\n\r\n&nbsp;\r\n\r\n<u>CAUTION / RISK / PLEASE NOTE:</u>\r\n\r\nI have amended these trades so many times to try to get the best entries. Before I had completed this document to go with the trades we had some price volatility in Japan that caused the markets to skew. This price action affected the antipodean currencies and of course there was a knock on effect into the GBP cross-rates. These caused a small delay, as I needed to look at revised entries.\r\n\r\nBecause of the increased volatility of GBP pairs, it will NOT be cheap to trade this BOT trades.\r\n\r\nThe initial trades have a RISK total of about 3,750 pips, which is under the weekly average true ranges for each pair added together. I would factor in about 300-350 pips of RISK for any additional BOT trade set-ups. I also want to point out that some flexibility in stops needs to be applied to trades that may be premature in activating. The level of 1.3050 breaking in the GBP/USD is key to the start of the bigger move in my opinion.\r\n\r\nTo give you an idea of RISK with your trading account, the following will hopefully shed some light on my thinking in this area.\r\n\r\nBased off the initial 12 trades posted, your RISK per size of lot traded is simply expressed as follows: -\r\n\r\n1 x MICRO LOT = approximate total risk of $360.00\r\n1 x MINI LOT = approximate total risk of $3,600.00\r\n1 x STANDARD LOT = approximate total risk of $36,000.00\r\n\r\nHowever, if like me you will be trading a mixture of lot types and position sizes, you will require a decent sized account to trade these trades without attracting many margin call issues.\r\n\r\nOnce we have approximately 20 trades in place at any one time I have calculated my account requirement as follows based on MINI LOTS.\r\n\r\nI will trade position sizes from 5 micro lots through to 3 x mini lots on the GBP pairs.\r\n<ul>\r\n 	<li>I have based my calculations on an average of 2 mini lots as the average position size.</li>\r\n 	<li>I am assuming a combination of 20 live or limit orders in place at any one time.</li>\r\n 	<li>Initial trades RISK = 3,750 / 12 (trades) x 20 (potential trades) = c.6,250 pips of risk.</li>\r\n 	<li>6,250 pips = $6,250 of risk x 50% to cover margin calls.</li>\r\n 	<li>Funds in this broker account to trade BOT trades = $9,375.00 ($9,500.00)</li>\r\n</ul>\r\nI will protect profits to reduce RISK EXPOSURE, but you must ensure that your broker account is adequately funded to compensate and allow for the potential RISK multiple trades can build up.\r\n\r\nIf you really want to participate in these trades it is vital that you position size effectively and approximate your risk from day one with your eyes wide open. Remember you can trade with just one micro lot $0.10 (£0.10, A$0.10 or €0.10) per trade. These smaller position sizes still allow participation but at the same time severely reduce risk. As you should know the GBP is volatile at the best of times never mind this period of enhanced uncertainty.\r\n\r\n<u>REPORTING:</u>\r\n\r\nFor now, I will report these trades separately under the BOT prefix and they will have a separate section under the FUNDAMENTAL TRADES excel spreadsheet.\r\n\r\n<u> </u>\r\n\r\n<u>SUMMARY:</u>\r\n\r\nYou will notice one or two disconnects between my thoughts on the charts and the actual initial set of trades. I apologise for this, but on my fourth run through I wanted to look in more detail on smaller minute charts.\r\n\r\nWhat I decided to do in the end was for the GBP/USD, base both initial trade set ups off pullback entries. For the other 10 trades (5 for each cross rate), one entry was based upon a pullback and one was a momentum trade entering through previous support, or in the case of the EUR/GBP previous resistance. The momentum trades are a little more risky but I feel that the opportunities are there to take. The problem is that the pullback entries just may NOT trigger as the GBP is under so much scrutiny.\r\n\r\nThere are greater than usual RISKS involved with these trades. Many may argue greater than POSITION TRADES because they are all based around the GBP currency.\r\n\r\nI will have my BOT trades in a separate account to measure performance.\r\n\r\nTo give you an idea of risk I am looking at no more than 15% - 20% initial position sizes, if the trades gather traction, then I will increase.\r\n\r\nMy thoughts at this time are that we should have about 9-12 months worth of trading opportunities with these trade set-ups. This time period can of course alter and needs to be fluid.\r\n\r\nShould my macro view play out; early in 2017 we could see another UK referendum taking place in May/June 2017. Should this be the case we will have the possibility of more FALLOUT, or maybe just the retracement spike of the century to trade with!!\r\n\r\nFrom a RISK perspective, once again, please ensure that your account can cope with these extra trades.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTuesday 26<sup>th</sup> July 2016.\r\n\r\n&nbsp;\r\n\r\n&nbsp;','THE BREXIT - FALLOUT OPPORTUNITY TRADES','','inherit','closed','closed','','8201-revision-v1','','','2016-07-26 16:19:16','2016-07-26 21:19:16','',8201,'http://weeklyfxdrivethru.com/8201-revision-v1/',0,'revision','',0),(8210,1,'2016-07-30 06:03:22','2016-07-30 11:03:22','','PREM SERV PROFITS1 JULY16','','inherit','open','closed','','prem-serv-profits1-july16','','','2016-07-30 09:12:23','2016-07-30 14:12:23','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PREM-SERV-PROFITS1-JULY16.png',0,'attachment','image/png',0),(8211,1,'2016-07-30 06:03:24','2016-07-30 11:03:24','','PREM SERV PROFITS2 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14:06:43','',2711,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/FLASH-JULY16.png',0,'attachment','image/png',0),(8215,1,'2016-07-30 06:03:44','2016-07-30 11:03:44','','FLASH YTD JULY16','','inherit','open','closed','','flash-ytd-july16','','','2016-07-30 09:06:54','2016-07-30 14:06:54','',2711,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/FLASH-YTD-JULY16.png',0,'attachment','image/png',0),(8216,1,'2016-07-30 06:03:50','2016-07-30 11:03:50','','FUN1 JULY16','','inherit','open','closed','','fun1-july16','','','2016-07-30 09:09:05','2016-07-30 14:09:05','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/FUN1-JULY16.png',0,'attachment','image/png',0),(8217,1,'2016-07-30 06:03:51','2016-07-30 11:03:51','','FUN2 JULY16','','inherit','open','closed','','fun2-july16','','','2016-07-30 09:09:10','2016-07-30 14:09:10','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/FUN2-JULY16.png',0,'attachment','image/png',0),(8218,1,'2016-07-30 06:03:53','2016-07-30 11:03:53','','FUN3 JULY16','','inherit','open','closed','','fun3-july16','','','2016-07-30 09:09:14','2016-07-30 14:09:14','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/FUN3-JULY16.png',0,'attachment','image/png',0),(8219,1,'2016-07-30 06:03:55','2016-07-30 11:03:55','','FUN YTD JULY16','','inherit','open','closed','','fun-ytd-july16','','','2016-07-30 09:09:29','2016-07-30 14:09:29','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/FUN-YTD-JULY16.png',0,'attachment','image/png',0),(8220,1,'2016-07-30 06:04:05','2016-07-30 11:04:05','','POS1 JULY16','','inherit','open','closed','','pos1-july16','','','2016-07-30 09:10:50','2016-07-30 14:10:50','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/POS1-JULY16.png',0,'attachment','image/png',0),(8221,1,'2016-07-30 06:04:08','2016-07-30 11:04:08','','POS2 JULY16','','inherit','open','closed','','pos2-july16','','','2016-07-30 09:10:55','2016-07-30 14:10:55','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/POS2-JULY16.png',0,'attachment','image/png',0),(8222,1,'2016-07-30 06:04:10','2016-07-30 11:04:10','','POS YTD JULY16','','inherit','open','closed','','pos-ytd-july16','','','2016-07-30 09:11:12','2016-07-30 14:11:12','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/POS-YTD-JULY16.png',0,'attachment','image/png',0),(8223,1,'2016-07-30 06:04:20','2016-07-30 11:04:20','','PERF ANALYSIS JULY16','','inherit','open','closed','','perf-analysis-july16','','','2016-07-30 09:13:51','2016-07-30 14:13:51','',5002,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PERF-ANALYSIS-JULY16.png',0,'attachment','image/png',0),(8224,1,'2016-07-30 06:04:22','2016-07-30 11:04:22','','PIP ANALYSIS JULY16','','inherit','open','closed','','pip-analysis-july16','','','2016-07-30 09:15:43','2016-07-30 14:15:43','',6869,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PIP-ANALYSIS-JULY16.png',0,'attachment','image/png',0),(8225,1,'2016-07-30 06:04:29','2016-07-30 11:04:29','','LIMIT ORDERS 31072016','','inherit','open','closed','','limit-orders-31072016','','','2016-07-30 12:03:48','2016-07-30 17:03:48','',8241,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-31072016.png',0,'attachment','image/png',0),(8226,1,'2016-07-30 06:04:31','2016-07-30 11:04:31','','LIVE TRADES 31072016','','inherit','open','closed','','live-trades-31072016','','','2016-07-30 12:03:40','2016-07-30 17:03:40','',8241,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-31072016.png',0,'attachment','image/png',0),(8233,1,'2016-07-30 09:14:52','2016-07-30 14:14:52','<section class=\"one-sixth first\">\r\n<h4>Completed Consolidated Performance Analysis Archives\r\n(Previously RISK/REWARD analysis):</h4>\r\n</section><section class=\"five-sixths\">\r\n<div class=\"one-half first\">\r\n<h2>This Year\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PERF-ANALYSIS-JULY16.png\"><img class=\"aligncenter size-full wp-image-8223\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PERF-ANALYSIS-JULY16.png\" alt=\"PERF ANALYSIS JULY16\" width=\"551\" height=\"626\" /></a></h2>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/RISK-REWARD-RATIOS-JUNE2016.png\"><img class=\"aligncenter size-full wp-image-8086\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/RISK-REWARD-RATIOS-JUNE2016.png\" alt=\"RISK-REWARD RATIOS JUNE2016\" width=\"554\" height=\"628\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>PREVIOUS YEARS\r\n<a href=\"https://weeklyfxdrivethru.com/completed-trades-risk-reward-analysis/ps-risk-reward-31122015/\" rel=\"attachment wp-att-7054\"><img class=\"aligncenter wp-image-7054\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/12/PS-RISK-REWARD-31122015.png\" alt=\"PS RISK REWARD 31122015\" width=\"645\" height=\"796\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-RISK-REWARD-31122014-YTD.png\"><img class=\"aligncenter wp-image-4964\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-RISK-REWARD-31122014-YTD.png\" alt=\"PREM SERV RISK-REWARD 31122014 YTD\" width=\"645\" height=\"804\" /></a></h2>\r\n</div>\r\n</section>','CONSOLIDATED PERFORMANCE ANALYSIS (PREVIOUSLY RISK/REWARD ANALYSIS)','','inherit','closed','closed','','5006-revision-v1','','','2016-07-30 09:14:52','2016-07-30 14:14:52','',5006,'http://weeklyfxdrivethru.com/5006-revision-v1/',0,'revision','',0),(9030,1,'2017-01-28 06:24:24','2017-01-28 11:24:24','<section class=\"one-sixth first\">\r\n<h4>Fundamental Trades Archives:</h4>\r\n</section><section class=\"five-sixths\">\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&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\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\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FUN-28012017.png\"><img class=\"aligncenter size-large wp-image-9003\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FUN-28012017-810x1024.png\" alt=\"\" width=\"810\" height=\"1024\" /></a></h2>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/08/FUNDAMENTAL-YTD-JULY31.png\">\r\n</a>\r\n<h2>PREVIOUS YEARS\r\n<img class=\"aligncenter size-full wp-image-8811\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/FUN-2016-COMPLETE.png\" alt=\"\" width=\"874\" height=\"942\" /></h2>\r\n<h2><a href=\"https://weeklyfxdrivethru.com/fundamental-trades/fun-2015-comp/\" rel=\"attachment wp-att-6989\"><img class=\"aligncenter wp-image-6989\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/12/FUN-2015-COMP.png\" alt=\"FUN 2015 COMP\" width=\"580\" height=\"597\" /></a></h2>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FUNDAMENTAL-YEAR-TO-DATE-2014.png\"><img class=\"aligncenter size-full wp-image-8860\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FUNDAMENTAL-YEAR-TO-DATE-2014.png\" alt=\"\" width=\"710\" height=\"754\" /></a>\r\n\r\n&nbsp;\r\n\r\n</div>\r\n</section>','FUNDAMENTAL TRADES','','inherit','closed','closed','','3106-revision-v1','','','2017-01-28 06:24:24','2017-01-28 11:24:24','',3106,'http://weeklyfxdrivethru.com/3106-revision-v1/',0,'revision','',0),(9140,1,'2017-02-20 06:40:51','2017-02-20 11:40:51','<section class=\"one-sixth first\">\r\n<h4>POSITION TRADES Archives:</h4>\r\n</section><section class=\"five-sixths\">\r\n<div class=\"one-half first\">\r\n<h2>This Month\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/POS1-20022017.png\"><img class=\"aligncenter size-large wp-image-9134\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/POS1-20022017-723x1024.png\" alt=\"\" width=\"723\" height=\"1024\" /></a><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/POS2-20022017.png\"><img class=\"aligncenter size-large wp-image-9135\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/POS2-20022017-728x1024.png\" alt=\"\" width=\"728\" height=\"1024\" /></a><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/POS3-20022017.png\"><img class=\"aligncenter size-large wp-image-9136\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/POS3-20022017-796x1024.png\" alt=\"\" width=\"796\" height=\"1024\" /></a></h2>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS1-19112016.png\">\r\n</a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>Year to date\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/POS-JANYTD-2017.png\"><img class=\"aligncenter size-full wp-image-9052\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/POS-JANYTD-2017.png\" alt=\"\" width=\"784\" height=\"910\" /></a></h2>\r\n&nbsp;\r\n\r\n&nbsp;\r\n<h2>PREVIOUS YEARS\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></h2>\r\n</div>\r\n</section>','POSITION TRADES','','inherit','closed','closed','','6965-revision-v1','','','2017-02-20 06:40:51','2017-02-20 11:40:51','',6965,'http://weeklyfxdrivethru.com/6965-revision-v1/',0,'revision','',0),(9115,1,'2017-02-15 08:09:45','2017-02-15 13:09:45','&nbsp;\r\n\r\n<strong>LIVE WEBINARS:</strong>\r\n\r\n&nbsp;\r\n\r\nEach Monday at 5:30PM EST, I will host a 30 minute LIVE WEBINAR... <strong>\"THE WEEKLY FX DRIVE THRU - LIVE\"</strong>\r\n\r\nThe link for the webinar is: -  <a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>   (You can register at any time)\r\n\r\n<span style=\"text-decoration: underline;\">PLEASE NOTE</span>: - For a short time the webinar can only be viewed by using the \"Google Chrome\" browser and does not support either smartphones or tablets.\r\n\r\nIn addition, the completed webinar will be uploaded to my \"YOU TUBE\" channel (Weekly Fx Drive Thru). You can watch via \"YOU TUBE\" or subscribe to my \"YOU TUBE\" channel and to receive the webinar direct to your inbox after it has been uploaded. The link to connect to my \"YOU TUBE\" channel is below: -\r\n\r\nhttps://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw\r\n\r\n&nbsp;\r\n\r\n<strong> PRESENTATIONS and SEMINARS</strong>:\r\n\r\nJust prior to the summer of 2016, I completed a three week tour of the UK and IRELAND presenting AN INTRODUCTION TO FOREX TRADING with THE PREMIUM SERVICE. I would like to thank those of you who came along to make the presentations worthwhile.\r\n\r\nIt was my intention to repeat these presentations in 2017 in different parts of the UK. However, several key events for 2017 have already been inked into my schedule and it now impossible to fit in a series of presentations into my calendar.\r\n\r\nIt now looks as though early 2018 will be the first opportunity that I will have to travel and present.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n17th January 2017','UPCOMING LIVE EVENTS (SEMINARS / TRAINING)','','inherit','closed','closed','','4239-revision-v1','','','2017-02-15 08:09:45','2017-02-15 13:09:45','',4239,'http://weeklyfxdrivethru.com/4239-revision-v1/',0,'revision','',0),(8241,1,'2016-07-30 12:05:00','2016-07-30 17:05:00','&nbsp;\r\n\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAs you know, I am now taking a few weeks away from blogging\r\n\r\nHowever, as we are at a month end and in the middle of some high profile news events, it seems appropriate for me just to mention a few things to my subscriber base.\r\n\r\nI was caught yesterday at a meeting northwest of Hudson; the area was subject to a complete ISP outage with no cell phone signal to boot. What a complete and utter disaster. I was in two minds about going given the markets reaction to the US GDP numbers. That was an expensive meeting in terms of pips (c.500), thankfully from a $$$ basis it was not as bad as it could have been under normal trading conditions. It still hurt though.\r\n\r\nThe event does however highlight the fact that the markets right now are in such a reactive mode that Fibonacci levels, fundamentals, chart patterns and pivot points are not being respected. It all adds up to one hell of a challenge to say the least.\r\n\r\nTo say at the moment that I am NOT a happy camper would be one of the biggest understatements in 2016 so far. I am adding pips to the PREMIUM SERVICE monthly totals, but I am carrying forward several longer-term (POSITION) trades, with roughly weekly ATR losses attached to them. I am cashing in on other POSITION TRADES just to keep the numbers moving\r\n\r\nI know that I keep saying be patient, but it is very difficult at times as the markets seem to lack conviction.\r\n\r\nThis is not helped with the S&amp;P being basically stuck at the top of its range. This position, in my opinion, is primed to sucker in the retail investors at the top of the market. I am expecting a 10% S&amp;P correction and this would still keep it inside its recent well-defined trading range. The problem is of course the hunt for yield. The central banks have made it impossible to obtain yield from anything other than equities.\r\n\r\nSo we have a Mexican stand-off in play.\r\n\r\nWe will shuffle around like this for some time unfortunately. I had thought that the FED would lead but Yellen has really shown her true colours in my opinion. She is a ditherer and all of this inactivity will come back to bite her in the ass in the future. I can understand why she hasn\'t raised rates, but the argument not to outweighs those reasons in my opinion.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> BREXIT TRADES:</strong></li>\r\n</ol>\r\nI covered, took profits off the table on a lot of these set ups and trades. I have had a few communications from several of as to why?\r\n\r\nAm I doing a Yellen dither? To some extent, I hate to admit it but yes.\r\n\r\nInitially, I loaded up 12 trades. 10 of which on the cross-rates had a LIMIT ORDER and either a BUY STOP or SELL STOP order attached. My intention was from the get go with the cross rate trades just to have one in play to begin with, and frankly, I did not think any of these would trigger ahead of the BOE interest rate announcement and press conference from Carney this Thursday.\r\n\r\nThe FOMC reaction and the BOJ shambles clearly upset that apple cart!!\r\n\r\nMy intention is either to have SELL STOP / BUY STOP orders in position ahead of Carney, or, just wait and see what he says and BOT trades will enter in the same way as a FLASH trade on the day.\r\n\r\nOn a positive note we took 196 pips off the BREXIT trades so far.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> PREMIUM SERVICE PERFORMANCE:</strong></li>\r\n</ol>\r\n<ul>\r\n 	<li>I lost pips this month on both FLASH and RADAR trades.</li>\r\n 	<li>FUNDAMENTAL and POSITION trades make good pips and for the month 1,346 pips were added.</li>\r\n 	<li>Year to date, I am 277 pips behind last years pip total at the same point. 7,466 this year versus 7,743 last year.</li>\r\n 	<li>Profit/Loss ratios are consistent at 76% versus 24%.</li>\r\n</ul>\r\nEvery time I look at the monthly numbers I am becoming more and more convinced that shorter-term trading is just too painful. I am entering short-term, then having to extend my thought process. The present market is basically a chop fest and these short-term trades are NOT for now unless we have serious market momentum, which frankly has not been around for some considerable time in any consistent manner.\r\n\r\nPOSITION trades account for 80% of the PREMIUM SERVICE pip performance this year. Whilst it has been fantastic to adjust this year to this type of trading, I did NOT expect this style of trading to be as dominant.\r\n\r\nI know that a lot of day traders are suffering, whilst this fact does not please me, I do feel somewhat vindicated in my change of direction to maintain performance results. This is a results business… nothing else.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> LIVE &amp; LIMIT ORDER TRADES:</strong></li>\r\n</ol>\r\nBelow are the current spreadsheets detailing the LIVE and LIMIT ORDER trades that I have with my brokers\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-31072016.png\"><img class=\"aligncenter size-full wp-image-8226\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-31072016.png\" alt=\"LIVE TRADES 31072016\" width=\"796\" height=\"584\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-31072016.png\"><img class=\"aligncenter size-full wp-image-8225\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-31072016.png\" alt=\"LIMIT ORDERS 31072016\" width=\"771\" height=\"593\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> SUMMARY:</strong></li>\r\n</ol>\r\nThis week we have China PMi, the RBA and BOE interest rates, ADP, NFP plus CAD employment and a RBA Monetary Policy Statement. To top it all we also have Carney’s moment in the limelight.\r\n\r\nChoppy… you bet.\r\nDirectional… probably not.\r\nA pain in the ass… probably.\r\n\r\nIt is what it is, so be careful.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 30th July 2016\r\nBLOG VERSION: #109 PREMIUM SERVICE\r\n\r\n&nbsp;','JULY 2016 - PREMIUM SERVICE UPDATE','','publish','open','closed','','july-2016-premium-service-update','','','2016-07-30 12:05:00','2016-07-30 17:05:00','',0,'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=8241',0,'member_posts','',0),(8242,1,'2016-07-30 12:04:22','2016-07-30 17:04:22','&nbsp;\r\n\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAs you know, I am now taking a few weeks away from blogging\r\n\r\nHowever, as we are at a month end and in the middle of some high profile news events, it seems appropriate for me just to mention a few things to my subscriber base.\r\n\r\nI was caught yesterday at a meeting northwest of Hudson; the area was subject to a complete ISP outage with no cell phone signal to boot. What a complete and utter disaster. I was in two minds about going given the markets reaction to the US GDP numbers. That was an expensive meeting in terms of pips (c.500), thankfully from a $$$ basis it was not as bad as it could have been under normal trading conditions. It still hurt though.\r\n\r\nThe event does however highlight the fact that the markets right now are in such a reactive mode that Fibonacci levels, fundamentals, chart patterns and pivot points are not being respected. It all adds up to one hell of a challenge to say the least.\r\n\r\nTo say at the moment that I am NOT a happy camper would be one of the biggest understatements in 2016 so far. I am adding pips to the PREMIUM SERVICE monthly totals, but I am carrying forward several longer-term (POSITION) trades, with roughly weekly ATR losses attached to them. I am cashing in on other POSITION TRADES just to keep the numbers moving\r\n\r\nI know that I keep saying be patient, but it is very difficult at times as the markets seem to lack conviction.\r\n\r\nThis is not helped with the S&amp;P being basically stuck at the top of its range. This position, in my opinion, is primed to sucker in the retail investors at the top of the market. I am expecting a 10% S&amp;P correction and this would still keep it inside its recent well-defined trading range. The problem is of course the hunt for yield. The central banks have made it impossible to obtain yield from anything other than equities.\r\n\r\nSo we have a Mexican stand-off in play.\r\n\r\nWe will shuffle around like this for some time unfortunately. I had thought that the FED would lead but Yellen has really shown her true colours in my opinion. She is a ditherer and all of this inactivity will come back to bite her in the ass in the future. I can understand why she hasn\'t raised rates, but the argument not to outweighs those reasons in my opinion.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> BREXIT TRADES:</strong></li>\r\n</ol>\r\nI covered, took profits off the table on a lot of these set ups and trades. I have had a few communications from several of as to why?\r\n\r\nAm I doing a Yellen dither? To some extent, I hate to admit it but yes.\r\n\r\nInitially, I loaded up 12 trades. 10 of which on the cross-rates had a LIMIT ORDER and either a BUY STOP or SELL STOP order attached. My intention was from the get go with the cross rate trades just to have one in play to begin with, and frankly, I did not think any of these would trigger ahead of the BOE interest rate announcement and press conference from Carney this Thursday.\r\n\r\nThe FOMC reaction and the BOJ shambles clearly upset that apple cart!!\r\n\r\nMy intention is either to have SELL STOP / BUY STOP orders in position ahead of Carney, or, just wait and see what he says and BOT trades will enter in the same way as a FLASH trade on the day.\r\n\r\nOn a positive note we took 196 pips off the BREXIT trades so far.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> PREMIUM SERVICE PERFORMANCE:</strong></li>\r\n</ol>\r\n<ul>\r\n 	<li>I lost pips this month on both FLASH and RADAR trades.</li>\r\n 	<li>FUNDAMENTAL and POSITION trades make good pips and for the month 1,346 pips were added.</li>\r\n 	<li>Year to date, I am 277 pips behind last years pip total at the same point. 7,466 this year versus 7,743 last year.</li>\r\n 	<li>Profit/Loss ratios are consistent at 76% versus 24%.</li>\r\n</ul>\r\nEvery time I look at the monthly numbers I am becoming more and more convinced that shorter-term trading is just too painful. I am entering short-term, then having to extend my thought process. The present market is basically a chop fest and these short-term trades are NOT for now unless we have serious market momentum, which frankly has not been around for some considerable time in any consistent manner.\r\n\r\nPOSITION trades account for 80% of the PREMIUM SERVICE pip performance this year. Whilst it has been fantastic to adjust this year to this type of trading, I did NOT expect this style of trading to be as dominant.\r\n\r\nI know that a lot of day traders are suffering, whilst this fact does not please me, I do feel somewhat vindicated in my change of direction to maintain performance results. This is a results business… nothing else.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> LIVE &amp; LIMIT ORDER TRADES:</strong></li>\r\n</ol>\r\nBelow are the current spreadsheets detailing the LIVE and LIMIT ORDER trades that I have with my brokers\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-31072016.png\"><img class=\"aligncenter size-full wp-image-8226\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIVE-TRADES-31072016.png\" alt=\"LIVE TRADES 31072016\" width=\"796\" height=\"584\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-31072016.png\"><img class=\"aligncenter size-full wp-image-8225\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/LIMIT-ORDERS-31072016.png\" alt=\"LIMIT ORDERS 31072016\" width=\"771\" height=\"593\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> SUMMARY:</strong></li>\r\n</ol>\r\nThis week we have China PMi, the RBA and BOE interest rates, ADP, NFP plus CAD employment and a RBA Monetary Policy Statement. To top it all we also have Carney’s moment in the limelight.\r\n\r\nChoppy… you bet.\r\nDirectional… probably not.\r\nA pain in the ass… probably.\r\n\r\nIt is what it is, so be careful.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 30th July 2016\r\nBLOG VERSION: #109 PREMIUM SERVICE\r\n\r\n&nbsp;','JULY 2016 - PREMIUM SERVICE UPDATE','','inherit','closed','closed','','8241-revision-v1','','','2016-07-30 12:04:22','2016-07-30 17:04:22','',8241,'http://weeklyfxdrivethru.com/8241-revision-v1/',0,'revision','',0),(8244,1,'2016-08-05 12:55:33','2016-08-05 17:55:33','','PREM SERV PROFITS1 06082016','','inherit','open','closed','','prem-serv-profits1-06082016','','','2016-08-05 13:36:09','2016-08-05 18:36:09','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PREM-SERV-PROFITS1-06082016.png',0,'attachment','image/png',0),(8245,1,'2016-08-05 12:55:36','2016-08-05 17:55:36','','PREM SERV PROFITS 2 06082016','','inherit','open','closed','','prem-serv-profits-2-06082016','','','2016-08-05 13:36:20','2016-08-05 18:36:20','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PREM-SERV-PROFITS-2-06082016.png',0,'attachment','image/png',0),(8246,1,'2016-08-05 12:55:45','2016-08-05 17:55:45','','FLASH 06082016','','inherit','open','closed','','flash-06082016','','','2016-08-05 13:32:45','2016-08-05 18:32:45','',2711,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FLASH-06082016.png',0,'attachment','image/png',0),(8247,1,'2016-08-05 12:55:52','2016-08-05 17:55:52','','RADAR 06082016','','inherit','open','closed','','radar-06082016','','','2016-08-05 13:33:22','2016-08-05 18:33:22','',2524,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/RADAR-06082016.png',0,'attachment','image/png',0),(8248,1,'2016-08-05 12:55:58','2016-08-05 17:55:58','','FUN1 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18:35:17','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/POS1-06082016.png',0,'attachment','image/png',0),(8252,1,'2016-08-05 12:56:07','2016-08-05 17:56:07','','POS2 06082016','','inherit','open','closed','','pos2-06082016','','','2016-08-05 13:35:21','2016-08-05 18:35:21','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/POS2-06082016.png',0,'attachment','image/png',0),(8259,1,'2016-08-13 07:13:54','2016-08-13 12:13:54','','PREM SERV TOTAL1 13082016','','inherit','open','closed','','prem-serv-total1-13082016','','','2016-08-13 07:22:06','2016-08-13 12:22:06','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PREM-SERV-TOTAL1-13082016.png',0,'attachment','image/png',0),(8260,1,'2016-08-13 07:13:57','2016-08-13 12:13:57','','PREM SERV TOTAL2 13082016','','inherit','open','closed','','prem-serv-total2-13082016','','','2016-08-13 07:22:20','2016-08-13 12:22:20','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PREM-SERV-TOTAL2-13082016.png',0,'attachment','image/png',0),(8261,1,'2016-08-13 07:14:00','2016-08-13 12:14:00','','FLASH 13082016','','inherit','open','closed','','flash-13082016','','','2016-08-13 07:16:27','2016-08-13 12:16:27','',2711,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FLASH-13082016.png',0,'attachment','image/png',0),(8262,1,'2016-08-13 07:14:10','2016-08-13 12:14:10','','RADAR 13082016','','inherit','open','closed','','radar-13082016','','','2016-08-13 07:17:15','2016-08-13 12:17:15','',2524,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/RADAR-13082016.png',0,'attachment','image/png',0),(8263,1,'2016-08-13 07:14:17','2016-08-13 12:14:17','','FUN1 13082016','','inherit','open','closed','','fun1-13082016','','','2016-08-13 07:19:00','2016-08-13 12:19:00','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FUN1-13082016.png',0,'attachment','image/png',0),(8264,1,'2016-08-13 07:14:19','2016-08-13 12:14:19','','FUN2 13082016','','inherit','open','closed','','fun2-13082016','','','2016-08-13 07:19:04','2016-08-13 12:19:04','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FUN2-13082016.png',0,'attachment','image/png',0),(8265,1,'2016-08-13 07:14:21','2016-08-13 12:14:21','','FUN3 13082016','','inherit','open','closed','','fun3-13082016','','','2016-08-13 07:19:09','2016-08-13 12:19:09','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FUN3-13082016.png',0,'attachment','image/png',0),(8266,1,'2016-08-13 07:14:26','2016-08-13 12:14:26','','POS1 13082016','','inherit','open','closed','','pos1-13082016','','','2016-08-13 07:21:09','2016-08-13 12:21:09','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/POS1-13082016.png',0,'attachment','image/png',0),(8267,1,'2016-08-13 07:14:27','2016-08-13 12:14:27','','POS2 13082016','','inherit','open','closed','','pos2-13082016','','','2016-08-13 07:21:14','2016-08-13 12:21:14','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/POS2-13082016.png',0,'attachment','image/png',0),(8268,1,'2016-08-13 07:14:33','2016-08-13 12:14:33','','LIMIT ORDERS 13082016','','inherit','open','closed','','limit-orders-13082016','','','2016-08-13 07:14:33','2016-08-13 12:14:33','',0,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/LIMIT-ORDERS-13082016.png',0,'attachment','image/png',0),(8269,1,'2016-08-13 07:14:35','2016-08-13 12:14:35','','LIVE TRADES 13082016','','inherit','open','closed','','live-trades-13082016','','','2016-08-13 07:14:35','2016-08-13 12:14:35','',0,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/LIVE-TRADES-13082016.png',0,'attachment','image/png',0),(8886,1,'2017-01-07 06:35:50','2017-01-07 11:35:50','&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nWelcome 2017.\r\n\r\nWherever you are located, whether you celebrate the Christmas / New Year Holidays or not, I hope you had an enjoyable break.\r\n\r\nI re-opened my screens last week, traded a little, lost more money than I made, getting caught up in thin volume trading and got taken in and out of trades whilst asleep, oh what joy, happy days, it feels great to be back!\r\n\r\nMoving on…\r\n\r\nHopefully from next Monday onwards the markets will have a little more volume attached to them and it will business as usual. I ignored Non-Farm Payrolls and the like last week, I only managed existing trades. I am mentally and psychologically ready for next Monday 9<sup>th</sup> January.\r\n\r\nWhat’s new to mention, that will appear different this year in comparison to last year?\r\n<ol>\r\n 	<li>The “DRIVE THRU” blog format / structure is being amended over the next few weeks. There are some subtle changes already in place.\r\nOne of the benefits of your own blog is the fact you can write all sorts of stuff, you can choose what or who you write about and how you write about them or it.\r\nThis year I am launching “SCOTT’S SOAPBOX” (Section 5 on most blog formats). I will “have a go” in my own way at a multitude of subjects and FX personalities as the year progresses. There is NO shortage of topics or numpties to write about. I have a plethora of subjects ready to rock.</li>\r\n 	<li>Starting next Monday 9<sup>th</sup> January 2017 at 30PM EST – my long-awaited debut on PERISCOPE starts. The 30 minute or so broadcasts are through my twitter address @pipaccumulator\r\nI can be flexible on this time but this was the most popular, and I like it. From my perspective, it\'s a great time as it will be after the close of day one of a new week. We can look at price movements based upon the previous week’s weekly candle plus the last two daily candles.\r\nIn 2016 movements on daily candles were the foundation of the PREMIUM SERVICE success.\r\nAll I ask is cut me some slack for the first two or three weeks whilst I get comfortable with the process….!!</li>\r\n 	<li>During the holiday break, I have been asked by a few non-PREMIUM SERVICE subscribers to re-introduce the weekly training feature that was in my blog each week in 2013-2015.\r\nLast year I had thought about bringing this back, however, I have decided that this is a PREMIUM SERVICE (PLATINUM) subscriber benefit This will be available on a one-on-one basis through the PLATINUM subscriber review meeting.</li>\r\n</ol>\r\n<ol start=\"4\">\r\n 	<li>PREMIUM SERVICE subscription prices have been updated for 2017.</li>\r\n</ol>\r\nLet’s hope that we have a directional, easy to read liquid market with all currencies obeying trend lines, chart pattern measured moves, and it respects Fibonacci levels. Boring as that might be we would all make plenty of $$$ should that happen.\r\n\r\nMy thoughts are that the forex market will be a dysfunctional mess of Central Bank governors clutching at straws in attempts to explain the unexplainable. In addition, we will have the desk sucking, pen pushing, jotter blotters, who are mainly unelected officials (numpties) in places such as Brussels, forcing through their own interpretations of policies creating chaos and disorder in all markets. Not to forget cartels like OPEC who do not even control 100% of their market trying to influence price by defying the pure economics of supply and demand.\r\n\r\nIn summary; I see 2017 a bit of a 2016 replay.\r\n\r\nLet’s get at it….\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-DATA-08012017.png\"><img class=\"aligncenter size-large wp-image-8873\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-DATA-08012017-935x1024.png\" alt=\"\" width=\"935\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nIt looks like a pretty light week on economic data this coming week.\r\n\r\nGiven the price action at the end of last week and the “TRUMP EFFECT” maybe being a little overdone to say the least, we could be in for a choppy period through to the “DONALD’S” inauguration.\r\n\r\nI think that the fact we have seen reactions from both the Chinese and Mexican Central Banks to the  “TWEET EFFECT” from the U.S. President Elect, we will have more of the same on the calendar moving forward. I think we must expect the unexpected, and, frankly given the fact that TWITTER appears to be preferred method of communication at the moment on U.S. policy moves and ideas, we should be on our toes moving through Q1 2017 or at least until things settle down to the TRUMP way of being President. On the positive side, we will know in 140 characters what he’s thinking about rather than having to wade through pages of padding. Dare I say it, the FED could adopt this approach, and, whilst I am at it so could many of the other Central Banks, especially those awfully nice chaps from the RNBZ.\r\n\r\nTherefore, looking ahead, I think that geopolitical news and the stock market will drive the currencies over the next week…. yikes!!\r\n\r\n&nbsp;\r\n\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-08012017.png\"><img class=\"aligncenter size-large wp-image-8872\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-08012017-1024x794.png\" alt=\"\" width=\"1024\" height=\"794\" /></a>\r\n\r\n&nbsp;\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contract me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-08012017.png\"><img class=\"aligncenter size-large wp-image-8879\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-08012017-1024x475.png\" alt=\"\" width=\"1024\" height=\"475\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-08012017.png\"><img class=\"aligncenter size-large wp-image-8880\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-08012017-1024x475.png\" alt=\"\" width=\"1024\" height=\"475\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-08012017.png\"><img class=\"aligncenter size-large wp-image-8878\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-08012017-1024x475.png\" alt=\"\" width=\"1024\" height=\"475\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-08012017.png\"><img class=\"aligncenter size-large wp-image-8881\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-08012017-1024x475.png\" alt=\"\" width=\"1024\" height=\"475\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-08012017.png\"><img class=\"aligncenter size-large wp-image-8882\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-08012017-1024x475.png\" alt=\"\" width=\"1024\" height=\"475\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-240M-08012017.png\"><img class=\"aligncenter size-large wp-image-8883\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-240M-08012017-1024x475.png\" alt=\"\" width=\"1024\" height=\"475\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-08012017.png\"><img class=\"aligncenter size-large wp-image-8884\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-08012017-1024x475.png\" alt=\"\" width=\"1024\" height=\"475\" /></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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<strong> </strong>\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\nDabbling over the Christmas break was mixed. Some great pips just before Christmas Day and then between Christmas and New Year during thin Asian trading I got caught with two limit orders that triggered in and stopped out in a matter of minutes whilst I was asleep and another couple of trades also fell foul of the thin trading in the single currency… bugger.\r\n\r\nEarly New Year, I was trying to establish some core positions and fell foul of thinner trading volumes once again which created exaggerated moves.\r\n\r\nAll in all, I have a few pips to make up after booking some losses early on.\r\n\r\nI do think that the possibility exists that the USD may be in for a re-trace. I view this as good news and want to try and stick with my POSITION TRADES as fundamentally I am comfortable with my trading direction. I am more than happy to stick with wider stops on the POSITION TRADES based off the monthly Average True Range (ATR) levels when necessary.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe have the TRUMP inauguration to look forward to, followed by the fireworks, and I do not mean the ones that mostly go up into the sky.\r\n\r\nWe will endure a period of uncertainty and bold and brash statements as the TRUMP approach will be to turn the long-established log jams in Washington upside down and inside out. I fully expect him to name and shame those who block moves. It should be interesting as voters will be able to see if their elected representative is a mover or a blocker\r\n\r\nFrom a trading perspective, we will have uncertainty in these unchartered waters in the U.S.\r\n\r\nThe EUROZONE, frankly a bit laughable and there will be massive uncertainty for the next 6 months. I want to try to establish some longer term POSITION TRADES with the single currency and to some extent the USD/CHF as well, but a short-term flight to safety trade even with negative interest rates does concern me. Maybe I have some sort of vitamin deficiency or something, but I am not comfortable trading unless I have some CHF exposure to the short side (CHF).\r\n\r\nGiven what I have just written, and, the fact that I will be having to clear up some losses first, I am expecting a gradual 2017 build up.\r\n\r\nI am 100% focused for the year ahead, it will have its moments though.\r\n\r\n<u>CENTRAL BANK - INTEREST RATE DECISIONS 2017:</u>\r\n\r\nThe chart below details the dates (not all 100% confirmed), correct as at 1<sup>st</sup> January 2017, for Interest Rate decisions this year.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/CB-INTEREST-RATES-2017.png\"><img class=\"aligncenter size-large wp-image-8874\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/CB-INTEREST-RATES-2017-810x1024.png\" alt=\"\" width=\"810\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>WEBINAR PRESENTATION:</u>\r\n\r\nSome of you may see some PREMIUM SERVICE advertising on social media offering a FREE FOREX WEBINAR. Yes; it is me with my scouse accent for 49 minutes and 23 seconds. I am going to let these webinars run for a good while initially and review content for Q2.\r\n\r\nThe purpose of the webinar is to seek out serious and committed Forex traders like yourself.\r\n\r\nUltimately, I will move periscope to YouTube and create a wider on-line presence… at least that is the objective this and next year.\r\n\r\n&nbsp;\r\n\r\n<u>BROKERS for 2017:</u>\r\n\r\nI have had to play with and alter around some of my brokers relationships. It does appear that Canada, not just Quebec, has decided to follow the U.S. with a Dodd /Frank style of approach, just as TRUMP is being sworn in and probably about to repeal most of the Dodd/Frank bureaucracy. (If only they were as diligent on consumer products that have false promises on the label!!).\r\n\r\nThe result of these changes is as follows: -\r\n<ol>\r\n 	<li>I have had to close a couple of 10 year relationships, which frankly is upsetting. Hopefully moving to Prince Edwards Island in April, I may be able to re-kindle relationships, who knows.</li>\r\n 	<li>BLACKWELL GLOBAL, FX PRO and AVATRADE have all gone by the wayside. My “LIVE” traders group with these brokers have now moved to VANTAGE FX based in Sydney, Australia.</li>\r\n 	<li>For now, until the dust settles only HANTEC MARKETS and VANTAGE FX remain as my recommended brokers.\r\n\r\nI commenced trading with two new brokers in the middle of last year, when it became apparent that changes were on the horizon. Hopefully once through an extensive testing period I will add more options once again.</li>\r\n</ol>\r\n<u> </u>\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – Frustrating as it is I am still a believer. I will continue to add on pullbacks and lift off 50 -100 pip gains as they become available.</li>\r\n 	<li>I have also added the EUR/NZD to the NZD portfolio, but, I do not think that this will be a very long term addition. I expected a large move higher in this pair, for now we are trapped in a 150-pip trading range.</li>\r\n 	<li>NZD/USD: – I have started to build, and I will be adding again.\r\n\r\nThe RBNZ is in control, and in my opinion, this is one of the most overpriced currencies in the market at this moment in time. Central Bank divergence should play its part in having this currency revalue organically, but with most, if not all FX fundamentals, patience will be required.\r\n\r\nChina does concern me. I believe the GDT auctions will be more NZD negative this year as the China family birth control factors will kick in stronger.\r\n\r\nThe TRUMP factor on China may help my longer-term views?</li>\r\n 	<li>AUD/USD: - I allowed myself to be stopped out with this pair. I am looking for higher levels to re-stablish short positions once again.\r\n\r\nThe RBA is neutral. China worries me but TRUMP could cause waves on China with commodities and this could negatively affect the AUD.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add more trades as the month progresses.\r\n\r\nAlways going to be looking to add, I think that for at least Q1 and Q2 the EUROZONE will remain under downside pressures. If BREXIT negotiations are difficult, which I believe they should be, the German desire for the ECB to raise rates could be seen for what it is, which is, in an election year pure and utter propaganda to win over the German savers who have been taken to the cleaners with zero savings interest rates for many years now and at all elections they are being fed a plate of empty promises.</li>\r\n</ol>\r\n&nbsp;\r\n\r\n<u>PERISCOPE:</u>\r\n\r\nI am starting Monday 9<sup>th</sup> January, 2017 at 5:30PM EST. This was time most favoured by those of you who responded to my request.\r\n\r\nLet’s see how I get on with the technology; the subject matter should be straightforward. I have a loose agenda prepared based upon the week ahead.\r\n\r\nAs promised if it is successful I will add a restricted version for you guys, I am assuming that this is possible to do.\r\n\r\n&nbsp;\r\n\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\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/PS-LIVE-TRADES-08012017.png\"><img class=\"aligncenter size-large wp-image-8876\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/PS-LIVE-TRADES-08012017-785x1024.png\" alt=\"\" width=\"785\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/PS-LIMIT-ORDERS-08012017.png\"><img class=\"aligncenter size-large wp-image-8875\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/PS-LIMIT-ORDERS-08012017-735x1024.png\" alt=\"\" width=\"735\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong>SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\nIf you recall, in my final “DRIVE THRU” of 2016, I provided a list of TRADING PREDICTIONS for 2017. I basically named several geopolitical events that I feel will weigh on the markets this year. Therefore, for the first few weeks of 2017, I want to look at these events in a little more detail.\r\n\r\nAs you will be aware, so much has been said already on the subjects that I have highlighted, I can only add points and views that are my own, based upon how I see things and how I am going to view trading around these events.\r\n\r\n<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>BREXIT – A LOT OF HOT AIR AND AS OF </strong><strong>“RIGHT NOW” … STILL NOTHING HAS HAPPENED</strong></p>\r\nAs we all know Forex is a future pricing mechanism. Since late June last year after the BREXIT referendum took place, we have all sat back and waited for the mass job losses, economic disaster, financial markets in chaos and general doom and gloom to have run a riot in the UK. It just has not happened. All the fear mongering from David Cameron (Prime Minister at the time) and George Osborne (Chancellor of the Exchequer at the time) was just that…. fear mongering based on zero facts. In fact, if the truth be told those who supported and campaigned for the BREXIT have been closer to the truth than they probably thought during the fierce campaigning that took place in the run up to the June vote.\r\n\r\nThe vote to leave the EU was a huge one and so far, bugger all has happened apart from Messrs. Cameron and Osborne resigning and Theresa May being voted in by the Tory government as the new Prime Minister. Article 50 from the Lisbon treaty has still to be triggered. Prime Minister May has signaled that this will done prior to the end of march 2017.\r\n\r\nAfter the vote came in there was huge uncertainty, the cable dropped like a lead balloon and the BOE under the guidance of the part-time JCB driver on forward guidance aka BOE governor Mark Carney took immediate steps to protect the cable by reducing interest rates to 0.25% and provided additional sterling support through further Quantitative Easing (QE) by an additional £70 billion ensuring competitiveness in business and continued low interest rates for consumers amongst other stabling factors.\r\n\r\nCan you remember his Presidential style walk along a c.300-meter corridor to arrive at his lectern to deliver his rate cutting announcement? That walk was so damn long his mother had given him a packed lunch to eat half way and when he arrived at the lectern he needed to move his watch an hour forward… talk about over dramatic, Holy Mother of God.\r\n\r\nSo, let me look at a few key areas the BRITS were told would feck up their lives if they voted to BREXIT and where are we right now:\r\n\r\n&nbsp;\r\n<ul>\r\n 	<li>THE ECONOMY:\r\n\r\nHuge negative impact and consumer confidence would be crapping the bed. The economy continues to grow. In the quarter following the BREXIT vote by 0.6%.\r\nRetail sales grew 5.9% year over year in November 2016. Inflation has risen to 1.2% in November up from 0.5% in June 2016.\r\nCPi is at 1.2% the highest since October 2014.\r\nHouse price inflation has continued to ease following the BREXIT. This is most apparent in the London area where the impact of BREXIT will be felt the most.\r\nConstruction is bullish despite the rise in raw material prices that are imported.\r\nThe trade gap widened then narrowed in October as exports rose considerably helped by a weaker cable.\r\nThe job front it is more muddled. Unemployment fell from June to October but has since cooled a little as the Financial Services sector uncertainty starts to weigh a little.</li>\r\n 	<li>THE CABLE (CURRENCY):\r\n\r\nAs expected with uncertainty and fueled by the BOE the GBP/USD exchange rate fell from 1.4700 to sub 1.2100 in the months that followed the BREXIT vote. Right now, I believe that cable is in a wide trading range of 1.2100 to 1.2800, see the chart below.\r\nThis move in currency, whilst it has helped exporters, has on the other side made foreign trips abroad for UK tourists more expensive and at the same time import prices for goods have also increased. Obviously, tourist numbers into the UK have increased significantly with a weaker cable.</li>\r\n 	<li>NEGOTIATIONS TO LEAVE THE EU:\r\n\r\nNothing formal yet. Basically, Prime Minister May was advised by EU leaders that the UK would NOT have it easy leaving the EU and it would NOT be allowed to cherry pick EU benefits that it would like to retain given its proximity to mainland Europe. In fact, EU leaders gave Prime Minister May what amounted to a European “Two finger” salute by saying feck off and until you trigger article 50 we are not talking to you.\r\nThe whole situation around article 50 is cloudy. David Davis who is Secretary of State for leaving the EU, hasn\'t even confirmed that he will lead the negotiating team. So, mismanaged is the BREXIT itself the highest-ranking UK official in Brussels Sir Ivan Rogers resigned only last week claiming it’s all a muddle!\r\nThe EU has announced that former French Foreign Minister Michel Barnier will head up to lead the negotiations on behalf of the European Commission. No favours here, technically the BRITS and FRENCH are still at war. There will be no “Entente Cordiale”.\r\nSo it’s all up to Prime Minister May to trigger article 50.</li>\r\n</ul>\r\nThe bottom line; nothing has happened yet.\r\n\r\nWhen the BREXIT vote came through, I must admit my initial thoughts were that the UK would see this process as time consuming, uncertain, pro-longed and expensive. I thought that the government would do what has previously happened in IRELAND and THE NETHERLANDS…have another vote!!\r\n\r\nI had convinced myself that after a few weeks the calls for a re vote because the initial vote was so close would prevail. I have since changed my thoughts.\r\n\r\nThe alleged two years to exit is in my opinion a bit of a dream. Greenland population c.56,000 people left the EU it took them 2 years to exit. With a population of 65 million the UK, is never going to exit in two years given how inter-twined it currently is with the EU. Greenland had a bit of a partnership and that took two years, the BRITS have a far more complex situation.\r\n\r\nThe EU must remain strong and ensure that no special deals are done otherwise there will be a CONTAGION EFFECT as other countries line up to do likewise. The populist vote as seen by BREXIT and then TRUMP is in the ascendancy. There are elections in France, The Netherlands and Germany this year and in all three cases the existing leadership is under a serious threat.\r\n\r\nIn fact, I would go so far as to say that the EU leaders have done nothing at all to stem the tide of the growth in the populist parties back in their own countries, if anything the fact they (as a group) failed to unite after the BREXIT has only fueled the populist parties.\r\n\r\nI have written many times over the past 5/6 years about the fact that main stream politicians are practically useless in using political courage to knock back the populist right. I firmly believe that this is having more than just a minimal effect on EU stability. It is being seen / viewed by voters as mainstream politicians being out of touch.\r\n\r\n&nbsp;\r\n\r\nMOVING FORWARD and TRADING:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-FOR-BLOG-SECT5-08012017.png\"><img class=\"aligncenter size-large wp-image-8877\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-FOR-BLOG-SECT5-08012017-1024x475.png\" alt=\"\" width=\"1024\" height=\"475\" /></a>\r\n\r\nThe BRITS must trigger article 50 before the end of March 2017, failure to do so will have the cable and the single currency doing a merry dance, with the EUR/GBP not knowing whether it’s coming or going.\r\n\r\nWith elections on the horizon the EU will be under its own pressures should a far-right party establish a foothold. It just requires one country to vote out mainstream politics and then we have a domino effect, then a potential CONTAGION.\r\n\r\nThis year I expect the EUR to be under pressure, and it will not take much to see it slip through parity and target lower levels such as 0.9500. We are dangerously close resting around the 1.0500-1.0700 levels, a couple of days with moves lower and if sub 1.0300 is taken a test of parity is on the cards.\r\n\r\nThe cable is still in a bubble despite some sideways moves of late. We are however just range trading and frankly a difficult BREXIT negotiation, which I am certain it will be, will result in a move lower. This talk of SOFT BREXIT / HARD BREXIT, is in my opinion a load of bollocks. It will be tough for the reasons I have already outlined, so to me it’s always going to be a HARD BREXIT…. nothing less. Price wise with the GBP/USD a re-test of just below 1.2100 is there for the taking and frankly 1.1500 maybe even less, looks more than achievable when you think of what needs to be done and the time that this is going to take.\r\n\r\nThe GBP crosses all look vulnerable except for the EUR/GBP for the reasons outlined above regarding the single currency. All the previous lows with the GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY and GBP/NZD are there, in my opinion for the taking.\r\n\r\nWhen you think so much has been said, so much has been suggested, so many analysts have voiced opinions and so much has been rumoured by so many people and institutions yet to date, nothing serious has happened apart from the vote itself some 7 months ago!!\r\n\r\nI can guarantee you that I will be revisiting this subject more than a dozen times this year.\r\n\r\n<strong> </strong>\r\n<ol start=\"6\">\r\n 	<li><strong>CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #122 THE PREMIUM SERVICE\r\nDATE: 8<sup>th</sup> January 2017.<strong>\r\n\r\n</strong>','BREXIT – A LOT OF HOT AIR AND AS OF “RIGHT NOW” … STILL NOTHING HAS HAPPENED','','inherit','closed','closed','','8885-revision-v1','','','2017-01-07 06:35:50','2017-01-07 11:35:50','',8885,'http://weeklyfxdrivethru.com/8885-revision-v1/',0,'revision','',0),(8279,1,'2016-08-31 10:11:54','2016-08-31 15:11:54','','PREM SERV PROFITS1 AUG2016','','inherit','open','closed','','prem-serv-profits1-aug2016','','','2016-08-31 10:22:10','2016-08-31 15:22:10','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PREM-SERV-PROFITS1-AUG2016.png',0,'attachment','image/png',0),(8280,1,'2016-08-31 10:11:59','2016-08-31 15:11:59','','REM SERV PROFITS2 AUG2016','','inherit','open','closed','','rem-serv-profits2-aug2016','','','2016-08-31 10:22:19','2016-08-31 15:22:19','',5000,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/REM-SERV-PROFITS2-AUG2016.png',0,'attachment','image/png',0),(8281,1,'2016-08-31 10:12:14','2016-08-31 15:12:14','','RADAR AUG31 2016','','inherit','open','closed','','radar-aug31-2016','','','2016-08-31 10:17:38','2016-08-31 15:17:38','',2524,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/RADAR-AUG31-2016.png',0,'attachment','image/png',0),(8282,1,'2016-08-31 10:12:17','2016-08-31 15:12:17','','RADAR YTD AUG31 2016','','inherit','open','closed','','radar-ytd-aug31-2016','','','2016-08-31 10:17:50','2016-08-31 15:17:50','',2524,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/RADAR-YTD-AUG31-2016.png',0,'attachment','image/png',0),(8283,1,'2016-08-31 10:12:21','2016-08-31 15:12:21','','FLASH AUG31 2016','','inherit','open','closed','','flash-aug31-2016','','','2016-08-31 10:16:18','2016-08-31 15:16:18','',2711,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FLASH-AUG31-2016.png',0,'attachment','image/png',0),(8284,1,'2016-08-31 10:12:23','2016-08-31 15:12:23','','FLASH YTD AUG31 2016','','inherit','open','closed','','flash-ytd-aug31-2016','','','2016-08-31 10:16:33','2016-08-31 15:16:33','',2711,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FLASH-YTD-AUG31-2016.png',0,'attachment','image/png',0),(8285,1,'2016-08-31 10:12:32','2016-08-31 15:12:32','','FUN1 AUG31 2016','','inherit','open','closed','','fun1-aug31-2016','','','2016-08-31 10:18:39','2016-08-31 15:18:39','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FUN1-AUG31-2016.png',0,'attachment','image/png',0),(8286,1,'2016-08-31 10:12:35','2016-08-31 15:12:35','','FUN2 AUG31 2016','','inherit','open','closed','','fun2-aug31-2016','','','2016-08-31 10:18:45','2016-08-31 15:18:45','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FUN2-AUG31-2016.png',0,'attachment','image/png',0),(8287,1,'2016-08-31 10:12:38','2016-08-31 15:12:38','','FUN3 AUG31 2016','','inherit','open','closed','','fun3-aug31-2016','','','2016-08-31 10:18:49','2016-08-31 15:18:49','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FUN3-AUG31-2016.png',0,'attachment','image/png',0),(8288,1,'2016-08-31 10:12:40','2016-08-31 15:12:40','','FUN YTD AUG2016','','inherit','open','closed','','fun-ytd-aug2016','','','2016-08-31 10:19:03','2016-08-31 15:19:03','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FUN-YTD-AUG2016.png',0,'attachment','image/png',0),(8289,1,'2016-08-31 10:12:43','2016-08-31 15:12:43','','POS1 AUG31 2016','','inherit','open','closed','','pos1-aug31-2016','','','2016-08-31 10:21:03','2016-08-31 15:21:03','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/POS1-AUG31-2016.png',0,'attachment','image/png',0),(8290,1,'2016-08-31 10:12:44','2016-08-31 15:12:44','','POS2 AUG31 2016','','inherit','open','closed','','pos2-aug31-2016','','','2016-08-31 10:21:08','2016-08-31 15:21:08','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/POS2-AUG31-2016.png',0,'attachment','image/png',0),(8291,1,'2016-08-31 10:12:46','2016-08-31 15:12:46','','POSITION YTD AUG2016','','inherit','open','closed','','position-ytd-aug2016','','','2016-08-31 10:21:20','2016-08-31 15:21:20','',6965,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/POSITION-YTD-AUG2016.png',0,'attachment','image/png',0),(8292,1,'2016-08-31 10:12:59','2016-08-31 15:12:59','','PERF ANALYSIS AUG2016','','inherit','open','closed','','perf-analysis-aug2016','','','2016-08-31 10:23:42','2016-08-31 15:23:42','',5002,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PERF-ANALYSIS-AUG2016.png',0,'attachment','image/png',0),(8293,1,'2016-08-31 10:13:00','2016-08-31 15:13:00','','PIP COMPARISON 16v15 AUG2016','','inherit','open','closed','','pip-comparison-16v15-aug2016','','','2016-08-31 10:25:30','2016-08-31 15:25:30','',6869,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PIP-COMPARISON-16v15-AUG2016.png',0,'attachment','image/png',0),(8407,1,'2016-10-01 06:31:05','2016-10-01 11:31:05','<section class=\"one-sixth first\">\r\n<h4>Completed Consolidated Performance Analysis Archives\r\n(Previously RISK/REWARD analysis):</h4>\r\n</section><section class=\"five-sixths\">\r\n<div class=\"one-half first\">\r\n<h2>This Year\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CONSOLIDATED-PERF-SET2016.png\"><img class=\"aligncenter size-large wp-image-8389\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CONSOLIDATED-PERF-SET2016-838x1024.png\" alt=\"consolidated-perf-set2016\" width=\"838\" height=\"1024\" /></a>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PERF-ANALYSIS-AUG2016.png\"><img class=\"aligncenter size-full wp-image-8292\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PERF-ANALYSIS-AUG2016.png\" alt=\"PERF ANALYSIS AUG2016\" width=\"547\" height=\"619\" /></a></h2>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>PREVIOUS YEARS\r\n<a href=\"https://weeklyfxdrivethru.com/completed-trades-risk-reward-analysis/ps-risk-reward-31122015/\" rel=\"attachment wp-att-7054\"><img class=\"aligncenter wp-image-7054\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/12/PS-RISK-REWARD-31122015.png\" alt=\"PS RISK REWARD 31122015\" width=\"645\" height=\"796\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-RISK-REWARD-31122014-YTD.png\"><img class=\"aligncenter wp-image-4964\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-RISK-REWARD-31122014-YTD.png\" alt=\"PREM SERV RISK-REWARD 31122014 YTD\" width=\"645\" height=\"804\" /></a></h2>\r\n</div>\r\n</section>','CONSOLIDATED PERFORMANCE ANALYSIS (PREVIOUSLY RISK/REWARD ANALYSIS)','','inherit','closed','closed','','5006-revision-v1','','','2016-10-01 06:31:05','2016-10-01 11:31:05','',5006,'http://weeklyfxdrivethru.com/5006-revision-v1/',0,'revision','',0),(8300,1,'2016-08-31 10:24:41','2016-08-31 15:24:41','<section class=\"one-sixth first\">\r\n<h4>Completed Consolidated Performance Analysis Archives\r\n(Previously RISK/REWARD analysis):</h4>\r\n</section><section class=\"five-sixths\">\r\n<div class=\"one-half first\">\r\n<h2>This Year\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PERF-ANALYSIS-AUG2016.png\"><img class=\"aligncenter size-full wp-image-8292\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PERF-ANALYSIS-AUG2016.png\" alt=\"PERF ANALYSIS AUG2016\" width=\"547\" height=\"619\" /></a>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PERF-ANALYSIS-JULY16.png\"><img class=\"aligncenter size-full wp-image-8223\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/PERF-ANALYSIS-JULY16.png\" alt=\"PERF ANALYSIS JULY16\" width=\"551\" height=\"626\" /></a></h2>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/RISK-REWARD-RATIOS-JUNE2016.png\"><img class=\"aligncenter size-full wp-image-8086\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/07/RISK-REWARD-RATIOS-JUNE2016.png\" alt=\"RISK-REWARD RATIOS JUNE2016\" width=\"554\" height=\"628\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>PREVIOUS YEARS\r\n<a href=\"https://weeklyfxdrivethru.com/completed-trades-risk-reward-analysis/ps-risk-reward-31122015/\" rel=\"attachment wp-att-7054\"><img class=\"aligncenter wp-image-7054\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2015/12/PS-RISK-REWARD-31122015.png\" alt=\"PS RISK REWARD 31122015\" width=\"645\" height=\"796\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-RISK-REWARD-31122014-YTD.png\"><img class=\"aligncenter wp-image-4964\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2014/12/PREM-SERV-RISK-REWARD-31122014-YTD.png\" alt=\"PREM SERV RISK-REWARD 31122014 YTD\" width=\"645\" height=\"804\" /></a></h2>\r\n</div>\r\n</section>','CONSOLIDATED PERFORMANCE ANALYSIS (PREVIOUSLY RISK/REWARD ANALYSIS)','','inherit','closed','closed','','5006-revision-v1','','','2016-08-31 10:24:41','2016-08-31 15:24:41','',5006,'http://weeklyfxdrivethru.com/5006-revision-v1/',0,'revision','',0),(8305,1,'2016-08-31 11:45:41','2016-08-31 16:45:41','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAs regular subscribers will be aware the “usual” weekly DRIVE THRU blog is not back until September 11<sup>th</sup> 2016.\r\n\r\nThe purpose of this communication is just to provide an update of the PREMIUM SERVICE performance. This year was the first time since 2011 that I have traded with any conviction during the summer months, which are usually poorly funded with very low liquidity levels.\r\n\r\nI have been writing a lot to PREMIUM SERVICE subscribers about stepping aside and not trading too much because ranges were just too tight and to trade was frankly boring and there would be much more fun watching paint dry. Without doubt the last week or so I have just been what can only be described as a “voyeur trader”.\r\n\r\nDespite all my negativity about the markets and the time of year etc., the PREMIUM SERVICE added 1,734 pips in August and this was in spite of letting two long term AUD/USD short trades go with a loss of over 850 pips.\r\n\r\nSo, I am a very happy puppy as for 2016 so far the PREMIUM SERVICE has generated 9,200 pips. When I look back and consider that earlier this year in February I took almost 2,500 pips of losses as my power and ISP connections crashed for 72 hours during ice-storms the turnaround and performance has really pleased me.\r\n\r\nLater in the blog I have added a few of my subscriber excel spreadsheets outlining the August performance.\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nFREE PREMIUM SERVICE subscriptions; just to remind you that you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nThe next draw will be on 11<sup>th</sup> September when I return from my summer break.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD $240.00 - 4 weeks (1 month)\r\nCAD $500.00 - 10 weeks (3 months)\r\nCAD $750.00 - 20 weeks (6 months)\r\nCAD $1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD $1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n&nbsp;\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong>\r\n\r\nEven though I am not posting “DRIVE THRU” blogs through the summer, any subscriptions opened now will not take effect until 11<sup>th</sup> September. However, the trade set-ups and all the benefits of the PREMIUM SERVICE will be open from the day you subscribe.\r\n\r\ne.g.\r\n\r\nYou sign up today for a 10-week subscription. Cost = CAD $500.00\r\nYour subscription will start September 11<sup>th</sup> and run until November 20<sup>th</sup>, but from the day you pay you will have full access to the PREMIUM SERVICE website content and receive ALL trade set-ups.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\nNET PIPS TO THE MONTH:          +1,734 pips\r\nNET PIPS THIS YEAR SO FAR:    +9,200 pips\r\n\r\nNET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PREM-SERV-PROFITS1-AUG2016.png\"><img class=\"aligncenter size-full wp-image-8279\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PREM-SERV-PROFITS1-AUG2016.png\" alt=\"PREM SERV PROFITS1 AUG2016\" width=\"540\" height=\"507\" /></a>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/REM-SERV-PROFITS2-AUG2016.png\"><img class=\"aligncenter size-full wp-image-8280\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/REM-SERV-PROFITS2-AUG2016.png\" alt=\"REM SERV PROFITS2 AUG2016\" width=\"573\" height=\"502\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PERF-ANALYSIS-AUG2016.png\"><img class=\"aligncenter size-full wp-image-8292\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PERF-ANALYSIS-AUG2016.png\" alt=\"PERF ANALYSIS AUG2016\" width=\"547\" height=\"619\" /></a></strong>\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PIP-COMPARISON-16v15-AUG2016.png\"><img class=\"aligncenter size-full wp-image-8293\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PIP-COMPARISON-16v15-AUG2016.png\" alt=\"PIP COMPARISON 16v15 AUG2016\" width=\"562\" height=\"327\" /></a></strong>\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/POSITION-YTD-AUG2016.png\"><img class=\"aligncenter size-full wp-image-8291\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/POSITION-YTD-AUG2016.png\" alt=\"POSITION YTD AUG2016\" width=\"405\" height=\"446\" /></a></strong>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FUN-YTD-AUG2016.png\"><img class=\"aligncenter size-full wp-image-8288\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FUN-YTD-AUG2016.png\" alt=\"FUN YTD AUG2016\" width=\"428\" height=\"441\" /></a></strong>\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FLASH-YTD-AUG31-2016.png\"><img class=\"aligncenter size-full wp-image-8284\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FLASH-YTD-AUG31-2016.png\" alt=\"FLASH YTD AUG31 2016\" width=\"420\" height=\"449\" /></a></strong>\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/RADAR-YTD-AUG31-2016.png\"><img class=\"aligncenter size-full wp-image-8282\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/RADAR-YTD-AUG31-2016.png\" alt=\"RADAR YTD AUG31 2016\" width=\"411\" height=\"449\" /></a> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 31<sup>st</sup> August 2016\r\nBLOG VERSION: #212 FREE NEWSLETTER VERSION.\r\n\r\n&nbsp;','AUGUST 2016 - PERFORMANCE REVIEW','','publish','open','closed','','august-2016-performance-review','','','2016-08-31 11:45:41','2016-08-31 16:45:41','',0,'http://weeklyfxdrivethru.com/?p=8305',0,'post','',0),(8306,1,'2016-08-31 11:45:41','2016-08-31 16:45:41','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nAs regular subscribers will be aware the “usual” weekly DRIVE THRU blog is not back until September 11<sup>th</sup> 2016.\r\n\r\nThe purpose of this communication is just to provide an update of the PREMIUM SERVICE performance. This year was the first time since 2011 that I have traded with any conviction during the summer months, which are usually poorly funded with very low liquidity levels.\r\n\r\nI have been writing a lot to PREMIUM SERVICE subscribers about stepping aside and not trading too much because ranges were just too tight and to trade was frankly boring and there would be much more fun watching paint dry. Without doubt the last week or so I have just been what can only be described as a “voyeur trader”.\r\n\r\nDespite all my negativity about the markets and the time of year etc., the PREMIUM SERVICE added 1,734 pips in August and this was in spite of letting two long term AUD/USD short trades go with a loss of over 850 pips.\r\n\r\nSo, I am a very happy puppy as for 2016 so far the PREMIUM SERVICE has generated 9,200 pips. When I look back and consider that earlier this year in February I took almost 2,500 pips of losses as my power and ISP connections crashed for 72 hours during ice-storms the turnaround and performance has really pleased me.\r\n\r\nLater in the blog I have added a few of my subscriber excel spreadsheets outlining the August performance.\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nFREE PREMIUM SERVICE subscriptions; just to remind you that you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nThe next draw will be on 11<sup>th</sup> September when I return from my summer break.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD $240.00 - 4 weeks (1 month)\r\nCAD $500.00 - 10 weeks (3 months)\r\nCAD $750.00 - 20 weeks (6 months)\r\nCAD $1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD $1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n&nbsp;\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong>\r\n\r\nEven though I am not posting “DRIVE THRU” blogs through the summer, any subscriptions opened now will not take effect until 11<sup>th</sup> September. However, the trade set-ups and all the benefits of the PREMIUM SERVICE will be open from the day you subscribe.\r\n\r\ne.g.\r\n\r\nYou sign up today for a 10-week subscription. Cost = CAD $500.00\r\nYour subscription will start September 11<sup>th</sup> and run until November 20<sup>th</sup>, but from the day you pay you will have full access to the PREMIUM SERVICE website content and receive ALL trade set-ups.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\nNET PIPS TO THE MONTH:          +1,734 pips\r\nNET PIPS THIS YEAR SO FAR:    +9,200 pips\r\n\r\nNET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PREM-SERV-PROFITS1-AUG2016.png\"><img class=\"aligncenter size-full wp-image-8279\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PREM-SERV-PROFITS1-AUG2016.png\" alt=\"PREM SERV PROFITS1 AUG2016\" width=\"540\" height=\"507\" /></a>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/REM-SERV-PROFITS2-AUG2016.png\"><img class=\"aligncenter size-full wp-image-8280\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/REM-SERV-PROFITS2-AUG2016.png\" alt=\"REM SERV PROFITS2 AUG2016\" width=\"573\" height=\"502\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PERF-ANALYSIS-AUG2016.png\"><img class=\"aligncenter size-full wp-image-8292\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PERF-ANALYSIS-AUG2016.png\" alt=\"PERF ANALYSIS AUG2016\" width=\"547\" height=\"619\" /></a></strong>\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PIP-COMPARISON-16v15-AUG2016.png\"><img class=\"aligncenter size-full wp-image-8293\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/PIP-COMPARISON-16v15-AUG2016.png\" alt=\"PIP COMPARISON 16v15 AUG2016\" width=\"562\" height=\"327\" /></a></strong>\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/POSITION-YTD-AUG2016.png\"><img class=\"aligncenter size-full wp-image-8291\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/POSITION-YTD-AUG2016.png\" alt=\"POSITION YTD AUG2016\" width=\"405\" height=\"446\" /></a></strong>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FUN-YTD-AUG2016.png\"><img class=\"aligncenter size-full wp-image-8288\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FUN-YTD-AUG2016.png\" alt=\"FUN YTD AUG2016\" width=\"428\" height=\"441\" /></a></strong>\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FLASH-YTD-AUG31-2016.png\"><img class=\"aligncenter size-full wp-image-8284\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/FLASH-YTD-AUG31-2016.png\" alt=\"FLASH YTD AUG31 2016\" width=\"420\" height=\"449\" /></a></strong>\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/RADAR-YTD-AUG31-2016.png\"><img class=\"aligncenter size-full wp-image-8282\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/08/RADAR-YTD-AUG31-2016.png\" alt=\"RADAR YTD AUG31 2016\" width=\"411\" height=\"449\" /></a> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 31<sup>st</sup> August 2016\r\nBLOG VERSION: #212 FREE NEWSLETTER VERSION.\r\n\r\n&nbsp;','AUGUST 2016 - PERFORMANCE REVIEW','','inherit','closed','closed','','8305-revision-v1','','','2016-08-31 11:45:41','2016-08-31 16:45:41','',8305,'http://weeklyfxdrivethru.com/8305-revision-v1/',0,'revision','',0),(8308,1,'2016-09-10 13:52:54','2016-09-10 18:52:54','','prem-serv-perf-1-11092016','','inherit','open','closed','','prem-serv-perf-1-11092016','','','2016-09-10 13:52:54','2016-09-10 18:52:54','',0,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/PREM-SERV-PERF-1-11092016.png',0,'attachment','image/png',0),(8309,1,'2016-09-10 13:52:59','2016-09-10 18:52:59','','prem-serv-perf-2-11092016','','inherit','open','closed','','prem-serv-perf-2-11092016','','','2016-09-10 13:52:59','2016-09-10 18:52:59','',0,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/PREM-SERV-PERF-2-11092016.png',0,'attachment','image/png',0),(8310,1,'2016-09-10 13:53:02','2016-09-10 18:53:02','','live-trades-11092016','','inherit','open','closed','','live-trades-11092016','','','2016-09-10 14:10:33','2016-09-10 19:10:33','',8319,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-11092016.png',0,'attachment','image/png',0),(8311,1,'2016-09-10 13:53:06','2016-09-10 18:53:06','','limit-orders-11092016','','inherit','open','closed','','limit-orders-11092016','','','2016-09-10 14:10:47','2016-09-10 19:10:47','',8319,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMIT-ORDERS-11092016.png',0,'attachment','image/png',0),(8312,1,'2016-09-10 13:54:55','2016-09-10 18:54:55','','audusd-daily-11092016','','inherit','open','closed','','audusd-daily-11092016','','','2016-09-10 14:11:40','2016-09-10 19:11:40','',8319,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-11092016.png',0,'attachment','image/png',0),(8313,1,'2016-09-10 13:54:58','2016-09-10 18:54:58','','eurusd-daily-11092016','','inherit','open','closed','','eurusd-daily-11092016','','','2016-09-10 14:11:18','2016-09-10 19:11:18','',8319,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-11092016.png',0,'attachment','image/png',0),(8314,1,'2016-09-10 13:55:02','2016-09-10 18:55:02','','gbpusd-daily-11092016','','inherit','open','closed','','gbpusd-daily-11092016','','','2016-09-10 14:11:28','2016-09-10 19:11:28','',8319,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-11092016.png',0,'attachment','image/png',0),(8315,1,'2016-09-10 13:55:07','2016-09-10 18:55:07','','nzdusd-daily-11092016','','inherit','open','closed','','nzdusd-daily-11092016','','','2016-09-10 14:11:58','2016-09-10 19:11:58','',8319,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-11092016.png',0,'attachment','image/png',0),(8316,1,'2016-09-10 13:55:11','2016-09-10 18:55:11','','usdcad-daily-11092016','','inherit','open','closed','','usdcad-daily-11092016','','','2016-09-10 14:12:09','2016-09-10 19:12:09','',8319,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-11092016.png',0,'attachment','image/png',0),(8317,1,'2016-09-10 13:55:14','2016-09-10 18:55:14','','usdchf-daily-11092016','','inherit','open','closed','','usdchf-daily-11092016','','','2016-09-10 14:12:20','2016-09-10 19:12:20','',8319,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-11092016.png',0,'attachment','image/png',0),(8318,1,'2016-09-10 13:55:16','2016-09-10 18:55:16','','usdjpy-daily-11092016','','inherit','open','closed','','usdjpy-daily-11092016','','','2016-09-10 14:12:33','2016-09-10 19:12:33','',8319,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-11092016.png',0,'attachment','image/png',0),(8319,1,'2016-09-10 14:14:46','2016-09-10 19:14:46','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI am back.\r\n\r\nAm I refreshed and raring to go?\r\n\r\nWell to be honest, I did trade through late July and the first couple of weeks or so in August this year which is something that I haven’t done since 2010, maybe 2011… a long time ago anyways. So I wasn’t 100% dis-engaged through the summer. At times, in fact most of the time it was as boring as watching paint dry but out of the summer doldrums came a pip performance in August of +1,743 pips. I am as they say in 1980’s English Football language over the moon!\r\n\r\nHowever the euphoria of the summer trading was short-lived as I took long-term position trades off the table earlier this month as these trades were getting away from me, basically, USD longs against the cable, long-term view or not they were starting to concern me and as regular followers will know, I am not a huge fan of trading the GBP currency.\r\n\r\nMoving on…\r\n\r\nBefore getting my teeth intro this blog, as a refresher, I pulled from the archives the titles of my last two communications prior to my break just to see what frame of mind I was in: -\r\n<p style=\"text-align: center;\"><strong>GET READY IN SPRING 2017\r\nTHERE WILL BE ANOTHER BREXIT VOTE</strong></p>\r\nJuly 9th 2016 – Fyi, I still stand by this belief. Nothing I have heard or read has convinced me that another vote will not miraculously appear on the agenda after the UK winter. This is just my own thought on the matter. The initial doomsday scenario touted by “the remain” camp at the BREXIT vote was pure scare mongering. Lets wait and see… as my wife will vouch to, I am not often right!!\r\n<p style=\"text-align: center;\"><strong>NO SUMMER DOLDRUMS THIS YEAR</strong>\r\n<strong>…FOR FOREX TRADERS?</strong></p>\r\nJuly 16<sup>th</sup> 2016 – I got this prediction total ass ways… it was as boring as watching CNN for 2 hours non-stop, same old stuff from a week ago just regurgitated over and over. In fact the world is a great place at the moment, as the only news worthy topic as far as CNN is concerned is the U.S. Presidential election. News channel my arse, it has been sold out and as for the 6/8 member panel discussions, it is just a replica of Washington, divided by political affinity, total polarization, so no wonder the electorate want a damn change away from old style news and politics which is totally boring and not at all informative.\r\n\r\nMoving on, once again…\r\n\r\nWhat has happened over the past 6 weeks or so?\r\n\r\nI want to say that a lot has happened, however, in reality there has not been too much mind shattering FX news. From my perspective, three news items did jump out, they were: -\r\n\r\n<u>FED RATE HIKES:</u>\r\n\r\nJesus, Mary and Joseph that old chestnut I can hear you muttering under your breath. Yes, frankly if I could get away from writing about this I would but I cannot and what makes it worse is, I do believe that central banks will be front and centre through to the end of this year with their actions and of course their non actions. Utterly boring, but it is what it is.\r\n\r\nLater this month are we either going to see Janet Yellen signal a rate hike of 0.25% at the September FOMC meeting or are we on wait until the last chance saloon in December like last year? Given the September jobs number, which wasn’t a blow out number, expectations have been reeled in. Don\'t you just wish that she would get it over and done with and move on? Maybe they will, but I seriously doubt it, as this FED appears to require permission from the markets to do anything. The tail definitely wags the dog now in my opinion. So we will be on hold, in daily debate as the FED speak from voting and non-voting members consumes the air space.\r\n\r\nFor those of you who have seen the U2 360 DVD when Bono introduces the band and he gets to bass player Adam Clayton and says of Clayton “frankly he could not give a damn”. Well I am at that stage with the FED, I am sick of hearing about will she wont she? I wish that Copernicus were around to get hold of dithering Yellen and tell that she is not at the centre of the universe!! The problem is that unfortunately she damn well is at the centre of my universe! So bugger that for a game of soldiers!\r\n\r\nIf the FED raises rates, is the central bank divergent policy trade back in play. 12 months ago I would have said a definite YES… now I am not that certain anymore.\r\n\r\nHowever, keeping it real. If Yellen raised rates this month on the back of the September jobs number and the what can only be described as crappy ISM Manufacturing PMi numbers, I guess even CNN would break from Presidential election coverage to announce that hell had actually frozen over! The Fed is looking for reasons NOT to raise rather then reasons to back raising rates. Yellen is a dove and that is it.\r\n\r\n<u>BREXIT:</u>\r\n\r\nBREXIT means BREXIT… no it doesn’t … BREXIT means… “we need to think about it much more deeply and debate it to understand what it actually means”.\r\n\r\nEven though it appears that with her cabinet she has started to place “RED LINES” in place over the key areas, in my mind, there has not been anything new from Theresa May and her cabinet in the past 6 weeks. For me however, BREXIT still means UNCERTAINTY.\r\n\r\nWith starting to place stakes in the ground vis-à-vis minimum goals/objectives/targets to achieve in the Article 20 exit discussions with her counterparts in the EUROZONE, it does mean that movement has taken place but frankly it is at a snails pace and this process could take years. I read over the summer break that it took Greenland two full years to separate and without been rude to Greenland in any way, there simply is NOT the same complexity involved. Two years to exit may be what can be called a dream sequence\r\n\r\nIf you have ever seen the movie by Martin Scorsese “The Last Temptation of Christ”, soundtrack by Peter Gabriel, excellent music by the way, great stuff by the master, this music can stand on its own alone… love it.\r\n\r\nBack on track… my point is at the end of the movie there are scenes with Mary Magdalene, which were called “The Dream Sequences/scenes”.\r\n\r\nTheresa May is having a dream sequence with her shopping list of RED LINES in my opinion. Look at this from the German perspective, they will not want the UK to have anything that looks like a compromise because this will only fuel other countries to think that the grass will be greener on the other side of the fence. The Germans cannot risk a EUROZONE break up.\r\n\r\nHowever, should Germany provide big concessions to the UK, my conspiracy theory is that the Germans want the EUROZONE to implode.\r\n\r\nWatch this space!!\r\n\r\n&nbsp;\r\n\r\n<u>GRAEME (I do NOT know my ARSE from my ELBOW) WHEELER:</u>\r\n\r\nGovernor of the chaps club aka the RBNZ. Talk about whatever way the wind blows management. I am 100% totally confused with RBNZ monetary policy.\r\n\r\nWheeler must have that rare disease concerning his hand coordination as his left hand has no idea what his right hand is doing and vice versa. His actions say one thing and his words say something else.\r\n\r\nIt is very difficult to treat his comments seriously. One minute there is a special meeting and policy is tightened, and with the next breath, its, we are not doing anything. Then he acts surprised that the NZD is appreciating in value.\r\n\r\nI read sometime ago that 0.6500 was the target fair value for the NZD/USD. RBNZ policy actions have had this pair in range between 0.7200 and 0.7400 recently. When the pair reached c.0.6400 back in January this year, instead of keeping the pressure on, Wheeler took his eye off the ball and its been a bull run ever since.\r\n\r\nMost traders and commentators believe the fair value for the NZD/USD is below 0.6500 but frankly I just do not see it reaching these levels again unless we have the FED tightening, commodity prices falling, China slowdown issues raising their profile and Milk prices falling.\r\n\r\nThe RBNZ annoys me, as it is the weakest central bank of the majors. Every time I see NZD news on the docket it rattles my cage.\r\n\r\n&nbsp;\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nThe winner of a 4-week PREMIUM SERVICE subscription was: - carol@xxxxxxxxxxx.com\r\n\r\nThe winner is already fully set up with PREMIUM SERVICE access for the next 4 weeks.\r\n\r\nTo remind you, you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com\r\n</a>You are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE. The next draw will be late September and the winner will be set up for the month of October.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nAUGUST PERFORMANCE: +1,734 pips\r\n\r\nNET PIPS TO THE MONTH SO FAR:       -710 pips\r\nNET PIPS THIS YEAR SO FAR:                +8,490 pips\r\n\r\nNET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nI was away on Prince Edward Island last week taking in some shellfish whilst the roof was being re-shingled on the house. Therefore my thoughts on last week’s news are not really valid for a full commentary as I was merely taking in headlines. I did no background reading or follow-ups. I took on no fresh trades I just managed existing live positions.\r\n\r\nThis area will return next week with a bang given what is on the horizon over the next week!!\r\n\r\n&nbsp;\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>CENTRAL BANKS WILL CONTINUE TO DOMINATE THRU THE END OF THE YEAR</strong></p>\r\nI have looked back over 2016 blog titles and it comes as little surprise to me that my favourite topics this year have been the EUROZONE and CENTRAL BANK MONETARY POLICY.\r\n\r\nIt is very doubtful that the FED will raise rates on the 21<sup>st</sup> September (later this month) and it now looks like a December rate hike is the next opportunity to do so. I am not even so sure that this date will be a “LIVE” rate meeting as we would have just concluded the 2016 Presidential election, and depending upon the victor and the market reaction December could prove to be a difficult time for the FED.\r\n\r\nNo matter what happens from now until the year end central bank monetary policy will dominate FX moves and the markets will probably remain skittish as a result.\r\n\r\nIt is however, not all down to the FED… thank God.\r\n\r\nOther central banks have big decisions on their agenda moving forward. The ECB, BOJ, BOE, RBA, BOC, SNB and even the chaps at the RBNZ all have major issues in their pending trays that sooner or later they need to tackle head on.\r\n\r\nThis year so far, the likes of the BOC, RBA and the chaps at the RBNZ have held back a lot of commentary on over-valuations of their currencies probably more in hope than belief that the FED would hike, strengthening the USD and in so doing weakening their currencies. This plan if it were in play has failed miserably and the fact that the smaller central banks simply deliver nothing but mixed messages most of the time the exchange rate against the USD has remained much stronger in their favour than they would have liked. RBA target rate is more like to be sub 0.7000 not 0.7500 and RBNZ believed target rate is 0.6500 not 0.7300. The BOC is difficult to understand as most of the time the BOC Governor Poloz has his head buried in a bucket of sand, and his voice is therefore very muffled!!\r\n\r\nBefore looking at what I consider to be the challenges ahead and what are the critical success factors for each central bank through the end of this year below I have added an excel spreadsheet detailing by central bank the key dates moving forward.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CB-MEETINGS-SEPT-DEC2016.png\"><img class=\"aligncenter size-full wp-image-8321\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CB-MEETINGS-SEPT-DEC2016.png\" alt=\"cb-meetings-sept-dec2016\" width=\"288\" height=\"556\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe first thing I noticed as it stood out for me were the dates of the staff Christmas parties. Tempted, as I am to go there and talk about the various Christmas parties I will not, other than to say that the chaps at the RBNZ being so switched on, probably don\'t know its Christmas in December and haven’t scheduled a meeting!! Either that or they are total piss heads and will start rocking on November 29<sup>th</sup> at the rather aptly named around boozing the “Stability Report Meeting”.\r\n\r\nLets me just clarify, I firmly believe that you could lock the whole lot of these numpties into the Guinness factory in Dublin on Friday night around 8PM come back on Monday morning at 8AM and they would all be stone cold sober.\r\n\r\nGetting back…\r\n\r\nFED:\r\n\r\nWhilst all eyes will be on the FED in September to see if there is a surprise rate increase, should they not surprise the market’s attention then shifts to December 14<sup>th</sup>. I think that November is written off being so close to the election.\r\n\r\nAs I mentioned earlier it is not all about the FED, Copernicus, as I mentioned earlier has been in touch and has confirmed that the whole world does NOT revolve around Janet Yellen.\r\n\r\nReputations are at stake no matter which way you slice this up. The FED like it or not still is able to move markets and has some element of respect left but its power has been waning of late. Yellen is a ditherer and so dovish the markets are exploiting this to their benefit at every opportunity. I do think that if the FED does NOT hike in 2016 this will affect their “punch” moving forward.\r\n\r\nWithout any doubt if the FED does NOT raise, later this month it ensures that Central bank monetary policy will remain front and centre until the end of the year.\r\n\r\nAs I stated earlier I think that should the Fed raise this month, hell would have probably frozen over. Check your house insurance policies.\r\n\r\n&nbsp;\r\n\r\nBOE:\r\n\r\nMark Carney (Governor BOE) has nailed his colours to the mast so to speak. There is more to come; the effects of a weaker cable have already been reflected in the recent released manufacturing PMi’s. Right now the UK is benefiting from a weak currency and membership of the EUROPEAN COMMUNITY. It won’t last and as soon as Article 50 of the Lisbon treaty is triggered, I would imagine that cable would come under pressure, as the uncertainty moving forward becomes a greater focus.\r\n\r\nCarney has to deliver stability in the markets into the year-end. There are 4 BOE meeting / Rate decisions and of course its always worthwhile to note that announcements / initiatives can be made at any time. Stability and managing the uncertainty is paramount to cables success or failure into the year-end. I have no doubt that the calls for 1.1000 – 1.2000 GBP/USD will be realized, it is down to Carney to make the drop to these levels steady and not giant steps lower.\r\n\r\nYou just have to remember Carney is a slippery customer, he was an absolute disaster at forward guidance when he first came to the BOE. The markets were constantly misled by his commentaries. I think that Carney’s learning curve with his move from the BOC to the BOE was huge and like him or not, he replaced the previous BOE Governor, “steady Eddie” Merv “the swerve” King who was careful with his vocabulary and was never flustered, painfully slow at times at explaining but you knew what he meant and where he was going. This is not there for me with Carney, not yet anyhow.\r\n\r\nCarney has a huge task ahead of him as the BREXIT ramifications hit both the UK and EUROZONE financial sectors in particular. The BOE will not be far behind the FED for making headline news moving forward.\r\n\r\n&nbsp;\r\n\r\nBOJ:\r\n\r\nIf there is a central bank at the last chance saloon, it is the BOJ. Recent meetings whether they have tried to move the needle with initiatives or not have all been met by the markets raising up the middle finger to all the attempts made by the BOJ to weaken the JPY.\r\n\r\nKuroda (BOJ Governor), I think is now on borrowed time. I do not think that Abe (Japan Prime Minister) will be happy until the USD/JPY is above 115.00-120.00 and the EUR/JPY in the 125.00-130.00 range again. It\'s a tall order and despite the largest QE and QQE programmes plus negative interest rates in place they are still struggling.\r\n\r\nJapan has lots of unique problems facing it, an ageing population, high savings rates and basically an external energy dependence plus DEFLATION. There isn’t a central bank on the planet in the history of central banks that knows how to tackle DEFLATION.\r\n\r\nThis is a big final push to the year-end for the BOJ, I cannot stress how important this period is. For a country heavily dependent on exports it needs the JPY weak. Competition from China and its territories is huge and pressure is intense for Abe’s government policy and the BOJ to succeed.\r\n\r\n&nbsp;\r\n\r\nECB:\r\n\r\nLast week, Mario Draghi (ECB President) completed a press conference that he probably did not want to do (he probably does not want to do any!!). He had nothing new to bring to the party.\r\n\r\nThe ECB is quickly running out of Assets to purchase. All he did was really re-iterate that he will keep QE moving at the current rate and extend if required. I think my thoughts and comments about the EUROZONE are well documented over the past few years.\r\n\r\nI have long said that 19 counties using effectively one chequebook is a recipe for disaster.\r\n<ul>\r\n 	<li>19 different views on the world never mind Europe</li>\r\n 	<li>19 completely different sets of cultures</li>\r\n 	<li>19 different independent central banks</li>\r\n 	<li>19 sets of different tax rules</li>\r\n 	<li>19 sets of different political problems</li>\r\n 	<li>need I go on any more….</li>\r\n</ul>\r\nNow we have a BREXIT issue that will affect the EUROZONE hugely and need I say the usual shite of how not to handle big issues will be demonstrated the EUROZONE leaders.\r\n\r\nAdd to the BREXIT, GREECE. GREECE has STILL NOT been sorted. Debt relief is the only way forward. What we have here are politicians on four/five year election cycles not prepared to make the tough decisions. They prefer to kick the can down the road and leave it for the next in charge.\r\n\r\nBig elections in ITALY, SPAIN, FRANCE and GERMANY are all happening inside the next 12 months or so. There will be posturing between now and then and this final period of 2016 will be busy with EUROZONE uncertainty.\r\n\r\nFor his area, Draghi has basically stated that country-by-country financial reforms are required now as there is only so much; so far he can go with monetary policy. Need I say it… 19 different countries coordinating financial reforms… yeah right bring that one on!!\r\n\r\nThe ECB will always be high on news as the fair value price of the EUR/USD is probably nearer to parity and given the reforms required the hit and miss of economic performances across the EUROZONE, a weaker EUR is required to help really kick start matters. It just does not seem capable of making this happen.\r\n\r\n&nbsp;\r\n\r\nBOC:\r\n\r\nStephen Poloz (Governor BOC) sees risks to the Canadian economy moving forward, however, it’s really all about OIL prices. I had thought that by now the BOC interest rate would be closer to 0%, but it still sits at 0.50%. There is no doubt that there are huge house price issues ahead and a housing bubble especially in Vancouver and Toronto is on the cards. I strongly suspect that this is the main reason behind the no cut policy above all else.\r\n\r\nCanada is not a progressive country and the BOC is very conservative therefore we should only expect them to react after events and move behind the curve.\r\n\r\nWe may see a cut before the year end, but do not expect anything brave from Poloz and co.\r\n\r\n&nbsp;\r\n\r\nRBA:\r\n\r\nGlenn Stevens passes along his calculator in the next week or so. He has completed his final rate announcement and left saying that the AUD/USD is now at fair value. Holy crap…. that\'s a new one. I suppose he had to say that to say that he left with all things rosy!!\r\n\r\nI need to read up more on this but this seems to be at headline level that contradicts most things that I have read in the past from the RBA vis-à-vis pricing levels.\r\n\r\nMy thoughts are he’s not going to leave stating that the AUD/USD at six months highs around 0.7750 is poorly valued, as it would show a failure.\r\n\r\nPossibly one further cut before the end of the year but frankly I would not be betting on this at all.\r\n\r\n&nbsp;\r\n\r\nRBNZ:\r\n\r\nHead chap at the RBNZ Graeme Wheeler is without doubt the hardest central bank governor to fathom. His meetings are plain boring and so laid back that most of those attending seem completely disinterested in actually asking questions. What is the point? He says one thing and does another.\r\n\r\nSadly from my perspective the NZD is badly valued against most currencies from the AUD through to the USD and I cannot work out why the NZD/USD is closer to 0.7500 rather than 0.5500. It is defying gravity from a currency perspective. I am in trades looking for the NZD to weaken substantially as most economists keep singing the same tune relating to a NZD over-valuation. I keep saying to my subscribers patience is a virtue in trading and we all must show a lot of patience. My NZD positions are a reflection of patience.\r\n\r\nTwo or three months ago, I would have said that this currency with Milk pricing pressures, China and Commodities all against it, would see it needing to be re-valued considerably lower. It has not had the cuts I had expected and I will be surprised if there are any more in the offing this year. But frankly who knows, decisions in New Zealand are reactive rather than proactive, so one cannot be certain.\r\n\r\n&nbsp;\r\n\r\nSNB:\r\n\r\nThomas Jordan (Governor SNB) has been quiet of late but that does not mean that the SNB has not been playing in the markets.\r\n\r\nIt looks to me that there is a general support around 1.0800 for the EUR/CHF and I have no doubt that the desire for flat 1.1000 or above exchange rate is a minimum requirement for the SNB. Despite several attempts it has failed to stay above this level. I would imagine that this is a goal for 2017, maybe even 1.1500.\r\n\r\nExpect the 0.75% negative rate to remain in place for the foreseeable future. Will they be tempted to raise it to meet their CHF valuation expectations? That is the $64k question.\r\n\r\n&nbsp;\r\n\r\nSummary…\r\n\r\nWhichever you slice this up. I am a firm believer that central bank monetary policy is the biggest, or potentially biggest influence on currency pricing.\r\n\r\nWe have lost our way a little over recent times as the “currency wars” intensified. The markets have had the last laugh at times by refusing the jawboning and the rhetoric.\r\n\r\nNevertheless, whether you treat them as equivalent to “rock stars” or not, a central bank governor or president has the power to move markets, and bear in mind they have more money than you and can print the damn stuff if they want to.\r\n\r\nWe have a lot of high value risk events running through into the year-end, some we know about like BREXIT and the U.S. Presidential Election. Bubbling under are ITALIAN constitutional reforms referendum and the GREECE debt problem. The EUROZONE then leads into elections in SPAIN, FRANCE and GERMANY. Plus we also have geopolitical news like NORTH KOREA, ISIS and Middle East tensions related to OIL to keep us focused. CHINA continuing reforms should also not be ignored.\r\n\r\nWith the above in play it stands to reason that central bankers will always be hanging around ready to jump in with a comment or two and maybe in their defense for once, I will acknowledge it is a thankless job trying to create and maintain market stability and a good financial policy based on a three to five year plan.\r\n\r\nI end on my soapbox though. When Mario Draghi last week spent time wasting our time by moving 12 and 24 month GDP projections by 0.1% I screamed – “give me a break” - just end the meeting if you have nothing meaningful to say. I am sick to the back teeth of listening to every central banker extending the period to which they will achieve their 2% inflation goal and the constant winding back of GDP data.\r\n\r\n&nbsp;\r\n\r\n<em> </em>\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW:\r\n\r\nI arrived back home late Friday evening and missed the excitement of Friday.\r\n\r\nMoving forward…\r\n\r\nI am consolidating my AUD/NZD for the real long term, most of you would have noted various economists post data relating to the NZD stating it is up to 20% over-valued versus the AUD and the NZD/USD fair value is below 0.7000.\r\n\r\nI am happy to keep buying the AUD/NZD on dips if necessary. I am prepared for a sub-parity capitulation move and bounce back if necessary.\r\n\r\nI let the cable trades go for a loss of 600 pips as I finally decided that they could get away from me very quickly and I did not want to take the risk. I will be adding back some BREXIT trades this coming week as I return to full speed and better market volumes come back.\r\n\r\nI was tempted to cover the EUR/USD shorts but frankly the more you look at the EUROZONE there is nothing to keep this pair inflated, its all bad news ahead and frankly I am still perplexed why this pair is not sub 1.1000 right now.\r\n\r\nThere are no charts that I am looking at right now, I need to see a couple of days next week first to probably get a good grip on things again. I am however looking to start adding set-ups as early as possible. I have built up a negative 710 pips that needs to be addressed.\r\n\r\nTuesday this week I have my Apple / Network / Integration expert at the house to add another computer and screens. From 9AM EST I will be off the grid for a few hours, although I am hoping that I will be observing via my Laptop. I am not sure at this stage how much I will be affected by the upgrades.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-11092016.png\"><img class=\"aligncenter size-full wp-image-8310\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-11092016.png\" alt=\"live-trades-11092016\" width=\"518\" height=\"629\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMIT-ORDERS-11092016.png\"><img class=\"aligncenter size-full wp-image-8311\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMIT-ORDERS-11092016.png\" alt=\"limit-orders-11092016\" width=\"511\" height=\"578\" /></a> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP - CPi.\r\nTUESDAY: EUR – Draghi Speaks and German ZEW Economic Statement.\r\n\r\nWEDNESDAY: BOE – Employment Data.\r\nWEDNESDAY: NZD – GDP.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – Retail Sales and BOE Interest Rate and MPC voting.\r\nTHURSDAY: USD – Retail Sales.\r\n\r\nFRIDAY: USD – CPi and Core CPi.\r\n\r\n<u>\r\nTHE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1229\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8313\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-11092016-1024x476.png\" alt=\"eurusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.3264\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8314\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-11092016-1024x476.png\" alt=\"gbpusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7536\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8312\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-11092016-1024x476.png\" alt=\"audusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7324\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8315\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-11092016-1024x476.png\" alt=\"nzdusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3047\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8316\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-11092016-1024x476.png\" alt=\"usdcad-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9751\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8317\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-11092016-1024x476.png\" alt=\"usdchf-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 102.69\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8318\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-11092016-1024x476.png\" alt=\"usdjpy-daily-11092016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe are now about 10 days away from the next FOMC meeting with a press conference. However, we have a “Carney Alert” of sorts this week with a BOE interest rate announcement, which follows the jobs, retail sales and CPi data.\r\n\r\nPersonally I am light on trades at the moment so I will be looking to add value trades as this week progresses. That means to me that setting up GBP related trades prior to the Thursday BOE announcement represents poor value unless they are quick in and out FLASH TRADES.\r\n\r\nI will be looking more to commodity currency trades after the AUD jobs data and the NZD after the Dairy auction results both due on Wednesday.\r\n\r\nThe SNB meets this week and whilst I am not expecting anything, never under-estimate the SNB, it’s all in the language with them and the level of the EUR/CHF exchange rate. The PREMIUM SERVICE is currently +65 pips in a long EUR/CHF trade, which I will probably leave on the table through the SNB meeting; at least those are my thoughts at the moment.\r\n\r\nAs Genesis sang we live in the “Land of Confusion”, well I call it maybe more a world of uncertainty; so with that in mind\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 11<sup>th</sup> September 2016\r\nBLOG VERSION: PREMIUM SERVICE SUBSCRIBER VERSION #110\r\n\r\n&nbsp;','CENTRAL BANKS WILL CONTINUE TO DOMINATE THRU THE END OF THE YEAR','','publish','open','closed','','central-banks-will-continue-dominate-thru-end-year','','','2016-09-10 14:14:46','2016-09-10 19:14:46','',0,'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=8319',0,'member_posts','',0),(8320,1,'2016-09-10 14:05:47','2016-09-10 19:05:47','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI am back.\r\n\r\nAm I refreshed and raring to go?\r\n\r\nWell to be honest, I did trade through late July and the first couple of weeks or so in August this year which is something that I haven’t done since 2010, maybe 2011… a long time ago anyways. So I wasn’t 100% dis-engaged through the summer. At times, in fact most of the time it was as boring as watching paint dry but out of the summer doldrums came a pip performance in August of +1,743 pips. I am as they say in 1980’s English Football language over the moon!\r\n\r\nHowever the euphoria of the summer trading was short lived as I took long-term position trades off the table earlier this month as these trades were getting away from me, basically, USD longs against the cable, long term view or not they were starting to concern me and as regular followers will know, I am not a huge fan of trading the GBP currency.\r\n\r\nMoving on…\r\n\r\nBefore getting my teeth intro this blog, as a refresher, I pulled from the archives the titles of my last two communications prior to my break just to see what frame of mind I was in: -\r\n<p style=\"text-align: center;\"><strong>GET READY IN SPRING 2017\r\nTHERE WILL BE ANOTHER BREXIT VOTE</strong></p>\r\nJuly 9th 2016 – Fyi, I still stand by this belief. Nothing I have heard or read has convinced me that another vote will not miraculously appear on the agenda after the UK winter. This is just my own thought on the matter. The initial doomsday scenario touted by “the remain” camp at the BREXIT vote was pure scare mongering. Lets wait and see… as my wife will vouch to, I am not often right!!\r\n<p style=\"text-align: center;\"><strong>NO SUMMER DOLDRUMS THIS YEAR</strong>\r\n<strong>…FOR FOREX TRADERS?</strong>\r\n\r\nJuly 16<sup>th</sup> 2016 – I got this prediction total ass ways… it was as boring as watching CNN for 2 hours non-stop, same old stuff from a week ago just regurgitated over and over. In fact the world is a great place at the moment, as the only news worthy topic as far as CNN is concerned is the U.S. Presidential election. News channel my arse, it has been sold out and as for the 6/8 member panel discussions, it is just a replica of Washington, divided by political affinity, total polarization, so no wonder the electorate want a damn change away from old style news and politics which is totally boring and not at all informative.</p>\r\nMoving on, once again…\r\n\r\nWhat has happened over the past 6 weeks or so?\r\n\r\nI want to say that a lot has happened, however, in reality there has not been too much mind shattering FX news. From my perspective, three news items did jump out, they were: -\r\n\r\n<u>FED RATE HIKES:</u>\r\n\r\nJesus, Mary and Joseph that old chestnut I can hear you muttering under your breath. Yes, frankly if I could get away from writing about this I would but I cannot and what makes it worse is, I do believe that central banks will be front and centre through to the end of this year with their actions and of course their non actions. Utterly boring, but it is what it is.\r\n\r\nLater this month are we either going to see Janet Yellen signal a rate hike of 0.25% at the September FOMC meeting or are we on wait until the last chance saloon in December like last year? Given the September jobs number, which wasn’t a blow out number, expectations have been reeled in. Don\'t you just wish that she would get it over and done with and move on? Maybe they will, but I seriously doubt it, as this FED appears to require permission from the markets to do anything. The tail definitely wags the dog now in my opinion. So we will be on hold, in daily debate as the FED speak from voting and non-voting members consumes the air space.\r\n\r\nFor those of you who have seen the U2 360 DVD when Bono introduces the band and he gets to bass player Adam Clayton and says of Clayton “frankly he could not give a damn”. Well I am at that stage with the FED, I am sick of hearing about will she wont she? I wish that Copernicus were around to get hold of dithering Yellen and tell that she is not at the centre of the universe!! The problem is that unfortunately she damn well is at the centre of my universe! So bugger that for a game of soldiers!\r\n\r\nIf the FED raises rates, is the central bank divergent policy trade back in play. 12 months ago I would have said a definite YES… now I am not that certain anymore.\r\n\r\nHowever, keeping it real. If Yellen raised rates this month on the back of the September jobs number and the what can only be described as crappy ISM Manufacturing PMi numbers, I guess even CNN would break from Presidential election coverage to announce that hell had actually frozen over! The Fed is looking for reasons NOT to raise rather then reasons to back raising rates. Yellen is a dove and that is it.\r\n\r\n<u>BREXIT:</u>\r\n\r\nBREXIT means BREXIT… no it doesn’t … BREXIT means… “we need to think about it much more deeply and debate it to understand what it actually means”.\r\n\r\nEven though it appears that with her cabinet she has started to place “RED LINES” in place over the key areas, in my mind, there has not been anything new from Theresa May and her cabinet in the past 6 weeks. For me however, BREXIT still means UNCERTAINTY.\r\n\r\nWith starting to place stakes in the ground vis-à-vis minimum goals/objectives/targets to achieve in the Article 20 exit discussions with her counterparts in the EUROZONE, it does mean that movement has taken place but frankly it is at a snails pace and this process could take years. I read over the summer break that it took Greenland two full years to separate and without been rude to Greenland in any way, there simply is NOT the same complexity involved. Two years to exit may be what can be called a dream sequence\r\n\r\nIf you have ever seen the movie by Martin Scorsese “The Last Temptation of Christ”, soundtrack by Peter Gabriel, excellent music by the way, great stuff by the master, this music can stand on its own alone… love it.\r\n\r\nBack on track… my point is at the end of the movie there are scenes with Mary Magdalene, which were called “The Dream Sequences/scenes”.\r\n\r\nTheresa May is having a dream sequence with her shopping list of RED LINES in my opinion. Look at this from the German perspective, they will not want the UK to have anything that looks like a compromise because this will only fuel other countries to think that the grass will be greener on the other side of the fence. The Germans cannot risk a EUROZONE break up.\r\n\r\nHowever, should Germany provide big concessions to the UK, my conspiracy theory is that the Germans want the EUROZONE to implode.\r\n\r\nWatch this space!!\r\n\r\n&nbsp;\r\n\r\n<u>GRAEME (I do NOT know my ARSE from my ELBOW) WHEELER:</u>\r\n\r\nGovernor of the chaps club aka the RBNZ. Talk about whatever way the wind blows management. I am 100% totally confused with RBNZ monetary policy.\r\n\r\nWheeler must have that rare disease concerning his hand coordination as his left hand has no idea what his right hand is doing and vice versa. His actions say one thing and his words say something else.\r\n\r\nIt is very difficult to treat his comments seriously. One minute there is a special meeting and policy is tightened, and with the next breath, its, we are not doing anything. Then he acts surprised that the NZD is appreciating in value.\r\n\r\nI read sometime ago that 0.6500 was the target fair value for the NZD/USD. RBNZ policy actions have had this pair in range between 0.7200 and 0.7400 recently. When the pair reached c.0.6400 back in January this year, instead of keeping the pressure on, Wheeler took his eye off the ball and its been a bull run ever since.\r\n\r\nMost traders and commentators believe the fair value for the NZD/USD is below 0.6500 but frankly I just do not see it reaching these levels again unless we have the FED tightening, commodity prices falling, China slowdown issues raising their profile and Milk prices falling.\r\n\r\nThe RBNZ annoys me, as it is the weakest central bank of the majors. Every time I see NZD news on the docket it rattles my cage.\r\n\r\n&nbsp;\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nThe winner of a 4-week PREMIUM SERVICE subscription was: - carol@xxxxxxxxxxx.com\r\n\r\nThe winner is already fully set up with PREMIUM SERVICE access for the next 4 weeks.\r\n\r\nTo remind you, you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com\r\n</a>You are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE. The next draw will be late September and the winner will be set up for the month of October.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nAUGUST PERFORMANCE: +1,734 pips\r\n\r\nNET PIPS TO THE MONTH SO FAR:       -710 pips\r\nNET PIPS THIS YEAR SO FAR:                +8,490 pips\r\n\r\nNET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nI was away on Prince Edward Island last week taking in some shellfish whilst the roof was being re-shingled on the house. Therefore my thoughts on last week’s news are not really valid for a full commentary as I was merely taking in headlines. I did no background reading or follow-ups. I took on no fresh trades I just managed existing live positions.\r\n\r\nThis area will return next week with a bang given what is on the horizon over the next week!!\r\n\r\n&nbsp;\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>CENTRAL BANKS WILL CONTINUE TO DOMINATE THRU THE END OF THE YEAR</strong></p>\r\n\r\nI have looked back over 2016 blog titles and it comes as little surprise to me that my favourite topics this year have been the EUROZONE and CENTRAL BANK MONETARY POLICY.\r\n\r\nIt is very doubtful that the FED will raise rates on the 21<sup>st</sup> September (later this month) and it now looks like a December rate hike is the next opportunity to do so. I am not even so sure that this date will be a “LIVE” rate meeting as we would have just concluded the 2016 Presidential election, and depending upon the victor and the market reaction December could prove to be a difficult time for the FED.\r\n\r\nNo matter what happens from now until the year end central bank monetary policy will dominate FX moves and the markets will probably remain skittish as a result.\r\n\r\nIt is however, not all down to the FED… thank God.\r\n\r\nOther central banks have big decisions on their agenda moving forward. The ECB, BOJ, BOE, RBA, BOC, SNB and even the chaps at the RBNZ all have major issues in their pending trays that sooner or later they need to tackle head on.\r\n\r\nThis year so far, the likes of the BOC, RBA and the chaps at the RBNZ have held back a lot of commentary on over-valuations of their currencies probably more in hope than belief that the FED would hike, strengthening the USD and in so doing weakening their currencies. This plan if it were in play has failed miserably and the fact that the smaller central banks simply deliver nothing but mixed messages most of the time the exchange rate against the USD has remained much stronger in their favour than they would have liked. RBA target rate is more like to be sub 0.7000 not 0.7500 and RBNZ believed target rate is 0.6500 not 0.7300. The BOC is difficult to understand as most of the time the BOC Governor Poloz has his head buried in a bucket of sand, and his voice is therefore very muffled!!\r\n\r\nBefore looking at what I consider to be the challenges ahead and what are the critical success factors for each central bank through the end of this year below I have added an excel spreadsheet detailing by central bank the key dates moving forward.\r\n\r\n&nbsp;\r\n\r\n(INSERT THE TIMETABLE OF MEETINGS &amp; RATE DECISIONS)\r\n\r\n&nbsp;\r\n\r\nThe first thing I noticed as it stood out for me were the dates of the staff Christmas parties. Tempted, as I am to go there and talk about the various Christmas parties I will not, other than to say that the chaps at the RBNZ being so switched on, probably don\'t know its Christmas in December and haven’t scheduled a meeting!! Either that or they are total piss heads and will start rocking on November 29<sup>th</sup> at the rather aptly named around boozing the “Stability Report Meeting”.\r\n\r\n&nbsp;\r\n\r\nLets me just clarify, I firmly believe that you could lock the whole lot of these numpties into the Guinness factory in Dublin on Friday night around 8PM come back on Monday morning at 8AM and they would all be stone cold sober.\r\n\r\n&nbsp;\r\n\r\nGetting back…\r\n\r\n&nbsp;\r\n\r\nFED:\r\n\r\n&nbsp;\r\n\r\nWhilst all eyes will be on the FED in September to see if there is a surprise rate increase, should they not surprise the market’s attention then shifts to December 14<sup>th</sup>. I think that November is written off being so close to the election.\r\n\r\n&nbsp;\r\n\r\nAs I mentioned earlier it is not all about the FED, Copernicus, as I mentioned earlier has been in touch and has confirmed that the whole world does NOT revolve around Janet Yellen.\r\n\r\n&nbsp;\r\n\r\nReputations are at stake no matter which way you slice this up. The FED like it or not still is able to move markets and has some element of respect left but its power has been waning of late. Yellen is a ditherer and so dovish the markets are exploiting this to their benefit at every opportunity. I do think that if the FED does NOT hike in 2016 this will affect their “punch” moving forward.\r\n\r\n&nbsp;\r\n\r\nWithout any doubt if the FED does NOT raise, later this month it ensures that Central bank monetary policy will remain front and centre until the end of the year.\r\n\r\n&nbsp;\r\n\r\nAs I stated earlier I think that should the Fed raise this month, hell would have probably frozen over. Check your house insurance policies.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nBOE:\r\n\r\n&nbsp;\r\n\r\nMark Carney (Governor BOE) has nailed his colours to the mast so to speak. There is more to come; the effects of a weaker cable have already been reflected in the recent released manufacturing PMi’s. Right now the UK is benefiting from a weak currency and membership of the EUROPEAN COMMUNITY. It won’t last and as soon as Article 50 of the Lisbon treaty is triggered, I would imagine that cable would come under pressure, as the uncertainty moving forward becomes a greater focus.\r\n\r\n&nbsp;\r\n\r\nCarney has to deliver stability in the markets into the year-end. There are 4 BOE meeting / Rate decisions and of course its always worthwhile to note that announcements / initiatives can be made at any time. Stability and managing the uncertainty is paramount to cables success or failure into the year-end. I have no doubt that the calls for 1.1000 – 1.2000 GBP/USD will be realized, it is down to Carney to make the drop to these levels steady and not giant steps lower.\r\n\r\n&nbsp;\r\n\r\nYou just have to remember Carney is a slippery customer, he was an absolute disaster at forward guidance when he first came to the BOE. The markets were constantly misled by his commentaries. I think that Carney’s learning curve with his move from the BOC to the BOE was huge and like him or not, he replaced the previous BOE Governor, “steady Eddie” Merv “the swerve” King who was careful with his vocabulary and was never flustered, painfully slow at times at explaining but you knew what he meant and where he was going. This is not there for me with Carney, not yet anyhow.\r\n\r\n&nbsp;\r\n\r\nCarney has a huge task ahead of him as the BREXIT ramifications hit both the UK and EUROZONE financial sectors in particular. The BOE will not be far behind the FED for making headline news moving forward.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nBOJ:\r\n\r\n&nbsp;\r\n\r\nIf there is a central bank at the last chance saloon, it is the BOJ. Recent meetings whether they have tried to move the needle with initiatives or not have all been met by the markets raising up the middle finger to all the attempts made by the BOJ to weaken the JPY.\r\n\r\n&nbsp;\r\n\r\nKuroda (BOJ Governor), I think is now on borrowed time. I do not think that Abe (Japan Prime Minister) will be happy until the USD/JPY is above 115.00-120.00 and the EUR/JPY in the 125.00-130.00 range again. It\'s a tall order and despite the largest QE and QQE programmes plus negative interest rates in place they are still struggling.\r\n\r\n&nbsp;\r\n\r\nJapan has lots of unique problems facing it, an ageing population, high savings rates and basically an external energy dependence plus DEFLATION. There isn’t a central bank on the planet in the history of central banks that knows how to tackle DEFLATION.\r\n\r\n&nbsp;\r\n\r\nThis is a big final push to the year-end for the BOJ, I cannot stress how important this period is. For a country heavily dependent on exports it needs the JPY weak. Competition from China and its territories is huge and pressure is intense for Abe’s government policy and the BOJ to succeed.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nECB:\r\n\r\n&nbsp;\r\n\r\nLast week, Mario Draghi (ECB President) completed a press conference that he probably did not want to do (he probably does not want to do any!!). He had nothing new to bring to the party.\r\n\r\n&nbsp;\r\n\r\nThe ECB is quickly running out of Assets to purchase. All he did was really re-iterate that he will keep QE moving at the current rate and extend if required. I think my thoughts and comments about the EUROZONE are well documented over the past few years.\r\n\r\n&nbsp;\r\n\r\nI have long said that 19 counties using effectively one chequebook is a recipe for disaster.\r\n\r\n&nbsp;\r\n<ul>\r\n 	<li>19 different views on the world never mind Europe</li>\r\n 	<li>19 completely different sets of cultures</li>\r\n 	<li>19 different independent central banks</li>\r\n 	<li>19 sets of different tax rules</li>\r\n 	<li>19 sets of different political problems</li>\r\n 	<li>need I go on any more….</li>\r\n</ul>\r\nNow we have a BREXIT issue that will affect the EUROZONE hugely and need I say the usual shite of how not to handle big issues will be demonstrated the EUROZONE leaders.\r\n\r\n&nbsp;\r\n\r\nAdd to the BREXIT, GREECE. GREECE has STILL NOT been sorted. Debt relief is the only way forward. What we have here are politicians on four/five year election cycles not prepared to make the tough decisions. They prefer to kick the can down the road and leave it for the next in charge.\r\n\r\n&nbsp;\r\n\r\nBig elections in ITALY, SPAIN, FRANCE and GERMANY are all happening inside the next 12 months or so. There will be posturing between now and then and this final period of 2016 will be busy with EUROZONE uncertainty.\r\n\r\n&nbsp;\r\n\r\nFor his area, Draghi has basically stated that country-by-country financial reforms are required now as there is only so much; so far he can go with monetary policy. Need I say it… 19 different countries coordinating financial reforms… yeah right bring that one on!!\r\n\r\n&nbsp;\r\n\r\nThe ECB will always be high on news as the fair value price of the EUR/USD is probably nearer to parity and given the reforms required the hit and miss of economic performances across the EUROZONE, a weaker EUR is required to help really kick start matters. It just does not seem capable of making this happen.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nBOC:\r\n\r\n&nbsp;\r\n\r\nStephen Poloz (Governor BOC) sees risks to the Canadian economy moving forward, however, it’s really all about OIL prices. I had thought that by now the BOC interest rate would be closer to 0%, but it still sits at 0.50%. There is no doubt that there are huge house price issues ahead and a housing bubble especially in Vancouver and Toronto is on the cards. I strongly suspect that this is the main reason behind the no cut policy above all else.\r\n\r\n&nbsp;\r\n\r\nCanada is not a progressive country and the BOC is very conservative therefore we should only expect them to react after events and move behind the curve.\r\n\r\n&nbsp;\r\n\r\nWe may see a cut before the year end, but do not expect anything brave from Poloz and co.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nRBA:\r\n\r\n&nbsp;\r\n\r\nGlenn Stevens passes along his calculator in the next week or so. He has completed his final rate announcement and left saying that the AUD/USD is now at fair value. Holy crap…. that\'s a new one. I suppose he had to say that to say that he left with all things rosy!!\r\n\r\n&nbsp;\r\n\r\nI need to read up more on this but this seems to be at headline level that contradicts most things that I have read in the past from the RBA vis-à-vis pricing levels.\r\n\r\n&nbsp;\r\n\r\nMy thoughts are he’s not going to leave stating that the AUD/USD at six months highs around 0.7750 is poorly valued, as it would show a failure.\r\n\r\n&nbsp;\r\n\r\nPossibly one further cut before the end of the year but frankly I would not be betting on this at all.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nRBNZ:\r\n\r\n&nbsp;\r\n\r\nHead chap at the RBNZ Graeme Wheeler is without doubt the hardest central bank governor to fathom. His meetings are plain boring and so laid back that most of those attending seem completely disinterested in actually asking questions. What is the point? He says one thing and does another.\r\n\r\n&nbsp;\r\n\r\nSadly from my perspective the NZD is badly valued against most currencies from the AUD through to the USD and I cannot work out why the NZD/USD is closer to 0.7500 rather than 0.5500. It is defying gravity from a currency perspective. I am in trades looking for the NZD to weaken substantially as most economists keep singing the same tune relating to a NZD over-valuation. I keep saying to my subscribers patience is a virtue in trading and we all must show a lot of patience. My NZD positions are a reflection of patience.\r\n\r\n&nbsp;\r\n\r\nTwo or three months ago, I would have said that this currency with Milk pricing pressures, China and Commodities all against it, would see it needing to be re-valued considerably lower. It has not had the cuts I had expected and I will be surprised if there are any more in the offing this year. But frankly who knows, decisions in New Zealand are reactive rather than proactive, so one cannot be certain.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSNB:\r\n\r\n&nbsp;\r\n\r\nThomas Jordan (Governor SNB) has been quiet of late but that does not mean that the SNB has not been playing in the markets.\r\n\r\n&nbsp;\r\n\r\nIt looks to me that there is a general support around 1.0800 for the EUR/CHF and I have no doubt that the desire for flat 1.1000 or above exchange rate is a minimum requirement for the SNB. Despite several attempts it has failed to stay above this level. I would imagine that this is a goal for 2017, maybe even 1.1500.\r\n\r\n&nbsp;\r\n\r\nExpect the 0.75% negative rate to remain in place for the foreseeable future. Will they be tempted to raise it to meet their CHF valuation expectations? That is the $64k question.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSummary…\r\n\r\n&nbsp;\r\n\r\nWhichever you slice this up. I am a firm believer that central bank monetary policy is the biggest, or potentially biggest influence on currency pricing.\r\n\r\n&nbsp;\r\n\r\nWe have lost our way a little over recent times as the “currency wars” intensified. The markets have had the last laugh at times by refusing the jawboning and the rhetoric.\r\n\r\n&nbsp;\r\n\r\nNevertheless, whether you treat them as equivalent to “rock stars” or not, a central bank governor or president has the power to move markets, and bear in mind they have more money than you and can print the damn stuff if they want to.\r\n\r\n&nbsp;\r\n\r\nWe have a lot of high value risk events running through into the year-end, some we know about like BREXIT and the U.S. Presidential Election. Bubbling under are ITALIAN constitutional reforms referendum and the GREECE debt problem. The EUROZONE then leads into elections in SPAIN, FRANCE and GERMANY. Plus we also have geopolitical news like NORTH KOREA, ISIS and Middle East tensions related to OIL to keep us focused. CHINA continuing reforms should also not be ignored.\r\n\r\n&nbsp;\r\n\r\nWith the above in play it stands to reason that central bankers will always be hanging around ready to jump in with a comment or two and maybe in their defense for once, I will acknowledge it is a thankless job trying to create and maintain market stability and a good financial policy based on a three to five year plan.\r\n\r\n&nbsp;\r\n\r\nI end on my soapbox though. When Mario Draghi last week spent time wasting our time by moving 12 and 24 month GDP projections by 0.1% I screamed – “give me a break” - just end the meeting if you have nothing meaningful to say. I am sick to the back teeth of listening to every central banker extending the period to which they will achieve their 2% inflation goal and the constant winding back of GDP data.\r\n\r\n&nbsp;\r\n\r\n<em> </em>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nTRADING REVIEW:\r\n\r\n&nbsp;\r\n\r\nI arrived back home late Friday evening and missed the excitement of Friday.\r\n\r\n&nbsp;\r\n\r\nMoving forward…\r\n\r\n&nbsp;\r\n\r\nI am consolidating my AUD/NZD for the real long term, most of you would have noted various economists post data relating to the NZD stating it is up to 20% over-valued versus the AUD and the NZD/USD fair value is below 0.7000.\r\n\r\n&nbsp;\r\n\r\nI am happy to keep buying the AUD/NZD on dips if necessary. I am prepared for a sub-parity capitulation move and bounce back if necessary.\r\n\r\n&nbsp;\r\n\r\nI let the cable trades go for a loss of 600 pips as I finally decided that they could get away from me very quickly and I did not want to take the risk. I will be adding back some BREXIT trades this coming week as I return to full speed and better market volumes come back.\r\n\r\nI was tempted to cover the EUR/USD shorts but frankly the more you look at the EUROZONE there is nothing to keep this pair inflated, its all bad news ahead and frankly I am still perplexed why this pair is not sub 1.1000 right now.\r\n\r\n&nbsp;\r\n\r\nThere are no charts that I am looking at right now, I need to see a couple of days next week first to probably get a good grip on things again. I am however looking to start adding set-ups as early as possible. I have built up a negative 710 pips that needs to be addressed.\r\n\r\n&nbsp;\r\n\r\nTuesday this week I have my Apple / Network / Integration expert at the house to add another computer and screens. From 9AM EST I will be off the grid for a few hours, although I am hoping that I will be observing via my Laptop. I am not sure at this stage how much I will be affected by the upgrades.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\n&nbsp;\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSUNDAY: N/A.\r\n\r\n&nbsp;\r\n\r\nMONDAY: N/A.\r\n\r\n&nbsp;\r\n\r\nTUESDAY: GBP - CPi.\r\nTUESDAY: EUR – Draghi Speaks and German ZEW Economic Statement.\r\n\r\n&nbsp;\r\n\r\nWEDNESDAY: BOE – Employment Data.\r\nWEDNESDAY: NZD – GDP.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – Retail Sales and BOE Interest Rate and MPC voting.\r\nTHURSDAY: USD – Retail Sales.\r\n\r\n&nbsp;\r\n\r\nFRIDAY: USD – CPi and Core CPi.\r\n\r\n<u> </u>\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\n&nbsp;\r\n\r\nMy comments are contained on the charts.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nEUR/USD - Weekly Closing Price: 1.1229\r\n\r\n&nbsp;\r\n\r\nGBP/USD - Weekly Closing Price: 1.3264\r\n\r\n&nbsp;\r\n\r\nAUD/USD - Weekly Closing Price: 0.7536\r\n\r\n&nbsp;\r\n\r\nNZD/USD - Weekly Closing Price: 0.7324\r\n\r\n&nbsp;\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3047\r\n\r\n&nbsp;\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9751\r\n\r\n&nbsp;\r\n\r\nUSD/JPY - Weekly Closing Price: 102.69\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\n&nbsp;\r\n\r\nWe are now about 10 days away from the next FOMC meeting with a press conference. However, we have a “Carney Alert” of sorts this week with a BOE interest rate announcement, which follows the jobs, retail sales and CPi data.\r\n\r\n&nbsp;\r\n\r\nPersonally I am light on trades at the moment so I will be looking to add value trades as this week progresses. That means to me that setting up GBP related trades prior to the Thursday BOE announcement represents poor value unless they are quick in and out FLASH TRADES.\r\n\r\n&nbsp;\r\n\r\nI will be looking more to commodity currency trades after the AUD jobs data and the NZD after the Dairy auction results both due on Wednesday.\r\n\r\n&nbsp;\r\n\r\nThe SNB meets this week and whilst I am not expecting anything, never under-estimate the SNB, it’s all in the language with them and the level of the EUR/CHF exchange rate. The PREMIUM SERVICE is currently +65 pips in a long EUR/CHF trade, which I will probably leave on the table through the SNB meeting; at least those are my thoughts at the moment.\r\n\r\nAs Genesis sang we live in the “Land of Confusion”, well I call it maybe more a world of uncertainty; so with that in mind\r\n\r\n&nbsp;\r\n\r\nAs usual…\r\n\r\n&nbsp;\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\n\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 11<sup>th</sup> September 2016\r\nBLOG VERSION: PREMIUM SERVICE SUBSCRIBER VERSION #110\r\n\r\n&nbsp;','CENTRAL BANKS WILL CONTINUE TO DOMINATE THRU THE END OF THE YEAR','','inherit','closed','closed','','8319-revision-v1','','','2016-09-10 14:05:47','2016-09-10 19:05:47','',8319,'http://weeklyfxdrivethru.com/8319-revision-v1/',0,'revision','',0),(8321,1,'2016-09-10 14:07:28','2016-09-10 19:07:28','','cb-meetings-sept-dec2016','','inherit','open','closed','','cb-meetings-sept-dec2016','','','2016-09-10 14:08:52','2016-09-10 19:08:52','',8319,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CB-MEETINGS-SEPT-DEC2016.png',0,'attachment','image/png',0),(8323,1,'2016-09-10 14:14:46','2016-09-10 19:14:46','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI am back.\r\n\r\nAm I refreshed and raring to go?\r\n\r\nWell to be honest, I did trade through late July and the first couple of weeks or so in August this year which is something that I haven’t done since 2010, maybe 2011… a long time ago anyways. So I wasn’t 100% dis-engaged through the summer. At times, in fact most of the time it was as boring as watching paint dry but out of the summer doldrums came a pip performance in August of +1,743 pips. I am as they say in 1980’s English Football language over the moon!\r\n\r\nHowever the euphoria of the summer trading was short-lived as I took long-term position trades off the table earlier this month as these trades were getting away from me, basically, USD longs against the cable, long-term view or not they were starting to concern me and as regular followers will know, I am not a huge fan of trading the GBP currency.\r\n\r\nMoving on…\r\n\r\nBefore getting my teeth intro this blog, as a refresher, I pulled from the archives the titles of my last two communications prior to my break just to see what frame of mind I was in: -\r\n<p style=\"text-align: center;\"><strong>GET READY IN SPRING 2017\r\nTHERE WILL BE ANOTHER BREXIT VOTE</strong></p>\r\nJuly 9th 2016 – Fyi, I still stand by this belief. Nothing I have heard or read has convinced me that another vote will not miraculously appear on the agenda after the UK winter. This is just my own thought on the matter. The initial doomsday scenario touted by “the remain” camp at the BREXIT vote was pure scare mongering. Lets wait and see… as my wife will vouch to, I am not often right!!\r\n<p style=\"text-align: center;\"><strong>NO SUMMER DOLDRUMS THIS YEAR</strong>\r\n<strong>…FOR FOREX TRADERS?</strong></p>\r\nJuly 16<sup>th</sup> 2016 – I got this prediction total ass ways… it was as boring as watching CNN for 2 hours non-stop, same old stuff from a week ago just regurgitated over and over. In fact the world is a great place at the moment, as the only news worthy topic as far as CNN is concerned is the U.S. Presidential election. News channel my arse, it has been sold out and as for the 6/8 member panel discussions, it is just a replica of Washington, divided by political affinity, total polarization, so no wonder the electorate want a damn change away from old style news and politics which is totally boring and not at all informative.\r\n\r\nMoving on, once again…\r\n\r\nWhat has happened over the past 6 weeks or so?\r\n\r\nI want to say that a lot has happened, however, in reality there has not been too much mind shattering FX news. From my perspective, three news items did jump out, they were: -\r\n\r\n<u>FED RATE HIKES:</u>\r\n\r\nJesus, Mary and Joseph that old chestnut I can hear you muttering under your breath. Yes, frankly if I could get away from writing about this I would but I cannot and what makes it worse is, I do believe that central banks will be front and centre through to the end of this year with their actions and of course their non actions. Utterly boring, but it is what it is.\r\n\r\nLater this month are we either going to see Janet Yellen signal a rate hike of 0.25% at the September FOMC meeting or are we on wait until the last chance saloon in December like last year? Given the September jobs number, which wasn’t a blow out number, expectations have been reeled in. Don\'t you just wish that she would get it over and done with and move on? Maybe they will, but I seriously doubt it, as this FED appears to require permission from the markets to do anything. The tail definitely wags the dog now in my opinion. So we will be on hold, in daily debate as the FED speak from voting and non-voting members consumes the air space.\r\n\r\nFor those of you who have seen the U2 360 DVD when Bono introduces the band and he gets to bass player Adam Clayton and says of Clayton “frankly he could not give a damn”. Well I am at that stage with the FED, I am sick of hearing about will she wont she? I wish that Copernicus were around to get hold of dithering Yellen and tell that she is not at the centre of the universe!! The problem is that unfortunately she damn well is at the centre of my universe! So bugger that for a game of soldiers!\r\n\r\nIf the FED raises rates, is the central bank divergent policy trade back in play. 12 months ago I would have said a definite YES… now I am not that certain anymore.\r\n\r\nHowever, keeping it real. If Yellen raised rates this month on the back of the September jobs number and the what can only be described as crappy ISM Manufacturing PMi numbers, I guess even CNN would break from Presidential election coverage to announce that hell had actually frozen over! The Fed is looking for reasons NOT to raise rather then reasons to back raising rates. Yellen is a dove and that is it.\r\n\r\n<u>BREXIT:</u>\r\n\r\nBREXIT means BREXIT… no it doesn’t … BREXIT means… “we need to think about it much more deeply and debate it to understand what it actually means”.\r\n\r\nEven though it appears that with her cabinet she has started to place “RED LINES” in place over the key areas, in my mind, there has not been anything new from Theresa May and her cabinet in the past 6 weeks. For me however, BREXIT still means UNCERTAINTY.\r\n\r\nWith starting to place stakes in the ground vis-à-vis minimum goals/objectives/targets to achieve in the Article 20 exit discussions with her counterparts in the EUROZONE, it does mean that movement has taken place but frankly it is at a snails pace and this process could take years. I read over the summer break that it took Greenland two full years to separate and without been rude to Greenland in any way, there simply is NOT the same complexity involved. Two years to exit may be what can be called a dream sequence\r\n\r\nIf you have ever seen the movie by Martin Scorsese “The Last Temptation of Christ”, soundtrack by Peter Gabriel, excellent music by the way, great stuff by the master, this music can stand on its own alone… love it.\r\n\r\nBack on track… my point is at the end of the movie there are scenes with Mary Magdalene, which were called “The Dream Sequences/scenes”.\r\n\r\nTheresa May is having a dream sequence with her shopping list of RED LINES in my opinion. Look at this from the German perspective, they will not want the UK to have anything that looks like a compromise because this will only fuel other countries to think that the grass will be greener on the other side of the fence. The Germans cannot risk a EUROZONE break up.\r\n\r\nHowever, should Germany provide big concessions to the UK, my conspiracy theory is that the Germans want the EUROZONE to implode.\r\n\r\nWatch this space!!\r\n\r\n&nbsp;\r\n\r\n<u>GRAEME (I do NOT know my ARSE from my ELBOW) WHEELER:</u>\r\n\r\nGovernor of the chaps club aka the RBNZ. Talk about whatever way the wind blows management. I am 100% totally confused with RBNZ monetary policy.\r\n\r\nWheeler must have that rare disease concerning his hand coordination as his left hand has no idea what his right hand is doing and vice versa. His actions say one thing and his words say something else.\r\n\r\nIt is very difficult to treat his comments seriously. One minute there is a special meeting and policy is tightened, and with the next breath, its, we are not doing anything. Then he acts surprised that the NZD is appreciating in value.\r\n\r\nI read sometime ago that 0.6500 was the target fair value for the NZD/USD. RBNZ policy actions have had this pair in range between 0.7200 and 0.7400 recently. When the pair reached c.0.6400 back in January this year, instead of keeping the pressure on, Wheeler took his eye off the ball and its been a bull run ever since.\r\n\r\nMost traders and commentators believe the fair value for the NZD/USD is below 0.6500 but frankly I just do not see it reaching these levels again unless we have the FED tightening, commodity prices falling, China slowdown issues raising their profile and Milk prices falling.\r\n\r\nThe RBNZ annoys me, as it is the weakest central bank of the majors. Every time I see NZD news on the docket it rattles my cage.\r\n\r\n&nbsp;\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nThe winner of a 4-week PREMIUM SERVICE subscription was: - carol@xxxxxxxxxxx.com\r\n\r\nThe winner is already fully set up with PREMIUM SERVICE access for the next 4 weeks.\r\n\r\nTo remind you, you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com\r\n</a>You are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE. The next draw will be late September and the winner will be set up for the month of October.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nAUGUST PERFORMANCE: +1,734 pips\r\n\r\nNET PIPS TO THE MONTH SO FAR:       -710 pips\r\nNET PIPS THIS YEAR SO FAR:                +8,490 pips\r\n\r\nNET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nI was away on Prince Edward Island last week taking in some shellfish whilst the roof was being re-shingled on the house. Therefore my thoughts on last week’s news are not really valid for a full commentary as I was merely taking in headlines. I did no background reading or follow-ups. I took on no fresh trades I just managed existing live positions.\r\n\r\nThis area will return next week with a bang given what is on the horizon over the next week!!\r\n\r\n&nbsp;\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>CENTRAL BANKS WILL CONTINUE TO DOMINATE THRU THE END OF THE YEAR</strong></p>\r\nI have looked back over 2016 blog titles and it comes as little surprise to me that my favourite topics this year have been the EUROZONE and CENTRAL BANK MONETARY POLICY.\r\n\r\nIt is very doubtful that the FED will raise rates on the 21<sup>st</sup> September (later this month) and it now looks like a December rate hike is the next opportunity to do so. I am not even so sure that this date will be a “LIVE” rate meeting as we would have just concluded the 2016 Presidential election, and depending upon the victor and the market reaction December could prove to be a difficult time for the FED.\r\n\r\nNo matter what happens from now until the year end central bank monetary policy will dominate FX moves and the markets will probably remain skittish as a result.\r\n\r\nIt is however, not all down to the FED… thank God.\r\n\r\nOther central banks have big decisions on their agenda moving forward. The ECB, BOJ, BOE, RBA, BOC, SNB and even the chaps at the RBNZ all have major issues in their pending trays that sooner or later they need to tackle head on.\r\n\r\nThis year so far, the likes of the BOC, RBA and the chaps at the RBNZ have held back a lot of commentary on over-valuations of their currencies probably more in hope than belief that the FED would hike, strengthening the USD and in so doing weakening their currencies. This plan if it were in play has failed miserably and the fact that the smaller central banks simply deliver nothing but mixed messages most of the time the exchange rate against the USD has remained much stronger in their favour than they would have liked. RBA target rate is more like to be sub 0.7000 not 0.7500 and RBNZ believed target rate is 0.6500 not 0.7300. The BOC is difficult to understand as most of the time the BOC Governor Poloz has his head buried in a bucket of sand, and his voice is therefore very muffled!!\r\n\r\nBefore looking at what I consider to be the challenges ahead and what are the critical success factors for each central bank through the end of this year below I have added an excel spreadsheet detailing by central bank the key dates moving forward.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CB-MEETINGS-SEPT-DEC2016.png\"><img class=\"aligncenter size-full wp-image-8321\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CB-MEETINGS-SEPT-DEC2016.png\" alt=\"cb-meetings-sept-dec2016\" width=\"288\" height=\"556\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe first thing I noticed as it stood out for me were the dates of the staff Christmas parties. Tempted, as I am to go there and talk about the various Christmas parties I will not, other than to say that the chaps at the RBNZ being so switched on, probably don\'t know its Christmas in December and haven’t scheduled a meeting!! Either that or they are total piss heads and will start rocking on November 29<sup>th</sup> at the rather aptly named around boozing the “Stability Report Meeting”.\r\n\r\nLets me just clarify, I firmly believe that you could lock the whole lot of these numpties into the Guinness factory in Dublin on Friday night around 8PM come back on Monday morning at 8AM and they would all be stone cold sober.\r\n\r\nGetting back…\r\n\r\nFED:\r\n\r\nWhilst all eyes will be on the FED in September to see if there is a surprise rate increase, should they not surprise the market’s attention then shifts to December 14<sup>th</sup>. I think that November is written off being so close to the election.\r\n\r\nAs I mentioned earlier it is not all about the FED, Copernicus, as I mentioned earlier has been in touch and has confirmed that the whole world does NOT revolve around Janet Yellen.\r\n\r\nReputations are at stake no matter which way you slice this up. The FED like it or not still is able to move markets and has some element of respect left but its power has been waning of late. Yellen is a ditherer and so dovish the markets are exploiting this to their benefit at every opportunity. I do think that if the FED does NOT hike in 2016 this will affect their “punch” moving forward.\r\n\r\nWithout any doubt if the FED does NOT raise, later this month it ensures that Central bank monetary policy will remain front and centre until the end of the year.\r\n\r\nAs I stated earlier I think that should the Fed raise this month, hell would have probably frozen over. Check your house insurance policies.\r\n\r\n&nbsp;\r\n\r\nBOE:\r\n\r\nMark Carney (Governor BOE) has nailed his colours to the mast so to speak. There is more to come; the effects of a weaker cable have already been reflected in the recent released manufacturing PMi’s. Right now the UK is benefiting from a weak currency and membership of the EUROPEAN COMMUNITY. It won’t last and as soon as Article 50 of the Lisbon treaty is triggered, I would imagine that cable would come under pressure, as the uncertainty moving forward becomes a greater focus.\r\n\r\nCarney has to deliver stability in the markets into the year-end. There are 4 BOE meeting / Rate decisions and of course its always worthwhile to note that announcements / initiatives can be made at any time. Stability and managing the uncertainty is paramount to cables success or failure into the year-end. I have no doubt that the calls for 1.1000 – 1.2000 GBP/USD will be realized, it is down to Carney to make the drop to these levels steady and not giant steps lower.\r\n\r\nYou just have to remember Carney is a slippery customer, he was an absolute disaster at forward guidance when he first came to the BOE. The markets were constantly misled by his commentaries. I think that Carney’s learning curve with his move from the BOC to the BOE was huge and like him or not, he replaced the previous BOE Governor, “steady Eddie” Merv “the swerve” King who was careful with his vocabulary and was never flustered, painfully slow at times at explaining but you knew what he meant and where he was going. This is not there for me with Carney, not yet anyhow.\r\n\r\nCarney has a huge task ahead of him as the BREXIT ramifications hit both the UK and EUROZONE financial sectors in particular. The BOE will not be far behind the FED for making headline news moving forward.\r\n\r\n&nbsp;\r\n\r\nBOJ:\r\n\r\nIf there is a central bank at the last chance saloon, it is the BOJ. Recent meetings whether they have tried to move the needle with initiatives or not have all been met by the markets raising up the middle finger to all the attempts made by the BOJ to weaken the JPY.\r\n\r\nKuroda (BOJ Governor), I think is now on borrowed time. I do not think that Abe (Japan Prime Minister) will be happy until the USD/JPY is above 115.00-120.00 and the EUR/JPY in the 125.00-130.00 range again. It\'s a tall order and despite the largest QE and QQE programmes plus negative interest rates in place they are still struggling.\r\n\r\nJapan has lots of unique problems facing it, an ageing population, high savings rates and basically an external energy dependence plus DEFLATION. There isn’t a central bank on the planet in the history of central banks that knows how to tackle DEFLATION.\r\n\r\nThis is a big final push to the year-end for the BOJ, I cannot stress how important this period is. For a country heavily dependent on exports it needs the JPY weak. Competition from China and its territories is huge and pressure is intense for Abe’s government policy and the BOJ to succeed.\r\n\r\n&nbsp;\r\n\r\nECB:\r\n\r\nLast week, Mario Draghi (ECB President) completed a press conference that he probably did not want to do (he probably does not want to do any!!). He had nothing new to bring to the party.\r\n\r\nThe ECB is quickly running out of Assets to purchase. All he did was really re-iterate that he will keep QE moving at the current rate and extend if required. I think my thoughts and comments about the EUROZONE are well documented over the past few years.\r\n\r\nI have long said that 19 counties using effectively one chequebook is a recipe for disaster.\r\n<ul>\r\n 	<li>19 different views on the world never mind Europe</li>\r\n 	<li>19 completely different sets of cultures</li>\r\n 	<li>19 different independent central banks</li>\r\n 	<li>19 sets of different tax rules</li>\r\n 	<li>19 sets of different political problems</li>\r\n 	<li>need I go on any more….</li>\r\n</ul>\r\nNow we have a BREXIT issue that will affect the EUROZONE hugely and need I say the usual shite of how not to handle big issues will be demonstrated the EUROZONE leaders.\r\n\r\nAdd to the BREXIT, GREECE. GREECE has STILL NOT been sorted. Debt relief is the only way forward. What we have here are politicians on four/five year election cycles not prepared to make the tough decisions. They prefer to kick the can down the road and leave it for the next in charge.\r\n\r\nBig elections in ITALY, SPAIN, FRANCE and GERMANY are all happening inside the next 12 months or so. There will be posturing between now and then and this final period of 2016 will be busy with EUROZONE uncertainty.\r\n\r\nFor his area, Draghi has basically stated that country-by-country financial reforms are required now as there is only so much; so far he can go with monetary policy. Need I say it… 19 different countries coordinating financial reforms… yeah right bring that one on!!\r\n\r\nThe ECB will always be high on news as the fair value price of the EUR/USD is probably nearer to parity and given the reforms required the hit and miss of economic performances across the EUROZONE, a weaker EUR is required to help really kick start matters. It just does not seem capable of making this happen.\r\n\r\n&nbsp;\r\n\r\nBOC:\r\n\r\nStephen Poloz (Governor BOC) sees risks to the Canadian economy moving forward, however, it’s really all about OIL prices. I had thought that by now the BOC interest rate would be closer to 0%, but it still sits at 0.50%. There is no doubt that there are huge house price issues ahead and a housing bubble especially in Vancouver and Toronto is on the cards. I strongly suspect that this is the main reason behind the no cut policy above all else.\r\n\r\nCanada is not a progressive country and the BOC is very conservative therefore we should only expect them to react after events and move behind the curve.\r\n\r\nWe may see a cut before the year end, but do not expect anything brave from Poloz and co.\r\n\r\n&nbsp;\r\n\r\nRBA:\r\n\r\nGlenn Stevens passes along his calculator in the next week or so. He has completed his final rate announcement and left saying that the AUD/USD is now at fair value. Holy crap…. that\'s a new one. I suppose he had to say that to say that he left with all things rosy!!\r\n\r\nI need to read up more on this but this seems to be at headline level that contradicts most things that I have read in the past from the RBA vis-à-vis pricing levels.\r\n\r\nMy thoughts are he’s not going to leave stating that the AUD/USD at six months highs around 0.7750 is poorly valued, as it would show a failure.\r\n\r\nPossibly one further cut before the end of the year but frankly I would not be betting on this at all.\r\n\r\n&nbsp;\r\n\r\nRBNZ:\r\n\r\nHead chap at the RBNZ Graeme Wheeler is without doubt the hardest central bank governor to fathom. His meetings are plain boring and so laid back that most of those attending seem completely disinterested in actually asking questions. What is the point? He says one thing and does another.\r\n\r\nSadly from my perspective the NZD is badly valued against most currencies from the AUD through to the USD and I cannot work out why the NZD/USD is closer to 0.7500 rather than 0.5500. It is defying gravity from a currency perspective. I am in trades looking for the NZD to weaken substantially as most economists keep singing the same tune relating to a NZD over-valuation. I keep saying to my subscribers patience is a virtue in trading and we all must show a lot of patience. My NZD positions are a reflection of patience.\r\n\r\nTwo or three months ago, I would have said that this currency with Milk pricing pressures, China and Commodities all against it, would see it needing to be re-valued considerably lower. It has not had the cuts I had expected and I will be surprised if there are any more in the offing this year. But frankly who knows, decisions in New Zealand are reactive rather than proactive, so one cannot be certain.\r\n\r\n&nbsp;\r\n\r\nSNB:\r\n\r\nThomas Jordan (Governor SNB) has been quiet of late but that does not mean that the SNB has not been playing in the markets.\r\n\r\nIt looks to me that there is a general support around 1.0800 for the EUR/CHF and I have no doubt that the desire for flat 1.1000 or above exchange rate is a minimum requirement for the SNB. Despite several attempts it has failed to stay above this level. I would imagine that this is a goal for 2017, maybe even 1.1500.\r\n\r\nExpect the 0.75% negative rate to remain in place for the foreseeable future. Will they be tempted to raise it to meet their CHF valuation expectations? That is the $64k question.\r\n\r\n&nbsp;\r\n\r\nSummary…\r\n\r\nWhichever you slice this up. I am a firm believer that central bank monetary policy is the biggest, or potentially biggest influence on currency pricing.\r\n\r\nWe have lost our way a little over recent times as the “currency wars” intensified. The markets have had the last laugh at times by refusing the jawboning and the rhetoric.\r\n\r\nNevertheless, whether you treat them as equivalent to “rock stars” or not, a central bank governor or president has the power to move markets, and bear in mind they have more money than you and can print the damn stuff if they want to.\r\n\r\nWe have a lot of high value risk events running through into the year-end, some we know about like BREXIT and the U.S. Presidential Election. Bubbling under are ITALIAN constitutional reforms referendum and the GREECE debt problem. The EUROZONE then leads into elections in SPAIN, FRANCE and GERMANY. Plus we also have geopolitical news like NORTH KOREA, ISIS and Middle East tensions related to OIL to keep us focused. CHINA continuing reforms should also not be ignored.\r\n\r\nWith the above in play it stands to reason that central bankers will always be hanging around ready to jump in with a comment or two and maybe in their defense for once, I will acknowledge it is a thankless job trying to create and maintain market stability and a good financial policy based on a three to five year plan.\r\n\r\nI end on my soapbox though. When Mario Draghi last week spent time wasting our time by moving 12 and 24 month GDP projections by 0.1% I screamed – “give me a break” - just end the meeting if you have nothing meaningful to say. I am sick to the back teeth of listening to every central banker extending the period to which they will achieve their 2% inflation goal and the constant winding back of GDP data.\r\n\r\n&nbsp;\r\n\r\n<em> </em>\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW:\r\n\r\nI arrived back home late Friday evening and missed the excitement of Friday.\r\n\r\nMoving forward…\r\n\r\nI am consolidating my AUD/NZD for the real long term, most of you would have noted various economists post data relating to the NZD stating it is up to 20% over-valued versus the AUD and the NZD/USD fair value is below 0.7000.\r\n\r\nI am happy to keep buying the AUD/NZD on dips if necessary. I am prepared for a sub-parity capitulation move and bounce back if necessary.\r\n\r\nI let the cable trades go for a loss of 600 pips as I finally decided that they could get away from me very quickly and I did not want to take the risk. I will be adding back some BREXIT trades this coming week as I return to full speed and better market volumes come back.\r\n\r\nI was tempted to cover the EUR/USD shorts but frankly the more you look at the EUROZONE there is nothing to keep this pair inflated, its all bad news ahead and frankly I am still perplexed why this pair is not sub 1.1000 right now.\r\n\r\nThere are no charts that I am looking at right now, I need to see a couple of days next week first to probably get a good grip on things again. I am however looking to start adding set-ups as early as possible. I have built up a negative 710 pips that needs to be addressed.\r\n\r\nTuesday this week I have my Apple / Network / Integration expert at the house to add another computer and screens. From 9AM EST I will be off the grid for a few hours, although I am hoping that I will be observing via my Laptop. I am not sure at this stage how much I will be affected by the upgrades.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-11092016.png\"><img class=\"aligncenter size-full wp-image-8310\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-11092016.png\" alt=\"live-trades-11092016\" width=\"518\" height=\"629\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMIT-ORDERS-11092016.png\"><img class=\"aligncenter size-full wp-image-8311\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMIT-ORDERS-11092016.png\" alt=\"limit-orders-11092016\" width=\"511\" height=\"578\" /></a> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP - CPi.\r\nTUESDAY: EUR – Draghi Speaks and German ZEW Economic Statement.\r\n\r\nWEDNESDAY: BOE – Employment Data.\r\nWEDNESDAY: NZD – GDP.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – Retail Sales and BOE Interest Rate and MPC voting.\r\nTHURSDAY: USD – Retail Sales.\r\n\r\nFRIDAY: USD – CPi and Core CPi.\r\n\r\n<u>\r\nTHE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1229\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8313\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-11092016-1024x476.png\" alt=\"eurusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.3264\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8314\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-11092016-1024x476.png\" alt=\"gbpusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7536\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8312\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-11092016-1024x476.png\" alt=\"audusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7324\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8315\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-11092016-1024x476.png\" alt=\"nzdusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3047\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8316\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-11092016-1024x476.png\" alt=\"usdcad-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9751\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8317\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-11092016-1024x476.png\" alt=\"usdchf-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 102.69\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8318\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-11092016-1024x476.png\" alt=\"usdjpy-daily-11092016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe are now about 10 days away from the next FOMC meeting with a press conference. However, we have a “Carney Alert” of sorts this week with a BOE interest rate announcement, which follows the jobs, retail sales and CPi data.\r\n\r\nPersonally I am light on trades at the moment so I will be looking to add value trades as this week progresses. That means to me that setting up GBP related trades prior to the Thursday BOE announcement represents poor value unless they are quick in and out FLASH TRADES.\r\n\r\nI will be looking more to commodity currency trades after the AUD jobs data and the NZD after the Dairy auction results both due on Wednesday.\r\n\r\nThe SNB meets this week and whilst I am not expecting anything, never under-estimate the SNB, it’s all in the language with them and the level of the EUR/CHF exchange rate. The PREMIUM SERVICE is currently +65 pips in a long EUR/CHF trade, which I will probably leave on the table through the SNB meeting; at least those are my thoughts at the moment.\r\n\r\nAs Genesis sang we live in the “Land of Confusion”, well I call it maybe more a world of uncertainty; so with that in mind\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 11<sup>th</sup> September 2016\r\nBLOG VERSION: PREMIUM SERVICE SUBSCRIBER VERSION #110\r\n\r\n&nbsp;','CENTRAL BANKS WILL CONTINUE TO DOMINATE THRU THE END OF THE YEAR','','inherit','closed','closed','','8319-revision-v1','','','2016-09-10 14:14:46','2016-09-10 19:14:46','',8319,'http://weeklyfxdrivethru.com/8319-revision-v1/',0,'revision','',0),(8324,1,'2016-09-10 14:33:29','2016-09-10 19:33:29','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION.</strong></li>\r\n</ol>\r\nI am back.\r\n\r\nAm I refreshed and raring to go?\r\n\r\nWell to be honest, I did trade through late July and the first couple of weeks or so in August this year which is something that I haven’t done since 2010, maybe 2011… a long time ago anyways. So I wasn’t 100% dis-engaged through the summer. At times, in fact most of the time it was as boring as watching paint dry but out of the summer doldrums came a pip performance in August of +1,743 pips. I am as they say in 1980’s English Football language over the moon!\r\n\r\nHowever the euphoria of the summer trading was short-lived as I took long-term position trades off the table earlier this month as these trades were getting away from me, basically, USD longs against the cable, long-term view or not they were starting to concern me and as regular followers will know, I am not a huge fan of trading the GBP currency.\r\n\r\nMoving on…\r\n\r\nBefore getting my teeth intro this blog, as a refresher, I pulled from the archives the titles of my last two communications prior to my break just to see what frame of mind I was in: -\r\n<p style=\"text-align: center;\"><strong>GET READY IN SPRING 2017 THERE WILL BE ANOTHER BREXIT VOTE</strong></p>\r\nJuly 9th 2016 – Fyi, I still stand by this belief. Nothing I have heard or read has convinced me that another vote will not miraculously appear on the agenda after the UK winter. This is just my own thought on the matter. The initial doomsday scenario touted by “the remain” camp at the BREXIT vote was pure scare mongering. Lets wait and see… as my wife will vouch to, I am not often right!!\r\n<p style=\"text-align: center;\"><strong>NO SUMMER DOLDRUMS THIS YEAR... FOR FOREX TRADERS?</strong>\r\n\r\nJuly 16<sup>th</sup> 2016 – I got this prediction total ass ways… it was as boring as watching CNN for 2 hours non-stop, same old stuff from a week ago just regurgitated over and over. In fact the world is a great place at the moment, as the only news worthy topic as far as CNN is concerned is the U.S. Presidential election. News channel my arse, it has been sold out and as for the 6/8 member panel discussions, it is just a replica of Washington, divided by political affinity, total polarization, so no wonder the electorate want a damn change away from old style news and politics which is totally boring and not at all informative.</p>\r\n&nbsp;\r\n\r\nMoving on, once again…\r\n\r\nWhat has happened over the past 6 weeks or so?\r\n\r\nI want to say that a lot has happened, however, in reality there has not been too much mind shattering FX news. From my perspective, three news items did jump out, they were: -\r\n\r\n<u>FED RATE HIKES:</u>\r\n\r\nJesus, Mary and Joseph that old chestnut I can hear you muttering under your breath. Yes, frankly if I could get away from writing about this I would but I cannot and what makes it worse is, I do believe that central banks will be front and centre through to the end of this year with their actions and of course their non actions. Utterly boring, but it is what it is.\r\n\r\nLater this month are we either going to see Janet Yellen signal a rate hike of 0.25% at the September FOMC meeting or are we on wait until the last chance saloon in December like last year? Given the September jobs number, which wasn’t a blow out number, expectations have been reeled in. Don\'t you just wish that she would get it over and done with and move on? Maybe they will, but I seriously doubt it, as this FED appears to require permission from the markets to do anything. The tail definitely wags the dog now in my opinion. So we will be on hold, in daily debate as the FED speak from voting and non-voting members consumes the air space.\r\n\r\nFor those of you who have seen the U2 360 DVD when Bono introduces the band and he gets to bass player Adam Clayton and says of Clayton “frankly he could not give a damn”. Well I am at that stage with the FED, I am sick of hearing about will she wont she? I wish that Copernicus were around to get hold of dithering Yellen and tell that she is not at the centre of the universe!! The problem is that unfortunately she damn well is at the centre of my universe! So bugger that for a game of soldiers!\r\n\r\nIf the FED raises rates, is the central bank divergent policy trade back in play. 12 months ago I would have said a definite YES… now I am not that certain anymore.\r\n\r\nHowever, keeping it real. If Yellen raised rates this month on the back of the September jobs number and the what can only be described as crappy ISM Manufacturing PMi numbers, I guess even CNN would break from Presidential election coverage to announce that hell had actually frozen over! The Fed is looking for reasons NOT to raise rather then reasons to back raising rates. Yellen is a dove and that is it.\r\n\r\n<u>BREXIT:</u>\r\n\r\nBREXIT means BREXIT… no it doesn’t … BREXIT means… “we need to think about it much more deeply and debate it to understand what it actually means”.\r\n\r\nEven though it appears that with her cabinet she has started to place “RED LINES” in place over the key areas, in my mind, there has not been anything new from Theresa May and her cabinet in the past 6 weeks. For me however, BREXIT still means UNCERTAINTY.\r\n\r\nWith starting to place stakes in the ground vis-à-vis minimum goals/objectives/targets to achieve in the Article 20 exit discussions with her counterparts in the EUROZONE, it does mean that movement has taken place but frankly it is at a snails pace and this process could take years. I read over the summer break that it took Greenland two full years to separate and without been rude to Greenland in any way, there simply is NOT the same complexity involved. Two years to exit may be what can be called a dream sequence.\r\n\r\nIf you have ever seen the movie by Martin Scorsese “The Last Temptation of Christ”, soundtrack by Peter Gabriel, excellent music by the way, great stuff by the master, this music can stand on its own alone… love it.\r\n\r\nBack on track… my point is at the end of the movie there are scenes with Mary Magdalene, which were called “The Dream Sequences/scenes”.\r\n\r\nTheresa May is having a dream sequence with her shopping list of RED LINES in my opinion. Look at this from the German perspective, they will not want the UK to have anything that looks like a compromise because this will only fuel other countries to think that the grass will be greener on the other side of the fence. The Germans cannot risk a EUROZONE break up.\r\n\r\nHowever, should Germany provide big concessions to the UK, my conspiracy theory is that the Germans want the EUROZONE to implode.\r\n\r\nWatch this space!!\r\n\r\n&nbsp;\r\n\r\n<u>GRAEME (I do NOT know my ARSE from my ELBOW) WHEELER:</u>\r\n\r\nGovernor of the chaps club aka the RBNZ. Talk about whatever way the wind blows management. I am 100% totally confused with RBNZ monetary policy.\r\n\r\nWheeler must have that rare disease concerning his hand coordination as his left hand has no idea what his right hand is doing and vice versa. His actions say one thing and his words say something else.\r\n\r\nIt is very difficult to treat his comments seriously. One minute there is a special meeting and policy is tightened, and with the next breath, its, we are not doing anything. Then he acts surprised that the NZD is appreciating in value.\r\n\r\nI read sometime ago that 0.6500 was the target fair value for the NZD/USD. RBNZ policy actions have had this pair in range between 0.7200 and 0.7400 recently. When the pair reached c.0.6400 back in January this year, instead of keeping the pressure on, Wheeler took his eye off the ball and its been a bull run ever since.\r\n\r\nMost traders and commentators believe the fair value for the NZD/USD is below 0.6500 but frankly I just do not see it reaching these levels again unless we have the FED tightening, commodity prices falling, China slowdown issues raising their profile and Milk prices falling.\r\n\r\nThe RBNZ annoys me, as it is the weakest central bank of the majors. Every time I see NZD news on the docket it rattles my cage.\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nThe winner of a 4-week PREMIUM SERVICE subscription was: - carol@xxxxxxxxxxx.com\r\n\r\nThe winner is already fully set up with PREMIUM SERVICE access for the next 4 weeks.\r\n\r\nTo remind you, you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nThe next draw will be late September and the winner will be set up for the month of October.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\nAUGUST PERFORMANCE: +1,734 pips\r\n\r\nNET PIPS TO THE MONTH SO FAR:       -710 pips\r\nNET PIPS THIS YEAR SO FAR:                +8,490 pips\r\n\r\nNET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nI was away on Prince Edward Island last week taking in some shellfish whilst the roof was being re-shingled on the house. Therefore my thoughts on last week’s news are not really valid for a full commentary as I was merely taking in headlines. I did no background reading or follow-ups. I took on no fresh trades I just managed existing live positions.\r\n\r\nThis area will return next week with a bang given what is on the horizon over the next week!!\r\n\r\n&nbsp;\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>CENTRAL BANKS WILL CONTINUE TO DOMINATE THRU THE END OF THE YEAR</strong></p>\r\n<p style=\"text-align: left;\">I have looked back over 2016 blog titles and it comes as little surprise to me that my favourite topics this year have been the EUROZONE and CENTRAL BANK MONETARY POLICY.</p>\r\nIt is very doubtful that the FED will raise rates on the 21<sup>st</sup> September (later this month) and it now looks like a December rate hike is the next opportunity to do so. I am not even so sure that this date will be a “LIVE” rate meeting as we would have just concluded the 2016 Presidential election, and depending upon the victor and the market reaction December could prove to be a difficult time for the FED.\r\n\r\nNo matter what happens from now until the year end central bank monetary policy will dominate FX moves and the markets will probably remain skittish as a result.\r\n\r\nIt is however, not all down to the FED… thank God.\r\n\r\nOther central banks have big decisions on their agenda moving forward. The ECB, BOJ, BOE, RBA, BOC, SNB and even the chaps at the RBNZ all have major issues in their pending trays that sooner or later they need to tackle head on.\r\n\r\nThis year so far, the likes of the BOC, RBA and the chaps at the RBNZ have held back a lot of commentary on over-valuations of their currencies probably more in hope than belief that the FED would hike, strengthening the USD and in so doing weakening their currencies. This plan if it were in play has failed miserably and the fact that the smaller central banks simply deliver nothing but mixed messages most of the time the exchange rate against the USD has remained much stronger in their favour than they would have liked. RBA target rate is more like to be sub 0.7000 not 0.7500 and RBNZ believed target rate is 0.6500 not 0.7300. The BOC is difficult to understand as most of the time the BOC Governor Poloz has his head buried in a bucket of sand, and his voice is therefore very muffled!!\r\n\r\nBefore looking at what I consider to be the challenges ahead and what are the critical success factors for each central bank through the end of this year below I have added an excel spreadsheet detailing by central bank the key dates moving forward.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CB-MEETINGS-SEPT-DEC2016.png\"><img class=\"aligncenter size-full wp-image-8321\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CB-MEETINGS-SEPT-DEC2016.png\" alt=\"cb-meetings-sept-dec2016\" width=\"288\" height=\"556\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe first thing I noticed as it stood out for me were the dates of the staff Christmas parties. Tempted, as I am to go there and talk about the various Christmas parties I will not, other than to say that the chaps at the RBNZ being so switched on, probably don\'t know its Christmas in December and haven’t scheduled a meeting!! Either that or they are total piss heads and will start rocking on November 29<sup>th</sup> at the rather aptly named around boozing the “Stability Report Meeting”.\r\n\r\nLets me just clarify, I firmly believe that you could lock the whole lot of these numpties into the Guinness factory in Dublin on Friday night around 8PM come back on Monday morning at 8AM and they would all be stone cold sober.\r\n\r\nGetting back…\r\n\r\nFED:\r\n\r\nWhilst all eyes will be on the FED in September to see if there is a surprise rate increase, should they not surprise the market’s attention then shifts to December 14<sup>th</sup>. I think that November is written off being so close to the election.\r\n\r\nAs I mentioned earlier it is not all about the FED, Copernicus, as I mentioned earlier has been in touch and has confirmed that the whole world does NOT revolve around Janet Yellen.\r\n\r\nReputations are at stake no matter which way you slice this up. The FED like it or not still is able to move markets and has some element of respect left but its power has been waning of late. Yellen is a ditherer and so dovish the markets are exploiting this to their benefit at every opportunity. I do think that if the FED does NOT hike in 2016 this will affect their “punch” moving forward.\r\n\r\nWithout any doubt if the FED does NOT raise, later this month it ensures that Central bank monetary policy will remain front and centre until the end of the year.\r\n\r\nAs I stated earlier I think that should the Fed raise this month, hell would have probably frozen over. Check your house insurance policies.\r\n\r\n&nbsp;\r\n\r\nBOE:\r\n\r\nMark Carney (Governor BOE) has nailed his colours to the mast so to speak. There is more to come; the effects of a weaker cable have already been reflected in the recent released manufacturing PMi’s. Right now the UK is benefiting from a weak currency and membership of the EUROPEAN COMMUNITY. It won’t last and as soon as Article 50 of the Lisbon treaty is triggered, I would imagine that cable would come under pressure, as the uncertainty moving forward becomes a greater focus.\r\n\r\nCarney has to deliver stability in the markets into the year-end. There are 4 BOE meeting / Rate decisions and of course its always worthwhile to note that announcements / initiatives can be made at any time. Stability and managing the uncertainty is paramount to cables success or failure into the year-end. I have no doubt that the calls for 1.1000 – 1.2000 GBP/USD will be realized, it is down to Carney to make the drop to these levels steady and not giant steps lower.\r\n\r\nYou just have to remember Carney is a slippery customer, he was an absolute disaster at forward guidance when he first came to the BOE. The markets were constantly misled by his commentaries. I think that Carney’s learning curve with his move from the BOC to the BOE was huge and like him or not, he replaced the previous BOE Governor, “steady Eddie” Merv “the swerve” King who was careful with his vocabulary and was never flustered, painfully slow at times at explaining but you knew what he meant and where he was going. This is not there for me with Carney, not yet anyhow.\r\n\r\nCarney has a huge task ahead of him as the BREXIT ramifications hit both the UK and EUROZONE financial sectors in particular. The BOE will not be far behind the FED for making headline news moving forward.\r\n\r\n&nbsp;\r\n\r\nBOJ:\r\n\r\nIf there is a central bank at the last chance saloon, it is the BOJ. Recent meetings whether they have tried to move the needle with initiatives or not have all been met by the markets raising up the middle finger to all the attempts made by the BOJ to weaken the JPY.\r\n\r\nKuroda (BOJ Governor), I think is now on borrowed time. I do not think that Abe (Japan Prime Minister) will be happy until the USD/JPY is above 115.00-120.00 and the EUR/JPY in the 125.00-130.00 range again. It\'s a tall order and despite the largest QE and QQE programmes plus negative interest rates in place they are still struggling.\r\n\r\nJapan has lots of unique problems facing it, an ageing population, high savings rates and basically an external energy dependence plus DEFLATION. There isn’t a central bank on the planet in the history of central banks that knows how to tackle DEFLATION.\r\n\r\nThis is a big final push to the year-end for the BOJ, I cannot stress how important this period is. For a country heavily dependent on exports it needs the JPY weak. Competition from China and its territories is huge and pressure is intense for Abe’s government policy and the BOJ to succeed.\r\n\r\n&nbsp;\r\n\r\nECB:\r\n\r\nLast week, Mario Draghi (ECB President) completed a press conference that he probably did not want to do (he probably does not want to do any!!). He had nothing new to bring to the party.\r\n\r\nThe ECB is quickly running out of Assets to purchase. All he did was really re-iterate that he will keep QE moving at the current rate and extend if required. I think my thoughts and comments about the EUROZONE are well documented over the past few years.\r\n\r\nI have long said that 19 counties using effectively one chequebook is a recipe for disaster.\r\n<ul>\r\n 	<li>19 different views on the world never mind Europe</li>\r\n 	<li>19 completely different sets of cultures</li>\r\n 	<li>19 different independent central banks</li>\r\n 	<li>19 sets of different tax rules</li>\r\n 	<li>19 sets of different political problems</li>\r\n 	<li>need I go on any more….</li>\r\n</ul>\r\nNow we have a BREXIT issue that will affect the EUROZONE hugely and need I say the usual shite of how not to handle big issues will be demonstrated the EUROZONE leaders.\r\n\r\nAdd to the BREXIT, GREECE. GREECE has STILL NOT been sorted. Debt relief is the only way forward. What we have here are politicians on four/five year election cycles not prepared to make the tough decisions. They prefer to kick the can down the road and leave it for the next in charge.\r\n\r\nBig elections in ITALY, SPAIN, FRANCE and GERMANY are all happening inside the next 12 months or so. There will be posturing between now and then and this final period of 2016 will be busy with EUROZONE uncertainty.\r\n\r\nFor his area, Draghi has basically stated that country-by-country financial reforms are required now as there is only so much; so far he can go with monetary policy. Need I say it… 19 different countries coordinating financial reforms… yeah right bring that one on!!\r\n\r\nThe ECB will always be high on news as the fair value price of the EUR/USD is probably nearer to parity and given the reforms required the hit and miss of economic performances across the EUROZONE, a weaker EUR is required to help really kick start matters. It just does not seem capable of making this happen.\r\n\r\n&nbsp;\r\n\r\nBOC:\r\n\r\nStephen Poloz (Governor BOC) sees risks to the Canadian economy moving forward, however, it’s really all about OIL prices. I had thought that by now the BOC interest rate would be closer to 0%, but it still sits at 0.50%. There is no doubt that there are huge house price issues ahead and a housing bubble especially in Vancouver and Toronto is on the cards. I strongly suspect that this is the main reason behind the no cut policy above all else.\r\n\r\nCanada is not a progressive country and the BOC is very conservative therefore we should only expect them to react after events and move behind the curve.\r\n\r\nWe may see a cut before the year end, but do not expect anything brave from Poloz and co.\r\n\r\n&nbsp;\r\n\r\nRBA:\r\n\r\nGlenn Stevens passes along his calculator in the next week or so. He has completed his final rate announcement and left saying that the AUD/USD is now at fair value. Holy crap…. that\'s a new one. I suppose he had to say that to say that he left with all things rosy!!\r\n\r\nI need to read up more on this but this seems to be at headline level that contradicts most things that I have read in the past from the RBA vis-à-vis pricing levels.\r\n\r\nMy thoughts are he’s not going to leave stating that the AUD/USD at six months highs around 0.7750 is poorly valued, as it would show a failure.\r\n\r\nPossibly one further cut before the end of the year but frankly I would not be betting on this at all.\r\n\r\n&nbsp;\r\n\r\nRBNZ:\r\n\r\nHead chap at the RBNZ Graeme Wheeler is without doubt the hardest central bank governor to fathom. His meetings are plain boring and so laid back that most of those attending seem completely disinterested in actually asking questions. What is the point? He says one thing and does another.\r\n\r\nSadly from my perspective the NZD is badly valued against most currencies from the AUD through to the USD and I cannot work out why the NZD/USD is closer to 0.7500 rather than 0.5500. It is defying gravity from a currency perspective. I am in trades looking for the NZD to weaken substantially as most economists keep singing the same tune relating to a NZD over-valuation. I keep saying to my subscribers patience is a virtue in trading and we all must show a lot of patience. My NZD positions are a reflection of patience.\r\n\r\nTwo or three months ago, I would have said that this currency with Milk pricing pressures, China and Commodities all against it, would see it needing to be re-valued considerably lower. It has not had the cuts I had expected and I will be surprised if there are any more in the offing this year. But frankly who knows, decisions in New Zealand are reactive rather than proactive, so one cannot be certain.\r\n\r\n&nbsp;\r\n\r\nSNB:\r\n\r\nThomas Jordan (Governor SNB) has been quiet of late but that does not mean that the SNB has not been playing in the markets.\r\n\r\nIt looks to me that there is a general support around 1.0800 for the EUR/CHF and I have no doubt that the desire for flat 1.1000 or above exchange rate is a minimum requirement for the SNB. Despite several attempts it has failed to stay above this level. I would imagine that this is a goal for 2017, maybe even 1.1500.\r\n\r\nExpect the 0.75% negative rate to remain in place for the foreseeable future. Will they be tempted to raise it to meet their CHF valuation expectations? That is the $64k question.\r\n\r\n&nbsp;\r\n\r\nSummary…\r\n\r\nWhichever you slice this up. I am a firm believer that central bank monetary policy is the biggest, or potentially biggest influence on currency pricing.\r\n\r\nWe have lost our way a little over recent times as the “currency wars” intensified. The markets have had the last laugh at times by refusing the jawboning and the rhetoric.\r\n\r\nNevertheless, whether you treat them as equivalent to “rock stars” or not, a central bank governor or president has the power to move markets, and bear in mind they have more money than you and can print the damn stuff if they want to.\r\n\r\nWe have a lot of high value risk events running through into the year-end, some we know about like BREXIT and the U.S. Presidential Election. Bubbling under are ITALIAN constitutional reforms referendum and the GREECE debt problem. The EUROZONE then leads into elections in SPAIN, FRANCE and GERMANY. Plus we also have geopolitical news like NORTH KOREA, ISIS and Middle East tensions related to OIL to keep us focused. CHINA continuing reforms should also not be ignored.\r\n\r\nWith the above in play it stands to reason that central bankers will always be hanging around ready to jump in with a comment or two and maybe in their defense for once, I will acknowledge it is a thankless job trying to create and maintain market stability and a good financial policy based on a three to five year plan.\r\n\r\nI end on my soapbox though. When Mario Draghi last week spent time wasting our time by moving 12 and 24 month GDP projections by 0.1% I screamed – “give me a break” - just end the meeting if you have nothing meaningful to say. I am sick to the back teeth of listening to every central banker extending the period to which they will achieve their 2% inflation goal and the constant winding back of GDP data.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\n&nbsp;\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP - CPi.\r\nTUESDAY: EUR – Draghi Speaks and German ZEW Economic Statement.\r\n\r\nWEDNESDAY: BOE – Employment Data.\r\nWEDNESDAY: NZD – GDP.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – Retail Sales and BOE Interest Rate and MPC voting.\r\nTHURSDAY: USD – Retail Sales.\r\n\r\nFRIDAY: USD – CPi and Core CPi.\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1229\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8313\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-11092016-1024x476.png\" alt=\"eurusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.3264\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8314\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-11092016-1024x476.png\" alt=\"gbpusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7536\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8312\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-11092016-1024x476.png\" alt=\"audusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7324\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8315\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-11092016-1024x476.png\" alt=\"nzdusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3047\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8316\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-11092016-1024x476.png\" alt=\"usdcad-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9751\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8317\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-11092016-1024x476.png\" alt=\"usdchf-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 102.69\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8318\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-11092016-1024x476.png\" alt=\"usdjpy-daily-11092016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe are now about 10 days away from the next FOMC meeting with a press conference. However, we have a “Carney Alert” of sorts this week with a BOE interest rate announcement, which follows the jobs, retail sales and CPi data.\r\n\r\nPersonally I am light on trades at the moment so I will be looking to add value trades as this week progresses. That means to me that setting up GBP related trades prior to the Thursday BOE announcement represents poor value unless they are quick in and out FLASH TRADES.\r\n\r\nI will be looking more to commodity currency trades after the AUD jobs data and the NZD after the Dairy auction results both due on Wednesday.\r\n\r\nThe SNB meets this week and whilst I am not expecting anything, never under-estimate the SNB, it’s all in the language with them and the level of the EUR/CHF exchange rate. The PREMIUM SERVICE is currently +65 pips in a long EUR/CHF trade, which I will probably leave on the table through the SNB meeting; at least those are my thoughts at the moment.\r\n\r\nAs Genesis sang we live in the “Land of Confusion”, well I call it maybe more a world of uncertainty; so with that in mind\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>DATE: 11<sup>th</sup> September 2016\r\nBLOG VERSION: FREE NEWSLETTER #213\r\n\r\n&nbsp;','CENTRAL BANKS WILL CONTINUE TO DOMINATE THRU THE END OF THE YEAR','','publish','open','closed','','central-banks-will-continue-dominate-thru-end-year','','','2016-09-10 14:33:29','2016-09-10 19:33:29','',0,'http://weeklyfxdrivethru.com/?p=8324',0,'post','',0),(8325,1,'2016-09-10 14:33:29','2016-09-10 19:33:29','<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION.</strong></li>\r\n</ol>\r\nI am back.\r\n\r\nAm I refreshed and raring to go?\r\n\r\nWell to be honest, I did trade through late July and the first couple of weeks or so in August this year which is something that I haven’t done since 2010, maybe 2011… a long time ago anyways. So I wasn’t 100% dis-engaged through the summer. At times, in fact most of the time it was as boring as watching paint dry but out of the summer doldrums came a pip performance in August of +1,743 pips. I am as they say in 1980’s English Football language over the moon!\r\n\r\nHowever the euphoria of the summer trading was short-lived as I took long-term position trades off the table earlier this month as these trades were getting away from me, basically, USD longs against the cable, long-term view or not they were starting to concern me and as regular followers will know, I am not a huge fan of trading the GBP currency.\r\n\r\nMoving on…\r\n\r\nBefore getting my teeth intro this blog, as a refresher, I pulled from the archives the titles of my last two communications prior to my break just to see what frame of mind I was in: -\r\n<p style=\"text-align: center;\"><strong>GET READY IN SPRING 2017 THERE WILL BE ANOTHER BREXIT VOTE</strong></p>\r\nJuly 9th 2016 – Fyi, I still stand by this belief. Nothing I have heard or read has convinced me that another vote will not miraculously appear on the agenda after the UK winter. This is just my own thought on the matter. The initial doomsday scenario touted by “the remain” camp at the BREXIT vote was pure scare mongering. Lets wait and see… as my wife will vouch to, I am not often right!!\r\n<p style=\"text-align: center;\"><strong>NO SUMMER DOLDRUMS THIS YEAR... FOR FOREX TRADERS?</strong>\r\n\r\nJuly 16<sup>th</sup> 2016 – I got this prediction total ass ways… it was as boring as watching CNN for 2 hours non-stop, same old stuff from a week ago just regurgitated over and over. In fact the world is a great place at the moment, as the only news worthy topic as far as CNN is concerned is the U.S. Presidential election. News channel my arse, it has been sold out and as for the 6/8 member panel discussions, it is just a replica of Washington, divided by political affinity, total polarization, so no wonder the electorate want a damn change away from old style news and politics which is totally boring and not at all informative.</p>\r\n&nbsp;\r\n\r\nMoving on, once again…\r\n\r\nWhat has happened over the past 6 weeks or so?\r\n\r\nI want to say that a lot has happened, however, in reality there has not been too much mind shattering FX news. From my perspective, three news items did jump out, they were: -\r\n\r\n<u>FED RATE HIKES:</u>\r\n\r\nJesus, Mary and Joseph that old chestnut I can hear you muttering under your breath. Yes, frankly if I could get away from writing about this I would but I cannot and what makes it worse is, I do believe that central banks will be front and centre through to the end of this year with their actions and of course their non actions. Utterly boring, but it is what it is.\r\n\r\nLater this month are we either going to see Janet Yellen signal a rate hike of 0.25% at the September FOMC meeting or are we on wait until the last chance saloon in December like last year? Given the September jobs number, which wasn’t a blow out number, expectations have been reeled in. Don\'t you just wish that she would get it over and done with and move on? Maybe they will, but I seriously doubt it, as this FED appears to require permission from the markets to do anything. The tail definitely wags the dog now in my opinion. So we will be on hold, in daily debate as the FED speak from voting and non-voting members consumes the air space.\r\n\r\nFor those of you who have seen the U2 360 DVD when Bono introduces the band and he gets to bass player Adam Clayton and says of Clayton “frankly he could not give a damn”. Well I am at that stage with the FED, I am sick of hearing about will she wont she? I wish that Copernicus were around to get hold of dithering Yellen and tell that she is not at the centre of the universe!! The problem is that unfortunately she damn well is at the centre of my universe! So bugger that for a game of soldiers!\r\n\r\nIf the FED raises rates, is the central bank divergent policy trade back in play. 12 months ago I would have said a definite YES… now I am not that certain anymore.\r\n\r\nHowever, keeping it real. If Yellen raised rates this month on the back of the September jobs number and the what can only be described as crappy ISM Manufacturing PMi numbers, I guess even CNN would break from Presidential election coverage to announce that hell had actually frozen over! The Fed is looking for reasons NOT to raise rather then reasons to back raising rates. Yellen is a dove and that is it.\r\n\r\n<u>BREXIT:</u>\r\n\r\nBREXIT means BREXIT… no it doesn’t … BREXIT means… “we need to think about it much more deeply and debate it to understand what it actually means”.\r\n\r\nEven though it appears that with her cabinet she has started to place “RED LINES” in place over the key areas, in my mind, there has not been anything new from Theresa May and her cabinet in the past 6 weeks. For me however, BREXIT still means UNCERTAINTY.\r\n\r\nWith starting to place stakes in the ground vis-à-vis minimum goals/objectives/targets to achieve in the Article 20 exit discussions with her counterparts in the EUROZONE, it does mean that movement has taken place but frankly it is at a snails pace and this process could take years. I read over the summer break that it took Greenland two full years to separate and without been rude to Greenland in any way, there simply is NOT the same complexity involved. Two years to exit may be what can be called a dream sequence.\r\n\r\nIf you have ever seen the movie by Martin Scorsese “The Last Temptation of Christ”, soundtrack by Peter Gabriel, excellent music by the way, great stuff by the master, this music can stand on its own alone… love it.\r\n\r\nBack on track… my point is at the end of the movie there are scenes with Mary Magdalene, which were called “The Dream Sequences/scenes”.\r\n\r\nTheresa May is having a dream sequence with her shopping list of RED LINES in my opinion. Look at this from the German perspective, they will not want the UK to have anything that looks like a compromise because this will only fuel other countries to think that the grass will be greener on the other side of the fence. The Germans cannot risk a EUROZONE break up.\r\n\r\nHowever, should Germany provide big concessions to the UK, my conspiracy theory is that the Germans want the EUROZONE to implode.\r\n\r\nWatch this space!!\r\n\r\n&nbsp;\r\n\r\n<u>GRAEME (I do NOT know my ARSE from my ELBOW) WHEELER:</u>\r\n\r\nGovernor of the chaps club aka the RBNZ. Talk about whatever way the wind blows management. I am 100% totally confused with RBNZ monetary policy.\r\n\r\nWheeler must have that rare disease concerning his hand coordination as his left hand has no idea what his right hand is doing and vice versa. His actions say one thing and his words say something else.\r\n\r\nIt is very difficult to treat his comments seriously. One minute there is a special meeting and policy is tightened, and with the next breath, its, we are not doing anything. Then he acts surprised that the NZD is appreciating in value.\r\n\r\nI read sometime ago that 0.6500 was the target fair value for the NZD/USD. RBNZ policy actions have had this pair in range between 0.7200 and 0.7400 recently. When the pair reached c.0.6400 back in January this year, instead of keeping the pressure on, Wheeler took his eye off the ball and its been a bull run ever since.\r\n\r\nMost traders and commentators believe the fair value for the NZD/USD is below 0.6500 but frankly I just do not see it reaching these levels again unless we have the FED tightening, commodity prices falling, China slowdown issues raising their profile and Milk prices falling.\r\n\r\nThe RBNZ annoys me, as it is the weakest central bank of the majors. Every time I see NZD news on the docket it rattles my cage.\r\n\r\nMoving on, for anyone new to this blog…\r\n\r\nThe winner of a 4-week PREMIUM SERVICE subscription was: - carol@xxxxxxxxxxx.com\r\n\r\nThe winner is already fully set up with PREMIUM SERVICE access for the next 4 weeks.\r\n\r\nTo remind you, you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nThe next draw will be late September and the winner will be set up for the month of October.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\nAUGUST PERFORMANCE: +1,734 pips\r\n\r\nNET PIPS TO THE MONTH SO FAR:       -710 pips\r\nNET PIPS THIS YEAR SO FAR:                +8,490 pips\r\n\r\nNET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nI was away on Prince Edward Island last week taking in some shellfish whilst the roof was being re-shingled on the house. Therefore my thoughts on last week’s news are not really valid for a full commentary as I was merely taking in headlines. I did no background reading or follow-ups. I took on no fresh trades I just managed existing live positions.\r\n\r\nThis area will return next week with a bang given what is on the horizon over the next week!!\r\n\r\n&nbsp;\r\n\r\n<strong>WHAT’S BIG ON MY MIND:</strong>\r\n<p style=\"text-align: center;\"><strong>CENTRAL BANKS WILL CONTINUE TO DOMINATE THRU THE END OF THE YEAR</strong></p>\r\n<p style=\"text-align: left;\">I have looked back over 2016 blog titles and it comes as little surprise to me that my favourite topics this year have been the EUROZONE and CENTRAL BANK MONETARY POLICY.</p>\r\nIt is very doubtful that the FED will raise rates on the 21<sup>st</sup> September (later this month) and it now looks like a December rate hike is the next opportunity to do so. I am not even so sure that this date will be a “LIVE” rate meeting as we would have just concluded the 2016 Presidential election, and depending upon the victor and the market reaction December could prove to be a difficult time for the FED.\r\n\r\nNo matter what happens from now until the year end central bank monetary policy will dominate FX moves and the markets will probably remain skittish as a result.\r\n\r\nIt is however, not all down to the FED… thank God.\r\n\r\nOther central banks have big decisions on their agenda moving forward. The ECB, BOJ, BOE, RBA, BOC, SNB and even the chaps at the RBNZ all have major issues in their pending trays that sooner or later they need to tackle head on.\r\n\r\nThis year so far, the likes of the BOC, RBA and the chaps at the RBNZ have held back a lot of commentary on over-valuations of their currencies probably more in hope than belief that the FED would hike, strengthening the USD and in so doing weakening their currencies. This plan if it were in play has failed miserably and the fact that the smaller central banks simply deliver nothing but mixed messages most of the time the exchange rate against the USD has remained much stronger in their favour than they would have liked. RBA target rate is more like to be sub 0.7000 not 0.7500 and RBNZ believed target rate is 0.6500 not 0.7300. The BOC is difficult to understand as most of the time the BOC Governor Poloz has his head buried in a bucket of sand, and his voice is therefore very muffled!!\r\n\r\nBefore looking at what I consider to be the challenges ahead and what are the critical success factors for each central bank through the end of this year below I have added an excel spreadsheet detailing by central bank the key dates moving forward.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CB-MEETINGS-SEPT-DEC2016.png\"><img class=\"aligncenter size-full wp-image-8321\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CB-MEETINGS-SEPT-DEC2016.png\" alt=\"cb-meetings-sept-dec2016\" width=\"288\" height=\"556\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe first thing I noticed as it stood out for me were the dates of the staff Christmas parties. Tempted, as I am to go there and talk about the various Christmas parties I will not, other than to say that the chaps at the RBNZ being so switched on, probably don\'t know its Christmas in December and haven’t scheduled a meeting!! Either that or they are total piss heads and will start rocking on November 29<sup>th</sup> at the rather aptly named around boozing the “Stability Report Meeting”.\r\n\r\nLets me just clarify, I firmly believe that you could lock the whole lot of these numpties into the Guinness factory in Dublin on Friday night around 8PM come back on Monday morning at 8AM and they would all be stone cold sober.\r\n\r\nGetting back…\r\n\r\nFED:\r\n\r\nWhilst all eyes will be on the FED in September to see if there is a surprise rate increase, should they not surprise the market’s attention then shifts to December 14<sup>th</sup>. I think that November is written off being so close to the election.\r\n\r\nAs I mentioned earlier it is not all about the FED, Copernicus, as I mentioned earlier has been in touch and has confirmed that the whole world does NOT revolve around Janet Yellen.\r\n\r\nReputations are at stake no matter which way you slice this up. The FED like it or not still is able to move markets and has some element of respect left but its power has been waning of late. Yellen is a ditherer and so dovish the markets are exploiting this to their benefit at every opportunity. I do think that if the FED does NOT hike in 2016 this will affect their “punch” moving forward.\r\n\r\nWithout any doubt if the FED does NOT raise, later this month it ensures that Central bank monetary policy will remain front and centre until the end of the year.\r\n\r\nAs I stated earlier I think that should the Fed raise this month, hell would have probably frozen over. Check your house insurance policies.\r\n\r\n&nbsp;\r\n\r\nBOE:\r\n\r\nMark Carney (Governor BOE) has nailed his colours to the mast so to speak. There is more to come; the effects of a weaker cable have already been reflected in the recent released manufacturing PMi’s. Right now the UK is benefiting from a weak currency and membership of the EUROPEAN COMMUNITY. It won’t last and as soon as Article 50 of the Lisbon treaty is triggered, I would imagine that cable would come under pressure, as the uncertainty moving forward becomes a greater focus.\r\n\r\nCarney has to deliver stability in the markets into the year-end. There are 4 BOE meeting / Rate decisions and of course its always worthwhile to note that announcements / initiatives can be made at any time. Stability and managing the uncertainty is paramount to cables success or failure into the year-end. I have no doubt that the calls for 1.1000 – 1.2000 GBP/USD will be realized, it is down to Carney to make the drop to these levels steady and not giant steps lower.\r\n\r\nYou just have to remember Carney is a slippery customer, he was an absolute disaster at forward guidance when he first came to the BOE. The markets were constantly misled by his commentaries. I think that Carney’s learning curve with his move from the BOC to the BOE was huge and like him or not, he replaced the previous BOE Governor, “steady Eddie” Merv “the swerve” King who was careful with his vocabulary and was never flustered, painfully slow at times at explaining but you knew what he meant and where he was going. This is not there for me with Carney, not yet anyhow.\r\n\r\nCarney has a huge task ahead of him as the BREXIT ramifications hit both the UK and EUROZONE financial sectors in particular. The BOE will not be far behind the FED for making headline news moving forward.\r\n\r\n&nbsp;\r\n\r\nBOJ:\r\n\r\nIf there is a central bank at the last chance saloon, it is the BOJ. Recent meetings whether they have tried to move the needle with initiatives or not have all been met by the markets raising up the middle finger to all the attempts made by the BOJ to weaken the JPY.\r\n\r\nKuroda (BOJ Governor), I think is now on borrowed time. I do not think that Abe (Japan Prime Minister) will be happy until the USD/JPY is above 115.00-120.00 and the EUR/JPY in the 125.00-130.00 range again. It\'s a tall order and despite the largest QE and QQE programmes plus negative interest rates in place they are still struggling.\r\n\r\nJapan has lots of unique problems facing it, an ageing population, high savings rates and basically an external energy dependence plus DEFLATION. There isn’t a central bank on the planet in the history of central banks that knows how to tackle DEFLATION.\r\n\r\nThis is a big final push to the year-end for the BOJ, I cannot stress how important this period is. For a country heavily dependent on exports it needs the JPY weak. Competition from China and its territories is huge and pressure is intense for Abe’s government policy and the BOJ to succeed.\r\n\r\n&nbsp;\r\n\r\nECB:\r\n\r\nLast week, Mario Draghi (ECB President) completed a press conference that he probably did not want to do (he probably does not want to do any!!). He had nothing new to bring to the party.\r\n\r\nThe ECB is quickly running out of Assets to purchase. All he did was really re-iterate that he will keep QE moving at the current rate and extend if required. I think my thoughts and comments about the EUROZONE are well documented over the past few years.\r\n\r\nI have long said that 19 counties using effectively one chequebook is a recipe for disaster.\r\n<ul>\r\n 	<li>19 different views on the world never mind Europe</li>\r\n 	<li>19 completely different sets of cultures</li>\r\n 	<li>19 different independent central banks</li>\r\n 	<li>19 sets of different tax rules</li>\r\n 	<li>19 sets of different political problems</li>\r\n 	<li>need I go on any more….</li>\r\n</ul>\r\nNow we have a BREXIT issue that will affect the EUROZONE hugely and need I say the usual shite of how not to handle big issues will be demonstrated the EUROZONE leaders.\r\n\r\nAdd to the BREXIT, GREECE. GREECE has STILL NOT been sorted. Debt relief is the only way forward. What we have here are politicians on four/five year election cycles not prepared to make the tough decisions. They prefer to kick the can down the road and leave it for the next in charge.\r\n\r\nBig elections in ITALY, SPAIN, FRANCE and GERMANY are all happening inside the next 12 months or so. There will be posturing between now and then and this final period of 2016 will be busy with EUROZONE uncertainty.\r\n\r\nFor his area, Draghi has basically stated that country-by-country financial reforms are required now as there is only so much; so far he can go with monetary policy. Need I say it… 19 different countries coordinating financial reforms… yeah right bring that one on!!\r\n\r\nThe ECB will always be high on news as the fair value price of the EUR/USD is probably nearer to parity and given the reforms required the hit and miss of economic performances across the EUROZONE, a weaker EUR is required to help really kick start matters. It just does not seem capable of making this happen.\r\n\r\n&nbsp;\r\n\r\nBOC:\r\n\r\nStephen Poloz (Governor BOC) sees risks to the Canadian economy moving forward, however, it’s really all about OIL prices. I had thought that by now the BOC interest rate would be closer to 0%, but it still sits at 0.50%. There is no doubt that there are huge house price issues ahead and a housing bubble especially in Vancouver and Toronto is on the cards. I strongly suspect that this is the main reason behind the no cut policy above all else.\r\n\r\nCanada is not a progressive country and the BOC is very conservative therefore we should only expect them to react after events and move behind the curve.\r\n\r\nWe may see a cut before the year end, but do not expect anything brave from Poloz and co.\r\n\r\n&nbsp;\r\n\r\nRBA:\r\n\r\nGlenn Stevens passes along his calculator in the next week or so. He has completed his final rate announcement and left saying that the AUD/USD is now at fair value. Holy crap…. that\'s a new one. I suppose he had to say that to say that he left with all things rosy!!\r\n\r\nI need to read up more on this but this seems to be at headline level that contradicts most things that I have read in the past from the RBA vis-à-vis pricing levels.\r\n\r\nMy thoughts are he’s not going to leave stating that the AUD/USD at six months highs around 0.7750 is poorly valued, as it would show a failure.\r\n\r\nPossibly one further cut before the end of the year but frankly I would not be betting on this at all.\r\n\r\n&nbsp;\r\n\r\nRBNZ:\r\n\r\nHead chap at the RBNZ Graeme Wheeler is without doubt the hardest central bank governor to fathom. His meetings are plain boring and so laid back that most of those attending seem completely disinterested in actually asking questions. What is the point? He says one thing and does another.\r\n\r\nSadly from my perspective the NZD is badly valued against most currencies from the AUD through to the USD and I cannot work out why the NZD/USD is closer to 0.7500 rather than 0.5500. It is defying gravity from a currency perspective. I am in trades looking for the NZD to weaken substantially as most economists keep singing the same tune relating to a NZD over-valuation. I keep saying to my subscribers patience is a virtue in trading and we all must show a lot of patience. My NZD positions are a reflection of patience.\r\n\r\nTwo or three months ago, I would have said that this currency with Milk pricing pressures, China and Commodities all against it, would see it needing to be re-valued considerably lower. It has not had the cuts I had expected and I will be surprised if there are any more in the offing this year. But frankly who knows, decisions in New Zealand are reactive rather than proactive, so one cannot be certain.\r\n\r\n&nbsp;\r\n\r\nSNB:\r\n\r\nThomas Jordan (Governor SNB) has been quiet of late but that does not mean that the SNB has not been playing in the markets.\r\n\r\nIt looks to me that there is a general support around 1.0800 for the EUR/CHF and I have no doubt that the desire for flat 1.1000 or above exchange rate is a minimum requirement for the SNB. Despite several attempts it has failed to stay above this level. I would imagine that this is a goal for 2017, maybe even 1.1500.\r\n\r\nExpect the 0.75% negative rate to remain in place for the foreseeable future. Will they be tempted to raise it to meet their CHF valuation expectations? That is the $64k question.\r\n\r\n&nbsp;\r\n\r\nSummary…\r\n\r\nWhichever you slice this up. I am a firm believer that central bank monetary policy is the biggest, or potentially biggest influence on currency pricing.\r\n\r\nWe have lost our way a little over recent times as the “currency wars” intensified. The markets have had the last laugh at times by refusing the jawboning and the rhetoric.\r\n\r\nNevertheless, whether you treat them as equivalent to “rock stars” or not, a central bank governor or president has the power to move markets, and bear in mind they have more money than you and can print the damn stuff if they want to.\r\n\r\nWe have a lot of high value risk events running through into the year-end, some we know about like BREXIT and the U.S. Presidential Election. Bubbling under are ITALIAN constitutional reforms referendum and the GREECE debt problem. The EUROZONE then leads into elections in SPAIN, FRANCE and GERMANY. Plus we also have geopolitical news like NORTH KOREA, ISIS and Middle East tensions related to OIL to keep us focused. CHINA continuing reforms should also not be ignored.\r\n\r\nWith the above in play it stands to reason that central bankers will always be hanging around ready to jump in with a comment or two and maybe in their defense for once, I will acknowledge it is a thankless job trying to create and maintain market stability and a good financial policy based on a three to five year plan.\r\n\r\nI end on my soapbox though. When Mario Draghi last week spent time wasting our time by moving 12 and 24 month GDP projections by 0.1% I screamed – “give me a break” - just end the meeting if you have nothing meaningful to say. I am sick to the back teeth of listening to every central banker extending the period to which they will achieve their 2% inflation goal and the constant winding back of GDP data.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE AREA:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\n&nbsp;\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: GBP - CPi.\r\nTUESDAY: EUR – Draghi Speaks and German ZEW Economic Statement.\r\n\r\nWEDNESDAY: BOE – Employment Data.\r\nWEDNESDAY: NZD – GDP.\r\nWEDNESDAY: AUD – Employment Data.\r\n\r\nTHURSDAY: GBP – Retail Sales and BOE Interest Rate and MPC voting.\r\nTHURSDAY: USD – Retail Sales.\r\n\r\nFRIDAY: USD – CPi and Core CPi.\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1229\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8313\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-11092016-1024x476.png\" alt=\"eurusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.3264\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8314\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-11092016-1024x476.png\" alt=\"gbpusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7536\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8312\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-11092016-1024x476.png\" alt=\"audusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7324\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8315\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-11092016-1024x476.png\" alt=\"nzdusd-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3047\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8316\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-11092016-1024x476.png\" alt=\"usdcad-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9751\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8317\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-11092016-1024x476.png\" alt=\"usdchf-daily-11092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 102.69\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-11092016.png\"><img class=\"aligncenter size-large wp-image-8318\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-11092016-1024x476.png\" alt=\"usdjpy-daily-11092016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe are now about 10 days away from the next FOMC meeting with a press conference. However, we have a “Carney Alert” of sorts this week with a BOE interest rate announcement, which follows the jobs, retail sales and CPi data.\r\n\r\nPersonally I am light on trades at the moment so I will be looking to add value trades as this week progresses. That means to me that setting up GBP related trades prior to the Thursday BOE announcement represents poor value unless they are quick in and out FLASH TRADES.\r\n\r\nI will be looking more to commodity currency trades after the AUD jobs data and the NZD after the Dairy auction results both due on Wednesday.\r\n\r\nThe SNB meets this week and whilst I am not expecting anything, never under-estimate the SNB, it’s all in the language with them and the level of the EUR/CHF exchange rate. The PREMIUM SERVICE is currently +65 pips in a long EUR/CHF trade, which I will probably leave on the table through the SNB meeting; at least those are my thoughts at the moment.\r\n\r\nAs Genesis sang we live in the “Land of Confusion”, well I call it maybe more a world of uncertainty; so with that in mind\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>DATE: 11<sup>th</sup> September 2016\r\nBLOG VERSION: FREE NEWSLETTER #213\r\n\r\n&nbsp;','CENTRAL BANKS WILL CONTINUE TO DOMINATE THRU THE END OF THE YEAR','','inherit','closed','closed','','8324-revision-v1','','','2016-09-10 14:33:29','2016-09-10 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14:47:56','',8345,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-17092016.png',0,'attachment','image/png',0),(8340,1,'2016-09-17 06:03:30','2016-09-17 11:03:30','','gbpusd-daily-17092016','','inherit','open','closed','','gbpusd-daily-17092016','','','2016-09-17 09:48:39','2016-09-17 14:48:39','',8345,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-17092016.png',0,'attachment','image/png',0),(8341,1,'2016-09-17 06:03:33','2016-09-17 11:03:33','','nzdusd-daily-17092016','','inherit','open','closed','','nzdusd-daily-17092016','','','2016-09-17 09:49:46','2016-09-17 14:49:46','',8345,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-17092016.png',0,'attachment','image/png',0),(8342,1,'2016-09-17 06:03:36','2016-09-17 11:03:36','','usdcad-daily-17092016','','inherit','open','closed','','usdcad-daily-17092016','','','2016-09-17 09:50:06','2016-09-17 14:50:06','',8345,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-17092016.png',0,'attachment','image/png',0),(8343,1,'2016-09-17 06:03:38','2016-09-17 11:03:38','','usdchf-daily-17092016','','inherit','open','closed','','usdchf-daily-17092016','','','2016-09-17 09:50:17','2016-09-17 14:50:17','',8345,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-17092016.png',0,'attachment','image/png',0),(8344,1,'2016-09-17 06:03:41','2016-09-17 11:03:41','','usdjpy-daily-17092016','','inherit','open','closed','','usdjpy-daily-17092016','','','2016-09-17 09:50:33','2016-09-17 14:50:33','',8345,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-17092016.png',0,'attachment','image/png',0),(8345,1,'2016-09-17 09:52:39','2016-09-17 14:52:39','<p style=\"text-align: center;\"><strong>CENTRAL BANK CONFUSION REIGNS…</strong>\r\n<strong>(CENTRAL BANKS WILL CONTINUE TO DOMINATE</strong>\r\n<strong>THRU TO THE END OF THE YEAR)</strong></p>\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nStraight in this week. What sort of a week was that, that we just traded through, or in my case sat through? All I did was watch profits come and go as the markets lacked any fundamental direction. It was as far as I am concerned a classic chop fest. Scalpers of the market may have enjoyed it but I did not.\r\n\r\nThis month so far, I have hardly traded…look at all that sleep I could have had!!\r\n\r\nIn fact, in the entire week I closed one trade for a 35 pip loss and one for a 20 pip gain; -15 pips for the week. Hardly a knicker-gripping performance. For those of you considering a subscription it’s not always this exciting!\r\n\r\nThe big benefit from last week being such a snooze was that I made contact with several of my broker account managers and many of my PREMIUM SERVICE subscribers, usually I am too harassed to do these things.\r\n\r\nGetting back on point…\r\n\r\nI drove back from Prince Edward Island Friday 9<sup>th</sup>, the day that the Dow dropped almost 400 points. Since then the Dow has rallied back, sold off again, consolidated a little then sold off, then rallied and then sold off again into the weekly close. The Dow 4-hour chart represents a look-a-like design diagram of a scary helter-skelter theme park ride that one would see at a six-flags theme park in the U.S.\r\n\r\nTo say that these trading conditions are difficult nay challenging is a bit of an understatement. I have tried to let trades ride as at times I am guilty (I feel), of taking trades off the table too fast.\r\n\r\nI have a EUR/CHF long trade that I have been live with since the 7th of September. This trade has moved in a range from a positive 30-80 pips for most of its time. This represents the market path at the moment.  There are other examples like EUR/USD, which finally went sub 1.1200 on Friday.\r\n\r\nThe market frankly at the moment lacks a leader. Yes, I know Gold, Oil and Bonds are trying to lead but it’s all rangey, well in my opinion it is.\r\n\r\nI have written the following few words so many times, in many different formats in the past four years of blogs, and yet they are still as true today as they were the first time I wrote them….\r\n\r\n<em>“Trading Forex requires patience otherwise you will not achieve longevity in trading. Capital preservation is paramount to success in trading Forex. You must set your objectives and trades in the full knowledge that you will miss many trading opportunities, but by waiting for trades to come to you rather than chasing trades, your longevity in the markets will be enhanced tremendously” </em>\r\n\r\nOnwards and upwards…\r\n\r\nTo remind you, you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nThe next draw will be late September and the winner will be set up for the month of October.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNET PIPS TO THE MONTH SO FAR:      -725 pips\r\nNET PIPS THIS YEAR SO FAR:               +8,475 pips\r\n\r\nNET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nLast week was a snooze fest. The major news items that I was looking forward to such as the SNB and BOE announcements were non-events.\r\n\r\nThe big surprise of the week was U.S. CPi data on Friday last week.\r\n\r\nI probably, like many traders was expecting a boat load of crappy data based on the prior days Retail Sales data and PPi. CPi was a great print. It brought in some well needed volatility and USD strength that broke many range bound and triangle patterns that were scattered all over my charts.\r\n\r\nWith this exception, last week was a snooze fest for other than scalper traders.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS)\r\n</strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong></p>\r\n<p style=\"text-align: center;\"><strong>CENTRAL BANK CONFUSION REIGNS…</strong>\r\n<strong>(CENTRAL BANKS WILL CONTINUE TO DOMINATE</strong>\r\n<strong>THRU TO THE END OF THE YEAR)</strong></p>\r\n\r\nI had quite a bit of feedback over the past 7 days from last week’s blog. I am not one that gets too much feedback usually, but I must have hit a few nerves last week.\r\n\r\nI am not going to go into the ins and outs of the questions asked and opinions raised about my opinions last week. All feedback was positive and whilst opinions did differ a wee bit, in general there was a great deal of agreement. I did say to a couple of respondents that I would re-visit the subject again this week and expand on a couple of pieces raised last week that I did not touch upon in great detail.\r\n\r\nBasically…. we have confusion. Well at least that\'s my overriding view of the central banks at the moment.\r\n\r\nI made a remark about Nicolaus Copernicus (Polish Astronomer) last week and joining his theories to FED chair Janet Yellen.\r\n\r\nThe world of Forex and other markets in my opinion, revolve around Janet Yellen, she is the centre of the universe, like it or not. Yet she manages a team of FED governors who frankly instead of maintaining market stability are creating uncertainty and havoc because they all have different versions of interpretation of economic statistics and market overviews. Whilst this is fine, they should learn that they should keep their mouths shut and their opinions to themselves unless to be aired in a FOMC policy meeting.\r\n\r\nThere is little point in the FED chair spouting consistencies and market preparations are important no surprises if all we read and listen to are the underlings squabbling over their points of view, which, frankly mean very little at the end of the day as it is the voice of the Fed chair, and only her voice that counts.\r\n\r\nThe Fed knows that the markets and the media are like Lab rats looking for food on a regular basis and competition for ratings means that the two main market channels CNBC and BLOOMBERG will bring on all sorts of alleged experts to voice opinions who then disappear never to be seen again… never held accountable.\r\n\r\nThis confusion is directly opposed to one of the main functions of a central bank, which is to deliver monetary policy and at the same time maintain market stability in doing so. I am struggling to see get on TV, smile at the pretty girls and say whatever you want without ramifications.\r\n\r\nIf you recall a couple of years ago, Mario Draghi, ECB President, had one hell of a problem with the Bundesbank, Schaeuble (German Finance Minister) plus Nowotny and others from the ECB board spouting off and contradicting ECB policies. Obviously Draghi won the day as those comments have pretty much disappeared and whether you agree with ECB policy or not at least it is now consistent in transmission.\r\n\r\nThe FED creates confusion at the moment. The forward guidance offers zero clarity only confusion to market participants… its guesswork. It is still better odds than doing your local lottery but it is still confusion in my opinion.\r\n\r\nMy point from last week’s blog is that many central banks are offering confusion, lack of direction because they are like us, waiting on Copernicus to offer up something tangible to hang our hats on.\r\n\r\nWe have Dudley, Rosengren, Brainard, Fischer all hitting the wires with the likes of Brainard now having TV time, just offering up a mixture of 100% misleading opinions and to top it all the likes of Evans and Kashkari who aren’t even voting members, adding more mud to already muddy waters!!\r\n\r\nIs this permanent state of confusion from the FED, which results in the smaller economies playing a waiting game, good for the markets? I raised this question with my peer group last week. The short answer was no. We agreed that the financial markets are on a merry-go-round that frankly no-one wants to get off first, which is in my opinion exacerbated by the fact that Janet Yellen is over dovish and a ditherer.\r\n\r\nI think that I put out a tweet during the week following Brainard’s speech stating that being a dove is easy. You can always find a reason for not doing anything.\r\n\r\nJanet Yellen and her flock of doves on the FOMC are basically not cautious anymore, I think that that boat sailed a long time ago. They are now just so frightened to move, frankly a 0.25% raise back in the day would have been seen as a credibility issue and not managing the markets, the opposite in fact the tail definitely is wagging the dog now as far as I am concerned.\r\n\r\nSo to raise or not raise is the question.\r\n\r\nThis coming week we have the BOJ, RBNZ and the FED all with interest rate and policy statements to announce, plus Poloz and Draghi are also speaking. Sounds like time for some traders in New York, London and Tokyo to stock up on the Prozac.\r\n\r\nWednesday will be a big day: -\r\n\r\nThe BOJ start it off. There are rumours that Abe / Kuroda will be flying around in helicopters and raising the negative interest rate from 0.10% to 0.25% or even higher in an attempt to show the markets that they are in control.\r\n\r\nThen the FED rolls in with much eagerly awaited decision and press conference. My gut tells me more dithering will be on the agenda. There is enough data to use to say why no increase in rates, and to push out the decision to the end of the year.\r\n\r\nIn my opinion that is a dangerous game as the Fed wants to normalize and have “something behind the clock on the mantelpiece” in my opinion in case the “Donald” is named president. Janet Yellen, by all accounts, if we believe the “Donald” is out of a job if he becomes the leader of the free world. My God there’s a thought. I need to stock up on Jack Daniels “Fire” for that one.\r\n\r\nHowever, Yellen is a dove and like a leopard I cannot she her changing her spots.\r\n\r\nFinally, on Wednesday, we have the chaps from the RBNZ, aka the press conference….. that is the cure for insomnia.\r\n\r\nAt the moment I have six live trades with the PREMIUM SERVICE: -\r\n\r\n2 x EUR/USD shorts (POSITION TRADES)\r\n2 x NZD/USD shorts (1 x POSITION and 1 x RADAR TRADE)\r\n1 x AUD/USD short (RADAR TRADE)\r\n1 x USD/CAD long (FLASH TRADE)\r\n\r\nAll my other open trades are cross-rates, which I will leave alone. These USD related trades I will probably close except the POSITION TRADES ahead of the FOMC on Wednesday. I see very little point having an open risk.\r\n\r\nI will also review my limit orders ahead of Wednesday and remove.\r\n\r\nCONFUSION = UNCERTAINTY in my book.\r\n\r\nI hope that this addendum to last week’s main opinion piece in the blog has further clarified my perspective on matters.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW:\r\n\r\nLast week was a non-event.\r\n\r\nI can’t apologize for it. It was what it was, I tried to trade but there were no follow troughs, it was just a chop fest.\r\n\r\nThis coming week I may exit a few more trades profitable or not to eliminate risk. Mentally, I haven’t written off September as an adjustment month, but it is starting to look that way. The constant uncertainty is questioning my way to trade the USD and whilst fundamentally I still have my views vis-à-vis the UK, EUROZONE, New Zealand, Australia etc U.S. monetary policy is paramount to these views in relation to the USD majors. More and more I am thinking that the cross rates may be the way to play the markets.\r\n\r\nFor now, I am not going back to normal trade sizes, the excel sheet that was sent out early in the summer is still in play.\r\n\r\nI am a little concerned that we could be in a state of flux through to the end of 2016 should the FED postpone again, which is more than likely in my opinion given the Yellen history. I hope she raises but let’s be realistic.\r\n\r\nBeing quiet last week, I had a “Peer group” SKYPE conference call for about 30 minutes.  Our Equities and Bonds guy was most vocal this time given the changing market opportunities and the effect this will have on the EM. The consensus was really one of wait and see as further clarification is required. I feel that all we seem to do and all I seem to write is wait until next week, then we should have clarification. Then if that doesn’t work I pick another news event and write the same thing. The last couple of months have been like this. I am frightened to write this but hopefully after the FED this Wednesday we do get a direction and a lot of clarification. Not wanting to collapse the field but I doubt it.\r\n\r\nI took the snooze fest as an opportunity to catch up with brokers. At the end of these conversations I can only say that if I was manic depressive and I had a length of rope and a beam this blog would not be published this week or ever again. Talk about slash your wrists time!!\r\n\r\nI strongly suspect client numbers, volumes and profits are all lower. There are headcount issues on the horizon for this industry and very interesting annual accounts to look at moving forward. Lots of white label products failing allegedly. That will be because of the costs to income via trading ratios, I doubt it would be much more simple than that. I am expecting a big push via “giveaways” from the usual suspects like IRON FX that I do not trade with.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:\r\n</strong>The excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-17092016.png\"><img class=\"aligncenter size-large wp-image-8337\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-17092016-794x1024.png\" alt=\"live-trades-17092016\" width=\"794\" height=\"1024\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMIT-ORDERS-17092016.png\"><img class=\"aligncenter size-large wp-image-8336\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMIT-ORDERS-17092016-890x1024.png\" alt=\"limit-orders-17092016\" width=\"890\" height=\"1024\" /></a> </strong>\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: NZD – GDT (Dairy Auction results).\r\nTUESDAY: CAD – Stephen Poloz (BOC Governor) speaks.\r\nTUESDAY: AUD – 6 month Economic review.\r\n\r\nWEDNESDAY: BOJ – Monetary Policy Statement &amp; Press Conference..\r\nWEDNESDAY: USD – FED Statement and Press Conference.\r\nWEDNESDAY: NZD – RBNZ (The Chaps) Rate Statement.\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB President) speaks.\r\n\r\nFRIDAY: CAD – Core CPi and Core Retail Sales.\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1153\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8339\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-17092016-1024x476.png\" alt=\"eurusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2996\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8340\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-17092016-1024x476.png\" alt=\"gbpusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7490\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8338\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-17092016-1024x476.png\" alt=\"audusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7263\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8341\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-17092016-1024x476.png\" alt=\"nzdusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3212\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8342\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-17092016-1024x476.png\" alt=\"usdcad-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9800\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8343\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-17092016-1024x476.png\" alt=\"usdchf-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 102.25\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8344\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-17092016-1024x476.png\" alt=\"usdjpy-daily-17092016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe have central banks dominating the news feeds this week. It is without question in my mind that you should eliminate risk as much as possible as we head into this period.\r\n\r\nAt the moment trading Forex can be likened to a World War II soldier trying to walk across a field of land mines. Whilst not a matter of life or death one has to tread very carefully and weigh up all the options available. Eliminating risk is the best option in my opinion.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>DATE: 17<sup>th</sup> September 2016\r\nBLOG VERSION: #111 PREMIUM SERVICE\r\n\r\n&nbsp;','CENTRAL BANK CONFUSION REIGNS…','','publish','open','closed','','central-bank-confusion-reigns','','','2016-09-17 09:52:39','2016-09-17 14:52:39','',0,'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=8345',0,'member_posts','',0),(8346,1,'2016-09-17 09:52:39','2016-09-17 14:52:39','<p style=\"text-align: center;\"><strong>CENTRAL BANK CONFUSION REIGNS…</strong>\r\n<strong>(CENTRAL BANKS WILL CONTINUE TO DOMINATE</strong>\r\n<strong>THRU TO THE END OF THE YEAR)</strong></p>\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nStraight in this week. What sort of a week was that, that we just traded through, or in my case sat through? All I did was watch profits come and go as the markets lacked any fundamental direction. It was as far as I am concerned a classic chop fest. Scalpers of the market may have enjoyed it but I did not.\r\n\r\nThis month so far, I have hardly traded…look at all that sleep I could have had!!\r\n\r\nIn fact, in the entire week I closed one trade for a 35 pip loss and one for a 20 pip gain; -15 pips for the week. Hardly a knicker-gripping performance. For those of you considering a subscription it’s not always this exciting!\r\n\r\nThe big benefit from last week being such a snooze was that I made contact with several of my broker account managers and many of my PREMIUM SERVICE subscribers, usually I am too harassed to do these things.\r\n\r\nGetting back on point…\r\n\r\nI drove back from Prince Edward Island Friday 9<sup>th</sup>, the day that the Dow dropped almost 400 points. Since then the Dow has rallied back, sold off again, consolidated a little then sold off, then rallied and then sold off again into the weekly close. The Dow 4-hour chart represents a look-a-like design diagram of a scary helter-skelter theme park ride that one would see at a six-flags theme park in the U.S.\r\n\r\nTo say that these trading conditions are difficult nay challenging is a bit of an understatement. I have tried to let trades ride as at times I am guilty (I feel), of taking trades off the table too fast.\r\n\r\nI have a EUR/CHF long trade that I have been live with since the 7th of September. This trade has moved in a range from a positive 30-80 pips for most of its time. This represents the market path at the moment.  There are other examples like EUR/USD, which finally went sub 1.1200 on Friday.\r\n\r\nThe market frankly at the moment lacks a leader. Yes, I know Gold, Oil and Bonds are trying to lead but it’s all rangey, well in my opinion it is.\r\n\r\nI have written the following few words so many times, in many different formats in the past four years of blogs, and yet they are still as true today as they were the first time I wrote them….\r\n\r\n<em>“Trading Forex requires patience otherwise you will not achieve longevity in trading. Capital preservation is paramount to success in trading Forex. You must set your objectives and trades in the full knowledge that you will miss many trading opportunities, but by waiting for trades to come to you rather than chasing trades, your longevity in the markets will be enhanced tremendously” </em>\r\n\r\nOnwards and upwards…\r\n\r\nTo remind you, you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nThe next draw will be late September and the winner will be set up for the month of October.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNET PIPS TO THE MONTH SO FAR:      -725 pips\r\nNET PIPS THIS YEAR SO FAR:               +8,475 pips\r\n\r\nNET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong>\r\n\r\nLast week was a snooze fest. The major news items that I was looking forward to such as the SNB and BOE announcements were non-events.\r\n\r\nThe big surprise of the week was U.S. CPi data on Friday last week.\r\n\r\nI probably, like many traders was expecting a boat load of crappy data based on the prior days Retail Sales data and PPi. CPi was a great print. It brought in some well needed volatility and USD strength that broke many range bound and triangle patterns that were scattered all over my charts.\r\n\r\nWith this exception, last week was a snooze fest for other than scalper traders.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS)\r\n</strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong></p>\r\n<p style=\"text-align: center;\"><strong>CENTRAL BANK CONFUSION REIGNS…</strong>\r\n<strong>(CENTRAL BANKS WILL CONTINUE TO DOMINATE</strong>\r\n<strong>THRU TO THE END OF THE YEAR)</strong></p>\r\n\r\nI had quite a bit of feedback over the past 7 days from last week’s blog. I am not one that gets too much feedback usually, but I must have hit a few nerves last week.\r\n\r\nI am not going to go into the ins and outs of the questions asked and opinions raised about my opinions last week. All feedback was positive and whilst opinions did differ a wee bit, in general there was a great deal of agreement. I did say to a couple of respondents that I would re-visit the subject again this week and expand on a couple of pieces raised last week that I did not touch upon in great detail.\r\n\r\nBasically…. we have confusion. Well at least that\'s my overriding view of the central banks at the moment.\r\n\r\nI made a remark about Nicolaus Copernicus (Polish Astronomer) last week and joining his theories to FED chair Janet Yellen.\r\n\r\nThe world of Forex and other markets in my opinion, revolve around Janet Yellen, she is the centre of the universe, like it or not. Yet she manages a team of FED governors who frankly instead of maintaining market stability are creating uncertainty and havoc because they all have different versions of interpretation of economic statistics and market overviews. Whilst this is fine, they should learn that they should keep their mouths shut and their opinions to themselves unless to be aired in a FOMC policy meeting.\r\n\r\nThere is little point in the FED chair spouting consistencies and market preparations are important no surprises if all we read and listen to are the underlings squabbling over their points of view, which, frankly mean very little at the end of the day as it is the voice of the Fed chair, and only her voice that counts.\r\n\r\nThe Fed knows that the markets and the media are like Lab rats looking for food on a regular basis and competition for ratings means that the two main market channels CNBC and BLOOMBERG will bring on all sorts of alleged experts to voice opinions who then disappear never to be seen again… never held accountable.\r\n\r\nThis confusion is directly opposed to one of the main functions of a central bank, which is to deliver monetary policy and at the same time maintain market stability in doing so. I am struggling to see get on TV, smile at the pretty girls and say whatever you want without ramifications.\r\n\r\nIf you recall a couple of years ago, Mario Draghi, ECB President, had one hell of a problem with the Bundesbank, Schaeuble (German Finance Minister) plus Nowotny and others from the ECB board spouting off and contradicting ECB policies. Obviously Draghi won the day as those comments have pretty much disappeared and whether you agree with ECB policy or not at least it is now consistent in transmission.\r\n\r\nThe FED creates confusion at the moment. The forward guidance offers zero clarity only confusion to market participants… its guesswork. It is still better odds than doing your local lottery but it is still confusion in my opinion.\r\n\r\nMy point from last week’s blog is that many central banks are offering confusion, lack of direction because they are like us, waiting on Copernicus to offer up something tangible to hang our hats on.\r\n\r\nWe have Dudley, Rosengren, Brainard, Fischer all hitting the wires with the likes of Brainard now having TV time, just offering up a mixture of 100% misleading opinions and to top it all the likes of Evans and Kashkari who aren’t even voting members, adding more mud to already muddy waters!!\r\n\r\nIs this permanent state of confusion from the FED, which results in the smaller economies playing a waiting game, good for the markets? I raised this question with my peer group last week. The short answer was no. We agreed that the financial markets are on a merry-go-round that frankly no-one wants to get off first, which is in my opinion exacerbated by the fact that Janet Yellen is over dovish and a ditherer.\r\n\r\nI think that I put out a tweet during the week following Brainard’s speech stating that being a dove is easy. You can always find a reason for not doing anything.\r\n\r\nJanet Yellen and her flock of doves on the FOMC are basically not cautious anymore, I think that that boat sailed a long time ago. They are now just so frightened to move, frankly a 0.25% raise back in the day would have been seen as a credibility issue and not managing the markets, the opposite in fact the tail definitely is wagging the dog now as far as I am concerned.\r\n\r\nSo to raise or not raise is the question.\r\n\r\nThis coming week we have the BOJ, RBNZ and the FED all with interest rate and policy statements to announce, plus Poloz and Draghi are also speaking. Sounds like time for some traders in New York, London and Tokyo to stock up on the Prozac.\r\n\r\nWednesday will be a big day: -\r\n\r\nThe BOJ start it off. There are rumours that Abe / Kuroda will be flying around in helicopters and raising the negative interest rate from 0.10% to 0.25% or even higher in an attempt to show the markets that they are in control.\r\n\r\nThen the FED rolls in with much eagerly awaited decision and press conference. My gut tells me more dithering will be on the agenda. There is enough data to use to say why no increase in rates, and to push out the decision to the end of the year.\r\n\r\nIn my opinion that is a dangerous game as the Fed wants to normalize and have “something behind the clock on the mantelpiece” in my opinion in case the “Donald” is named president. Janet Yellen, by all accounts, if we believe the “Donald” is out of a job if he becomes the leader of the free world. My God there’s a thought. I need to stock up on Jack Daniels “Fire” for that one.\r\n\r\nHowever, Yellen is a dove and like a leopard I cannot she her changing her spots.\r\n\r\nFinally, on Wednesday, we have the chaps from the RBNZ, aka the press conference….. that is the cure for insomnia.\r\n\r\nAt the moment I have six live trades with the PREMIUM SERVICE: -\r\n\r\n2 x EUR/USD shorts (POSITION TRADES)\r\n2 x NZD/USD shorts (1 x POSITION and 1 x RADAR TRADE)\r\n1 x AUD/USD short (RADAR TRADE)\r\n1 x USD/CAD long (FLASH TRADE)\r\n\r\nAll my other open trades are cross-rates, which I will leave alone. These USD related trades I will probably close except the POSITION TRADES ahead of the FOMC on Wednesday. I see very little point having an open risk.\r\n\r\nI will also review my limit orders ahead of Wednesday and remove.\r\n\r\nCONFUSION = UNCERTAINTY in my book.\r\n\r\nI hope that this addendum to last week’s main opinion piece in the blog has further clarified my perspective on matters.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW:\r\n\r\nLast week was a non-event.\r\n\r\nI can’t apologize for it. It was what it was, I tried to trade but there were no follow troughs, it was just a chop fest.\r\n\r\nThis coming week I may exit a few more trades profitable or not to eliminate risk. Mentally, I haven’t written off September as an adjustment month, but it is starting to look that way. The constant uncertainty is questioning my way to trade the USD and whilst fundamentally I still have my views vis-à-vis the UK, EUROZONE, New Zealand, Australia etc U.S. monetary policy is paramount to these views in relation to the USD majors. More and more I am thinking that the cross rates may be the way to play the markets.\r\n\r\nFor now, I am not going back to normal trade sizes, the excel sheet that was sent out early in the summer is still in play.\r\n\r\nI am a little concerned that we could be in a state of flux through to the end of 2016 should the FED postpone again, which is more than likely in my opinion given the Yellen history. I hope she raises but let’s be realistic.\r\n\r\nBeing quiet last week, I had a “Peer group” SKYPE conference call for about 30 minutes.  Our Equities and Bonds guy was most vocal this time given the changing market opportunities and the effect this will have on the EM. The consensus was really one of wait and see as further clarification is required. I feel that all we seem to do and all I seem to write is wait until next week, then we should have clarification. Then if that doesn’t work I pick another news event and write the same thing. The last couple of months have been like this. I am frightened to write this but hopefully after the FED this Wednesday we do get a direction and a lot of clarification. Not wanting to collapse the field but I doubt it.\r\n\r\nI took the snooze fest as an opportunity to catch up with brokers. At the end of these conversations I can only say that if I was manic depressive and I had a length of rope and a beam this blog would not be published this week or ever again. Talk about slash your wrists time!!\r\n\r\nI strongly suspect client numbers, volumes and profits are all lower. There are headcount issues on the horizon for this industry and very interesting annual accounts to look at moving forward. Lots of white label products failing allegedly. That will be because of the costs to income via trading ratios, I doubt it would be much more simple than that. I am expecting a big push via “giveaways” from the usual suspects like IRON FX that I do not trade with.\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:\r\n</strong>The excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-17092016.png\"><img class=\"aligncenter size-large wp-image-8337\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-17092016-794x1024.png\" alt=\"live-trades-17092016\" width=\"794\" height=\"1024\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMIT-ORDERS-17092016.png\"><img class=\"aligncenter size-large wp-image-8336\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMIT-ORDERS-17092016-890x1024.png\" alt=\"limit-orders-17092016\" width=\"890\" height=\"1024\" /></a> </strong>\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: NZD – GDT (Dairy Auction results).\r\nTUESDAY: CAD – Stephen Poloz (BOC Governor) speaks.\r\nTUESDAY: AUD – 6 month Economic review.\r\n\r\nWEDNESDAY: BOJ – Monetary Policy Statement &amp; Press Conference..\r\nWEDNESDAY: USD – FED Statement and Press Conference.\r\nWEDNESDAY: NZD – RBNZ (The Chaps) Rate Statement.\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB President) speaks.\r\n\r\nFRIDAY: CAD – Core CPi and Core Retail Sales.\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1153\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8339\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-17092016-1024x476.png\" alt=\"eurusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2996\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8340\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-17092016-1024x476.png\" alt=\"gbpusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7490\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8338\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-17092016-1024x476.png\" alt=\"audusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7263\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8341\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-17092016-1024x476.png\" alt=\"nzdusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3212\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8342\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-17092016-1024x476.png\" alt=\"usdcad-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9800\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8343\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-17092016-1024x476.png\" alt=\"usdchf-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 102.25\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8344\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-17092016-1024x476.png\" alt=\"usdjpy-daily-17092016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe have central banks dominating the news feeds this week. It is without question in my mind that you should eliminate risk as much as possible as we head into this period.\r\n\r\nAt the moment trading Forex can be likened to a World War II soldier trying to walk across a field of land mines. Whilst not a matter of life or death one has to tread very carefully and weigh up all the options available. Eliminating risk is the best option in my opinion.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>DATE: 17<sup>th</sup> September 2016\r\nBLOG VERSION: #111 PREMIUM SERVICE\r\n\r\n&nbsp;','CENTRAL BANK CONFUSION REIGNS…','','inherit','closed','closed','','8345-revision-v1','','','2016-09-17 09:52:39','2016-09-17 14:52:39','',8345,'http://weeklyfxdrivethru.com/8345-revision-v1/',0,'revision','',0),(9060,1,'2017-02-01 07:39:32','2017-02-01 12:39:32','<section class=\"one-sixth first\">\r\n<h4>Monthly and Annual Consolidated Performance Analysis :</h4>\r\n</section><section class=\"five-sixths\">\r\n<div class=\"one-half first\">\r\n<h2>This Year\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/PERF-ANALYSIS-JAN2017.png\"><img class=\"aligncenter size-large wp-image-9053\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/PERF-ANALYSIS-JAN2017-854x1024.png\" alt=\"\" width=\"854\" height=\"1024\" /></a></h2>\r\n&nbsp;\r\n\r\n</div>\r\n<div class=\"one-half\">\r\n<h2>PREVIOUS YEARS</h2>\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-revision-v1','','','2017-02-01 07:39:32','2017-02-01 12:39:32','',5002,'http://weeklyfxdrivethru.com/5002-revision-v1/',0,'revision','',0),(9043,1,'2017-01-31 12:50:16','2017-01-31 17:50:16','','RADAR 31012017','','inherit','open','closed','','radar-31012017','','','2017-02-01 07:32:13','2017-02-01 12:32:13','',2524,'http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/RADAR-31012017.png',0,'attachment','image/png',0),(9044,1,'2017-01-31 12:50:30','2017-01-31 17:50:30','','RADAR JANYTD 2017','','inherit','open','closed','','radar-janytd-2017','','','2017-02-01 07:32:27','2017-02-01 12:32:27','',2524,'http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/RADAR-JANYTD-2017.png',0,'attachment','image/png',0),(9045,1,'2017-01-31 12:50:39','2017-01-31 17:50:39','','FLASH 31012017','','inherit','open','closed','','flash-31012017','','','2017-02-01 07:30:47','2017-02-01 12:30:47','',2711,'http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FLASH-31012017.png',0,'attachment','image/png',0),(9046,1,'2017-01-31 12:50:52','2017-01-31 17:50:52','','FLASH JANYTD2017','','inherit','open','closed','','flash-janytd2017','','','2017-02-01 07:31:15','2017-02-01 12:31:15','',2711,'http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FLASH-JANYTD2017.png',0,'attachment','image/png',0),(9047,1,'2017-01-31 12:51:02','2017-01-31 17:51:02','','FUN 31012017','','inherit','open','closed','','fun-31012017','','','2017-02-01 07:33:20','2017-02-01 12:33:20','',3106,'http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FUN-31012017.png',0,'attachment','image/png',0),(8352,1,'2016-09-17 10:29:00','2016-09-17 15:29:00','<p style=\"text-align: center;\"><strong>CENTRAL BANK CONFUSION REIGNS...</strong>\r\n<strong>(CENTRAL BANKS WILL CONTINUE TO DOMINATE THRU TO THE END OF THE YEAR)</strong></p>\r\n\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nStraight in this week. What sort of a week was that, that we just traded through, or in my case sat through? All I did was watch profits come and go as the markets lacked any fundamental direction. It was as far as I am concerned a classic chop fest. Scalpers of the market may have enjoyed it but I did not.\r\n\r\nThis month so far, I have hardly traded…look at all that sleep I could have had!!\r\n\r\nIn fact, in the entire week I closed one trade for a 35 pip loss and one for a 20 pip gain; -15 pips for the week. Hardly a knicker-gripping performance. For those of you considering a subscription it’s not always this exciting!\r\n\r\nThe big benefit from last week being such a snooze was that I made contact with several of my broker account managers and many of my PREMIUM SERVICE subscribers, usually I am too harassed to do these things.\r\n\r\nGetting back on point…\r\n\r\nI drove back from Prince Edward Island Friday 9<sup>th</sup>, the day that the Dow dropped almost 400 points. Since then the Dow has rallied back, sold off again, consolidated a little then sold off, then rallied and then sold off again into the weekly close. The Dow 4-hour chart represents a look-a-like design diagram of a scary helter-skelter theme park ride that one would see at a six-flags theme park in the U.S.\r\n\r\nTo say that these trading conditions are difficult nay challenging is a bit of an understatement. I have tried to let trades ride as at times I am guilty (I feel), of taking trades off the table too fast.\r\n\r\nI have a EUR/CHF long trade that I have been live with since the 7th of September. This trade has moved in a range from a positive 30-80 pips for most of its time. This represents the market path at the moment.  There are other examples like EUR/USD, which finally went sub 1.1200 on Friday.\r\n\r\nThe market frankly at the moment lacks a leader. Yes, I know Gold, Oil and Bonds are trying to lead but it’s all rangey, well in my opinion it is.\r\n\r\nI have written the following few words so many times, in many different formats in the past four years of blogs, and yet they are still as true today as they were the first time I wrote them….\r\n\r\n<em>“Trading Forex requires patience otherwise you will not achieve longevity in trading. Capital preservation is paramount to success in trading Forex. You must set your objectives and trades in the full knowledge that you will miss many trading opportunities, but by waiting for trades to come to you rather than chasing trades, your longevity in the markets will be enhanced tremendously” </em>\r\n\r\nOnwards and upwards…\r\n\r\nTo remind you, you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nThe next draw will be late September and the winner will be set up for the month of October.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNET PIPS TO THE MONTH SO FAR:      -725 pips\r\nNET PIPS THIS YEAR SO FAR:               +8,475 pips\r\n\r\nNET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong><u> </u>\r\n\r\nLast week was a snooze fest. The major news items that I was looking forward to such as the SNB and BOE announcements were non-events.\r\n\r\nThe big surprise of the week was U.S. CPi data on Friday last week.\r\n\r\nI probably, like many traders was expecting a boat load of crappy data based on the prior days Retail Sales data and PPi. CPi was a great print. It brought in some well needed volatility and USD strength that broke many range bound and triangle patterns that were scattered all over my charts.\r\n\r\nWith this exception, last week was a snooze fest for other than scalper traders.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong>\r\n<p style=\"text-align: center;\"><strong>CENTRAL BANK CONFUSION REIGNS…</strong>\r\n<strong>(CENTRAL BANKS WILL CONTINUE TO DOMINATE THRU TO THE END OF THE YEAR)</strong></p>\r\n\r\nI had quite a bit of feedback over the past 7 days from last week’s blog. I am not one that gets too much feedback usually, but I must have hit a few nerves last week.\r\n\r\nI am not going to go into the ins and outs of the questions asked and opinions raised about my opinions last week. All feedback was positive and whilst opinions did differ a wee bit, in general there was a great deal of agreement. I did say to a couple of respondents that I would re-visit the subject again this week and expand on a couple of pieces raised last week that I did not touch upon in great detail.\r\n\r\nBasically…. we have confusion. Well at least that\'s my overriding view of the central banks at the moment.\r\n\r\nI made a remark about Nicolaus Copernicus (Polish Astronomer) last week and joining his theories to FED chair Janet Yellen.\r\n\r\nThe world of Forex and other markets in my opinion, revolve around Janet Yellen, she is the centre of the universe, like it or not. Yet she manages a team of FED governors who frankly instead of maintaining market stability are creating uncertainty and havoc because they all have different versions of interpretation of economic statistics and market overviews. Whilst this is fine, they should learn that they should keep their mouths shut and their opinions to themselves unless to be aired in a FOMC policy meeting.\r\n\r\nThere is little point in the FED chair spouting consistencies and market preparations are important no surprises if all we read and listen to are the underlings squabbling over their points of view, which, frankly mean very little at the end of the day as it is the voice of the Fed chair, and only her voice that counts.\r\n\r\nThe Fed knows that the markets and the media are like Lab rats looking for food on a regular basis and competition for ratings means that the two main market channels CNBC and BLOOMBERG will bring on all sorts of alleged experts to voice opinions who then disappear never to be seen again… never held accountable.\r\n\r\nThis confusion is directly opposed to one of the main functions of a central bank, which is to deliver monetary policy and at the same time maintain market stability in doing so. I am struggling to see get on TV, smile at the pretty girls and say whatever you want without ramifications.\r\n\r\nIf you recall a couple of years ago, Mario Draghi, ECB President, had one hell of a problem with the Bundesbank, Schaeuble (German Finance Minister) plus Nowotny and others from the ECB board spouting off and contradicting ECB policies. Obviously Draghi won the day as those comments have pretty much disappeared and whether you agree with ECB policy or not at least it is now consistent in transmission.\r\n\r\nThe FED creates confusion at the moment. The forward guidance offers zero clarity only confusion to market participants… its guesswork. It is still better odds than doing your local lottery but it is still confusion in my opinion.\r\n\r\nMy point from last week’s blog is that many central banks are offering confusion, lack of direction because they are like us, waiting on Copernicus to offer up something tangible to hang our hats on.\r\n\r\nWe have Dudley, Rosengren, Brainard, Fischer all hitting the wires with the likes of Brainard now having TV time, just offering up a mixture of 100% misleading opinions and to top it all the likes of Evans and Kashkari who aren’t even voting members, adding more mud to already muddy waters!!\r\n\r\nIs this permanent state of confusion from the FED, which results in the smaller economies playing a waiting game, good for the markets? I raised this question with my peer group last week. The short answer was no. We agreed that the financial markets are on a merry-go-round that frankly no-one wants to get off first, which is in my opinion exacerbated by the fact that Janet Yellen is over dovish and a ditherer.\r\n\r\nI think that I put out a tweet during the week following Brainard’s speech stating that being a dove is easy. You can always find a reason for not doing anything.\r\n\r\nJanet Yellen and her flock of doves on the FOMC are basically not cautious anymore, I think that that boat sailed a long time ago. They are now just so frightened to move, frankly a 0.25% raise back in the day would have been seen as a credibility issue and not managing the markets, the opposite in fact the tail definitely is wagging the dog now as far as I am concerned.\r\n\r\nSo to raise or not raise is the question.\r\n\r\nThis coming week we have the BOJ, RBNZ and the FED all with interest rate and policy statements to announce, plus Poloz and Draghi are also speaking. Sounds like time for some traders in New York, London and Tokyo to stock up on the Prozac.\r\n\r\nWednesday will be a big day: -\r\n\r\nThe BOJ start it off. There are rumours that Abe / Kuroda will be flying around in helicopters and raising the negative interest rate from 0.10% to 0.25% or even higher in an attempt to show the markets that they are in control.\r\n\r\nThen the FED rolls in with much eagerly awaited decision and press conference. My gut tells me more dithering will be on the agenda. There is enough data to use to say why no increase in rates, and to push out the decision to the end of the year.\r\n\r\nIn my opinion that is a dangerous game as the Fed wants to normalize and have “something behind the clock on the mantelpiece” in my opinion in case the “Donald” is named president. Janet Yellen, by all accounts, if we believe the “Donald” is out of a job if he becomes the leader of the free world. My God there’s a thought. I need to stock up on Jack Daniels “Fire” for that one.\r\n\r\nHowever, Yellen is a dove and like a leopard I cannot she her changing her spots.\r\n\r\nFinally, on Wednesday, we have the chaps from the RBNZ, aka the press conference….. that is the cure for insomnia.\r\n\r\nAt the moment I have six live trades with the PREMIUM SERVICE: -\r\n\r\n2 x EUR/USD shorts (POSITION TRADES)\r\n2 x NZD/USD shorts (1 x POSITION and 1 x RADAR TRADE)\r\n1 x AUD/USD short (RADAR TRADE)\r\n1 x USD/CAD long (FLASH TRADE)\r\n\r\nAll my other open trades are cross-rates, which I will leave alone. These USD related trades I will probably close except the POSITION TRADES ahead of the FOMC on Wednesday. I see very little point having an open risk.\r\n\r\nI will also review my limit orders ahead of Wednesday and remove.\r\n\r\nCONFUSION = UNCERTAINTY in my book.\r\n\r\nI hope that this addendum to last week’s main opinion piece in the blog has further clarified my perspective on matters.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: NZD – GDT (Dairy Auction results).\r\nTUESDAY: CAD – Stephen Poloz (BOC Governor) speaks.\r\nTUESDAY: AUD – 6 month Economic review.\r\n\r\nWEDNESDAY: BOJ – Monetary Policy Statement &amp; Press Conference..\r\nWEDNESDAY: USD – FED Statement and Press Conference.\r\nWEDNESDAY: NZD – RBNZ (The Chaps) Rate Statement.\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB President) speaks.\r\n\r\nFRIDAY: CAD – Core CPi and Core Retail Sales.\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1153\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8339\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-17092016-1024x476.png\" alt=\"eurusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2996\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8340\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-17092016-1024x476.png\" alt=\"gbpusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7490\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8338\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-17092016-1024x476.png\" alt=\"audusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7263\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8341\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-17092016-1024x476.png\" alt=\"nzdusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3212\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8342\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-17092016-1024x476.png\" alt=\"usdcad-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9800\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8343\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-17092016-1024x476.png\" alt=\"usdchf-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 102.25\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8344\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-17092016-1024x476.png\" alt=\"usdjpy-daily-17092016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe have central banks dominating the news feeds this week. It is without question in my mind that you should eliminate risk as much as possible as we head into this period.\r\n\r\nAt the moment trading Forex can be likened to a World War II soldier trying to walk across a field of land mines. Whilst not a matter of life or death one has to tread very carefully and weigh up all the options available. Eliminating risk is the best option in my opinion.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 17<sup>th</sup> September 2016\r\nBLOG VERSION: #214 FREE NEWSLETTER VERSION\r\n\r\n&nbsp;','CENTRAL BANK CONFUSION REIGNS…','','publish','open','closed','','central-bank-confusion-reigns','','','2016-09-17 10:29:00','2016-09-17 15:29:00','',0,'http://weeklyfxdrivethru.com/?p=8352',0,'post','',0),(8353,1,'2016-09-17 10:29:00','2016-09-17 15:29:00','<p style=\"text-align: center;\"><strong>CENTRAL BANK CONFUSION REIGNS...</strong>\r\n<strong>(CENTRAL BANKS WILL CONTINUE TO DOMINATE THRU TO THE END OF THE YEAR)</strong></p>\r\n\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nStraight in this week. What sort of a week was that, that we just traded through, or in my case sat through? All I did was watch profits come and go as the markets lacked any fundamental direction. It was as far as I am concerned a classic chop fest. Scalpers of the market may have enjoyed it but I did not.\r\n\r\nThis month so far, I have hardly traded…look at all that sleep I could have had!!\r\n\r\nIn fact, in the entire week I closed one trade for a 35 pip loss and one for a 20 pip gain; -15 pips for the week. Hardly a knicker-gripping performance. For those of you considering a subscription it’s not always this exciting!\r\n\r\nThe big benefit from last week being such a snooze was that I made contact with several of my broker account managers and many of my PREMIUM SERVICE subscribers, usually I am too harassed to do these things.\r\n\r\nGetting back on point…\r\n\r\nI drove back from Prince Edward Island Friday 9<sup>th</sup>, the day that the Dow dropped almost 400 points. Since then the Dow has rallied back, sold off again, consolidated a little then sold off, then rallied and then sold off again into the weekly close. The Dow 4-hour chart represents a look-a-like design diagram of a scary helter-skelter theme park ride that one would see at a six-flags theme park in the U.S.\r\n\r\nTo say that these trading conditions are difficult nay challenging is a bit of an understatement. I have tried to let trades ride as at times I am guilty (I feel), of taking trades off the table too fast.\r\n\r\nI have a EUR/CHF long trade that I have been live with since the 7th of September. This trade has moved in a range from a positive 30-80 pips for most of its time. This represents the market path at the moment.  There are other examples like EUR/USD, which finally went sub 1.1200 on Friday.\r\n\r\nThe market frankly at the moment lacks a leader. Yes, I know Gold, Oil and Bonds are trying to lead but it’s all rangey, well in my opinion it is.\r\n\r\nI have written the following few words so many times, in many different formats in the past four years of blogs, and yet they are still as true today as they were the first time I wrote them….\r\n\r\n<em>“Trading Forex requires patience otherwise you will not achieve longevity in trading. Capital preservation is paramount to success in trading Forex. You must set your objectives and trades in the full knowledge that you will miss many trading opportunities, but by waiting for trades to come to you rather than chasing trades, your longevity in the markets will be enhanced tremendously” </em>\r\n\r\nOnwards and upwards…\r\n\r\nTo remind you, you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nThe next draw will be late September and the winner will be set up for the month of October.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\nNET PIPS TO THE MONTH SO FAR:      -725 pips\r\nNET PIPS THIS YEAR SO FAR:               +8,475 pips\r\n\r\nNET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong><u> </u>\r\n\r\nLast week was a snooze fest. The major news items that I was looking forward to such as the SNB and BOE announcements were non-events.\r\n\r\nThe big surprise of the week was U.S. CPi data on Friday last week.\r\n\r\nI probably, like many traders was expecting a boat load of crappy data based on the prior days Retail Sales data and PPi. CPi was a great print. It brought in some well needed volatility and USD strength that broke many range bound and triangle patterns that were scattered all over my charts.\r\n\r\nWith this exception, last week was a snooze fest for other than scalper traders.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong>\r\n<p style=\"text-align: center;\"><strong>CENTRAL BANK CONFUSION REIGNS…</strong>\r\n<strong>(CENTRAL BANKS WILL CONTINUE TO DOMINATE THRU TO THE END OF THE YEAR)</strong></p>\r\n\r\nI had quite a bit of feedback over the past 7 days from last week’s blog. I am not one that gets too much feedback usually, but I must have hit a few nerves last week.\r\n\r\nI am not going to go into the ins and outs of the questions asked and opinions raised about my opinions last week. All feedback was positive and whilst opinions did differ a wee bit, in general there was a great deal of agreement. I did say to a couple of respondents that I would re-visit the subject again this week and expand on a couple of pieces raised last week that I did not touch upon in great detail.\r\n\r\nBasically…. we have confusion. Well at least that\'s my overriding view of the central banks at the moment.\r\n\r\nI made a remark about Nicolaus Copernicus (Polish Astronomer) last week and joining his theories to FED chair Janet Yellen.\r\n\r\nThe world of Forex and other markets in my opinion, revolve around Janet Yellen, she is the centre of the universe, like it or not. Yet she manages a team of FED governors who frankly instead of maintaining market stability are creating uncertainty and havoc because they all have different versions of interpretation of economic statistics and market overviews. Whilst this is fine, they should learn that they should keep their mouths shut and their opinions to themselves unless to be aired in a FOMC policy meeting.\r\n\r\nThere is little point in the FED chair spouting consistencies and market preparations are important no surprises if all we read and listen to are the underlings squabbling over their points of view, which, frankly mean very little at the end of the day as it is the voice of the Fed chair, and only her voice that counts.\r\n\r\nThe Fed knows that the markets and the media are like Lab rats looking for food on a regular basis and competition for ratings means that the two main market channels CNBC and BLOOMBERG will bring on all sorts of alleged experts to voice opinions who then disappear never to be seen again… never held accountable.\r\n\r\nThis confusion is directly opposed to one of the main functions of a central bank, which is to deliver monetary policy and at the same time maintain market stability in doing so. I am struggling to see get on TV, smile at the pretty girls and say whatever you want without ramifications.\r\n\r\nIf you recall a couple of years ago, Mario Draghi, ECB President, had one hell of a problem with the Bundesbank, Schaeuble (German Finance Minister) plus Nowotny and others from the ECB board spouting off and contradicting ECB policies. Obviously Draghi won the day as those comments have pretty much disappeared and whether you agree with ECB policy or not at least it is now consistent in transmission.\r\n\r\nThe FED creates confusion at the moment. The forward guidance offers zero clarity only confusion to market participants… its guesswork. It is still better odds than doing your local lottery but it is still confusion in my opinion.\r\n\r\nMy point from last week’s blog is that many central banks are offering confusion, lack of direction because they are like us, waiting on Copernicus to offer up something tangible to hang our hats on.\r\n\r\nWe have Dudley, Rosengren, Brainard, Fischer all hitting the wires with the likes of Brainard now having TV time, just offering up a mixture of 100% misleading opinions and to top it all the likes of Evans and Kashkari who aren’t even voting members, adding more mud to already muddy waters!!\r\n\r\nIs this permanent state of confusion from the FED, which results in the smaller economies playing a waiting game, good for the markets? I raised this question with my peer group last week. The short answer was no. We agreed that the financial markets are on a merry-go-round that frankly no-one wants to get off first, which is in my opinion exacerbated by the fact that Janet Yellen is over dovish and a ditherer.\r\n\r\nI think that I put out a tweet during the week following Brainard’s speech stating that being a dove is easy. You can always find a reason for not doing anything.\r\n\r\nJanet Yellen and her flock of doves on the FOMC are basically not cautious anymore, I think that that boat sailed a long time ago. They are now just so frightened to move, frankly a 0.25% raise back in the day would have been seen as a credibility issue and not managing the markets, the opposite in fact the tail definitely is wagging the dog now as far as I am concerned.\r\n\r\nSo to raise or not raise is the question.\r\n\r\nThis coming week we have the BOJ, RBNZ and the FED all with interest rate and policy statements to announce, plus Poloz and Draghi are also speaking. Sounds like time for some traders in New York, London and Tokyo to stock up on the Prozac.\r\n\r\nWednesday will be a big day: -\r\n\r\nThe BOJ start it off. There are rumours that Abe / Kuroda will be flying around in helicopters and raising the negative interest rate from 0.10% to 0.25% or even higher in an attempt to show the markets that they are in control.\r\n\r\nThen the FED rolls in with much eagerly awaited decision and press conference. My gut tells me more dithering will be on the agenda. There is enough data to use to say why no increase in rates, and to push out the decision to the end of the year.\r\n\r\nIn my opinion that is a dangerous game as the Fed wants to normalize and have “something behind the clock on the mantelpiece” in my opinion in case the “Donald” is named president. Janet Yellen, by all accounts, if we believe the “Donald” is out of a job if he becomes the leader of the free world. My God there’s a thought. I need to stock up on Jack Daniels “Fire” for that one.\r\n\r\nHowever, Yellen is a dove and like a leopard I cannot she her changing her spots.\r\n\r\nFinally, on Wednesday, we have the chaps from the RBNZ, aka the press conference….. that is the cure for insomnia.\r\n\r\nAt the moment I have six live trades with the PREMIUM SERVICE: -\r\n\r\n2 x EUR/USD shorts (POSITION TRADES)\r\n2 x NZD/USD shorts (1 x POSITION and 1 x RADAR TRADE)\r\n1 x AUD/USD short (RADAR TRADE)\r\n1 x USD/CAD long (FLASH TRADE)\r\n\r\nAll my other open trades are cross-rates, which I will leave alone. These USD related trades I will probably close except the POSITION TRADES ahead of the FOMC on Wednesday. I see very little point having an open risk.\r\n\r\nI will also review my limit orders ahead of Wednesday and remove.\r\n\r\nCONFUSION = UNCERTAINTY in my book.\r\n\r\nI hope that this addendum to last week’s main opinion piece in the blog has further clarified my perspective on matters.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: AUD – Monetary Policy Meeting Minutes.\r\n\r\nTUESDAY: NZD – GDT (Dairy Auction results).\r\nTUESDAY: CAD – Stephen Poloz (BOC Governor) speaks.\r\nTUESDAY: AUD – 6 month Economic review.\r\n\r\nWEDNESDAY: BOJ – Monetary Policy Statement &amp; Press Conference..\r\nWEDNESDAY: USD – FED Statement and Press Conference.\r\nWEDNESDAY: NZD – RBNZ (The Chaps) Rate Statement.\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB President) speaks.\r\n\r\nFRIDAY: CAD – Core CPi and Core Retail Sales.\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts.\r\n\r\nEUR/USD - Weekly Closing Price: 1.1153\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8339\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-DAILY-17092016-1024x476.png\" alt=\"eurusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2996\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8340\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-DAILY-17092016-1024x476.png\" alt=\"gbpusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7490\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8338\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDUSD-DAILY-17092016-1024x476.png\" alt=\"audusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7263\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8341\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-DAILY-17092016-1024x476.png\" alt=\"nzdusd-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3212\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8342\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-DAILY-17092016-1024x476.png\" alt=\"usdcad-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 0.9800\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8343\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-DAILY-17092016-1024x476.png\" alt=\"usdchf-daily-17092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 102.25\r\n\r\n<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-17092016.png\"><img class=\"aligncenter size-large wp-image-8344\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-DAILY-17092016-1024x476.png\" alt=\"usdjpy-daily-17092016\" width=\"1024\" height=\"476\" /></a></u>\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nWe have central banks dominating the news feeds this week. It is without question in my mind that you should eliminate risk as much as possible as we head into this period.\r\n\r\nAt the moment trading Forex can be likened to a World War II soldier trying to walk across a field of land mines. Whilst not a matter of life or death one has to tread very carefully and weigh up all the options available. Eliminating risk is the best option in my opinion.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 17<sup>th</sup> September 2016\r\nBLOG VERSION: #214 FREE NEWSLETTER VERSION\r\n\r\n&nbsp;','CENTRAL BANK CONFUSION REIGNS…','','inherit','closed','closed','','8352-revision-v1','','','2016-09-17 10:29:00','2016-09-17 15:29:00','',8352,'http://weeklyfxdrivethru.com/8352-revision-v1/',0,'revision','',0),(8354,1,'2016-09-20 14:28:39','2016-09-20 19:28:39','','limit-orders-20092016','','inherit','open','closed','','limit-orders-20092016','','','2016-09-20 15:36:59','2016-09-20 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20:36:07','',8370,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURGBP-D-21092016.png',0,'attachment','image/png',0),(8361,1,'2016-09-20 15:15:22','2016-09-20 20:15:22','','eurusd-d-21092016','','inherit','open','closed','','eurusd-d-21092016','','','2016-09-20 15:34:18','2016-09-20 20:34:18','',8370,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-D-21092016.png',0,'attachment','image/png',0),(8362,1,'2016-09-20 15:15:26','2016-09-20 20:15:26','','gbpchf-d-21092016','','inherit','open','closed','','gbpchf-d-21092016','','','2016-09-20 15:35:53','2016-09-20 20:35:53','',8370,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPCHF-D-21092016.png',0,'attachment','image/png',0),(8363,1,'2016-09-20 15:15:30','2016-09-20 20:15:30','','gbpusd-720m-20-09-2016','','inherit','open','closed','','gbpusd-720m-20-09-2016','','','2016-09-20 15:32:31','2016-09-20 20:32:31','',8370,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-720M-20.09.2016.png',0,'attachment','image/png',0),(8364,1,'2016-09-20 15:15:34','2016-09-20 20:15:34','','gbpusd-d-21092016','','inherit','open','closed','','gbpusd-d-21092016','','','2016-09-20 15:32:47','2016-09-20 20:32:47','',8370,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-D-21092016.png',0,'attachment','image/png',0),(8365,1,'2016-09-20 15:15:38','2016-09-20 20:15:38','','nzdusd-d-21092016','','inherit','open','closed','','nzdusd-d-21092016','','','2016-09-20 15:34:40','2016-09-20 20:34:40','',8370,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-D-21092016.png',0,'attachment','image/png',0),(8366,1,'2016-09-20 15:15:41','2016-09-20 20:15:41','','usdcad-d-21092016','','inherit','open','closed','','usdcad-d-21092016','','','2016-09-20 15:35:35','2016-09-20 20:35:35','',8370,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-D-21092016.png',0,'attachment','image/png',0),(8367,1,'2016-09-20 15:15:43','2016-09-20 20:15:43','','usdchf-d-21092016','','inherit','open','closed','','usdchf-d-21092016','','','2016-09-20 15:35:23','2016-09-20 20:35:23','',8370,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-D-21092016.png',0,'attachment','image/png',0),(8368,1,'2016-09-20 15:15:46','2016-09-20 20:15:46','','usdjpy-d-21092016','','inherit','open','closed','','usdjpy-d-21092016','','','2016-09-20 15:33:43','2016-09-20 20:33:43','',8370,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-D-21092016.png',0,'attachment','image/png',0),(8369,1,'2016-09-20 15:15:48','2016-09-20 20:15:48','','usdsek-d-21092016','','inherit','open','closed','','usdsek-d-21092016','','','2016-09-20 15:35:11','2016-09-20 20:35:11','',8370,'http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDSEK-D-21092016.png',0,'attachment','image/png',0),(8370,1,'2016-09-20 16:09:02','2016-09-20 21:09:02','&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nSo for whatever reason we have what is being called in some quarters the most important FOMC meeting of 2016.\r\n\r\nIn addition, just a few hours earlier, we have what is being called the line in the sand meeting for the BOJ.\r\n\r\nThen finally after the FOMC we have those awfully nice chaps from the RBNZ having a gathering serving fine wines from the Marlborough and Central Otago regions accompanied by some canapes for all in attendance as they discuss under leadership of Graeme Wheeler the state of the New Zealand economy. What is said by Wheeler and what the RBNZ would like or want will if all goes as normal have the opposite effect on the direction of the NZD$. I hope that I am incorrect with this statement but this is usually what happens. Just a statement this time, no press conference but apparently refreshments are served?\r\n\r\nWhy am I releasing a blog on a Tuesday night / Wednesday morning and NOT the usual Saturday?\r\n\r\nVery simple… it is my birthday at the weekend and I am being whisked away and I will not return until early next week. This day of Central Bank news is so important for the run to the end of the of the year, I thought it made sense to place my thoughts and trade ideas in print.\r\n\r\nOnwards and upwards…\r\n\r\nTo remind you, you could be the next winner of a free PREMIUM SERVICE subscription; if you subscribe to receive this free blog via my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a><strong>  </strong><strong> </strong>\r\n\r\nYou are automatically entered into a free monthly draw, once you’ve subscribed. Each month during 2016 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\nThe next draw will be late September and the winner will be set up for the month of October.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and the various trade styles plus how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE you will require a credit card.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE SUBSCRIPTION COSTS:</u>\r\n\r\nDetails of features and benefits of a PREMIUM SERVICE subscription can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the dropdown tab at the top of the page entitled HISTORY &amp; PERFORMANCE OF THE PREMIUM SERVICE. To subscribe follow the SUBSCRIBE HERE tab.\r\n\r\nPREMIUM SERVICE subscription costs are as follows: -\r\n\r\nCAD$240.00 - 4 weeks (1 month)\r\nCAD$500.00 - 10 weeks (3 months)\r\nCAD$750.00 - 20 weeks (6 months)\r\nCAD$1,250.00 - 40 weeks (12 months)\r\n<u>PLUS</u>: Existing PLATINUM MEMBERS (annual subscribers) can re-subscribe for a further 12 months for CAD$1,000.00\r\n\r\nI work for about 50 weeks a year. Subscriptions are based on 40 published blogs of the WEEKLY FX DRIVE THRU per year. For the remaining 10 weeks, I am around tweeting, posting and managing existing LIVE trades, although my market activity is reduced.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE THIS MONTH &amp; YEAR TO DATE:</u>\r\n\r\n<strong><em>Please note the statistics in this section will be updated in the next DRIVE THRU blog dated 1<sup>st</sup> October 2016.</em></strong>\r\n\r\nNET PIPS TO THE MONTH SO FAR:      -725 pips\r\nNET PIPS THIS YEAR SO FAR:               +8,475 pips\r\n\r\nNET PIPS 2015:       +10,686\r\nNET PIPS 2014:       +11,209\r\n\r\nIf you want more data or detail about the performance and the tabs on my website landing page do not answer your questions, contact me directly and I will supply the trading data you require. There are NO secrets. There are many, many spreadsheets detailing performance trade by trade and by trade and by trading style, way too many to place in this blog. If you are interested in the PREMIUM SERVICE and want more information, all you have to do is ask.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S NEWS – MY THOUGHTS:</strong><u> </u>\r\n\r\nBased upon the fact that the main news events of the week are still ahead of us, I am using this section on this occasion to write about a trading event; the drop in cable.\r\n\r\nLast Friday the cable moved over 200 pips lower and on Monday we had a bounce to the 38% retracement to the penny at 1.3092 and then we have seen the fall continue (see chart below).\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-720M-20.09.2016.png\"><img class=\"aligncenter size-large wp-image-8363\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-720M-20.09.2016-1024x476.png\" alt=\"gbpusd-720m-20-09-2016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nIt looks like cable can still go lower, trend line support is at 1.2920 (see chart below) and then beyond there we are into Fibonacci extensions to 1.2800 and lower.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8364\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPUSD-D-21092016-1024x476.png\" alt=\"gbpusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nThe cable looks incredibly weak and one cannot rule out a run to 1.2500.\r\n\r\nWhy has this drop happened?\r\n\r\nThere was no real news as far as I can see to create this size of a move other than BREXIT talk and exit strategies are intensifying and therefore this could have been the only catalyst. I have read that some “pundits” believe it more of a re-balancing ahead of the FOMC and BOJ, personally, I am not that convinced.  The one thing I do know is that below 1.3500 we are at multi-decade lows and that in itself is bearish. Once we broke below 1.3500 we have done nothing more than consolidate the move lower and therefore a continuation of trend was at some time inevitable.\r\n\r\nFor my subscribers I will be looking to re-establish BREXIT OPPORTUNITY trades later this week, and certainly next week when the U.S. position is clearer.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> MARKET OPINION:</strong></li>\r\n</ol>\r\n<strong>(</strong><strong>FORWARDS, BACKWARDS and SIDEWAYS) </strong><strong>WHAT IS FLOATING MY BOAT AT THE MOMENT:</strong>\r\n<p style=\"text-align: center;\"><strong>CENTRAL BANK ANNOUNCEMENTS</strong>\r\n<strong>21<sup>st</sup> September 2016</strong>\r\n<strong> (BOJ, FOMC and RBNZ)</strong></p>\r\nThis is it.\r\n\r\nWill it be a big day or will it be a non-event?\r\n\r\nI can guarantee ahead of all three announcements there will be a lot of volatility, so the first thing to say is that ALL TRADES that are open should either be covered or very well justified for holding on to them. Stops will get taken no matter how liberal you believe them to be. I have witnessed over recent months on big news announcements over 150 pip ranges highs to lows ahead of the data being released. This will be no different and it could even be more extreme particularly for the BOJ announcement as this happens at a time when the market lacks full liquidity.\r\n\r\nSo what’s going to happen?\r\n\r\nI have no idea as its all opinion driven ahead of the data and opinions are just that - opinions. More importantly for me as a trader how am I going to be set up, what are trades that I am going to focus on?\r\n\r\nBOJ:\r\n\r\nI have no live trades or limit orders going into their announcement in a few hours based upon the time this blog was posted.\r\n\r\nThere are plenty of rumours circulating from “Helicopter Money” to extending “Negative interest rates” to even “increasing rates”!\r\n\r\nAll I know is that this will be a volatile event.\r\n\r\nIf the BOJ does nothing or is NOT convincing for the markets the JPY will strengthen like crazy and 100.00 in USD/JPY will come under threat very quickly. The question that is always raised is, will they intervene?. If the BOJ created the run to sub 100.00 it is an event of their own making and frankly I just cannot see any intervention at all unless we see a parabolic move lower and given the FOMC will announce hours later, this is unlikely but frankly NOT impossible.\r\n\r\nIf the BOJ is successful in weakening the Yen, which is their goal and the USD/JPY starts moving above trend line resistance at 103.50 and heads towards 107.00 (see chart below from last week’s DRIVE THRU blog), not only will the BOJ be satisfied but this move would also naturally strengthen the USD going into the FOMC announcement.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8368\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDJPY-D-21092016-1024x476.png\" alt=\"usdjpy-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\nMy thoughts are given the history, the markets do not believe the BOJ or Prime Minister Abe and are not convinced, despite the enormity of the stimulus program already in place, that it is enough to stimulate the Japanese economy.\r\n\r\nThe Japanese economy is in such poor shape and so much has been tried and failed. I can see resignations on the horizon if this effort later fails.\r\n\r\nFrom a trading perspective….\r\n\r\nLooking at the USD/JPY, 100.00 albeit quite a bit way from current pricing is key support and a break through 103.60 is key resistance to the upside.\r\n\r\nIf I am awake and at my screens for this announcement I will be looking at USD/JPY and GBP/JPY to trade. I have chosen the GBP/JPY as it is presently very weak and should the BOJ disappoint this will be a good pair to focus on.\r\n\r\n&nbsp;\r\n\r\nFOMC (FED):\r\n\r\nThe dove of all doves takes the stage about 12 hours after the BOJ.\r\n\r\nJanet Yellen will in my opinion provide the markets with a few reasons why she is NOT raising rates this time but she will also provide the markets with a few reasons why the December FOMC meeting should be treated a “LIVE” event.\r\n\r\nI have written in previous blogs and on twitter that being a dove is so easy compared to being a hawk. Doves can always find excuses for not doing something.\r\n\r\nThis is the way that Yellen runs the FED, protect “Wall Street” at all costs no surprises telegraph every move. My gut wishes that she would raise now and just get it over with, but my brain tells me she won’t and she has plenty of data to call upon to stall the markets for a few more months.\r\n\r\nIf the FED holds rates, it’s all about the “verbals” in the statement and her tone in the press conference.\r\n\r\nIf she holds and the December meeting is not “LIVE:” the USD will get taken to the woodshed and we could see the EUR/USD at 1.1400 and beyond in coming sessions.\r\n\r\nIf she holds and December is a “LIVE” meeting, I think that the EUR/USD will spike above 1.1200 to around 1.1300 with a bit of luck to short at that elevated level.\r\n\r\nIf she does the unthinkable and cuts the EUR/USD will be heading towards 1.0750 in the coming sessions and the USD will strengthen and go up as fast as a rat up a drainpipe.\r\n\r\nI include the EUR/USD chart (below) from last weekend’s DRIVE THRU blog showing 1.1286 as resistance and 1.0950 as the first level of big support to break through.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8361\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURUSD-D-21092016-1024x476.png\" alt=\"eurusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nRBNZ:\r\n\r\nThe chaps from the RBNZ are on last, a couple of hours or so after the Janet Yellen would have completed her press conference.\r\n\r\nI am expecting nothing. Just pure drivel about how the economy is not in their control and how exterior prices cannot be managed and that on what they can manage they are doing a bang up job. That\'s it, nothing more nothing less. It is just a statement this time no press conference but I do believe journalists are invited for a soiree prior to the announcement. Not sure if my leg was being pulled in that regard but, in my opinion it is totally believable.\r\n\r\nLooking at the daily NZD/USD chart below 0.7240 is a massive line in the sand, which will set up a big move lower and to the top side 0.7500 is huge. We are in the range between the supporting trend line and the horizontal resistance.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8365\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/NZDUSD-D-21092016-1024x476.png\" alt=\"nzdusd-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSUMMARY:\r\n\r\nI have the feeling after lots of volatility these three Central bank announcements could all be non-events for actual news that drives the market. I hope that I am incorrect but there is so much anticipation and more often than not this type of anticipation is usually dealt as “BUY THE RUMOUR and SELL THE NEWS”. Only time will tell if this is the case on this occasion.\r\n\r\nI have my plan which will be outlined in the next section for PREMIUM SERVICE subscribers. Hopefully I will be able to trade it in some shape after the information has been delivered.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBER EXCLUSIVE CONTENT AREA:</strong></li>\r\n</ol>\r\nTRADING REVIEW:\r\n\r\nI am very disappointed with recent trading activity.\r\n\r\nHaving losing trades is painful but it is part of trading and it looks like at the time of posting this blog that September will be a losing month writing off some of the great performances seen in last month’s performance. As I have stated on many occasion in fact only just last weekend…\r\n\r\n<em>“Trading Forex requires patience otherwise you will not achieve longevity in trading. Capital preservation is paramount to success in trading Forex. You must set your objectives and trades in the full knowledge that you will miss many trading opportunities, but by waiting for trades to come to you rather than chasing trades, your longevity in the markets will be enhanced tremendously” </em>\r\n\r\nNot doing so good on the capital preservation this month but I have my goals and objectives firmly set out.\r\n\r\nMoving on…\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/TRADING-CB-NEWS1-20092016.png\"><img class=\"aligncenter size-large wp-image-8356\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/TRADING-CB-NEWS1-20092016-1024x775.png\" alt=\"trading-cb-news1-20092016\" width=\"1024\" height=\"775\" /></a>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/TRADING-CB-NEWS2-20092016.png\"><img class=\"aligncenter size-large wp-image-8357\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/TRADING-CB-NEWS2-20092016-1024x935.png\" alt=\"trading-cb-news2-20092016\" width=\"1024\" height=\"935\" /></a>\r\n\r\n&nbsp;\r\n\r\nI am posting into the section several charts that I am looking at with comments contained on them with regards to my thoughts.\r\n\r\nI am looking at other pairs as well but these (charts below) are the primary pairs.\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDSEK-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8369\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDSEK-D-21092016-1024x476.png\" alt=\"usdsek-d-21092016\" width=\"1024\" height=\"476\" /></a> </strong>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8367\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCHF-D-21092016-1024x476.png\" alt=\"usdchf-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8366\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/USDCAD-D-21092016-1024x476.png\" alt=\"usdcad-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPCHF-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8362\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/GBPCHF-D-21092016-1024x476.png\" alt=\"gbpchf-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURGBP-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8360\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/EURGBP-D-21092016-1024x476.png\" alt=\"eurgbp-d-21092016\" width=\"1024\" height=\"476\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CADCHF-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8359\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/CADCHF-D-21092016-1024x476.png\" alt=\"cadchf-d-21092016\" width=\"1024\" height=\"476\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDCAD-D-21092016.png\"><img class=\"aligncenter size-large wp-image-8358\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/AUDCAD-D-21092016-1024x476.png\" alt=\"audcad-d-21092016\" width=\"1024\" height=\"476\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>TRADES REVIEW:</strong>\r\n\r\nThe excel spreadsheets below details current LIVE and pending LIMIT ORDER trades: -\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-20.092016.png\"><img class=\"aligncenter size-large wp-image-8355\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIVE-TRADES-20.092016-786x1024.png\" alt=\"live-trades-20-092016\" width=\"786\" height=\"1024\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMIT-ORDERS-20092016.png\"><img class=\"aligncenter size-large wp-image-8354\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/09/LIMIT-ORDERS-20092016-922x1024.png\" alt=\"limit-orders-20092016\" width=\"922\" height=\"1024\" /></a></strong>\r\n<ol start=\"6\">\r\n 	<li><strong> ON THE HORIZON… WHATS COMING UP THIS WEEK:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S FOREX NEWS THAT INTERESTS ME:</u>\r\n\r\n(There are many more news items related to the Forex Market other than the ones listed below. These are the ones that interest me. You can go to <a href=\"http://www.forexfactory.com\">www.forexfactory.com</a> and <a href=\"http://www.tradingeconomics.com\">www.tradingeconomics.com</a> for a more comprehensive lists of all news events that are Forex related).\r\n\r\nSUNDAY: N/A.\r\n\r\nMONDAY: N/A.\r\n\r\nTUESDAY: N/A.\r\n\r\nWEDNESDAY: BOJ – Monetary Policy Statement &amp; Press Conference..\r\nWEDNESDAY: USD – FED Statement and Press Conference.\r\nWEDNESDAY: NZD – RBNZ (The Chaps) Rate Statement.\r\n\r\nTHURSDAY: EUR – Mario Draghi (ECB President) speaks.\r\n\r\nFRIDAY: CAD – Core CPi and Core Retail Sales.\r\n\r\n&nbsp;\r\n\r\n<u>THE USD MAJORS – MY THOUGHTS (A REVIEW): </u>\r\n\r\n(In this section I have as usual kept my charts as minimalist as possible. With regards to charting in my opinion less is more!! I hope that they are clear. All readers regardless of level of experience should be able to follow my thoughts from my comments to the levels on the charts with ease)\r\n\r\nMy comments are contained on the charts. (There are no charts midweek)\r\n\r\nEUR/USD - Weekly Closing Price:\r\n\r\nGBP/USD - Weekly Closing Price:\r\n\r\nAUD/USD - Weekly Closing Price:\r\n\r\nNZD/USD - Weekly Closing Price:\r\n\r\nUSD/CAD - Weekly Closing Price:\r\n\r\nUSD/CHF - Weekly Closing Price:\r\n\r\nUSD/JPY - Weekly Closing Price:\r\n\r\n<u> </u>\r\n\r\n<u>MY CLOSING THOUGHTS:</u>\r\n\r\nIf you are going to trade the central bank news releases as they come up remember that you may have impact from announcements that follow. Be careful and take it easy. Sometimes it is best to wait to see that the direction is confirmed.\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care,\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nDATE: 21st September 2016\r\nBLOG VERSION: PREMIUM SERVICE #112','CENTRAL BANK ANNOUNCEMENTS 21st September 2016 (BOJ, FOMC and RBNZ)','','publish','open','closed','','central-bank-announcements-21st-september-2016-boj-fomc-rbnz','','','2016-09-20 16:09:02','2016-09-20 21:09:02','',0,'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=8370',0,'member_posts','',0),