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(11676, 1, '2018-05-15 15:51:33', '2018-05-15 20:51:33', '<h1>WEEKLY FX PREMIUM\r\nSUBSCRIBER AREA</h1>\r\n&nbsp;\r\n\r\n<section class=\"members\">\r\n<h4><span style=\"font-size: 12pt;\">Welcome to THE WEEKLY FX PREMIUM section of the WEEKLY FX DRIVE THRU.</span></h4>\r\n<span style=\"font-size: 12pt;\">Thank you for your subscription. I hope that you will find the content inside the PREMIUM SERVICE subscriber section of great use to support your Forex Trading. Inside you will find a library of exclusive content to aid your Forex Trading.</span>\r\n\r\n<span style=\"font-size: 12pt;\">There are copies of the PREMIUM versions of my main blog THE WEEKLY FX DRIVE THRU.</span>\r\n\r\n<span style=\"font-size: 12pt;\">Confirmation of the release dates of the WEEKLY FX DRIVE THRU blog.</span>\r\n\r\n<span style=\"font-size: 12pt;\">Under the TRADING SUMMARIES section there is a complete summary of all the excel spreadsheets that were published in the “WEEKLY” blog that support the WEEKLY FX PREMIUM performance.</span>\r\n\r\n<span style=\"font-size: 12pt;\">Inside the EDUCATION section everything you need from a FX Glossary to how to read Candlestick charts as well as a full list of Trading Essentials articles from the WEEKLY FX DRIVE THRU.</span>\r\n\r\n<span style=\"font-size: 12pt;\">Details about one-on-one coaching and mentoring programs.</span>\r\n\r\n</section>&nbsp;\r\n\r\n<span style=\"font-size: 12pt;\">CONTACT DETAILS:</span>\r\n\r\n<span style=\"font-size: 12pt;\">The Weekly FX Drive Thru</span>\r\n<span style=\"font-size: 12pt;\"> Sandy Run</span>\r\n<span style=\"font-size: 12pt;\"> Hammonds Plains</span>\r\n<span style=\"font-size: 12pt;\"> Nova Scotia</span>\r\n<span style=\"font-size: 12pt;\"> Canada</span>\r\n<span style=\"font-size: 12pt;\"> B4B 1X9</span>\r\n\r\n<span style=\"font-size: 12pt;\">SKYPE: scottdehudson</span>\r\n<span style=\"font-size: 12pt;\"> EMAIL: subscribers@weeklyfxpremium.com</span>\r\n<span style=\"font-size: 12pt;\"> TWITTER: @weeklyfxpremium</span>', 'Welcome', '', 'inherit', 'closed', 'closed', '', '2154-revision-v1', '', '', '2018-05-15 15:51:33', '2018-05-15 20:51:33', '', 2154, 'https://weeklyfxdrivethru.com/2018/05/2154-revision-v1/', 0, 'revision', '', 0),
(11673, 1, '2018-05-15 15:48:59', '2018-05-15 20:48:59', '<h1>WEEKLY FX PREMIUM\r\nSUBSCRIBER AREA</h1>\r\n&nbsp;\r\n\r\n<section class=\"members\">\r\n<h4><span style=\"font-size: 14pt;\">Welcome to THE WEEKLY FX PREMIUM section of the WEEKLY FX DRIVE THRU.</span></h4>\r\n<span style=\"font-size: 14pt;\">Thank you for your subscription. I hope that you will find the content inside the PREMIUM SERVICE subscriber section of great use to support your Forex Trading. Inside you will find a library of exclusive content to aid your Forex Trading.</span>\r\n<ul>\r\n 	<li><span style=\"font-size: 14pt;\">There are copies of the PREMIUM versions of my main blog THE WEEKLY FX DRIVE THRU.</span></li>\r\n 	<li><span style=\"font-size: 14pt;\">Confirmation of the release dates of the WEEKLY FX DRIVE THRU blog.</span></li>\r\n 	<li><span style=\"font-size: 14pt;\">Under the TRADING SUMMARIES section there is a complete summary of all the excel spreadsheets that were published in the “WEEKLY” blog that support the WEEKLY FX PREMIUM performance.</span></li>\r\n 	<li><span style=\"font-size: 14pt;\">Inside the EDUCATION section everything you need from a FX Glossary to how to read Candlestick charts as well as a full list of Trading Essentials articles from the WEEKLY FX DRIVE THRU.</span></li>\r\n 	<li><span style=\"font-size: 14pt;\">Details about one-on-one coaching and mentoring programs.</span></li>\r\n</ul>\r\n</section>&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\">CONTACT DETAILS:</span>\r\n\r\n<span style=\"font-size: 14pt;\">The Weekly FX Drive Thru</span>\r\n<span style=\"font-size: 14pt;\"> Sandy Run</span>\r\n<span style=\"font-size: 14pt;\"> Hammonds Plains</span>\r\n<span style=\"font-size: 14pt;\"> Nova Scotia</span>\r\n<span style=\"font-size: 14pt;\"> Canada</span>\r\n<span style=\"font-size: 14pt;\"> B4B 1X9</span>\r\n\r\n<span style=\"font-size: 14pt;\">SKYPE: scottdehudson</span>\r\n<span style=\"font-size: 14pt;\"> EMAIL: subscribers@weeklyfxpremium.com</span>\r\n<span style=\"font-size: 14pt;\"> TWITTER: @weeklyfxpremium</span>', 'Welcome', '', 'inherit', 'closed', 'closed', '', '2154-revision-v1', '', '', '2018-05-15 15:48:59', '2018-05-15 20:48:59', '', 2154, 'https://weeklyfxdrivethru.com/2018/05/2154-revision-v1/', 0, 'revision', '', 0),
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(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),
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(8706, 1, '2016-11-26 15:04:15', '2016-11-26 20:04:15', '<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI never traded last week. From the get go I decided to err on the side of caution. Moves in the DXY continued just about higher overall with some profit taking coming through. At times, there were moves for no apparent reason other than probably a large order being placed that made a few waves, I decided for once just to stick to my guns and step aside. Basically, I just managed a couple of trades and closed with a few pips here and there.\r\n\r\nI am still very suspect of the knee-jerk reaction moves in the markets since THE TRUMP election victory. The FED has cemented in some of the move and now we face a period of about 9 months when the EUROZONE will, in my opinion dominate the forex moves.\r\n\r\nOn Black Friday, we started to see some pullbacks in the dollar index, but it’s not consistent across the board. The EUR still trades heavy in my opinion and this move supports the inverse relationship move with the USD/CHF. It is the commodity currencies that always attract my eye. I still firmly believe commodities always lead the markets in one shape or another and the rest of the markets follow. It therefore stands to reason that moves in the AUD, NZD, CAD and NOK are uppermost on my mind plus the SEK as the USD/SEK is so sensitive to general forex moves.\r\n\r\nThe spanner in the works at the moment is the JPY. After the EUR/USD, the USD/JPY is the second most traded currency pair with the EUR/JPY not too far behind. The JPY can drive the DXY and sway the forex market easier now than a couple of years ago due to less corporate and institutional players, basically less volume and much less liquidity especially in Asia where it dominates the proceedings. So, as a result, the moves in the DXY are not always what they seem at first glance, as always, forex moves require more homework to try and “get a handle” on why and what, to give us traders the now common response to some unexplained moves…WTF!\r\n\r\nTherefore, rather than trade an across the board USD weakness, look carefully as it could be sporadic. Whilst the EUR dominates the DXY weighted index, we may have to pick our way through currency pairs rather than take a general overview to give us the confirmation placing trades.\r\n\r\nWe will have a pullback of the recent moves. However, some will be shallower than others as the geopolitical news will still dominate within the pullback.\r\n\r\nBack on point…\r\n\r\nWhat I am saying is keep up your guard; CASH IS A POSITION never forget this no matter what you trade. I always end my blog each week with the following: -\r\n\r\n<span style=\"color: #0000ff;\"><strong><em>“As usual…</em></strong></span>\r\n\r\n<strong><em><span style=\"color: #0000ff;\">Always 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”.</span> </em></strong>\r\n\r\nI mean this; I am here for the long haul.\r\n\r\nI set myself achievable and reasonable targets per annum of 10,000 pips. I trade for basically 10 months a year. Since 2013 when I adjusted my approach and revised everything I have achieved my objective. It’s hard, it’s certainly not easy, I trade what the market gives and, for the most time I wait for the trades to come to me. I have MY PLAN and I TRADE MY PLAN.\r\n\r\nMoving on…\r\n\r\nHere we are once again with the final blog of a trading year, after today, I return in 2017 on January 8<sup>th</sup>.\r\n\r\nFor PREMIUM SERVICE subscribers, I will trade through to the FOMC in December, maybe a day or so beyond. New subscriptions that come on board between now and January 8<sup>th</sup> will not start until that date therefore there is a little bonus of “free time” for new subscribers.\r\n\r\nDon’t forget…\r\n\r\nJust a quick reminder; each month, I am giving away a FREE PREMIUM SERVICE 4-week subscription. This gives the winner 100% access to the PREMIUM SERVICE website and ALL my PREMIUM SERVICE communications from my suggested trade set-ups to market commentaries and my thoughts.\r\n\r\nTo stand a chance of being the next subscription winner, you need to 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 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong><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</p>\r\nI work for about 40 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<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE:</u></p>\r\n<p style=\"text-align: center;\">PRESENT AND HISTORICAL QUICK PREMIUM SERVICE STATS:</p>\r\n<p style=\"text-align: center;\">THIS MONTH SO FAR: +1,397 pips\r\nYEAR TO DATE TOTAL: +13,015 pips</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips</p>\r\nBelow, for additional information, I show the net position of THE PREMIUM SERVICE performance for 2016. On my website landing page <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the heading “HISTORY &amp; PERFORMANCE” there are more reports providing more historic trading information.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/PREM-SERV-NET-PROFITABILITY-2016.png\"><img class=\"aligncenter size-large wp-image-8692\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/PREM-SERV-NET-PROFITABILITY-2016-944x1024.png\" alt=\"prem-serv-net-profitability-2016\" width=\"944\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\nPART-TIME TRADER (POSITION) TRADES:\r\n\r\nAt the end of 2015, having listened to many of my subscribers and from a market survey that I undertook, I wanted to try and address those Forex traders who would consider themselves to be a PART-TIME trader for whatever reason.\r\n\r\nPART-TIME FOREX TRADERS fall between a rock and a hard place.  It is very, very difficult with limited access to computers due to full-time employment or limited access to a computer due time constraints, to have a voice when trading.\r\n\r\nNow more than ever you really need to be 24 x 5 with your devices to keep on top of things.\r\n\r\nI wanted to try and find a trading solution for PART-TIME TRADERS.\r\n\r\nLet me be the first to say, my solution is not 100% perfect. You can put lipstick on a pig but it’s still a pig, if you understand me. This is not an easy fix. But I wanted to try, and to be honest, timing in Forex is everything.\r\n\r\nMy initial solution, and it is on-going, has been my savior to my trading performance this year so far, with just 6/7 weeks left to go.\r\n\r\nI introduced PART-TIME TRADER TRADES now called POSITION TRADES at the start of 2016. This trading style is based upon my FUNDAMENTAL longer-term market views. These trades are LIMIT ORDER entry trades with very wide stops based on ATR (Average True Range) limits, mostly weekly limits, but sometimes monthly limits, using Fibonacci levels and trend lines to set stops and limits.\r\n\r\nThey have been, due to the way that the Forex market has been held to ransom inside tight trading ranges for most of the year, creating very choppy market conditions very successful.\r\n\r\nI am NOT saying that these trades and the way I trade them because I still have to assess trades all the time and close off trades early etc.… are the “B all and end all” holy grail for PART-TIME TRADERS but they are a step in the right direction.\r\n\r\nThese trades also suit FULL-TIME traders who want to take a longer-term perspective.\r\n\r\nHow successful have they been?\r\n\r\nHow do I measure their success?\r\n\r\nVery simply, when launching these trades, a year ago I created a page on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> called PART TIME FOREX TRADERS it is part of my drop down menu at the top of my landing page.\r\n\r\nI tried my best to define my target audience and I posted a cash flow projection, it is still there today and I have subsequently added quarterly reviews during the year.\r\n\r\nBelow is the initial cash flow projection that was posted the first week of January 2016.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-TRADE-PROJ-2016.png\"><img class=\"aligncenter size-large wp-image-8627\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-TRADE-PROJ-2016-818x1024.png\" alt=\"pos-trade-proj-2016\" width=\"818\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\nI am not going to spend a great deal of time on this. Basically for the purpose of this section of the DRIVE THRU blog will focus solely on MINI LOT traders.\r\n\r\nMy suggestion on day 1, was to open a broker account with USD$7,500. At the end of the year based only on single lot trades after costs to trade and my PREMIUM SERVICE annual subscription my goal was to grow the broker account from USD$7,500 to $15,052.50 by the end of 2016.\r\n\r\n<strong><u>That would be to double your initial investment after ALL costs were taken into consideration</u></strong>\r\n\r\nHow have I faired with this quest?\r\n\r\nBelow is the latest spreadsheet update post I made to my website on the 31<sup>st</sup> October 2016. On my website <a href=\"http://www.weeklyfxdivethru.com\">www.weeklyfxdivethru.com</a> landing page under the heading “PART TIME FOREX TRADERS” all my updates throughout 2016 can be found together with more information and background to these trade set ups.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-PROJ-2016-Q3.png\"><img class=\"aligncenter size-large wp-image-8630\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-PROJ-2016-Q3-1024x806.png\" alt=\"pos-proj-2016-q3\" width=\"1024\" height=\"806\" /></a>\r\n\r\nAt the end of last month, the cumulative position now shows that the original account with USD$7,500 now stands at net USD$13,868.00.\r\n\r\nThere is just under USD$1,200 in income left to achieve (1,200 pips over the months of November and December). It is a tall order.\r\n\r\nWhat about my macro thoughts on the performance of the POSITION TRADES?\r\n\r\nMy thoughts are very straightforward: -\r\n<ol>\r\n 	<li>This (2016) has been an extremely difficult year to trade in.</li>\r\n 	<li>My approach to trading this year has been almost a 180 degree turn on 2015 trading.</li>\r\n 	<li>Features and factors that prompted me to start this trading style, namely central bank diversification never became as big of an issue as I thought it would have been. I had to re-focus and adapt the POSITION trade set ups to compensate for this.</li>\r\n 	<li>This review of style, manifested itself in the facts that my projection was for just 90 trades in the year. So far I have completed 146 trades (more than 50% more than anticipated). My profits per trade are less and my losses per trade are well under projection.</li>\r\n 	<li>I am, given the above points 1-4, delighted to have achieved this performance so far.</li>\r\n 	<li>Have I delivered what I set out for PART-TIME traders? Not 100%. I have delivered profits but the timings for closing of trades is still an issue. I cannot let losses grow or profits diminish due to a trading style. I have to 100% trade the price action in the market as I see it.</li>\r\n 	<li>What about 2017?I will continue this trading style next year, but I will review my other trading styles. It is impossible to predict what type of a trading year 2017 will be, apart from the fact it contains 365 days and that there will always be a forex market every day the market is open.</li>\r\n</ol>\r\nIf you would like additional supporting data or detail about the performance and the tabs on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> 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> LOOKING BACKWARDS: THE FX MARKET PLACE</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S FOREX and ECONOMIC NEWS – MY VIEWS:</strong>\r\n\r\nAlthough I was really “not playing” last week, my eyes and ears were open watching and reading. Two pieces from last week resonated with me and although they were raised last week they are news items that will remain with us for months moving forward.\r\n<p style=\"text-align: center;\"><strong>THE EUROZONE (ECB FINANCIAL STABILITY REPORT) </strong>\r\n<strong> and </strong>\r\n<strong> TONY BLAIR on BREXIT:</strong></p>\r\n<p style=\"text-align: center;\"><strong>EUROZONE IMPLOSION 2017?</strong></p>\r\nThese reports over the past couple of years have tended to come and go with little more than a cursory glance. I must be “old school” I still believe that the data supplied to the markets by Central Banks actually mean something despite the personalities involved. I know I am the first to call various Central Bank governors, Muppets, JCB Drivers, numpties etc. However, we should try to understand, what the messages are that they are trying to deliver, sometimes with a hidden agenda, or, a clouded delivery.\r\n\r\nFrom my perspective, there is not another Central Bank President on the planet with as difficult a job as Mario Draghi so to hear and read what the views are from the EUROZONE should be read with greater seriousness as these views represent 50% of the most traded currency pair in the forex market.\r\n\r\nLong time readers / subscribers will be aware that I see the EUROZONE as a failed project doomed to failure. Despite everything like a prehistoric dinosaur, it labours inefficiently forward from catastrophe to catastrophe and set back after setback kicking more cans down the road than could fit in a re-cycling plant… it’s still here as Jim Kerr would sing “ALIVE and KICKING”, and only God knows how and why!\r\n\r\nBack to the report…\r\n\r\nHardly surprising given what the EUROZONE must battle through in the next 7-8 months it sees both political and financial RISKS on the horizon.\r\n\r\nKEY EUROZONE AGENDA ITEMS ON THE HORIZON:\r\n\r\n2016:\r\n<ol>\r\n 	<li>NOVEMBER 27<sup>th</sup>: - FRANCE: Second round vote Republican Presidential election.</li>\r\n 	<li>DECEMBER 1<sup>st</sup>: - FRANCE: Socialist primaries for Presidential election.</li>\r\n 	<li>DECEMBER 4<sup>th</sup>: - AUSTRIA: Presidential Election re-run.</li>\r\n 	<li>DECEMBER 4<sup>th</sup>: - ITALY: Referendum on Constitutional Reforms.</li>\r\n 	<li>DECEMBER 5<sup>th</sup>: - GREECE: Deadline day for stakeholders of GREEK DEBT to agree debt relief measures.</li>\r\n 	<li>DECEMBER 15<sup>th</sup>: - FRANCE: Socialist primaries closed.</li>\r\n 	<li>DECEMBER 31<sup>st</sup>: - GREECE: IMF to decide on involvement in GREEK third bailout.</li>\r\n</ol>\r\n2017:\r\n<ol start=\"8\">\r\n 	<li>JANUARY 29<sup>th</sup>: - FRANCE: Socialist Primary Elections.</li>\r\n 	<li>FEBRUARY 12<sup>th</sup>: - GERMANY: Presidential Elections.</li>\r\n 	<li>MARCH 15<sup>th</sup>: - HOLLAND: Parliamentary Elections.</li>\r\n 	<li>MARCH 26<sup>th</sup>: - GERMANY: Regional Elections.</li>\r\n 	<li>APRIL 23<sup>rd</sup>: - FRANCE: Presidential Elections.</li>\r\n 	<li>JUNE 18<sup>th</sup>: - FRANCE: General Elections.</li>\r\n</ol>\r\nWhilst one could say the ECB presentation appeared downbeat to some extent given the list 1-13 above I would say that a “WTF” discussion took place in Frankfurt and a play it all down approach was deemed to be the correct path to adopt.\r\n\r\nMatteo Renzi has placed his political career on the line with the Italian referendum, should the people vote NO he will resign if he is as good as his word.\r\n\r\nWould this place the EUROZONE in panic mode?\r\n\r\nIn my opinion, if not aired publicly, then definitely behind closed doors. Why?\r\n\r\nIn my opinion at the moment, with elections / referendums the questions being asked are practically irrelevant. It’s all about an anti-establishment vote.  For years, due to voter apathy with career “in it for themselves” politicians, turn out at all forms of elections around the world have been declining.\r\n\r\nThe BREXIT vote was a game changer. The populist vote was back making headlines.\r\n\r\nThen we had TRUMP. The circus ended with an extra-ordinary result with all the polls wrong. People lie to these organisations. Your vote is private to you and it’s high time the likes of CNN grabbed this concept. Believe it or not for Non-North Americans reading this blog CNN are in denial no changes in approach to programming… is it any wonder.\r\n\r\nTake a look at what is lurking in the EUROZONE… more importantly NOT IN THE SHADOWS: -\r\n<ul>\r\n 	<li>AUSTRIA – THE FREEDOM PARTY</li>\r\n 	<li>BELGIUM – VLAAMS BELANG</li>\r\n 	<li>DENMARK – DANISH PEOPLE’S PARTY</li>\r\n 	<li>FINLAND – FINNS PARTY</li>\r\n 	<li>FRANCE – FRONT NATIONAL</li>\r\n 	<li>GERMANY – ALTERNATIVE FUR DEUTSCHLAND</li>\r\n 	<li>GREECE – COALITION FOR THE RADICAL LEFT</li>\r\n 	<li>ITALY – THE 5 STAR MOVEMENT &amp; LEGA NORD</li>\r\n 	<li>HOLLAND – PARTY FOR FREEDOM</li>\r\n 	<li>SPAIN – PODERMOS</li>\r\n 	<li>SWEDEN – SWEDISH DEMOCRATS</li>\r\n</ul>\r\nThese parties are either FAR LEFT or FAR RIGHT but they are no longer considered FAR OUT.\r\n\r\nJune 23<sup>rd</sup> in the UK was game changer. TRUMP was sensational given the way the US people are usually governed by fear. The vote to elect TRUMP was incredible and a raised finger to DC. Whether TRUMP can effect change the way he predicted in the campaign remains to be seen.\r\n\r\nBack in the EUROZONE we are once again at the precipice and I do not think that cans, can be kicked anymore.\r\n\r\nThe policy of one size fits all, 19 into 1 will be shown up for what it is in 2017, especially if the populist vote gathers momentum.\r\n\r\nMario Draghi is widely rumoured to announce an extension of the ECB QE (Quantitative Easing) program in December. It remains to be seen what effect the Italian vote, if a no, will have on what he announces. Most analysts are expecting a time frame extension through to September 2017 from the present deadline of March 2017 and a view on potential tapering of the existing buying program. It could all be up in the air.\r\n\r\nThe ECB report talked about the Italian referendum, the bust voting calendar into the end of 2016 and the first half of 2017. BREXIT was briefly mentioned and as we all strongly suspect; BREXIT will drag on and on. I am still doubtful it will ever happen. I see a second vote. I am not certain how it will manifest itself, however should the EUROZONE implode it could all be a complete waste of time anyway.\r\n\r\nThe ECB also mentioned uncertainty surrounding TRUMP. The rising U.S. debt and TRUMPS focus on domestic issues rather than international may cause ripples around world markets. More like fecking Tsunamis in my opinion but there you go.\r\n\r\nI think having read the report twice now it would be fair to say that political concerns worry the ECB more than economical…. My, my, my, how times have changed.\r\n\r\nMoving to BREXIT and Tony Blair…\r\n\r\nPoor Tony Blair, completely taken for a fool by George W. Bush over WMD. Never believe what intelligence tells you, those guys are fueled by, the shoot first ask questions later brain cells.\r\n\r\nOur Tone now takes the view that democracy is a load of shite. The people have voted in a simple majority vote to leave the EUROPEAN UNION. Tony now says “feck that” we shouldn\'t leave and I know better than you. (This is why we have the populist vote growing by the way). The same thing happened in the U.S. election Mitt Romney called voters basically, idiots if they voted for TRUMP, he told them to vote the way I tell you, I know better and I know much more than you do… hence TRUMP. There is a pattern, career politicians’ days are numbered.\r\n\r\nBack to my point…\r\n\r\nTony could be right, legally there is a case that says until the supreme court rules that the vote was NOT legally binding. In the name of sanity though, who is going to say it was NOT a democratic vote.\r\n\r\nTheresa May, UK Prime Minister has said she will respect the wishes of the electorate and trigger article 50 of the Lisbon Treaty before 31<sup>st</sup> March 2017.\r\n\r\nHad the economic performance and the uncertainty of the UK following the BREXIT vote been dire, I could see a second referendum (not unheard of in Europe, both IRELAND &amp; HOLLAND were given second chances in the past to “get it right!!!!”).\r\n\r\nThe UK however, did not shut down. There are issues and most of them are due to uncertainty.\r\n\r\nWould the UK public welcome a second referendum?\r\n\r\nPersonally, I think that given the fact the political opposition in the UK is such poor shape, Theresa May should call a snap election to proceed with the BREXIT, this would probably give her an increased majority in the HOUSE of Commons and a clear mandate to get on with it.\r\n\r\nThere are issues to address with the Scottish, Welsh and Northern Ireland parliaments, who all wanted to REMAIN in the EUROPEAN UNION, as did the voters in LONDON.\r\n\r\nHowever, I go full circle. Many voters feel left out hence the rise of the “anti-vote”.\r\n\r\nThe BREXIT story still has legs, and long ones they are, left to run. It would be political suicide to go against a democratic vote and whilst there are millions who want another vote, I am not sure whether this is a good thing or bad thing. If my thoughts on the EUROZONE come through it’s all a non-event anyway. The EUROZONE has a habit of surviving anything that is thrown at it. 2017 could be the year it doesn\'t survive, or it becomes so dysfunctional a CONTAGION EFFECT of wanting out takes hold and it break ups in a few years. That makes the BREXIT vote and the trigger of article 50 irrelevant.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> LOOKING FORWARDS:</strong><strong> </strong></li>\r\n</ol>\r\n<strong>THIS WEEK’S FOREX and ECONOMIC NEWS – MY VIEWS:</strong><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\nSUNDAY: N/A.\r\n\r\nMONDAY: EUR – Mario Draghi (ECB) speaks.\r\nMONDAY: CAD – Stephen Poloz (BOC) speaks.\r\n\r\nTUESDAY: USD – GDP and Consumer Confidence.\r\nTUESDAY: NZD – RBNZ Financial Stability Report &amp; Graeme Wheeler speaks.\r\n\r\nWEDNESDAY: GBP – Bank Stress Test Results.\r\nWEDNESDAY: OPEC Production Cut Meeting.\r\nWEDNESDAY: EUR – Mario Draghi (ECB) speaks.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Data.\r\nWEDNESDAY: CAD – GDP.\r\nWEDNESDAY: AUD – Private Capital Expenditure.\r\nWEDNESDAY: CNY – Manufacturing PMi.\r\n\r\nTHURSDAY: GBP – Manufacturing PMi.\r\nTHURSDAY: USD – ISM Manufacturing PMi.\r\nTHURSDAY: AUD – Retail Sales.\r\n\r\nFRIDAY: GBP – Construction PMi.\r\nFRIDAY: CAD – Jobs Data and Unemployment Rate.\r\nFRIDAY: USD – Non-Farm Payrolls and Unemployment Rate.\r\n\r\n<strong> </strong>\r\n\r\nAfter the short week just completed we are back with a bang this week with a plethora of economic data releases.\r\n\r\nObviously NFP on Friday is the jewel in the crown and if its a beat or even in line it will be the confirming data, should it be required, to see U.S. interest rates increase in December. Frankly, if rates do not rise in December, God help the USD and God help Janet Yellen she would be the first victim of a non-reality “You’re fired” by Donald Trump.\r\n\r\n&nbsp;\r\n\r\nWe have the long-awaited OPEC production cut announcement this week. Up to now the OPEC members have been producing like crazy to show a cut-back to probably the average production levels. This is nonsense. OPEC has no importance anymore in my opinion. It is now simply a collection of countries with a commodity in decline. Only the hedge fund gamblers of this world play the oil trade in quantity and frankly as the OPEC reliability gets less and less a few big hedge fund losses will end that speculative market and OPEC will be no more\r\n\r\nFor now, we have a Christmas laugh and giggle on the horizon. This is a classic buy the rumour sell the news event. Take it seriously for 24 hours, if that, and then watch the selloff.\r\n\r\n&nbsp;\r\n\r\nThe UK bank stress tests will be interesting to watch. Over the recent months the government has been selling stakes in the banks it supported at the time of the Financial Crash back in 2008-2009 so I doubt that this would not be done unless the BOE tipped them the nod.\r\n\r\n&nbsp;\r\n\r\nSeveral PMi’s on the table this week. China will be interesting to follow. The market is expecting a small pullback but still a consolidation above 50.0 which is important moving forward.\r\n\r\n&nbsp;\r\n\r\nI think my message is that with the Forex markets prime for a pullback at any time, albeit across selective currencies, be careful with getting in too heavy especially in a week that contains U.S. non-farm payrolls.\r\n\r\n<u> </u>\r\n\r\n<u>THIS COMING WEEK - THE USD MAJORS (MY THOUGHTS): </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: 1.0590\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/EURUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8700\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/EURUSD-D-26112016-1024x477.png\" alt=\"eurusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2473\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/GBPUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8701\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/GBPUSD-D-26112016-1024x477.png\" alt=\"gbpusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7438\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/AUDUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8699\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/AUDUSD-D-26112016-1024x477.png\" alt=\"audusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7041\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/NZDUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8702\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/NZDUSD-D-26112016-1024x477.png\" alt=\"nzdusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3513\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCAD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8703\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCAD-D-26112016-1024x477.png\" alt=\"usdcad-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0131\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCHF-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8704\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCHF-D-26112016-1024x477.png\" alt=\"usdchf-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.16\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDJPY-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8705\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDJPY-D-26112016-1024x477.png\" alt=\"usdjpy-d-26112016\" width=\"1024\" height=\"477\" /></a></strong>\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 did not trade much at all last week. When cables move hit the markets early in the week for no reason, that was the nail in the coffin not to trade last week and just observe.\r\n\r\nMy gut feeling was there should be a pullback given we had seen so many extreme moves and many currency pairs looked well overdone. We saw a bit of a correction in currencies last Friday but not much. It is equities that have no realistic valuation at these levels that are going to create the correction of all corrections in my eyes. It is stock buybacks that are fueling this rise in equities, it’s all on a promise and frankly its very dangerous in my opinion.\r\n\r\nThe FED rate rise could be the catalyst for a correction and it will be blamed by the spoilt brats on Wall Street as the reason for everyone’s 401k decline in value. In my opinion, Wall Street has itself to blame 100% for everything that happens. Some of the future valuations of stocks at 25-35 times future values are untenable and frankly grossly irresponsible.\r\n\r\nI am not yet predicting a “House of Cards” situation, but we are not far off. I watched CNBC the other morning for an hour or so and frankly U.S. TV is to blame for a lot of things wrong with the markets. Bull views only…up, up and away to infinity and beyond is the only song they know. Frightening to observe and totally misleading.\r\n\r\nWith this as a backdrop I am ready to keep shorting the commodity currencies which will suffer the most from any equity correction. As usual if the U.S. catches a cold the rest of the world gets influenza.\r\n\r\nMy longer-term views haven’t altered much at all.\r\n\r\nLooking towards the end of this year, it is my intention to have POSITION trades established to carry forward into 2017.\r\n\r\n&nbsp;\r\n\r\nTRADING STYLES and RISK POSITION SIZING for 2017:\r\n\r\nI have been working on these last week and I will re-launch these at the beginning of 2017. There are changes planned which will give greater clarity; at least that’s the goal!\r\n\r\nAs I mentioned last week, it is working on the CORE POSITIONS which was relatively new to the PREMIUM SERVICE in 2016, which will be my focus. From my own perspective, I am going to “Lump” all POSITION trades into one broker next year. I will be using “SELL STOP” trades more frequently as I have been testing what I call MOMENTUM TRADING and I see these as ideal alternative entries to POSITION TRADES.\r\n\r\nIt works with POSITION TRADES primarily because the trade can go 50 pips against you and it should not affect the STOP LOSS as these will be based moving forward on a combination of the weekly and monthly ATR (Average True Range).\r\n\r\n&nbsp;\r\n\r\nPART-TIME TRADERS 2017:\r\n\r\nI have a growing number mainly out east…. As the crow flies from Canada. Most of you will NOT use twitter so I am very conscious about that and I have a letter for distribution, in the next week or so with my proposals for trading in 2017.\r\n\r\nSuffice to say I want to grow on the success from 2016 but we all need to look at the limitations on time that I have available.\r\n\r\n&nbsp;\r\n\r\nMoving on to my CORE TRADES: -\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>NZD/USD: – I have started to build, and I will be adding again into the end of the year.</li>\r\n 	<li>I am looking to establish AUD/USD, USD/CAD and USD/CHF core positions before the end of the year.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nPERISCOPE (UPDATE):\r\n\r\nI must give time to this. I have been diverted away from my desk quite a bit of late.\r\n\r\nPERISCOPE PROPOSAL - My proposal is initially to do a 30-minute presentation on a Monday afternoon my time about 2PM EST. I can be totally flexible with this time. If anyone wants to have a PERISCOPE session and this time is difficult please advise so I can review.\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<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/LIVE-TRADES-26112016.png\"><img class=\"aligncenter size-large wp-image-8691\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/LIVE-TRADES-26112016-754x1024.png\" alt=\"live-trades-26112016\" width=\"754\" height=\"1024\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/LIMIT-ORDERS-26112016.png\"><img class=\"aligncenter size-large wp-image-8690\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/LIMIT-ORDERS-26112016-715x1024.png\" alt=\"limit-orders-26112016\" width=\"715\" height=\"1024\" /></a>\r\n\r\n<u> </u>\r\n<ol start=\"6\">\r\n 	<li><strong> MY CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nThis is a big week on data and geopolitical news events.\r\n\r\nEven though the blog is finished for 2016 my trading is not and I fully expect to trade through to at least the FOMC interest rate decision.\r\n\r\nMy personal goal with trading through to the year end is to build up core positions for 2017 based upon my FUNDAMENTAL thoughts and views.\r\n\r\nI am expecting equities to pullback, what has gone on since the TRUMP victory makes no sense, and whilst there is always the approach of the market is the market work with it, and I fully get that, the recent moves are just a typical market move ready to leave all the retail traders hanging out there to dry at the highs after they get suckered in.\r\n\r\nThe Forex market is well over done and the fact that every analysts wrongly predicted the effect of a TRUMP victory, they can all stick their revised predictions where the sun doesn\'t shine.\r\n\r\nAs a trader, you have get hold of the reality that you are on your own. No-one gives a shit whether you live or die by this market. The markets are unforgiving. It is NOT a level playing field, the institutions drive the markets and majority of the pundits / analysts / so-called experts on TV have what is called “NO SKIN IN THE GAME”. Bear this in mind when you see or hear that Goldman or Barclays says something. They sell their own books. It is 99.99999999999% of the time an opinion based on what trades they have in place.\r\n\r\nIf these banks that provide analysis were so good they would be shouting their successes from the rooftops every day. They are not. In fact, if the truth be told, the majority of the major FX banks, have been found guilty of falsifying data and God knows what else over the past 12-18 months. They have been caught out trying to manipulate the market. This has affected them so much they are pulling back from FX now that they are losing their advantages to manipulate the market.\r\n\r\nAs we enter the silly season of lower volumes and less liquidity bear in mind you are on your own. If you are a PREMIUM SERVICE subscriber you have me as a sounding board but I am not blessed with ability to read the future.\r\n\r\nAll I can tell you is take care and do not be a sucker by being influenced by a bank opinion. If they get something right once it is not the second coming… it is at best a 50-50 bet made by someone who could not give a crap as he or she is not a trader.\r\n\r\nSo once again, in my opinion, the sword of Damocles STILL hangs over the markets.\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>BLOG VERSION: #121 PREMIUM SERVICE\r\nDATE: 26<sup>th</sup> November 2016.', 'EUROZONE IMPLOSION 2017?', '', 'publish', 'open', 'closed', '', 'eurozone-implosion-2017', '', '', '2016-11-26 15:04:15', '2016-11-26 20:04:15', '', 0, 'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=8706', 0, 'member_posts', '', 0);
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(8707, 1, '2016-11-26 15:01:25', '2016-11-26 20:01:25', '<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI never traded last week. From the get go I decided to err on the side of caution. Moves in the DXY continued just about higher overall with some profit taking coming through. At times, there were moves for no apparent reason other than probably a large order being placed that made a few waves, I decided for once just to stick to my guns and step aside. Basically, I just managed a couple of trades and closed with a few pips here and there.\r\n\r\nI am still very suspect of the knee-jerk reaction moves in the markets since THE TRUMP election victory. The FED has cemented in some of the move and now we face a period of about 9 months when the EUROZONE will, in my opinion dominate the forex moves.\r\n\r\nOn Black Friday, we started to see some pullbacks in the dollar index, but it’s not consistent across the board. The EUR still trades heavy in my opinion and this move supports the inverse relationship move with the USD/CHF. It is the commodity currencies that always attract my eye. I still firmly believe commodities always lead the markets in one shape or another and the rest of the markets follow. It therefore stands to reason that moves in the AUD, NZD, CAD and NOK are uppermost on my mind plus the SEK as the USD/SEK is so sensitive to general forex moves.\r\n\r\nThe spanner in the works at the moment is the JPY. After the EUR/USD, the USD/JPY is the second most traded currency pair with the EUR/JPY not too far behind. The JPY can drive the DXY and sway the forex market easier now than a couple of years ago due to less corporate and institutional players, basically less volume and much less liquidity especially in Asia where it dominates the proceedings. So, as a result, the moves in the DXY are not always what they seem at first glance, as always, forex moves require more homework to try and “get a handle” on why and what, to give us traders the now common response to some unexplained moves…WTF!\r\n\r\nTherefore, rather than trade an across the board USD weakness, look carefully as it could be sporadic. Whilst the EUR dominates the DXY weighted index, we may have to pick our way through currency pairs rather than take a general overview to give us the confirmation placing trades.\r\n\r\nWe will have a pullback of the recent moves. However, some will be shallower than others as the geopolitical news will still dominate within the pullback.\r\n\r\nBack on point…\r\n\r\nWhat I am saying is keep up your guard; CASH IS A POSITION never forget this no matter what you trade. I always end my blog each week with the following: -\r\n\r\n<span style=\"color: #0000ff;\"><strong><em>“As usual…</em></strong></span>\r\n\r\n<strong><em><span style=\"color: #0000ff;\">Always 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”.</span> </em></strong>\r\n\r\nI mean this; I am here for the long haul.\r\n\r\nI set myself achievable and reasonable targets per annum of 10,000 pips. I trade for basically 10 months a year. Since 2013 when I adjusted my approach and revised everything I have achieved my objective. It’s hard, it’s certainly not easy, I trade what the market gives and, for the most time I wait for the trades to come to me. I have MY PLAN and I TRADE MY PLAN.\r\n\r\nMoving on…\r\n\r\nHere we are once again with the final blog of a trading year, after today, I return in 2017 on January 8<sup>th</sup>.\r\n\r\nFor PREMIUM SERVICE subscribers, I will trade through to the FOMC in December, maybe a day or so beyond. New subscriptions that come on board between now and January 8<sup>th</sup> will not start until that date therefore there is a little bonus of “free time” for new subscribers.\r\n\r\nDon’t forget…\r\n\r\nJust a quick reminder; each month, I am giving away a FREE PREMIUM SERVICE 4-week subscription. This gives the winner 100% access to the PREMIUM SERVICE website and ALL my PREMIUM SERVICE communications from my suggested trade set-ups to market commentaries and my thoughts.\r\n\r\nTo stand a chance of being the next subscription winner, you need to 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 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong><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</p>\r\nI work for about 40 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<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE:</u></p>\r\n<p style=\"text-align: center;\">PRESENT AND HISTORICAL QUICK PREMIUM SERVICE STATS:</p>\r\n<p style=\"text-align: center;\">THIS MONTH SO FAR: +1,397 pips\r\nYEAR TO DATE TOTAL: +13,015 pips</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips</p>\r\nBelow, for additional information, I show the net position of THE PREMIUM SERVICE performance for 2016. On my website landing page <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the heading “HISTORY &amp; PERFORMANCE” there are more reports providing more historic trading information.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/PREM-SERV-NET-PROFITABILITY-2016.png\"><img class=\"aligncenter size-large wp-image-8692\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/PREM-SERV-NET-PROFITABILITY-2016-944x1024.png\" alt=\"prem-serv-net-profitability-2016\" width=\"944\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\nPART-TIME TRADER (POSITION) TRADES:\r\n\r\nAt the end of 2015, having listened to many of my subscribers and from a market survey that I undertook, I wanted to try and address those Forex traders who would consider themselves to be a PART-TIME trader for whatever reason.\r\n\r\nPART-TIME FOREX TRADERS fall between a rock and a hard place.  It is very, very difficult with limited access to computers due to full-time employment or limited access to a computer due time constraints, to have a voice when trading.\r\n\r\nNow more than ever you really need to be 24 x 5 with your devices to keep on top of things.\r\n\r\nI wanted to try and find a trading solution for PART-TIME TRADERS.\r\n\r\nLet me be the first to say, my solution is not 100% perfect. You can put lipstick on a pig but it’s still a pig, if you understand me. This is not an easy fix. But I wanted to try, and to be honest, timing in Forex is everything.\r\n\r\nMy initial solution, and it is on-going, has been my savior to my trading performance this year so far, with just 6/7 weeks left to go.\r\n\r\nI introduced PART-TIME TRADER TRADES now called POSITION TRADES at the start of 2016. This trading style is based upon my FUNDAMENTAL longer-term market views. These trades are LIMIT ORDER entry trades with very wide stops based on ATR (Average True Range) limits, mostly weekly limits, but sometimes monthly limits, using Fibonacci levels and trend lines to set stops and limits.\r\n\r\nThey have been, due to the way that the Forex market has been held to ransom inside tight trading ranges for most of the year, creating very choppy market conditions very successful.\r\n\r\nI am NOT saying that these trades and the way I trade them because I still have to assess trades all the time and close off trades early etc.… are the “B all and end all” holy grail for PART-TIME TRADERS but they are a step in the right direction.\r\n\r\nThese trades also suit FULL-TIME traders who want to take a longer-term perspective.\r\n\r\nHow successful have they been?\r\n\r\nHow do I measure their success?\r\n\r\nVery simply, when launching these trades, a year ago I created a page on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> called PART TIME FOREX TRADERS it is part of my drop down menu at the top of my landing page.\r\n\r\nI tried my best to define my target audience and I posted a cash flow projection, it is still there today and I have subsequently added quarterly reviews during the year.\r\n\r\nBelow is the initial cash flow projection that was posted the first week of January 2016.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-TRADE-PROJ-2016.png\"><img class=\"aligncenter size-large wp-image-8627\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-TRADE-PROJ-2016-818x1024.png\" alt=\"pos-trade-proj-2016\" width=\"818\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\nI am not going to spend a great deal of time on this. Basically for the purpose of this section of the DRIVE THRU blog will focus solely on MINI LOT traders.\r\n\r\nMy suggestion on day 1, was to open a broker account with USD$7,500. At the end of the year based only on single lot trades after costs to trade and my PREMIUM SERVICE annual subscription my goal was to grow the broker account from USD$7,500 to $15,052.50 by the end of 2016.\r\n\r\n<strong><u>That would be to double your initial investment after ALL costs were taken into consideration</u></strong>\r\n\r\nHow have I faired with this quest?\r\n\r\nBelow is the latest spreadsheet update post I made to my website on the 31<sup>st</sup> October 2016. On my website <a href=\"http://www.weeklyfxdivethru.com\">www.weeklyfxdivethru.com</a> landing page under the heading “PART TIME FOREX TRADERS” all my updates throughout 2016 can be found together with more information and background to these trade set ups.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-PROJ-2016-Q3.png\"><img class=\"aligncenter size-large wp-image-8630\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-PROJ-2016-Q3-1024x806.png\" alt=\"pos-proj-2016-q3\" width=\"1024\" height=\"806\" /></a>\r\n\r\nAt the end of last month, the cumulative position now shows that the original account with USD$7,500 now stands at net USD$13,868.00.\r\n\r\nThere is just under USD$1,200 in income left to achieve (1,200 pips over the months of November and December). It is a tall order.\r\n\r\nWhat about my macro thoughts on the performance of the POSITION TRADES?\r\n\r\nMy thoughts are very straightforward: -\r\n<ol>\r\n 	<li>This (2016) has been an extremely difficult year to trade in.</li>\r\n 	<li>My approach to trading this year has been almost a 180 degree turn on 2015 trading.</li>\r\n 	<li>Features and factors that prompted me to start this trading style, namely central bank diversification never became as big of an issue as I thought it would have been. I had to re-focus and adapt the POSITION trade set ups to compensate for this.</li>\r\n 	<li>This review of style, manifested itself in the facts that my projection was for just 90 trades in the year. So far I have completed 146 trades (more than 50% more than anticipated). My profits per trade are less and my losses per trade are well under projection.</li>\r\n 	<li>I am, given the above points 1-4, delighted to have achieved this performance so far.</li>\r\n 	<li>Have I delivered what I set out for PART-TIME traders? Not 100%. I have delivered profits but the timings for closing of trades is still an issue. I cannot let losses grow or profits diminish due to a trading style. I have to 100% trade the price action in the market as I see it.</li>\r\n 	<li>What about 2017?I will continue this trading style next year, but I will review my other trading styles. It is impossible to predict what type of a trading year 2017 will be, apart from the fact it contains 365 days and that there will always be a forex market every day the market is open.</li>\r\n</ol>\r\nIf you would like additional supporting data or detail about the performance and the tabs on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> 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> LOOKING BACKWARDS: THE FX MARKET PLACE</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S FOREX and ECONOMIC NEWS – MY VIEWS:</strong>\r\n\r\nAlthough I was really “not playing” last week, my eyes and ears were open watching and reading. Two pieces from last week resonated with me and although they were raised last week they are news items that will remain with us for months moving forward.\r\n<p style=\"text-align: center;\"><strong>THE EUROZONE (ECB FINANCIAL STABILITY REPORT) </strong>\r\n<strong> and </strong>\r\n<strong> TONY BLAIR on BREXIT:</strong></p>\r\n<p style=\"text-align: center;\"><strong>EUROZONE IMPLOSION 2017?</strong></p>\r\nThese reports over the past couple of years have tended to come and go with little more than a cursory glance. I must be “old school” I still believe that the data supplied to the markets by Central Banks actually mean something despite the personalities involved. I know I am the first to call various Central Bank governors, Muppets, JCB Drivers, numpties etc. However, we should try to understand, what the messages are that they are trying to deliver, sometimes with a hidden agenda, or, a clouded delivery.\r\n\r\nFrom my perspective, there is not another Central Bank President on the planet with as difficult a job as Mario Draghi so to hear and read what the views are from the EUROZONE should be read with greater seriousness as these views represent 50% of the most traded currency pair in the forex market.\r\n\r\nLong time readers / subscribers will be aware that I see the EUROZONE as a failed project doomed to failure. Despite everything like a prehistoric dinosaur, it labours inefficiently forward from catastrophe to catastrophe and set back after setback kicking more cans down the road than could fit in a re-cycling plant… it’s still here as Jim Kerr would sing “ALIVE and KICKING”, and only God knows how and why!\r\n\r\nBack to the report…\r\n\r\nHardly surprising given what the EUROZONE must battle through in the next 7-8 months it sees both political and financial RISKS on the horizon.\r\n\r\nKEY EUROZONE AGENDA ITEMS ON THE HORIZON:\r\n\r\n2016:\r\n<ol>\r\n 	<li>NOVEMBER 27<sup>th</sup>: - FRANCE: Second round vote Republican Presidential election.</li>\r\n 	<li>DECEMBER 1<sup>st</sup>: - FRANCE: Socialist primaries for Presidential election.</li>\r\n 	<li>DECEMBER 4<sup>th</sup>: - AUSTRIA: Presidential Election re-run.</li>\r\n 	<li>DECEMBER 4<sup>th</sup>: - ITALY: Referendum on Constitutional Reforms.</li>\r\n 	<li>DECEMBER 5<sup>th</sup>: - GREECE: Deadline day for stakeholders of GREEK DEBT to agree debt relief measures.</li>\r\n 	<li>DECEMBER 15<sup>th</sup>: - FRANCE: Socialist primaries closed.</li>\r\n 	<li>DECEMBER 31<sup>st</sup>: - GREECE: IMF to decide on involvement in GREEK third bailout.</li>\r\n</ol>\r\n2017:\r\n<ol start=\"8\">\r\n 	<li>JANUARY 29<sup>th</sup>: - FRANCE: Socialist Primary Elections.</li>\r\n 	<li>FEBRUARY 12<sup>th</sup>: - GERMANY: Presidential Elections.</li>\r\n 	<li>MARCH 15<sup>th</sup>: - HOLLAND: Parliamentary Elections.</li>\r\n 	<li>MARCH 26<sup>th</sup>: - GERMANY: Reginal Elections.</li>\r\n 	<li>APRIL 23<sup>rd</sup>: - FRANCE: Presidential Elections.</li>\r\n 	<li>JUNE 18<sup>th</sup>: - FRANCE: General Elections.</li>\r\n</ol>\r\nWhilst one could say the ECB presentation appeared downbeat to some extent given the list 1-13 above I would say that a “WTF” discussion took place in Frankfurt and a play it all down approach was deemed to be the correct path to adopt.\r\n\r\nMatteo Renzi has placed his political career on the line with the Italian referendum, should the people vote NO he will resign if he is as good as his word.\r\n\r\nWould this place the EUROZIONE in panic mode?\r\n\r\nIn my opinion, if not aired publicly, then definitely behind closed doors. Why?\r\n\r\nIn my opinion at the moment, with elections / referendums the questions being asked are practically irrelevant. It’s all about an anti-establishment vote.  For years, due to voter apathy with career “in it for themselves” politicians, turn out at all forms of elections around the world have been declining.\r\n\r\nThe BREXIT vote was a game changer. The populist vote was back making headlines.\r\n\r\nThen we had TRUMP. The circus ended with an extra-ordinary result with all the polls wrong. People lie to these organisations. Your vote is private to you and it’s high time the likes of CNN grabbed this concept. Believe it or not for Non-North Americans reading this blog CNN are in denial no changes in approach to programming… is it any wonder.\r\n\r\nTake a look at what is lurking in the EUROZONE… more importantly NOT IN THE SHADOWS: -\r\n<ul>\r\n 	<li>AUSTRIA – THE FREEDOM PARTY</li>\r\n 	<li>BELGIUM – VLAAMS BELANG</li>\r\n 	<li>DENMARK – DANISH PEOPLE’S PARTY</li>\r\n 	<li>FINLAND – FINNS PARTY</li>\r\n 	<li>FRANCE – FRONT NATIONAL</li>\r\n 	<li>GERMANY – ALTERNATIVE FUR DEUTSCHLAND</li>\r\n 	<li>GREECE – COALITION FOR THE RADICAL LEFT</li>\r\n 	<li>ITALY – THE 5 STAR MOVEMENT &amp; LEGA NORD</li>\r\n 	<li>HOLLAND – PARTY FOR FREEDOM</li>\r\n 	<li>SPAIN – PODERMOS</li>\r\n 	<li>SWEDEN – SWEDISH DOMOCRATS</li>\r\n</ul>\r\nThese parties are either FAR LEFT or FAR RIGHT but they are no longer considered FAR OUT.\r\n\r\nJune 23<sup>rd</sup> in the UK was game changer. TRUMP was sensational given the way the US people are usually governed by fear. The vote to elect TRUMP was incredible and a raised finger to DC. Whether TRUMP can effect change the way he predicted in the campaign remains to be seen.\r\n\r\nBack in the EUROZONE we are once again at the precipice and I do not think that cans, can be kicked anymore.\r\n\r\nThe policy of one size fits all, 19 into 1 will be shown up for what it is in 2017, especially if the populist vote gathers momentum.\r\n\r\nMario Draghi is widely rumoured to announce an extension of the ECB QE (Quantitative Easing) program in December. It remains to be seen what effect the Italian vote, if a no, will have on what he announces. Most analysts are expecting a time frame extension through to September 2017 from the present deadline of March 2017 and a view on potential tapering of the existing buying program. It could all be up in the air.\r\n\r\nThe ECB report talked about the Italian referendum, the bust voting calendar into the end of 2016 and the first half of 2017. BREXIT was briefly mentioned and as we all strongly suspect; BREXIT will drag on and on. I am still doubtful it will ever happen. I see a second vote. I am not certain how it will manifest itself, however should the EUROZONE implode it could all be a complete waste of time anyway.\r\n\r\nThe ECB also mentioned uncertainty surrounding TRUMP. The rising U.S. debt and TRUMPS focus on domestic issues rather than international may cause ripples around world markets. More like fecking Tsunamis in my opinion but there you go.\r\n\r\nI think having read the report twice now it would be fair to say that political concerns worry the ECB more than economical…. My, my, my, how times have changed.\r\n\r\nMoving to BREXIT and Tony Blair…\r\n\r\nPoor Tony Blair, completely taken for a fool by George W. Bush over WMD. Never believe what intelligence tells you, those guys are fueled by, the shoot first ask questions later brain cells.\r\n\r\nOur Tone now takes the view that democracy is a load of shite. The people have voted in a simple majority vote to leave the EUROPEAN UNION. Tony now says “feck that” we shouldn\'t leave and I know better than you. (This is why we have the populist vote growing by the way). The same thing happened in the U.S. election Mitt Romney called voters basically, idiots if they voted for TRUMP, he told them to vote the way I tell you, I know better and I know much more than you do… hence TRUMP. There is a pattern, career politicians’ days are numbered.\r\n\r\nBack to my point…\r\n\r\nTony could be right, legally there is a case that says until the supreme court rules that the vote was NOT legally binding. In the name of sanity though, who is going to say it was NOT a democratic vote.\r\n\r\nTheresa May, UK Prime Minister has said she will respect the wishes of the electorate and trigger article 50 of the Lisbon Treaty before 31<sup>st</sup> March 2017.\r\n\r\nHad the economic performance and the uncertainty of the UK following the BREXIT vote been dire, I could see a second referendum (not unheard of in Europe, both IRELAND &amp; HOLLAND were given second chances in the past to “get it right!!!!”).\r\n\r\nThe UK however, did not shut down. There are issues and most of them are due to uncertainty.\r\n\r\nWould the UK public welcome a second referendum?\r\n\r\nPersonally, I think that given the fact the political opposition in the UK is such poor shape, Theresa May should call a snap election to proceed with the BREXIT, this would probably give her an increased majority in the HOUSE of Commons and a clear mandate to get on with it.\r\n\r\nThere are issues to address with the Scottish, Welsh and Northern Ireland parliaments, who all wanted to REMAIN in the EUROPEAN UNION, as did the voters in LONDON.\r\n\r\nHowever, I go full circle. Many voters feel left out hence the rise of the “anti-vote”.\r\n\r\nThe BREXIT story still has legs, and long ones they are, left to run. It would be political suicide to go against a democratic vote and whilst there are millions who want another vote, I am not sure whether this is a good thing or bad thing. If my thoughts on the EUROZONE come through it’s all a non-event anyway. The EUROZONE has a habit of surviving anything that is thrown at it. 2017 could be the year it doesn\'t survive, or it becomes so dysfunctional a CONTAGION EFFECT of wanting out takes hold and it break ups in a few years. That makes the BREXIT vote and the trigger of article 50 irrelevant.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> LOOKING FORWARDS:</strong><strong> </strong></li>\r\n</ol>\r\n<strong>THIS WEEK’S FOREX and ECONOMIC NEWS – MY VIEWS:</strong><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\nSUNDAY: N/A.\r\n\r\nMONDAY: EUR – Mario Draghi (ECB) speaks.\r\nMONDAY: CAD – Stephen Poloz (BOC) speaks.\r\n\r\nTUESDAY: USD – GDP and Consumer Confidence.\r\nTUESDAY: NZD – RBNZ Financial Stability Report &amp; Graeme Wheeler speaks.\r\n\r\nWEDNESDAY: GBP – Bank Stress Test Results.\r\nWEDNESDAY: OPEC Production Cut Meeting.\r\nWEDNESDAY: EUR – Mario Draghi (ECB) speaks.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Data.\r\nWEDNESDAY: CAD – GDP.\r\nWEDNESDAY: AUD – Private Capital Expenditure.\r\nWEDNESDAY: CNY – Manufacturing PMi.\r\n\r\nTHURSDAY: GBP – Manufacturing PMi.\r\nTHURSDAY: USD – ISM Manufacturing PMi.\r\nTHURSDAY: AUD – Retail Sales.\r\n\r\nFRIDAY: GBP – Construction PMi.\r\nFRIDAY: CAD – Jobs Data and Unemployment Rate.\r\nFRIDAY: USD – Non-Farm Payrolls and Unemployment Rate.\r\n\r\n<strong> </strong>\r\n\r\nAfter the short week just completed we are back with a bang this week with a plethora of economic data releases.\r\n\r\nObviously NFP on Friday is the jewel in the crown and if its a beat or even in line it will be the confirming data, should it be required, to see U.S. interest rates increase in December. Frankly, if rates do not rise in December, God help the USD and God help Janet Yellen she would be the first victim of a non-reality “You’re fired” by Donald Trump.\r\n\r\n&nbsp;\r\n\r\nWe have the long-awaited OPEC production cut announcement this week. Up to now the OPEC members have been producing like crazy to show a cut-back to probably the average production levels. This is nonsense. OPEC has no importance anymore in my opinion. It is now simply a collection of countries with a commodity in decline. Only the hedge fund gamblers of this world play the oil trade in quantity and frankly as the OPEC reliability gets less and less a few big hedge fund losses will end that speculative market and OPEC will be no more\r\n\r\nFor now, we have a Christmas laugh and giggle on the horizon. This is a classic buy the rumour sell the news event. Take it seriously for 24 hours, if that, and then watch the selloff.\r\n\r\n&nbsp;\r\n\r\nThe UK bank stress tests will be interesting to watch. Over the recent months the government has been selling stakes in the banks it supported at the time of the Financial Crash back in 2008-2009 so I doubt that this would not be done unless the BOE tipped them the nod.\r\n\r\n&nbsp;\r\n\r\nSeveral PMi’s on the table this week. China will be interesting to follow. The market is expecting a small pullback but still a consolidation above 50.0 which is important moving forward.\r\n\r\n&nbsp;\r\n\r\nI think my message is that with the Forex markets prime for a pullback at any time, albeit across selective currencies, be careful with getting in too heavy especially in a week that contains U.S. non-farm payrolls.\r\n\r\n<u> </u>\r\n\r\n<u>THIS COMING WEEK - THE USD MAJORS (MY THOUGHTS): </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: 1.0590\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/EURUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8700\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/EURUSD-D-26112016-1024x477.png\" alt=\"eurusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2473\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/GBPUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8701\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/GBPUSD-D-26112016-1024x477.png\" alt=\"gbpusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7438\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/AUDUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8699\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/AUDUSD-D-26112016-1024x477.png\" alt=\"audusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7041\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/NZDUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8702\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/NZDUSD-D-26112016-1024x477.png\" alt=\"nzdusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3513\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCAD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8703\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCAD-D-26112016-1024x477.png\" alt=\"usdcad-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0131\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCHF-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8704\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCHF-D-26112016-1024x477.png\" alt=\"usdchf-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.16\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDJPY-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8705\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDJPY-D-26112016-1024x477.png\" alt=\"usdjpy-d-26112016\" width=\"1024\" height=\"477\" /></a></strong>\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 did not trade much at all last week. When cables move hit the markets early in the week for no reason, that was the nail in the coffin not to trade last week and just observe.\r\n\r\nMy gut feeling was there should be a pullback given we had seen so many extreme moves and many currency pairs looked well overdone. We saw a bit of a correction in currencies last Friday but not much. It is equities that have no realistic valuation at these levels that are going to create the correction of all corrections in my eyes. It is stock buybacks that are fueling this rise in equities, it’s all on a promise and frankly its very dangerous in my opinion.\r\n\r\nThe FED rate rise could be the catalyst for a correction and it will be blamed by the spoilt brats on Wall Street as the reason for everyone’s 401k decline in value. In my opinion, Wall Street has itself to blame 100% for everything that happens. Some of the future valuations of stocks at 25-35 times future values are untenable and frankly grossly irresponsible.\r\n\r\nI am not yet predicting a “House of Cards” situation, but we are not far off. I watched CNBC the other morning for an hour or so and frankly U.S. TV is to blame for a lot of things wrong with the markets. Bull views only…up, up and away to infinity and beyond is the only song they know. Frightening to observe and totally misleading.\r\n\r\nWith this as a backdrop I am ready to keep shorting the commodity currencies which will suffer the most from any equity correction. As usual if the U.S. catches a cold the rest of the world gets influenza.\r\n\r\nMy longer-term views haven’t altered much at all.\r\n\r\nLooking towards the end of this year, it is my intention to have POSITION trades established to carry forward into 2017.\r\n\r\n&nbsp;\r\n\r\nTRADING STYLES and RISK POSITION SIZING for 2017:\r\n\r\nI have been working on these last week and I will re-launch these at the beginning of 2017. There are changes planned which will give greater clarity; at least that’s the goal!\r\n\r\nAs I mentioned last week, it is working on the CORE POSITIONS which was relatively new to the PREMIUM SERVICE in 2016, which will be my focus. From my own perspective, I am going to “Lump” all POSITION trades into one broker next year. I will be using “SELL STOP” trades more frequently as I have been testing what I call MOMENTUM TRADING and I see these as ideal alternative entries to POSITION TRADES.\r\n\r\nIt works with POSITION TRADES primarily because the trade can go 50 pips against you and it should not affect the STOP LOSS as these will be based moving forward on a combination of the weekly and monthly ATR (Average True Range).\r\n\r\n&nbsp;\r\n\r\nPART-TIME TRADERS 2017:\r\n\r\nI have a growing number mainly out east…. As the crow flies from Canada. Most of you will NOT use twitter so I am very conscious about that and I have a letter for distribution, in the next week or so with my proposals for trading in 2017.\r\n\r\nSuffice to say I want to grow on the success from 2016 but we all need to look at the limitations on time that I have available.\r\n\r\n&nbsp;\r\n\r\nMoving on to my CORE TRADES: -\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>NZD/USD: – I have started to build, and I will be adding again into the end of the year.</li>\r\n 	<li>I am looking to establish AUD/USD, USD/CAD and USD/CHF core positions before the end of the year.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nPERISCOPE (UPDATE):\r\n\r\nI must give time to this. I have been diverted away from my desk quite a bit of late.\r\n\r\nPERISCOPE PROPOSAL - My proposal is initially to do a 30-minute presentation on a Monday afternoon my time about 2PM EST. I can be totally flexible with this time. If anyone wants to have a PERISCOPE session and this time is difficult please advise so I can review.\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<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/LIVE-TRADES-26112016.png\"><img class=\"aligncenter size-large wp-image-8691\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/LIVE-TRADES-26112016-754x1024.png\" alt=\"live-trades-26112016\" width=\"754\" height=\"1024\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/LIMIT-ORDERS-26112016.png\"><img class=\"aligncenter size-large wp-image-8690\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/LIMIT-ORDERS-26112016-715x1024.png\" alt=\"limit-orders-26112016\" width=\"715\" height=\"1024\" /></a>\r\n\r\n<u> </u>\r\n<ol start=\"6\">\r\n 	<li><strong> MY CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nThis is a big week on data and geopolitical news events.\r\n\r\nEven though the blog is finished for 2016 my trading is not and I fully expect to trade through to at least the FOMC interest rate decision.\r\n\r\nMy personal goal with trading through to the year end is to build up core positions for 2017 based upon my FUNDAMENTAL thoughts and views.\r\n\r\nI am expecting equities to pullback, what has gone on since the TRUMP victory makes no sense, and whilst there is always the approach of the market is the market work with it, and I fully get that, the recent moves are just a typical market move ready to leave all the retail traders hanging out there to dry at the highs after they get suckered in.\r\n\r\nThe Forex market is well over done and the fact that every analysist wrongly predicted the effect of a TRUMP victory, they can all stick their revised predictions where the sun doesn\'t shine.\r\n\r\nAs a trader, you have get hold of the reality that you are on your own. No-one gives a shit whether you live or die by this market. The markets are unforgiving. It is NOT a level playing field, the institutions drive the markets and majority of the pundits / analysts / so-called experts on TV have what is called “NO SKIN IN THE GAME”. Bear this in mind when you see or hear that Goldman or Barclays says something. They sell their own books. It is 99.99999999999% of the time an opinion based on what trades they have in place.\r\n\r\nIf these banks that provide analysis were so good they would be shouting their successes from the rooftops every day. They are not. In fact, if the truth be told, the majority of the major FX banks, have been found guilty of falsifying data and God knows what else over the past 12-18 months. They have been caught out trying to manipulate the market. This has affected them so much they are pulling back from FX now that they are losing their advantages to manipulate the market.\r\n\r\nAs we enter the silly season of lower volumes and less liquidity bear in mind you are on your own. If you are a PREMIUM SERVICE subscriber you have me as a sounding board but I am not blessed with ability to read the future.\r\n\r\nAll I can tell you is take care and do not be a sucker by being influenced by a bank opinion. If they get something right once it is not the second coming… it is at best a 50-50 bet made by someone who could not give a crap as he or she is not a trader.\r\n\r\nSo once again, in my opinion, the sword of Damocles STILL hangs over the markets.\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>BLOG VERSION: #121 PREMIUM SERVICE\r\nDATE: 26<sup>th</sup> November 2016.', 'EUROZONE IMPLOSION 2017?', '', 'inherit', 'closed', 'closed', '', '8706-revision-v1', '', '', '2016-11-26 15:01:25', '2016-11-26 20:01:25', '', 8706, 'http://weeklyfxdrivethru.com/8706-revision-v1/', 0, 'revision', '', 0);
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(8708, 1, '2016-11-26 15:04:15', '2016-11-26 20:04:15', '<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI never traded last week. From the get go I decided to err on the side of caution. Moves in the DXY continued just about higher overall with some profit taking coming through. At times, there were moves for no apparent reason other than probably a large order being placed that made a few waves, I decided for once just to stick to my guns and step aside. Basically, I just managed a couple of trades and closed with a few pips here and there.\r\n\r\nI am still very suspect of the knee-jerk reaction moves in the markets since THE TRUMP election victory. The FED has cemented in some of the move and now we face a period of about 9 months when the EUROZONE will, in my opinion dominate the forex moves.\r\n\r\nOn Black Friday, we started to see some pullbacks in the dollar index, but it’s not consistent across the board. The EUR still trades heavy in my opinion and this move supports the inverse relationship move with the USD/CHF. It is the commodity currencies that always attract my eye. I still firmly believe commodities always lead the markets in one shape or another and the rest of the markets follow. It therefore stands to reason that moves in the AUD, NZD, CAD and NOK are uppermost on my mind plus the SEK as the USD/SEK is so sensitive to general forex moves.\r\n\r\nThe spanner in the works at the moment is the JPY. After the EUR/USD, the USD/JPY is the second most traded currency pair with the EUR/JPY not too far behind. The JPY can drive the DXY and sway the forex market easier now than a couple of years ago due to less corporate and institutional players, basically less volume and much less liquidity especially in Asia where it dominates the proceedings. So, as a result, the moves in the DXY are not always what they seem at first glance, as always, forex moves require more homework to try and “get a handle” on why and what, to give us traders the now common response to some unexplained moves…WTF!\r\n\r\nTherefore, rather than trade an across the board USD weakness, look carefully as it could be sporadic. Whilst the EUR dominates the DXY weighted index, we may have to pick our way through currency pairs rather than take a general overview to give us the confirmation placing trades.\r\n\r\nWe will have a pullback of the recent moves. However, some will be shallower than others as the geopolitical news will still dominate within the pullback.\r\n\r\nBack on point…\r\n\r\nWhat I am saying is keep up your guard; CASH IS A POSITION never forget this no matter what you trade. I always end my blog each week with the following: -\r\n\r\n<span style=\"color: #0000ff;\"><strong><em>“As usual…</em></strong></span>\r\n\r\n<strong><em><span style=\"color: #0000ff;\">Always 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”.</span> </em></strong>\r\n\r\nI mean this; I am here for the long haul.\r\n\r\nI set myself achievable and reasonable targets per annum of 10,000 pips. I trade for basically 10 months a year. Since 2013 when I adjusted my approach and revised everything I have achieved my objective. It’s hard, it’s certainly not easy, I trade what the market gives and, for the most time I wait for the trades to come to me. I have MY PLAN and I TRADE MY PLAN.\r\n\r\nMoving on…\r\n\r\nHere we are once again with the final blog of a trading year, after today, I return in 2017 on January 8<sup>th</sup>.\r\n\r\nFor PREMIUM SERVICE subscribers, I will trade through to the FOMC in December, maybe a day or so beyond. New subscriptions that come on board between now and January 8<sup>th</sup> will not start until that date therefore there is a little bonus of “free time” for new subscribers.\r\n\r\nDon’t forget…\r\n\r\nJust a quick reminder; each month, I am giving away a FREE PREMIUM SERVICE 4-week subscription. This gives the winner 100% access to the PREMIUM SERVICE website and ALL my PREMIUM SERVICE communications from my suggested trade set-ups to market commentaries and my thoughts.\r\n\r\nTo stand a chance of being the next subscription winner, you need to 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 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong><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</p>\r\nI work for about 40 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<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE:</u></p>\r\n<p style=\"text-align: center;\">PRESENT AND HISTORICAL QUICK PREMIUM SERVICE STATS:</p>\r\n<p style=\"text-align: center;\">THIS MONTH SO FAR: +1,397 pips\r\nYEAR TO DATE TOTAL: +13,015 pips</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips</p>\r\nBelow, for additional information, I show the net position of THE PREMIUM SERVICE performance for 2016. On my website landing page <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the heading “HISTORY &amp; PERFORMANCE” there are more reports providing more historic trading information.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/PREM-SERV-NET-PROFITABILITY-2016.png\"><img class=\"aligncenter size-large wp-image-8692\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/PREM-SERV-NET-PROFITABILITY-2016-944x1024.png\" alt=\"prem-serv-net-profitability-2016\" width=\"944\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\nPART-TIME TRADER (POSITION) TRADES:\r\n\r\nAt the end of 2015, having listened to many of my subscribers and from a market survey that I undertook, I wanted to try and address those Forex traders who would consider themselves to be a PART-TIME trader for whatever reason.\r\n\r\nPART-TIME FOREX TRADERS fall between a rock and a hard place.  It is very, very difficult with limited access to computers due to full-time employment or limited access to a computer due time constraints, to have a voice when trading.\r\n\r\nNow more than ever you really need to be 24 x 5 with your devices to keep on top of things.\r\n\r\nI wanted to try and find a trading solution for PART-TIME TRADERS.\r\n\r\nLet me be the first to say, my solution is not 100% perfect. You can put lipstick on a pig but it’s still a pig, if you understand me. This is not an easy fix. But I wanted to try, and to be honest, timing in Forex is everything.\r\n\r\nMy initial solution, and it is on-going, has been my savior to my trading performance this year so far, with just 6/7 weeks left to go.\r\n\r\nI introduced PART-TIME TRADER TRADES now called POSITION TRADES at the start of 2016. This trading style is based upon my FUNDAMENTAL longer-term market views. These trades are LIMIT ORDER entry trades with very wide stops based on ATR (Average True Range) limits, mostly weekly limits, but sometimes monthly limits, using Fibonacci levels and trend lines to set stops and limits.\r\n\r\nThey have been, due to the way that the Forex market has been held to ransom inside tight trading ranges for most of the year, creating very choppy market conditions very successful.\r\n\r\nI am NOT saying that these trades and the way I trade them because I still have to assess trades all the time and close off trades early etc.… are the “B all and end all” holy grail for PART-TIME TRADERS but they are a step in the right direction.\r\n\r\nThese trades also suit FULL-TIME traders who want to take a longer-term perspective.\r\n\r\nHow successful have they been?\r\n\r\nHow do I measure their success?\r\n\r\nVery simply, when launching these trades, a year ago I created a page on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> called PART TIME FOREX TRADERS it is part of my drop down menu at the top of my landing page.\r\n\r\nI tried my best to define my target audience and I posted a cash flow projection, it is still there today and I have subsequently added quarterly reviews during the year.\r\n\r\nBelow is the initial cash flow projection that was posted the first week of January 2016.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-TRADE-PROJ-2016.png\"><img class=\"aligncenter size-large wp-image-8627\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-TRADE-PROJ-2016-818x1024.png\" alt=\"pos-trade-proj-2016\" width=\"818\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\nI am not going to spend a great deal of time on this. Basically for the purpose of this section of the DRIVE THRU blog will focus solely on MINI LOT traders.\r\n\r\nMy suggestion on day 1, was to open a broker account with USD$7,500. At the end of the year based only on single lot trades after costs to trade and my PREMIUM SERVICE annual subscription my goal was to grow the broker account from USD$7,500 to $15,052.50 by the end of 2016.\r\n\r\n<strong><u>That would be to double your initial investment after ALL costs were taken into consideration</u></strong>\r\n\r\nHow have I faired with this quest?\r\n\r\nBelow is the latest spreadsheet update post I made to my website on the 31<sup>st</sup> October 2016. On my website <a href=\"http://www.weeklyfxdivethru.com\">www.weeklyfxdivethru.com</a> landing page under the heading “PART TIME FOREX TRADERS” all my updates throughout 2016 can be found together with more information and background to these trade set ups.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-PROJ-2016-Q3.png\"><img class=\"aligncenter size-large wp-image-8630\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-PROJ-2016-Q3-1024x806.png\" alt=\"pos-proj-2016-q3\" width=\"1024\" height=\"806\" /></a>\r\n\r\nAt the end of last month, the cumulative position now shows that the original account with USD$7,500 now stands at net USD$13,868.00.\r\n\r\nThere is just under USD$1,200 in income left to achieve (1,200 pips over the months of November and December). It is a tall order.\r\n\r\nWhat about my macro thoughts on the performance of the POSITION TRADES?\r\n\r\nMy thoughts are very straightforward: -\r\n<ol>\r\n 	<li>This (2016) has been an extremely difficult year to trade in.</li>\r\n 	<li>My approach to trading this year has been almost a 180 degree turn on 2015 trading.</li>\r\n 	<li>Features and factors that prompted me to start this trading style, namely central bank diversification never became as big of an issue as I thought it would have been. I had to re-focus and adapt the POSITION trade set ups to compensate for this.</li>\r\n 	<li>This review of style, manifested itself in the facts that my projection was for just 90 trades in the year. So far I have completed 146 trades (more than 50% more than anticipated). My profits per trade are less and my losses per trade are well under projection.</li>\r\n 	<li>I am, given the above points 1-4, delighted to have achieved this performance so far.</li>\r\n 	<li>Have I delivered what I set out for PART-TIME traders? Not 100%. I have delivered profits but the timings for closing of trades is still an issue. I cannot let losses grow or profits diminish due to a trading style. I have to 100% trade the price action in the market as I see it.</li>\r\n 	<li>What about 2017?I will continue this trading style next year, but I will review my other trading styles. It is impossible to predict what type of a trading year 2017 will be, apart from the fact it contains 365 days and that there will always be a forex market every day the market is open.</li>\r\n</ol>\r\nIf you would like additional supporting data or detail about the performance and the tabs on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> 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> LOOKING BACKWARDS: THE FX MARKET PLACE</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S FOREX and ECONOMIC NEWS – MY VIEWS:</strong>\r\n\r\nAlthough I was really “not playing” last week, my eyes and ears were open watching and reading. Two pieces from last week resonated with me and although they were raised last week they are news items that will remain with us for months moving forward.\r\n<p style=\"text-align: center;\"><strong>THE EUROZONE (ECB FINANCIAL STABILITY REPORT) </strong>\r\n<strong> and </strong>\r\n<strong> TONY BLAIR on BREXIT:</strong></p>\r\n<p style=\"text-align: center;\"><strong>EUROZONE IMPLOSION 2017?</strong></p>\r\nThese reports over the past couple of years have tended to come and go with little more than a cursory glance. I must be “old school” I still believe that the data supplied to the markets by Central Banks actually mean something despite the personalities involved. I know I am the first to call various Central Bank governors, Muppets, JCB Drivers, numpties etc. However, we should try to understand, what the messages are that they are trying to deliver, sometimes with a hidden agenda, or, a clouded delivery.\r\n\r\nFrom my perspective, there is not another Central Bank President on the planet with as difficult a job as Mario Draghi so to hear and read what the views are from the EUROZONE should be read with greater seriousness as these views represent 50% of the most traded currency pair in the forex market.\r\n\r\nLong time readers / subscribers will be aware that I see the EUROZONE as a failed project doomed to failure. Despite everything like a prehistoric dinosaur, it labours inefficiently forward from catastrophe to catastrophe and set back after setback kicking more cans down the road than could fit in a re-cycling plant… it’s still here as Jim Kerr would sing “ALIVE and KICKING”, and only God knows how and why!\r\n\r\nBack to the report…\r\n\r\nHardly surprising given what the EUROZONE must battle through in the next 7-8 months it sees both political and financial RISKS on the horizon.\r\n\r\nKEY EUROZONE AGENDA ITEMS ON THE HORIZON:\r\n\r\n2016:\r\n<ol>\r\n 	<li>NOVEMBER 27<sup>th</sup>: - FRANCE: Second round vote Republican Presidential election.</li>\r\n 	<li>DECEMBER 1<sup>st</sup>: - FRANCE: Socialist primaries for Presidential election.</li>\r\n 	<li>DECEMBER 4<sup>th</sup>: - AUSTRIA: Presidential Election re-run.</li>\r\n 	<li>DECEMBER 4<sup>th</sup>: - ITALY: Referendum on Constitutional Reforms.</li>\r\n 	<li>DECEMBER 5<sup>th</sup>: - GREECE: Deadline day for stakeholders of GREEK DEBT to agree debt relief measures.</li>\r\n 	<li>DECEMBER 15<sup>th</sup>: - FRANCE: Socialist primaries closed.</li>\r\n 	<li>DECEMBER 31<sup>st</sup>: - GREECE: IMF to decide on involvement in GREEK third bailout.</li>\r\n</ol>\r\n2017:\r\n<ol start=\"8\">\r\n 	<li>JANUARY 29<sup>th</sup>: - FRANCE: Socialist Primary Elections.</li>\r\n 	<li>FEBRUARY 12<sup>th</sup>: - GERMANY: Presidential Elections.</li>\r\n 	<li>MARCH 15<sup>th</sup>: - HOLLAND: Parliamentary Elections.</li>\r\n 	<li>MARCH 26<sup>th</sup>: - GERMANY: Regional Elections.</li>\r\n 	<li>APRIL 23<sup>rd</sup>: - FRANCE: Presidential Elections.</li>\r\n 	<li>JUNE 18<sup>th</sup>: - FRANCE: General Elections.</li>\r\n</ol>\r\nWhilst one could say the ECB presentation appeared downbeat to some extent given the list 1-13 above I would say that a “WTF” discussion took place in Frankfurt and a play it all down approach was deemed to be the correct path to adopt.\r\n\r\nMatteo Renzi has placed his political career on the line with the Italian referendum, should the people vote NO he will resign if he is as good as his word.\r\n\r\nWould this place the EUROZONE in panic mode?\r\n\r\nIn my opinion, if not aired publicly, then definitely behind closed doors. Why?\r\n\r\nIn my opinion at the moment, with elections / referendums the questions being asked are practically irrelevant. It’s all about an anti-establishment vote.  For years, due to voter apathy with career “in it for themselves” politicians, turn out at all forms of elections around the world have been declining.\r\n\r\nThe BREXIT vote was a game changer. The populist vote was back making headlines.\r\n\r\nThen we had TRUMP. The circus ended with an extra-ordinary result with all the polls wrong. People lie to these organisations. Your vote is private to you and it’s high time the likes of CNN grabbed this concept. Believe it or not for Non-North Americans reading this blog CNN are in denial no changes in approach to programming… is it any wonder.\r\n\r\nTake a look at what is lurking in the EUROZONE… more importantly NOT IN THE SHADOWS: -\r\n<ul>\r\n 	<li>AUSTRIA – THE FREEDOM PARTY</li>\r\n 	<li>BELGIUM – VLAAMS BELANG</li>\r\n 	<li>DENMARK – DANISH PEOPLE’S PARTY</li>\r\n 	<li>FINLAND – FINNS PARTY</li>\r\n 	<li>FRANCE – FRONT NATIONAL</li>\r\n 	<li>GERMANY – ALTERNATIVE FUR DEUTSCHLAND</li>\r\n 	<li>GREECE – COALITION FOR THE RADICAL LEFT</li>\r\n 	<li>ITALY – THE 5 STAR MOVEMENT &amp; LEGA NORD</li>\r\n 	<li>HOLLAND – PARTY FOR FREEDOM</li>\r\n 	<li>SPAIN – PODERMOS</li>\r\n 	<li>SWEDEN – SWEDISH DEMOCRATS</li>\r\n</ul>\r\nThese parties are either FAR LEFT or FAR RIGHT but they are no longer considered FAR OUT.\r\n\r\nJune 23<sup>rd</sup> in the UK was game changer. TRUMP was sensational given the way the US people are usually governed by fear. The vote to elect TRUMP was incredible and a raised finger to DC. Whether TRUMP can effect change the way he predicted in the campaign remains to be seen.\r\n\r\nBack in the EUROZONE we are once again at the precipice and I do not think that cans, can be kicked anymore.\r\n\r\nThe policy of one size fits all, 19 into 1 will be shown up for what it is in 2017, especially if the populist vote gathers momentum.\r\n\r\nMario Draghi is widely rumoured to announce an extension of the ECB QE (Quantitative Easing) program in December. It remains to be seen what effect the Italian vote, if a no, will have on what he announces. Most analysts are expecting a time frame extension through to September 2017 from the present deadline of March 2017 and a view on potential tapering of the existing buying program. It could all be up in the air.\r\n\r\nThe ECB report talked about the Italian referendum, the bust voting calendar into the end of 2016 and the first half of 2017. BREXIT was briefly mentioned and as we all strongly suspect; BREXIT will drag on and on. I am still doubtful it will ever happen. I see a second vote. I am not certain how it will manifest itself, however should the EUROZONE implode it could all be a complete waste of time anyway.\r\n\r\nThe ECB also mentioned uncertainty surrounding TRUMP. The rising U.S. debt and TRUMPS focus on domestic issues rather than international may cause ripples around world markets. More like fecking Tsunamis in my opinion but there you go.\r\n\r\nI think having read the report twice now it would be fair to say that political concerns worry the ECB more than economical…. My, my, my, how times have changed.\r\n\r\nMoving to BREXIT and Tony Blair…\r\n\r\nPoor Tony Blair, completely taken for a fool by George W. Bush over WMD. Never believe what intelligence tells you, those guys are fueled by, the shoot first ask questions later brain cells.\r\n\r\nOur Tone now takes the view that democracy is a load of shite. The people have voted in a simple majority vote to leave the EUROPEAN UNION. Tony now says “feck that” we shouldn\'t leave and I know better than you. (This is why we have the populist vote growing by the way). The same thing happened in the U.S. election Mitt Romney called voters basically, idiots if they voted for TRUMP, he told them to vote the way I tell you, I know better and I know much more than you do… hence TRUMP. There is a pattern, career politicians’ days are numbered.\r\n\r\nBack to my point…\r\n\r\nTony could be right, legally there is a case that says until the supreme court rules that the vote was NOT legally binding. In the name of sanity though, who is going to say it was NOT a democratic vote.\r\n\r\nTheresa May, UK Prime Minister has said she will respect the wishes of the electorate and trigger article 50 of the Lisbon Treaty before 31<sup>st</sup> March 2017.\r\n\r\nHad the economic performance and the uncertainty of the UK following the BREXIT vote been dire, I could see a second referendum (not unheard of in Europe, both IRELAND &amp; HOLLAND were given second chances in the past to “get it right!!!!”).\r\n\r\nThe UK however, did not shut down. There are issues and most of them are due to uncertainty.\r\n\r\nWould the UK public welcome a second referendum?\r\n\r\nPersonally, I think that given the fact the political opposition in the UK is such poor shape, Theresa May should call a snap election to proceed with the BREXIT, this would probably give her an increased majority in the HOUSE of Commons and a clear mandate to get on with it.\r\n\r\nThere are issues to address with the Scottish, Welsh and Northern Ireland parliaments, who all wanted to REMAIN in the EUROPEAN UNION, as did the voters in LONDON.\r\n\r\nHowever, I go full circle. Many voters feel left out hence the rise of the “anti-vote”.\r\n\r\nThe BREXIT story still has legs, and long ones they are, left to run. It would be political suicide to go against a democratic vote and whilst there are millions who want another vote, I am not sure whether this is a good thing or bad thing. If my thoughts on the EUROZONE come through it’s all a non-event anyway. The EUROZONE has a habit of surviving anything that is thrown at it. 2017 could be the year it doesn\'t survive, or it becomes so dysfunctional a CONTAGION EFFECT of wanting out takes hold and it break ups in a few years. That makes the BREXIT vote and the trigger of article 50 irrelevant.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> LOOKING FORWARDS:</strong><strong> </strong></li>\r\n</ol>\r\n<strong>THIS WEEK’S FOREX and ECONOMIC NEWS – MY VIEWS:</strong><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\nSUNDAY: N/A.\r\n\r\nMONDAY: EUR – Mario Draghi (ECB) speaks.\r\nMONDAY: CAD – Stephen Poloz (BOC) speaks.\r\n\r\nTUESDAY: USD – GDP and Consumer Confidence.\r\nTUESDAY: NZD – RBNZ Financial Stability Report &amp; Graeme Wheeler speaks.\r\n\r\nWEDNESDAY: GBP – Bank Stress Test Results.\r\nWEDNESDAY: OPEC Production Cut Meeting.\r\nWEDNESDAY: EUR – Mario Draghi (ECB) speaks.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Data.\r\nWEDNESDAY: CAD – GDP.\r\nWEDNESDAY: AUD – Private Capital Expenditure.\r\nWEDNESDAY: CNY – Manufacturing PMi.\r\n\r\nTHURSDAY: GBP – Manufacturing PMi.\r\nTHURSDAY: USD – ISM Manufacturing PMi.\r\nTHURSDAY: AUD – Retail Sales.\r\n\r\nFRIDAY: GBP – Construction PMi.\r\nFRIDAY: CAD – Jobs Data and Unemployment Rate.\r\nFRIDAY: USD – Non-Farm Payrolls and Unemployment Rate.\r\n\r\n<strong> </strong>\r\n\r\nAfter the short week just completed we are back with a bang this week with a plethora of economic data releases.\r\n\r\nObviously NFP on Friday is the jewel in the crown and if its a beat or even in line it will be the confirming data, should it be required, to see U.S. interest rates increase in December. Frankly, if rates do not rise in December, God help the USD and God help Janet Yellen she would be the first victim of a non-reality “You’re fired” by Donald Trump.\r\n\r\n&nbsp;\r\n\r\nWe have the long-awaited OPEC production cut announcement this week. Up to now the OPEC members have been producing like crazy to show a cut-back to probably the average production levels. This is nonsense. OPEC has no importance anymore in my opinion. It is now simply a collection of countries with a commodity in decline. Only the hedge fund gamblers of this world play the oil trade in quantity and frankly as the OPEC reliability gets less and less a few big hedge fund losses will end that speculative market and OPEC will be no more\r\n\r\nFor now, we have a Christmas laugh and giggle on the horizon. This is a classic buy the rumour sell the news event. Take it seriously for 24 hours, if that, and then watch the selloff.\r\n\r\n&nbsp;\r\n\r\nThe UK bank stress tests will be interesting to watch. Over the recent months the government has been selling stakes in the banks it supported at the time of the Financial Crash back in 2008-2009 so I doubt that this would not be done unless the BOE tipped them the nod.\r\n\r\n&nbsp;\r\n\r\nSeveral PMi’s on the table this week. China will be interesting to follow. The market is expecting a small pullback but still a consolidation above 50.0 which is important moving forward.\r\n\r\n&nbsp;\r\n\r\nI think my message is that with the Forex markets prime for a pullback at any time, albeit across selective currencies, be careful with getting in too heavy especially in a week that contains U.S. non-farm payrolls.\r\n\r\n<u> </u>\r\n\r\n<u>THIS COMING WEEK - THE USD MAJORS (MY THOUGHTS): </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: 1.0590\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/EURUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8700\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/EURUSD-D-26112016-1024x477.png\" alt=\"eurusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2473\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/GBPUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8701\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/GBPUSD-D-26112016-1024x477.png\" alt=\"gbpusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7438\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/AUDUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8699\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/AUDUSD-D-26112016-1024x477.png\" alt=\"audusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7041\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/NZDUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8702\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/NZDUSD-D-26112016-1024x477.png\" alt=\"nzdusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3513\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCAD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8703\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCAD-D-26112016-1024x477.png\" alt=\"usdcad-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0131\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCHF-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8704\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCHF-D-26112016-1024x477.png\" alt=\"usdchf-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.16\r\n\r\n<strong> <a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDJPY-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8705\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDJPY-D-26112016-1024x477.png\" alt=\"usdjpy-d-26112016\" width=\"1024\" height=\"477\" /></a></strong>\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 did not trade much at all last week. When cables move hit the markets early in the week for no reason, that was the nail in the coffin not to trade last week and just observe.\r\n\r\nMy gut feeling was there should be a pullback given we had seen so many extreme moves and many currency pairs looked well overdone. We saw a bit of a correction in currencies last Friday but not much. It is equities that have no realistic valuation at these levels that are going to create the correction of all corrections in my eyes. It is stock buybacks that are fueling this rise in equities, it’s all on a promise and frankly its very dangerous in my opinion.\r\n\r\nThe FED rate rise could be the catalyst for a correction and it will be blamed by the spoilt brats on Wall Street as the reason for everyone’s 401k decline in value. In my opinion, Wall Street has itself to blame 100% for everything that happens. Some of the future valuations of stocks at 25-35 times future values are untenable and frankly grossly irresponsible.\r\n\r\nI am not yet predicting a “House of Cards” situation, but we are not far off. I watched CNBC the other morning for an hour or so and frankly U.S. TV is to blame for a lot of things wrong with the markets. Bull views only…up, up and away to infinity and beyond is the only song they know. Frightening to observe and totally misleading.\r\n\r\nWith this as a backdrop I am ready to keep shorting the commodity currencies which will suffer the most from any equity correction. As usual if the U.S. catches a cold the rest of the world gets influenza.\r\n\r\nMy longer-term views haven’t altered much at all.\r\n\r\nLooking towards the end of this year, it is my intention to have POSITION trades established to carry forward into 2017.\r\n\r\n&nbsp;\r\n\r\nTRADING STYLES and RISK POSITION SIZING for 2017:\r\n\r\nI have been working on these last week and I will re-launch these at the beginning of 2017. There are changes planned which will give greater clarity; at least that’s the goal!\r\n\r\nAs I mentioned last week, it is working on the CORE POSITIONS which was relatively new to the PREMIUM SERVICE in 2016, which will be my focus. From my own perspective, I am going to “Lump” all POSITION trades into one broker next year. I will be using “SELL STOP” trades more frequently as I have been testing what I call MOMENTUM TRADING and I see these as ideal alternative entries to POSITION TRADES.\r\n\r\nIt works with POSITION TRADES primarily because the trade can go 50 pips against you and it should not affect the STOP LOSS as these will be based moving forward on a combination of the weekly and monthly ATR (Average True Range).\r\n\r\n&nbsp;\r\n\r\nPART-TIME TRADERS 2017:\r\n\r\nI have a growing number mainly out east…. As the crow flies from Canada. Most of you will NOT use twitter so I am very conscious about that and I have a letter for distribution, in the next week or so with my proposals for trading in 2017.\r\n\r\nSuffice to say I want to grow on the success from 2016 but we all need to look at the limitations on time that I have available.\r\n\r\n&nbsp;\r\n\r\nMoving on to my CORE TRADES: -\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>NZD/USD: – I have started to build, and I will be adding again into the end of the year.</li>\r\n 	<li>I am looking to establish AUD/USD, USD/CAD and USD/CHF core positions before the end of the year.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nPERISCOPE (UPDATE):\r\n\r\nI must give time to this. I have been diverted away from my desk quite a bit of late.\r\n\r\nPERISCOPE PROPOSAL - My proposal is initially to do a 30-minute presentation on a Monday afternoon my time about 2PM EST. I can be totally flexible with this time. If anyone wants to have a PERISCOPE session and this time is difficult please advise so I can review.\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<u><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/LIVE-TRADES-26112016.png\"><img class=\"aligncenter size-large wp-image-8691\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/LIVE-TRADES-26112016-754x1024.png\" alt=\"live-trades-26112016\" width=\"754\" height=\"1024\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/LIMIT-ORDERS-26112016.png\"><img class=\"aligncenter size-large wp-image-8690\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/LIMIT-ORDERS-26112016-715x1024.png\" alt=\"limit-orders-26112016\" width=\"715\" height=\"1024\" /></a>\r\n\r\n<u> </u>\r\n<ol start=\"6\">\r\n 	<li><strong> MY CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nThis is a big week on data and geopolitical news events.\r\n\r\nEven though the blog is finished for 2016 my trading is not and I fully expect to trade through to at least the FOMC interest rate decision.\r\n\r\nMy personal goal with trading through to the year end is to build up core positions for 2017 based upon my FUNDAMENTAL thoughts and views.\r\n\r\nI am expecting equities to pullback, what has gone on since the TRUMP victory makes no sense, and whilst there is always the approach of the market is the market work with it, and I fully get that, the recent moves are just a typical market move ready to leave all the retail traders hanging out there to dry at the highs after they get suckered in.\r\n\r\nThe Forex market is well over done and the fact that every analysts wrongly predicted the effect of a TRUMP victory, they can all stick their revised predictions where the sun doesn\'t shine.\r\n\r\nAs a trader, you have get hold of the reality that you are on your own. No-one gives a shit whether you live or die by this market. The markets are unforgiving. It is NOT a level playing field, the institutions drive the markets and majority of the pundits / analysts / so-called experts on TV have what is called “NO SKIN IN THE GAME”. Bear this in mind when you see or hear that Goldman or Barclays says something. They sell their own books. It is 99.99999999999% of the time an opinion based on what trades they have in place.\r\n\r\nIf these banks that provide analysis were so good they would be shouting their successes from the rooftops every day. They are not. In fact, if the truth be told, the majority of the major FX banks, have been found guilty of falsifying data and God knows what else over the past 12-18 months. They have been caught out trying to manipulate the market. This has affected them so much they are pulling back from FX now that they are losing their advantages to manipulate the market.\r\n\r\nAs we enter the silly season of lower volumes and less liquidity bear in mind you are on your own. If you are a PREMIUM SERVICE subscriber you have me as a sounding board but I am not blessed with ability to read the future.\r\n\r\nAll I can tell you is take care and do not be a sucker by being influenced by a bank opinion. If they get something right once it is not the second coming… it is at best a 50-50 bet made by someone who could not give a crap as he or she is not a trader.\r\n\r\nSo once again, in my opinion, the sword of Damocles STILL hangs over the markets.\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>BLOG VERSION: #121 PREMIUM SERVICE\r\nDATE: 26<sup>th</sup> November 2016.', 'EUROZONE IMPLOSION 2017?', '', 'inherit', 'closed', 'closed', '', '8706-revision-v1', '', '', '2016-11-26 15:04:15', '2016-11-26 20:04:15', '', 8706, 'http://weeklyfxdrivethru.com/8706-revision-v1/', 0, 'revision', '', 0);
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(8709, 1, '2016-11-26 15:42:19', '2016-11-26 20:42:19', '<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI never traded last week. From the get go I decided to err on the side of caution. Moves in the DXY continued just about higher overall with some profit taking coming through. At times, there were moves for no apparent reason other than probably a large order being placed that made a few waves, I decided for once just to stick to my guns and step aside. Basically, I just managed a couple of trades and closed with a few pips here and there.\r\n\r\nI am still very suspect of the knee-jerk reaction moves in the markets since THE TRUMP election victory. The FED has cemented in some of the move and now we face a period of about 9 months when the EUROZONE will, in my opinion dominate the forex moves.\r\n\r\nOn Black Friday, we started to see some pullbacks in the dollar index, but it’s not consistent across the board. The EUR still trades heavy in my opinion and this move supports the inverse relationship move with the USD/CHF. It is the commodity currencies that always attract my eye. I still firmly believe commodities always lead the markets in one shape or another and the rest of the markets follow. It therefore stands to reason that moves in the AUD, NZD, CAD and NOK are uppermost on my mind plus the SEK as the USD/SEK is so sensitive to general forex moves.\r\n\r\nThe spanner in the works at the moment is the JPY. After the EUR/USD, the USD/JPY is the second most traded currency pair with the EUR/JPY not too far behind. The JPY can drive the DXY and sway the forex market easier now than a couple of years ago due to less corporate and institutional players, basically less volume and much less liquidity especially in Asia where it dominates the proceedings. So, as a result, the moves in the DXY are not always what they seem at first glance, as always, forex moves require more homework to try and “get a handle” on why and what, to give us traders the now common response to some unexplained moves…WTF!\r\n\r\nTherefore, rather than trade an across the board USD weakness, look carefully as it could be sporadic. Whilst the EUR dominates the DXY weighted index, we may have to pick our way through currency pairs rather than take a general overview to give us the confirmation placing trades.\r\n\r\nWe will have a pullback of the recent moves. However, some will be shallower than others as the geopolitical news will still dominate within the pullback.\r\n\r\nBack on point…\r\n\r\nWhat I am saying is keep up your guard; CASH IS A POSITION never forget this no matter what you trade. I always end my blog each week with the following: -\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><strong><em>“As usual…</em></strong></span></p>\r\n<p style=\"text-align: center;\"><strong><em><span style=\"color: #0000ff;\">Always 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”.</span> </em></strong></p>\r\nI mean this; I am here for the long haul.\r\n\r\nI set myself achievable and reasonable targets per annum of 10,000 pips. I trade for basically 10 months a year. Since 2013 when I adjusted my approach and revised everything I have achieved my objective. It’s hard, it’s certainly not easy, I trade what the market gives and, for the most time I wait for the trades to come to me. I have MY PLAN and I TRADE MY PLAN.\r\n\r\nMoving on…\r\n\r\nHere we are once again with the final blog of a trading year, after today, I return in 2017 on January 8<sup>th</sup>.\r\n\r\nFor PREMIUM SERVICE subscribers, I will trade through to the FOMC in December, maybe a day or so beyond. New subscriptions that come on board between now and January 8<sup>th</sup> will not start until that date therefore there is a little bonus of “free time” for new subscribers.\r\n\r\nDon’t forget…\r\n\r\nJust a quick reminder; each month, I am giving away a FREE PREMIUM SERVICE 4-week subscription. This gives the winner 100% access to the PREMIUM SERVICE website and ALL my PREMIUM SERVICE communications from my suggested trade set-ups to market commentaries and my thoughts.\r\n\r\nTo stand a chance of being the next subscription winner, you need to 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 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong><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 40 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;\"><u>PREMIUM SERVICE PERFORMANCE:</u></p>\r\n<p style=\"text-align: center;\">PRESENT AND HISTORICAL QUICK PREMIUM SERVICE STATS:\r\n\r\nTHIS MONTH SO FAR: +1,397 pips\r\nYEAR TO DATE TOTAL: +13,015 pips</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips</p>\r\n<p style=\"text-align: center;\">Below, for additional information, I show the net position of THE PREMIUM SERVICE performance for 2016. On my website landing page <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the heading “HISTORY &amp; PERFORMANCE” there are more reports providing more historic trading information.</p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/PREM-SERV-NET-PROFITABILITY-2016.png\"><img class=\"aligncenter size-large wp-image-8692\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/PREM-SERV-NET-PROFITABILITY-2016-944x1024.png\" alt=\"prem-serv-net-profitability-2016\" width=\"944\" height=\"1024\" /></a>\r\n\r\nPART-TIME TRADER (POSITION) TRADES:\r\n\r\nAt the end of 2015, having listened to many of my subscribers and from a market survey that I undertook, I wanted to try and address those Forex traders who would consider themselves to be a PART-TIME trader for whatever reason.\r\n\r\nPART-TIME FOREX TRADERS fall between a rock and a hard place.  It is very, very difficult with limited access to computers due to full-time employment or limited access to a computer due time constraints, to have a voice when trading.\r\n\r\nNow more than ever you really need to be 24 x 5 with your devices to keep on top of things.\r\n\r\nI wanted to try and find a trading solution for PART-TIME TRADERS.\r\n\r\nLet me be the first to say, my solution is not 100% perfect. You can put lipstick on a pig but it’s still a pig, if you understand me. This is not an easy fix. But I wanted to try, and to be honest, timing in Forex is everything.\r\n\r\nMy initial solution, and it is on-going, has been my savior to my trading performance this year so far, with just 6/7 weeks left to go.\r\n\r\nI introduced PART-TIME TRADER TRADES now called POSITION TRADES at the start of 2016. This trading style is based upon my FUNDAMENTAL longer-term market views. These trades are LIMIT ORDER entry trades with very wide stops based on ATR (Average True Range) limits, mostly weekly limits, but sometimes monthly limits, using Fibonacci levels and trend lines to set stops and limits.\r\n\r\nThey have been, due to the way that the Forex market has been held to ransom inside tight trading ranges for most of the year, creating very choppy market conditions very successful.\r\n\r\nI am NOT saying that these trades and the way I trade them because I still have to assess trades all the time and close off trades early etc.… are the “B all and end all” holy grail for PART-TIME TRADERS but they are a step in the right direction.\r\n\r\nThese trades also suit FULL-TIME traders who want to take a longer-term perspective.\r\n\r\nHow successful have they been?\r\n\r\nHow do I measure their success?\r\n\r\nVery simply, when launching these trades, a year ago I created a page on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> called PART TIME FOREX TRADERS it is part of my drop down menu at the top of my landing page.\r\n\r\nI tried my best to define my target audience and I posted a cash flow projection, it is still there today and I have subsequently added quarterly reviews during the year.\r\n\r\nBelow is the initial cash flow projection that was posted the first week of January 2016.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-TRADE-PROJ-2016.png\"><img class=\"aligncenter size-large wp-image-8627\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-TRADE-PROJ-2016-818x1024.png\" alt=\"pos-trade-proj-2016\" width=\"818\" height=\"1024\" /></a>\r\n\r\nI am not going to spend a great deal of time on this. Basically for the purpose of this section of the DRIVE THRU blog will focus solely on MINI LOT traders.\r\n\r\nMy suggestion on day 1, was to open a broker account with USD$7,500. At the end of the year based only on single lot trades after costs to trade and my PREMIUM SERVICE annual subscription my goal was to grow the broker account from USD$7,500 to $15,052.50 by the end of 2016.\r\n\r\n<strong><u>That would be to double your initial investment after ALL costs were taken into consideration</u></strong><strong> </strong>\r\n\r\nHow have I faired with this quest?\r\n\r\nBelow is the latest spreadsheet update post I made to my website on the 31<sup>st</sup> October 2016. On my website <a href=\"http://www.weeklyfxdivethru.com\">www.weeklyfxdivethru.com</a> landing page under the heading “PART TIME FOREX TRADERS” all my updates throughout 2016 can be found together with more information and background to these trade set ups.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-PROJ-2016-Q3.png\"><img class=\"aligncenter size-large wp-image-8630\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-PROJ-2016-Q3-1024x806.png\" alt=\"pos-proj-2016-q3\" width=\"1024\" height=\"806\" /></a>\r\n\r\nAt the end of last month, the cumulative position now shows that the original account with USD$7,500 now stands at net USD$13,868.00.\r\n\r\nThere is just under USD$1,200 in income left to achieve (1,200 pips over the months of November and December). It is a tall order.\r\n\r\nWhat about my macro thoughts on the performance of the POSITION TRADES?\r\n\r\nMy thoughts are very straightforward: -\r\n<ol>\r\n 	<li>This (2016) has been an extremely difficult year to trade in.</li>\r\n 	<li>My approach to trading this year has been almost a 180 degree turn on 2015 trading.</li>\r\n 	<li>Features and factors that prompted me to start this trading style, namely central bank diversification never became as big of an issue as I thought it would have been. I had to re-focus and adapt the POSITION trade set ups to compensate for this.</li>\r\n 	<li>This review of style, manifested itself in the facts that my projection was for just 90 trades in the year. So far I have completed 146 trades (more than 50% more than anticipated). My profits per trade are less and my losses per trade are well under projection.</li>\r\n 	<li>I am, given the above points 1-4, delighted to have achieved this performance so far.</li>\r\n 	<li>Have I delivered what I set out for PART-TIME traders? Not 100%. I have delivered profits but the timings for closing of trades is still an issue. I cannot let losses grow or profits diminish due to a trading style. I have to 100% trade the price action in the market as I see it.</li>\r\n 	<li>What about 2017?\r\n\r\nI will continue this trading style next year, but I will review my other trading styles. It is impossible to predict what type of a trading year 2017 will be, apart from the fact it contains 365 days and that there will always be a forex market every day the market is open.</li>\r\n</ol>\r\nIf you would like additional supporting data or detail about the performance and the tabs on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> 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> LOOKING BACKWARDS: THE FX MARKET PLACE</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S FOREX and ECONOMIC NEWS – MY VIEWS:</strong>\r\n\r\nAlthough I was really “not playing” last week, my eyes and ears were open watching and reading. Two pieces from last week resonated with me and although they were raised last week they are news items that will remain with us for months moving forward.\r\n<p style=\"text-align: center;\"><strong>THE EUROZONE (ECB FINANCIAL STABILITY REPORT) </strong>\r\n<strong> and </strong>\r\n<strong> TONY BLAIR on BREXIT:</strong></p>\r\n<p style=\"text-align: center;\"><strong>EUROZONE IMPLOSION 2017?</strong></p>\r\nThese reports over the past couple of years have tended to come and go with little more than a cursory glance. I must be “old school” I still believe that the data supplied to the markets by Central Banks actually mean something despite the personalities involved. I know I am the first to call various Central Bank governors, Muppets, JCB Drivers, numpties etc. However, we should try to understand, what the messages are that they are trying to deliver, sometimes with a hidden agenda, or, a clouded delivery.\r\n\r\nFrom my perspective, there is not another Central Bank President on the planet with as difficult a job as Mario Draghi so to hear and read what the views are from the EUROZONE should be read with greater seriousness as these views represent 50% of the most traded currency pair in the forex market.\r\n\r\nLong time readers / subscribers will be aware that I see the EUROZONE as a failed project doomed to failure. Despite everything like a prehistoric dinosaur, it labours inefficiently forward from catastrophe to catastrophe and set back after setback kicking more cans down the road than could fit in a re-cycling plant… it’s still here as Jim Kerr would sing “ALIVE and KICKING”, and only God knows how and why!\r\n\r\nBack to the report…\r\n\r\nHardly surprising given what the EUROZONE must battle through in the next 7-8 months it sees both political and financial RISKS on the horizon.\r\n\r\nKEY EUROZONE AGENDA ITEMS ON THE HORIZON:\r\n\r\n2016:\r\n<ol>\r\n 	<li>NOVEMBER 27<sup>th</sup>: - FRANCE: Second round vote Republican Presidential election.</li>\r\n 	<li>DECEMBER 1<sup>st</sup>: - FRANCE: Socialist primaries for Presidential election.</li>\r\n 	<li>DECEMBER 4<sup>th</sup>: - AUSTRIA: Presidential Election re-run.</li>\r\n 	<li>DECEMBER 4<sup>th</sup>: - ITALY: Referendum on Constitutional Reforms.</li>\r\n 	<li>DECEMBER 5<sup>th</sup>: - GREECE: Deadline day for stakeholders of GREEK DEBT to agree debt relief measures.</li>\r\n 	<li>DECEMBER 15<sup>th</sup>: - FRANCE: Socialist primaries closed.</li>\r\n 	<li>DECEMBER 31<sup>st</sup>: - GREECE: IMF to decide on involvement in GREEK third bailout.</li>\r\n</ol>\r\n2017:\r\n<ol start=\"8\">\r\n 	<li>JANUARY 29<sup>th</sup>: - FRANCE: Socialist Primary Elections.</li>\r\n 	<li>FEBRUARY 12<sup>th</sup>: - GERMANY: Presidential Elections.</li>\r\n 	<li>MARCH 15<sup>th</sup>: - HOLLAND: Parliamentary Elections.</li>\r\n 	<li>MARCH 26<sup>th</sup>: - GERMANY: Regional Elections.</li>\r\n 	<li>APRIL 23<sup>rd</sup>: - FRANCE: Presidential Elections.</li>\r\n 	<li>JUNE 18<sup>th</sup>: - FRANCE: General Elections.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nWhilst one could say the ECB presentation appeared downbeat to some extent given the list 1-13 above I would say that a “WTF” discussion took place in Frankfurt and a play it all down approach was deemed to be the correct path to adopt.\r\n\r\nMatteo Renzi has placed his political career on the line with the Italian referendum, should the people vote NO he will resign if he is as good as his word.\r\n\r\nWould this place the EUROZONE in panic mode?\r\n\r\nIn my opinion, if not aired publicly, then definitely behind closed doors. Why?\r\n\r\nIn my opinion at the moment, with elections / referendums the questions being asked are practically irrelevant. It’s all about an anti-establishment vote.  For years, due to voter apathy with career “in it for themselves” politicians, turn out at all forms of elections around the world have been declining.\r\n\r\nThe BREXIT vote was a game changer. The populist vote was back making headlines.\r\n\r\nThen we had TRUMP. The circus ended with an extra-ordinary result with all the polls wrong. People lie to these organisations. Your vote is private to you and it’s high time the likes of CNN grabbed this concept. Believe it or not for Non-North Americans reading this blog CNN are in denial no changes in approach to programming… is it any wonder.\r\n\r\nTake a look at what is lurking in the EUROZONE… more importantly NOT IN THE SHADOWS: -\r\n<ul>\r\n 	<li>AUSTRIA – THE FREEDOM PARTY</li>\r\n 	<li>BELGIUM – VLAAMS BELANG</li>\r\n 	<li>DENMARK – DANISH PEOPLE’S PARTY</li>\r\n 	<li>FINLAND – FINNS PARTY</li>\r\n 	<li>FRANCE – FRONT NATIONAL</li>\r\n 	<li>GERMANY – ALTERNATIVE FUR DEUTSCHLAND</li>\r\n 	<li>GREECE – COALITION FOR THE RADICAL LEFT</li>\r\n 	<li>ITALY – THE 5 STAR MOVEMENT &amp; LEGA NORD</li>\r\n 	<li>HOLLAND – PARTY FOR FREEDOM</li>\r\n 	<li>SPAIN – PODERMOS</li>\r\n 	<li>SWEDEN – SWEDISH DEMOCRATS</li>\r\n</ul>\r\nThese parties are either FAR LEFT or FAR RIGHT but they are no longer considered FAR OUT.\r\n\r\nJune 23<sup>rd</sup> in the UK was game changer. TRUMP was sensational given the way the US people are usually governed by fear. The vote to elect TRUMP was incredible and a raised finger to DC. Whether TRUMP can effect change the way he predicted in the campaign remains to be seen.\r\n\r\nBack in the EUROZONE we are once again at the precipice and I do not think that cans, can be kicked anymore.\r\n\r\nThe policy of one size fits all, 19 into 1 will be shown up for what it is in 2017, especially if the populist vote gathers momentum.\r\n\r\nMario Draghi is widely rumoured to announce an extension of the ECB QE (Quantitative Easing) program in December. It remains to be seen what effect the Italian vote, if a no, will have on what he announces. Most analysts are expecting a time frame extension through to September 2017 from the present deadline of March 2017 and a view on potential tapering of the existing buying program. It could all be up in the air.\r\n\r\nThe ECB report talked about the Italian referendum, the bust voting calendar into the end of 2016 and the first half of 2017. BREXIT was briefly mentioned and as we all strongly suspect; BREXIT will drag on and on. I am still doubtful it will ever happen. I see a second vote. I am not certain how it will manifest itself, however should the EUROZONE implode it could all be a complete waste of time anyway.\r\n\r\nThe ECB also mentioned uncertainty surrounding TRUMP. The rising U.S. debt and TRUMPS focus on domestic issues rather than international may cause ripples around world markets. More like fecking Tsunamis in my opinion but there you go.\r\n\r\nI think having read the report twice now it would be fair to say that political concerns worry the ECB more than economical…. My, my, my, how times have changed.\r\n\r\nMoving to BREXIT and Tony Blair…\r\n\r\nPoor Tony Blair, completely taken for a fool by George W. Bush over WMD. Never believe what intelligence tells you, those guys are fueled by, the shoot first ask questions later brain cells.\r\n\r\nOur Tone now takes the view that democracy is a load of shite. The people have voted in a simple majority vote to leave the EUROPEAN UNION. Tony now says “feck that” we shouldn\'t leave and I know better than you. (This is why we have the populist vote growing by the way). The same thing happened in the U.S. election Mitt Romney called voters basically, idiots if they voted for TRUMP, he told them to vote the way I tell you, I know better and I know much more than you do… hence TRUMP. There is a pattern, career politicians’ days are numbered.\r\n\r\nBack to my point…\r\n\r\nTony could be right, legally there is a case that says until the supreme court rules that the vote was NOT legally binding. In the name of sanity though, who is going to say it was NOT a democratic vote.\r\n\r\nTheresa May, UK Prime Minister has said she will respect the wishes of the electorate and trigger article 50 of the Lisbon Treaty before 31<sup>st</sup> March 2017.\r\n\r\nHad the economic performance and the uncertainty of the UK following the BREXIT vote been dire, I could see a second referendum (not unheard of in Europe, both IRELAND &amp; HOLLAND were given second chances in the past to “get it right!!!!”).\r\n\r\nThe UK however, did not shut down. There are issues and most of them are due to uncertainty.\r\n\r\nWould the UK public welcome a second referendum?\r\n\r\nPersonally, I think that given the fact the political opposition in the UK is such poor shape, Theresa May should call a snap election to proceed with the BREXIT, this would probably give her an increased majority in the HOUSE of Commons and a clear mandate to get on with it.\r\n\r\nThere are issues to address with the Scottish, Welsh and Northern Ireland parliaments, who all wanted to REMAIN in the EUROPEAN UNION, as did the voters in LONDON.\r\n\r\nHowever, I go full circle. Many voters feel left out hence the rise of the “anti-vote”.\r\n\r\nThe BREXIT story still has legs, and long ones they are, left to run. It would be political suicide to go against a democratic vote and whilst there are millions who want another vote, I am not sure whether this is a good thing or bad thing. If my thoughts on the EUROZONE come through it’s all a non-event anyway. The EUROZONE has a habit of surviving anything that is thrown at it. 2017 could be the year it doesn\'t survive, or it becomes so dysfunctional a CONTAGION EFFECT of wanting out takes hold and it break ups in a few years. That makes the BREXIT vote and the trigger of article 50 irrelevant.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> LOOKING FORWARDS:</strong><strong> </strong></li>\r\n</ol>\r\n<strong>THIS WEEK’S FOREX and ECONOMIC NEWS – MY VIEWS:</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\nSUNDAY: N/A.\r\n\r\nMONDAY: EUR – Mario Draghi (ECB) speaks.\r\nMONDAY: CAD – Stephen Poloz (BOC) speaks.\r\n\r\nTUESDAY: USD – GDP and Consumer Confidence.\r\nTUESDAY: NZD – RBNZ Financial Stability Report &amp; Graeme Wheeler speaks.\r\n\r\nWEDNESDAY: GBP – Bank Stress Test Results.\r\nWEDNESDAY: OPEC Production Cut Meeting.\r\nWEDNESDAY: EUR – Mario Draghi (ECB) speaks.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Data.\r\nWEDNESDAY: CAD – GDP.\r\nWEDNESDAY: AUD – Private Capital Expenditure.\r\nWEDNESDAY: CNY – Manufacturing PMi.\r\n\r\nTHURSDAY: GBP – Manufacturing PMi.\r\nTHURSDAY: USD – ISM Manufacturing PMi.\r\nTHURSDAY: AUD – Retail Sales.\r\n\r\nFRIDAY: GBP – Construction PMi.\r\nFRIDAY: CAD – Jobs Data and Unemployment Rate.\r\nFRIDAY: USD – Non-Farm Payrolls and Unemployment Rate.\r\n\r\nAfter the short week just completed we are back with a bang this week with a plethora of economic data releases.\r\n\r\nObviously NFP on Friday is the jewel in the crown and if its a beat or even in line it will be the confirming data, should it be required, to see U.S. interest rates increase in December. Frankly, if rates do not rise in December, God help the USD and God help Janet Yellen she would be the first victim of a non-reality “You’re fired” by Donald Trump.\r\n\r\nWe have the long-awaited OPEC production cut announcement this week. Up to now the OPEC members have been producing like crazy to show a cut-back to probably the average production levels. This is nonsense. OPEC has no importance anymore in my opinion. It is now simply a collection of countries with a commodity in decline. Only the hedge fund gamblers of this world play the oil trade in quantity and frankly as the OPEC reliability gets less and less a few big hedge fund losses will end that speculative market and OPEC will be no more.\r\n\r\nFor now, we have a Christmas laugh and giggle on the horizon. This is a classic buy the rumour sell the news event. Take it seriously for 24 hours, if that, and then watch the selloff.\r\n\r\nThe UK bank stress tests will be interesting to watch. Over the recent months the government has been selling stakes in the banks it supported at the time of the Financial Crash back in 2008-2009 so I doubt that this would not be done unless the BOE tipped them the nod.\r\n\r\nSeveral PMi’s on the table this week. China will be interesting to follow. The market is expecting a small pullback but still a consolidation above 50.0 which is important moving forward.\r\n\r\nI think my message is that with the Forex markets prime for a pullback at any time, albeit across selective currencies, be careful with getting in too heavy especially in a week that contains U.S. non-farm payrolls.\r\n\r\n<u>THIS COMING WEEK - THE USD MAJORS (MY THOUGHTS): </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: 1.0590\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/EURUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8700\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/EURUSD-D-26112016-1024x477.png\" alt=\"eurusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2473\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/GBPUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8701\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/GBPUSD-D-26112016-1024x477.png\" alt=\"gbpusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7438\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/AUDUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8699\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/AUDUSD-D-26112016-1024x477.png\" alt=\"audusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7041\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/NZDUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8702\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/NZDUSD-D-26112016-1024x477.png\" alt=\"nzdusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3513\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCAD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8703\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCAD-D-26112016-1024x477.png\" alt=\"usdcad-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0131\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCHF-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8704\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCHF-D-26112016-1024x477.png\" alt=\"usdchf-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.16\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDJPY-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8705\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDJPY-D-26112016-1024x477.png\" alt=\"usdjpy-d-26112016\" width=\"1024\" height=\"477\" /></a> </strong>\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> MY CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nThis is a big week on data and geopolitical news events.\r\n\r\nEven though the blog is finished for 2016 my trading is not and I fully expect to trade through to at least the FOMC interest rate decision.\r\n\r\nMy personal goal with trading through to the year end is to build up core positions for 2017 based upon my FUNDAMENTAL thoughts and views.\r\n\r\nI am expecting equities to pullback, what has gone on since the TRUMP victory makes no sense, and whilst there is always the approach of the market is the market work with it, and I fully get that, the recent moves are just a typical market move ready to leave all the retail traders hanging out there to dry at the highs after they get suckered in.\r\n\r\nThe Forex market is well over done and the fact that every analyst wrongly predicted the effect of a TRUMP victory, they can all stick their revised predictions where the sun doesn\'t shine.\r\n\r\nAs a trader, you have get hold of the reality that you are on your own. No-one gives a shit whether you live or die by this market. The markets are unforgiving. It is NOT a level playing field, the institutions drive the markets and majority of the pundits / analysts / so-called experts on TV have what is called “NO SKIN IN THE GAME”. Bear this in mind when you see or hear that Goldman or Barclays says something. They sell their own books. It is 99.99999999999% of the time an opinion based on what trades they have in place.\r\n\r\nIf these banks that provide analysis were so good they would be shouting their successes from the rooftops every day. They are not. In fact, if the truth be told, the majority of the major FX banks, have been found guilty of falsifying data and God knows what else over the past 12-18 months. They have been caught out trying to manipulate the market. This has affected them so much they are pulling back from FX now that they are losing their advantages to manipulate the market.\r\n\r\nAs we enter the silly season of lower volumes and less liquidity bear in mind you are on your own. If you are a PREMIUM SERVICE subscriber you have me as a sounding board but I am not blessed with ability to read the future.\r\n\r\nAll I can tell you is take care and do not be a sucker by being influenced by a bank opinion. If they get something right once it is not the second coming… it is at best a 50-50 bet made by someone who could not give a crap as he or she is not a trader.\r\n\r\nSo once again, in my opinion, the sword of Damocles STILL hangs over the markets.\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>BLOG VERSION: #224 FREE NEWSLETTER\r\nDATE: 26<sup>th</sup> November 2016.', 'EUROZONE IMPLOSION 2017?', '', 'publish', 'open', 'closed', '', 'eurozone-implosion-2017', '', '', '2016-11-26 15:42:19', '2016-11-26 20:42:19', '', 0, 'http://weeklyfxdrivethru.com/?p=8709', 0, 'post', '', 0);
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(8710, 1, '2016-11-26 15:42:19', '2016-11-26 20:42:19', '<strong> </strong>\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nI never traded last week. From the get go I decided to err on the side of caution. Moves in the DXY continued just about higher overall with some profit taking coming through. At times, there were moves for no apparent reason other than probably a large order being placed that made a few waves, I decided for once just to stick to my guns and step aside. Basically, I just managed a couple of trades and closed with a few pips here and there.\r\n\r\nI am still very suspect of the knee-jerk reaction moves in the markets since THE TRUMP election victory. The FED has cemented in some of the move and now we face a period of about 9 months when the EUROZONE will, in my opinion dominate the forex moves.\r\n\r\nOn Black Friday, we started to see some pullbacks in the dollar index, but it’s not consistent across the board. The EUR still trades heavy in my opinion and this move supports the inverse relationship move with the USD/CHF. It is the commodity currencies that always attract my eye. I still firmly believe commodities always lead the markets in one shape or another and the rest of the markets follow. It therefore stands to reason that moves in the AUD, NZD, CAD and NOK are uppermost on my mind plus the SEK as the USD/SEK is so sensitive to general forex moves.\r\n\r\nThe spanner in the works at the moment is the JPY. After the EUR/USD, the USD/JPY is the second most traded currency pair with the EUR/JPY not too far behind. The JPY can drive the DXY and sway the forex market easier now than a couple of years ago due to less corporate and institutional players, basically less volume and much less liquidity especially in Asia where it dominates the proceedings. So, as a result, the moves in the DXY are not always what they seem at first glance, as always, forex moves require more homework to try and “get a handle” on why and what, to give us traders the now common response to some unexplained moves…WTF!\r\n\r\nTherefore, rather than trade an across the board USD weakness, look carefully as it could be sporadic. Whilst the EUR dominates the DXY weighted index, we may have to pick our way through currency pairs rather than take a general overview to give us the confirmation placing trades.\r\n\r\nWe will have a pullback of the recent moves. However, some will be shallower than others as the geopolitical news will still dominate within the pullback.\r\n\r\nBack on point…\r\n\r\nWhat I am saying is keep up your guard; CASH IS A POSITION never forget this no matter what you trade. I always end my blog each week with the following: -\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><strong><em>“As usual…</em></strong></span></p>\r\n<p style=\"text-align: center;\"><strong><em><span style=\"color: #0000ff;\">Always 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”.</span> </em></strong></p>\r\nI mean this; I am here for the long haul.\r\n\r\nI set myself achievable and reasonable targets per annum of 10,000 pips. I trade for basically 10 months a year. Since 2013 when I adjusted my approach and revised everything I have achieved my objective. It’s hard, it’s certainly not easy, I trade what the market gives and, for the most time I wait for the trades to come to me. I have MY PLAN and I TRADE MY PLAN.\r\n\r\nMoving on…\r\n\r\nHere we are once again with the final blog of a trading year, after today, I return in 2017 on January 8<sup>th</sup>.\r\n\r\nFor PREMIUM SERVICE subscribers, I will trade through to the FOMC in December, maybe a day or so beyond. New subscriptions that come on board between now and January 8<sup>th</sup> will not start until that date therefore there is a little bonus of “free time” for new subscribers.\r\n\r\nDon’t forget…\r\n\r\nJust a quick reminder; each month, I am giving away a FREE PREMIUM SERVICE 4-week subscription. This gives the winner 100% access to the PREMIUM SERVICE website and ALL my PREMIUM SERVICE communications from my suggested trade set-ups to market commentaries and my thoughts.\r\n\r\nTo stand a chance of being the next subscription winner, you need to 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 one lucky blog subscriber will receive a free subscription to the PREMIUM SERVICE.\r\n\r\n<strong> </strong><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 40 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;\"><u>PREMIUM SERVICE PERFORMANCE:</u></p>\r\n<p style=\"text-align: center;\">PRESENT AND HISTORICAL QUICK PREMIUM SERVICE STATS:\r\n\r\nTHIS MONTH SO FAR: +1,397 pips\r\nYEAR TO DATE TOTAL: +13,015 pips</p>\r\n<p style=\"text-align: center;\">NET PIPS 2015:       +10,686 pips\r\nNET PIPS 2014:       +11,209 pips</p>\r\n<p style=\"text-align: center;\">Below, for additional information, I show the net position of THE PREMIUM SERVICE performance for 2016. On my website landing page <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the heading “HISTORY &amp; PERFORMANCE” there are more reports providing more historic trading information.</p>\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/PREM-SERV-NET-PROFITABILITY-2016.png\"><img class=\"aligncenter size-large wp-image-8692\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/PREM-SERV-NET-PROFITABILITY-2016-944x1024.png\" alt=\"prem-serv-net-profitability-2016\" width=\"944\" height=\"1024\" /></a>\r\n\r\nPART-TIME TRADER (POSITION) TRADES:\r\n\r\nAt the end of 2015, having listened to many of my subscribers and from a market survey that I undertook, I wanted to try and address those Forex traders who would consider themselves to be a PART-TIME trader for whatever reason.\r\n\r\nPART-TIME FOREX TRADERS fall between a rock and a hard place.  It is very, very difficult with limited access to computers due to full-time employment or limited access to a computer due time constraints, to have a voice when trading.\r\n\r\nNow more than ever you really need to be 24 x 5 with your devices to keep on top of things.\r\n\r\nI wanted to try and find a trading solution for PART-TIME TRADERS.\r\n\r\nLet me be the first to say, my solution is not 100% perfect. You can put lipstick on a pig but it’s still a pig, if you understand me. This is not an easy fix. But I wanted to try, and to be honest, timing in Forex is everything.\r\n\r\nMy initial solution, and it is on-going, has been my savior to my trading performance this year so far, with just 6/7 weeks left to go.\r\n\r\nI introduced PART-TIME TRADER TRADES now called POSITION TRADES at the start of 2016. This trading style is based upon my FUNDAMENTAL longer-term market views. These trades are LIMIT ORDER entry trades with very wide stops based on ATR (Average True Range) limits, mostly weekly limits, but sometimes monthly limits, using Fibonacci levels and trend lines to set stops and limits.\r\n\r\nThey have been, due to the way that the Forex market has been held to ransom inside tight trading ranges for most of the year, creating very choppy market conditions very successful.\r\n\r\nI am NOT saying that these trades and the way I trade them because I still have to assess trades all the time and close off trades early etc.… are the “B all and end all” holy grail for PART-TIME TRADERS but they are a step in the right direction.\r\n\r\nThese trades also suit FULL-TIME traders who want to take a longer-term perspective.\r\n\r\nHow successful have they been?\r\n\r\nHow do I measure their success?\r\n\r\nVery simply, when launching these trades, a year ago I created a page on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> called PART TIME FOREX TRADERS it is part of my drop down menu at the top of my landing page.\r\n\r\nI tried my best to define my target audience and I posted a cash flow projection, it is still there today and I have subsequently added quarterly reviews during the year.\r\n\r\nBelow is the initial cash flow projection that was posted the first week of January 2016.\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-TRADE-PROJ-2016.png\"><img class=\"aligncenter size-large wp-image-8627\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-TRADE-PROJ-2016-818x1024.png\" alt=\"pos-trade-proj-2016\" width=\"818\" height=\"1024\" /></a>\r\n\r\nI am not going to spend a great deal of time on this. Basically for the purpose of this section of the DRIVE THRU blog will focus solely on MINI LOT traders.\r\n\r\nMy suggestion on day 1, was to open a broker account with USD$7,500. At the end of the year based only on single lot trades after costs to trade and my PREMIUM SERVICE annual subscription my goal was to grow the broker account from USD$7,500 to $15,052.50 by the end of 2016.\r\n\r\n<strong><u>That would be to double your initial investment after ALL costs were taken into consideration</u></strong><strong> </strong>\r\n\r\nHow have I faired with this quest?\r\n\r\nBelow is the latest spreadsheet update post I made to my website on the 31<sup>st</sup> October 2016. On my website <a href=\"http://www.weeklyfxdivethru.com\">www.weeklyfxdivethru.com</a> landing page under the heading “PART TIME FOREX TRADERS” all my updates throughout 2016 can be found together with more information and background to these trade set ups.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-PROJ-2016-Q3.png\"><img class=\"aligncenter size-large wp-image-8630\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/POS-PROJ-2016-Q3-1024x806.png\" alt=\"pos-proj-2016-q3\" width=\"1024\" height=\"806\" /></a>\r\n\r\nAt the end of last month, the cumulative position now shows that the original account with USD$7,500 now stands at net USD$13,868.00.\r\n\r\nThere is just under USD$1,200 in income left to achieve (1,200 pips over the months of November and December). It is a tall order.\r\n\r\nWhat about my macro thoughts on the performance of the POSITION TRADES?\r\n\r\nMy thoughts are very straightforward: -\r\n<ol>\r\n 	<li>This (2016) has been an extremely difficult year to trade in.</li>\r\n 	<li>My approach to trading this year has been almost a 180 degree turn on 2015 trading.</li>\r\n 	<li>Features and factors that prompted me to start this trading style, namely central bank diversification never became as big of an issue as I thought it would have been. I had to re-focus and adapt the POSITION trade set ups to compensate for this.</li>\r\n 	<li>This review of style, manifested itself in the facts that my projection was for just 90 trades in the year. So far I have completed 146 trades (more than 50% more than anticipated). My profits per trade are less and my losses per trade are well under projection.</li>\r\n 	<li>I am, given the above points 1-4, delighted to have achieved this performance so far.</li>\r\n 	<li>Have I delivered what I set out for PART-TIME traders? Not 100%. I have delivered profits but the timings for closing of trades is still an issue. I cannot let losses grow or profits diminish due to a trading style. I have to 100% trade the price action in the market as I see it.</li>\r\n 	<li>What about 2017?\r\n\r\nI will continue this trading style next year, but I will review my other trading styles. It is impossible to predict what type of a trading year 2017 will be, apart from the fact it contains 365 days and that there will always be a forex market every day the market is open.</li>\r\n</ol>\r\nIf you would like additional supporting data or detail about the performance and the tabs on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> 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> LOOKING BACKWARDS: THE FX MARKET PLACE</strong></li>\r\n</ol>\r\n<strong>LAST WEEK’S FOREX and ECONOMIC NEWS – MY VIEWS:</strong>\r\n\r\nAlthough I was really “not playing” last week, my eyes and ears were open watching and reading. Two pieces from last week resonated with me and although they were raised last week they are news items that will remain with us for months moving forward.\r\n<p style=\"text-align: center;\"><strong>THE EUROZONE (ECB FINANCIAL STABILITY REPORT) </strong>\r\n<strong> and </strong>\r\n<strong> TONY BLAIR on BREXIT:</strong></p>\r\n<p style=\"text-align: center;\"><strong>EUROZONE IMPLOSION 2017?</strong></p>\r\nThese reports over the past couple of years have tended to come and go with little more than a cursory glance. I must be “old school” I still believe that the data supplied to the markets by Central Banks actually mean something despite the personalities involved. I know I am the first to call various Central Bank governors, Muppets, JCB Drivers, numpties etc. However, we should try to understand, what the messages are that they are trying to deliver, sometimes with a hidden agenda, or, a clouded delivery.\r\n\r\nFrom my perspective, there is not another Central Bank President on the planet with as difficult a job as Mario Draghi so to hear and read what the views are from the EUROZONE should be read with greater seriousness as these views represent 50% of the most traded currency pair in the forex market.\r\n\r\nLong time readers / subscribers will be aware that I see the EUROZONE as a failed project doomed to failure. Despite everything like a prehistoric dinosaur, it labours inefficiently forward from catastrophe to catastrophe and set back after setback kicking more cans down the road than could fit in a re-cycling plant… it’s still here as Jim Kerr would sing “ALIVE and KICKING”, and only God knows how and why!\r\n\r\nBack to the report…\r\n\r\nHardly surprising given what the EUROZONE must battle through in the next 7-8 months it sees both political and financial RISKS on the horizon.\r\n\r\nKEY EUROZONE AGENDA ITEMS ON THE HORIZON:\r\n\r\n2016:\r\n<ol>\r\n 	<li>NOVEMBER 27<sup>th</sup>: - FRANCE: Second round vote Republican Presidential election.</li>\r\n 	<li>DECEMBER 1<sup>st</sup>: - FRANCE: Socialist primaries for Presidential election.</li>\r\n 	<li>DECEMBER 4<sup>th</sup>: - AUSTRIA: Presidential Election re-run.</li>\r\n 	<li>DECEMBER 4<sup>th</sup>: - ITALY: Referendum on Constitutional Reforms.</li>\r\n 	<li>DECEMBER 5<sup>th</sup>: - GREECE: Deadline day for stakeholders of GREEK DEBT to agree debt relief measures.</li>\r\n 	<li>DECEMBER 15<sup>th</sup>: - FRANCE: Socialist primaries closed.</li>\r\n 	<li>DECEMBER 31<sup>st</sup>: - GREECE: IMF to decide on involvement in GREEK third bailout.</li>\r\n</ol>\r\n2017:\r\n<ol start=\"8\">\r\n 	<li>JANUARY 29<sup>th</sup>: - FRANCE: Socialist Primary Elections.</li>\r\n 	<li>FEBRUARY 12<sup>th</sup>: - GERMANY: Presidential Elections.</li>\r\n 	<li>MARCH 15<sup>th</sup>: - HOLLAND: Parliamentary Elections.</li>\r\n 	<li>MARCH 26<sup>th</sup>: - GERMANY: Regional Elections.</li>\r\n 	<li>APRIL 23<sup>rd</sup>: - FRANCE: Presidential Elections.</li>\r\n 	<li>JUNE 18<sup>th</sup>: - FRANCE: General Elections.</li>\r\n</ol>\r\n&nbsp;\r\n\r\nWhilst one could say the ECB presentation appeared downbeat to some extent given the list 1-13 above I would say that a “WTF” discussion took place in Frankfurt and a play it all down approach was deemed to be the correct path to adopt.\r\n\r\nMatteo Renzi has placed his political career on the line with the Italian referendum, should the people vote NO he will resign if he is as good as his word.\r\n\r\nWould this place the EUROZONE in panic mode?\r\n\r\nIn my opinion, if not aired publicly, then definitely behind closed doors. Why?\r\n\r\nIn my opinion at the moment, with elections / referendums the questions being asked are practically irrelevant. It’s all about an anti-establishment vote.  For years, due to voter apathy with career “in it for themselves” politicians, turn out at all forms of elections around the world have been declining.\r\n\r\nThe BREXIT vote was a game changer. The populist vote was back making headlines.\r\n\r\nThen we had TRUMP. The circus ended with an extra-ordinary result with all the polls wrong. People lie to these organisations. Your vote is private to you and it’s high time the likes of CNN grabbed this concept. Believe it or not for Non-North Americans reading this blog CNN are in denial no changes in approach to programming… is it any wonder.\r\n\r\nTake a look at what is lurking in the EUROZONE… more importantly NOT IN THE SHADOWS: -\r\n<ul>\r\n 	<li>AUSTRIA – THE FREEDOM PARTY</li>\r\n 	<li>BELGIUM – VLAAMS BELANG</li>\r\n 	<li>DENMARK – DANISH PEOPLE’S PARTY</li>\r\n 	<li>FINLAND – FINNS PARTY</li>\r\n 	<li>FRANCE – FRONT NATIONAL</li>\r\n 	<li>GERMANY – ALTERNATIVE FUR DEUTSCHLAND</li>\r\n 	<li>GREECE – COALITION FOR THE RADICAL LEFT</li>\r\n 	<li>ITALY – THE 5 STAR MOVEMENT &amp; LEGA NORD</li>\r\n 	<li>HOLLAND – PARTY FOR FREEDOM</li>\r\n 	<li>SPAIN – PODERMOS</li>\r\n 	<li>SWEDEN – SWEDISH DEMOCRATS</li>\r\n</ul>\r\nThese parties are either FAR LEFT or FAR RIGHT but they are no longer considered FAR OUT.\r\n\r\nJune 23<sup>rd</sup> in the UK was game changer. TRUMP was sensational given the way the US people are usually governed by fear. The vote to elect TRUMP was incredible and a raised finger to DC. Whether TRUMP can effect change the way he predicted in the campaign remains to be seen.\r\n\r\nBack in the EUROZONE we are once again at the precipice and I do not think that cans, can be kicked anymore.\r\n\r\nThe policy of one size fits all, 19 into 1 will be shown up for what it is in 2017, especially if the populist vote gathers momentum.\r\n\r\nMario Draghi is widely rumoured to announce an extension of the ECB QE (Quantitative Easing) program in December. It remains to be seen what effect the Italian vote, if a no, will have on what he announces. Most analysts are expecting a time frame extension through to September 2017 from the present deadline of March 2017 and a view on potential tapering of the existing buying program. It could all be up in the air.\r\n\r\nThe ECB report talked about the Italian referendum, the bust voting calendar into the end of 2016 and the first half of 2017. BREXIT was briefly mentioned and as we all strongly suspect; BREXIT will drag on and on. I am still doubtful it will ever happen. I see a second vote. I am not certain how it will manifest itself, however should the EUROZONE implode it could all be a complete waste of time anyway.\r\n\r\nThe ECB also mentioned uncertainty surrounding TRUMP. The rising U.S. debt and TRUMPS focus on domestic issues rather than international may cause ripples around world markets. More like fecking Tsunamis in my opinion but there you go.\r\n\r\nI think having read the report twice now it would be fair to say that political concerns worry the ECB more than economical…. My, my, my, how times have changed.\r\n\r\nMoving to BREXIT and Tony Blair…\r\n\r\nPoor Tony Blair, completely taken for a fool by George W. Bush over WMD. Never believe what intelligence tells you, those guys are fueled by, the shoot first ask questions later brain cells.\r\n\r\nOur Tone now takes the view that democracy is a load of shite. The people have voted in a simple majority vote to leave the EUROPEAN UNION. Tony now says “feck that” we shouldn\'t leave and I know better than you. (This is why we have the populist vote growing by the way). The same thing happened in the U.S. election Mitt Romney called voters basically, idiots if they voted for TRUMP, he told them to vote the way I tell you, I know better and I know much more than you do… hence TRUMP. There is a pattern, career politicians’ days are numbered.\r\n\r\nBack to my point…\r\n\r\nTony could be right, legally there is a case that says until the supreme court rules that the vote was NOT legally binding. In the name of sanity though, who is going to say it was NOT a democratic vote.\r\n\r\nTheresa May, UK Prime Minister has said she will respect the wishes of the electorate and trigger article 50 of the Lisbon Treaty before 31<sup>st</sup> March 2017.\r\n\r\nHad the economic performance and the uncertainty of the UK following the BREXIT vote been dire, I could see a second referendum (not unheard of in Europe, both IRELAND &amp; HOLLAND were given second chances in the past to “get it right!!!!”).\r\n\r\nThe UK however, did not shut down. There are issues and most of them are due to uncertainty.\r\n\r\nWould the UK public welcome a second referendum?\r\n\r\nPersonally, I think that given the fact the political opposition in the UK is such poor shape, Theresa May should call a snap election to proceed with the BREXIT, this would probably give her an increased majority in the HOUSE of Commons and a clear mandate to get on with it.\r\n\r\nThere are issues to address with the Scottish, Welsh and Northern Ireland parliaments, who all wanted to REMAIN in the EUROPEAN UNION, as did the voters in LONDON.\r\n\r\nHowever, I go full circle. Many voters feel left out hence the rise of the “anti-vote”.\r\n\r\nThe BREXIT story still has legs, and long ones they are, left to run. It would be political suicide to go against a democratic vote and whilst there are millions who want another vote, I am not sure whether this is a good thing or bad thing. If my thoughts on the EUROZONE come through it’s all a non-event anyway. The EUROZONE has a habit of surviving anything that is thrown at it. 2017 could be the year it doesn\'t survive, or it becomes so dysfunctional a CONTAGION EFFECT of wanting out takes hold and it break ups in a few years. That makes the BREXIT vote and the trigger of article 50 irrelevant.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> LOOKING FORWARDS:</strong><strong> </strong></li>\r\n</ol>\r\n<strong>THIS WEEK’S FOREX and ECONOMIC NEWS – MY VIEWS:</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\nSUNDAY: N/A.\r\n\r\nMONDAY: EUR – Mario Draghi (ECB) speaks.\r\nMONDAY: CAD – Stephen Poloz (BOC) speaks.\r\n\r\nTUESDAY: USD – GDP and Consumer Confidence.\r\nTUESDAY: NZD – RBNZ Financial Stability Report &amp; Graeme Wheeler speaks.\r\n\r\nWEDNESDAY: GBP – Bank Stress Test Results.\r\nWEDNESDAY: OPEC Production Cut Meeting.\r\nWEDNESDAY: EUR – Mario Draghi (ECB) speaks.\r\nWEDNESDAY: USD – ADP Non-Farm Employment Data.\r\nWEDNESDAY: CAD – GDP.\r\nWEDNESDAY: AUD – Private Capital Expenditure.\r\nWEDNESDAY: CNY – Manufacturing PMi.\r\n\r\nTHURSDAY: GBP – Manufacturing PMi.\r\nTHURSDAY: USD – ISM Manufacturing PMi.\r\nTHURSDAY: AUD – Retail Sales.\r\n\r\nFRIDAY: GBP – Construction PMi.\r\nFRIDAY: CAD – Jobs Data and Unemployment Rate.\r\nFRIDAY: USD – Non-Farm Payrolls and Unemployment Rate.\r\n\r\nAfter the short week just completed we are back with a bang this week with a plethora of economic data releases.\r\n\r\nObviously NFP on Friday is the jewel in the crown and if its a beat or even in line it will be the confirming data, should it be required, to see U.S. interest rates increase in December. Frankly, if rates do not rise in December, God help the USD and God help Janet Yellen she would be the first victim of a non-reality “You’re fired” by Donald Trump.\r\n\r\nWe have the long-awaited OPEC production cut announcement this week. Up to now the OPEC members have been producing like crazy to show a cut-back to probably the average production levels. This is nonsense. OPEC has no importance anymore in my opinion. It is now simply a collection of countries with a commodity in decline. Only the hedge fund gamblers of this world play the oil trade in quantity and frankly as the OPEC reliability gets less and less a few big hedge fund losses will end that speculative market and OPEC will be no more.\r\n\r\nFor now, we have a Christmas laugh and giggle on the horizon. This is a classic buy the rumour sell the news event. Take it seriously for 24 hours, if that, and then watch the selloff.\r\n\r\nThe UK bank stress tests will be interesting to watch. Over the recent months the government has been selling stakes in the banks it supported at the time of the Financial Crash back in 2008-2009 so I doubt that this would not be done unless the BOE tipped them the nod.\r\n\r\nSeveral PMi’s on the table this week. China will be interesting to follow. The market is expecting a small pullback but still a consolidation above 50.0 which is important moving forward.\r\n\r\nI think my message is that with the Forex markets prime for a pullback at any time, albeit across selective currencies, be careful with getting in too heavy especially in a week that contains U.S. non-farm payrolls.\r\n\r\n<u>THIS COMING WEEK - THE USD MAJORS (MY THOUGHTS): </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: 1.0590\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/EURUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8700\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/EURUSD-D-26112016-1024x477.png\" alt=\"eurusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nGBP/USD - Weekly Closing Price: 1.2473\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/GBPUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8701\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/GBPUSD-D-26112016-1024x477.png\" alt=\"gbpusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nAUD/USD - Weekly Closing Price: 0.7438\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/AUDUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8699\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/AUDUSD-D-26112016-1024x477.png\" alt=\"audusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nNZD/USD - Weekly Closing Price: 0.7041\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/NZDUSD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8702\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/NZDUSD-D-26112016-1024x477.png\" alt=\"nzdusd-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CAD - Weekly Closing Price: 1.3513\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCAD-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8703\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCAD-D-26112016-1024x477.png\" alt=\"usdcad-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/CHF - Weekly Closing Price: 1.0131\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCHF-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8704\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDCHF-D-26112016-1024x477.png\" alt=\"usdchf-d-26112016\" width=\"1024\" height=\"477\" /></a>\r\n\r\nUSD/JPY - Weekly Closing Price: 113.16\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDJPY-D-26112016.png\"><img class=\"aligncenter size-large wp-image-8705\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/USDJPY-D-26112016-1024x477.png\" alt=\"usdjpy-d-26112016\" width=\"1024\" height=\"477\" /></a> </strong>\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> MY CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nThis is a big week on data and geopolitical news events.\r\n\r\nEven though the blog is finished for 2016 my trading is not and I fully expect to trade through to at least the FOMC interest rate decision.\r\n\r\nMy personal goal with trading through to the year end is to build up core positions for 2017 based upon my FUNDAMENTAL thoughts and views.\r\n\r\nI am expecting equities to pullback, what has gone on since the TRUMP victory makes no sense, and whilst there is always the approach of the market is the market work with it, and I fully get that, the recent moves are just a typical market move ready to leave all the retail traders hanging out there to dry at the highs after they get suckered in.\r\n\r\nThe Forex market is well over done and the fact that every analyst wrongly predicted the effect of a TRUMP victory, they can all stick their revised predictions where the sun doesn\'t shine.\r\n\r\nAs a trader, you have get hold of the reality that you are on your own. No-one gives a shit whether you live or die by this market. The markets are unforgiving. It is NOT a level playing field, the institutions drive the markets and majority of the pundits / analysts / so-called experts on TV have what is called “NO SKIN IN THE GAME”. Bear this in mind when you see or hear that Goldman or Barclays says something. They sell their own books. It is 99.99999999999% of the time an opinion based on what trades they have in place.\r\n\r\nIf these banks that provide analysis were so good they would be shouting their successes from the rooftops every day. They are not. In fact, if the truth be told, the majority of the major FX banks, have been found guilty of falsifying data and God knows what else over the past 12-18 months. They have been caught out trying to manipulate the market. This has affected them so much they are pulling back from FX now that they are losing their advantages to manipulate the market.\r\n\r\nAs we enter the silly season of lower volumes and less liquidity bear in mind you are on your own. If you are a PREMIUM SERVICE subscriber you have me as a sounding board but I am not blessed with ability to read the future.\r\n\r\nAll I can tell you is take care and do not be a sucker by being influenced by a bank opinion. If they get something right once it is not the second coming… it is at best a 50-50 bet made by someone who could not give a crap as he or she is not a trader.\r\n\r\nSo once again, in my opinion, the sword of Damocles STILL hangs over the markets.\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>BLOG VERSION: #224 FREE NEWSLETTER\r\nDATE: 26<sup>th</sup> November 2016.', 'EUROZONE IMPLOSION 2017?', '', 'inherit', 'closed', 'closed', '', '8709-revision-v1', '', '', '2016-11-26 15:42:19', '2016-11-26 20:42:19', '', 8709, 'http://weeklyfxdrivethru.com/8709-revision-v1/', 0, 'revision', '', 0),
(8724, 1, '2016-11-30 09:54:47', '2016-11-30 14:54:47', '<section class=\"one-sixth first\">\r\n<h4>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/2016/10/CONS-PERF-OCT16.png\"><img class=\"aligncenter size-large wp-image-8566\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/CONS-PERF-OCT16-848x1024.png\" alt=\"cons-perf-oct16\" width=\"848\" height=\"1024\" /></a>\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>', 'RISK/REWARD ANALYSIS', '', 'inherit', 'closed', 'closed', '', '5006-revision-v1', '', '', '2016-11-30 09:54:47', '2016-11-30 14:54:47', '', 5006, 'http://weeklyfxdrivethru.com/5006-revision-v1/', 0, 'revision', '', 0),
(8760, 1, '2016-11-30 17:05:49', '2016-11-30 22:05:49', '<section class=\"one-sixth first\">\r\n<h4>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/2016/11/CONS-PERF-NOV16.png\"><img class=\"aligncenter size-large wp-image-8752\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/11/CONS-PERF-NOV16-854x1024.png\" alt=\"cons-perf-nov16\" width=\"854\" height=\"1024\" /></a>\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/CONS-PERF-OCT16.png\"><img class=\"aligncenter size-large wp-image-8566\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/10/CONS-PERF-OCT16-848x1024.png\" alt=\"cons-perf-oct16\" width=\"848\" height=\"1024\" /></a>\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></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>', 'RISK/REWARD ANALYSIS', '', 'inherit', 'closed', 'closed', '', '5006-revision-v1', '', '', '2016-11-30 17:05:49', '2016-11-30 22:05:49', '', 5006, 'http://weeklyfxdrivethru.com/5006-revision-v1/', 0, 'revision', '', 0),
(8801, 1, '2016-12-15 11:24:03', '2016-12-15 16:24:03', '', 'PREM SERV PROFITS1 2016 COMPLETE', '', 'inherit', 'open', 'closed', '', 'prem-serv-profits1-2016-complete', '', '', '2016-12-15 12:34:30', '2016-12-15 17:34:30', '', 5000, 'http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PREM-SERV-PROFITS1-2016-COMPLETE.png', 0, 'attachment', 'image/png', 0),
(8803, 1, '2016-12-15 11:24:11', '2016-12-15 16:24:11', '', 'PREM SERV COMPLETE 2014', '', 'inherit', 'open', 'closed', '', 'prem-serv-complete-2014', '', '', '2016-12-15 12:35:36', '2016-12-15 17:35:36', '', 5000, 'http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PREM-SERV-COMPLETE-2014.png', 0, 'attachment', 'image/png', 0),
(8804, 1, '2016-12-15 11:24:18', '2016-12-15 16:24:18', '', 'PREM SERVICE COMPLETE 2015', '', 'inherit', 'open', 'closed', '', 'prem-service-complete-2015', '', '', '2016-12-15 12:35:07', '2016-12-15 17:35:07', '', 5000, 'http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PREM-SERVICE-COMPLETE-2015.png', 0, 'attachment', 'image/png', 0),
(8807, 1, '2016-12-15 11:24:34', '2016-12-15 16:24:34', '', 'RADAR 2016 COMPLETE', '', 'inherit', 'open', 'closed', '', 'radar-2016-complete', '', '', '2016-12-15 12:30:52', '2016-12-15 17:30:52', '', 2524, 'http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/RADAR-2016-COMPLETE.png', 0, 'attachment', 'image/png', 0),
(8809, 1, '2016-12-15 11:24:44', '2016-12-15 16:24:44', '', 'FLASH 2016 COMPLETE', '', 'inherit', 'open', 'closed', '', 'flash-2016-complete', '', '', '2016-12-15 12:29:41', '2016-12-15 17:29:41', '', 2711, 'http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/FLASH-2016-COMPLETE.png', 0, 'attachment', 'image/png', 0),
(8811, 1, '2016-12-15 11:24:55', '2016-12-15 16:24:55', '', 'FUN 2016 COMPLETE', '', 'inherit', 'open', 'closed', '', 'fun-2016-complete', '', '', '2016-12-15 12:32:06', '2016-12-15 17:32:06', '', 3106, 'http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/FUN-2016-COMPLETE.png', 0, 'attachment', 'image/png', 0),
(8814, 1, '2016-12-15 11:25:15', '2016-12-15 16:25:15', '', 'POS 2016 COMPLETE', '', 'inherit', 'open', 'closed', '', 'pos-2016-complete', '', '', '2016-12-15 12:33:29', '2016-12-15 17:33:29', '', 6965, 'http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/POS-2016-COMPLETE.png', 0, 'attachment', 'image/png', 0),
(8815, 1, '2016-12-15 11:25:26', '2016-12-15 16:25:26', '', 'CONS PERF DEC2016 & YTD', '', 'inherit', 'open', 'closed', '', 'cons-perf-dec2016-ytd', '', '', '2016-12-15 12:10:45', '2016-12-15 17:10:45', '', 3012, 'http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/CONS-PERF-DEC2016-YTD.png', 0, 'attachment', 'image/png', 0),
(8816, 1, '2016-12-15 11:25:31', '2016-12-15 16:25:31', '', 'PIP COMPARISON 2016 COMPLETE', '', 'inherit', 'open', 'closed', '', 'pip-comparison-2016-complete', '', '', '2016-12-15 12:10:58', '2016-12-15 17:10:58', '', 3012, 'http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PIP-COMPARISON-2016-COMPLETE.png', 0, 'attachment', 'image/png', 0),
(8818, 1, '2016-12-15 11:25:51', '2016-12-15 16:25:51', '', 'POS TRADES ACTUAL V PROJ 2016', '', 'inherit', 'open', 'closed', '', 'pos-trades-actual-v-proj-2016', '', '', '2016-12-15 11:37:58', '2016-12-15 16:37:58', '', 0, 'http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/POS-TRADES-ACTUAL-V-PROJ-2016.png', 0, 'attachment', 'image/png', 0),
(8831, 1, '2016-12-15 15:29:41', '2016-12-15 20:29:41', '', '2016 PREM SERVICE COMPLETE', '', 'inherit', 'open', 'closed', '', '2016-prem-service-complete', '', '', '2016-12-15 15:31:22', '2016-12-15 20:31:22', '', 3012, 'http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/2016-PREM-SERVICE-COMPLETE.png', 0, 'attachment', 'image/png', 0);
INSERT INTO `wp_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(8836, 1, '2017-12-21 09:06:33', '2017-12-21 14:06:33', '&nbsp;\n\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PREM-SERV-BIG-LOGO.png\"><img class=\"aligncenter wp-image-10505\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/12/PREM-SERV-BIG-LOGO-1024x395.png\" alt=\"\" width=\"716\" height=\"276\" /></a>\n\n&nbsp;\n<p style=\"text-align: center;\"><span style=\"font-size: 18pt;\"><strong><u>TRADE STYLES 2018:</u></strong></span></p>\n<u>\n<span style=\"font-size: 14pt;\"><strong>FLASH TRADES (FT):</strong></span>\n</u><u>\n</u>Simply put, these are mainly opportunist trades in LIVE market conditions. These trades are usually based off economic news data releases or, based off a pullback strategy or a GIMME10 strategy.\n\nTRADE STYLE GOAL: is to either take 10-30 pips or see a sufficient move to place a protective stop in place to see if a swing trade develops.\n\nTARGET AUDIENCE: FLASH TRADES are realistically for traders with very short-term trading horizons. They are called FLASH because I see these as quick directional trades, although, should the momentum keep moving these trades in my trading direction they will remain in play as swing trades could develop.\n\nYou will however notice that I will move stops to maintain profits and protect profits. It is rare that I hold onto these trades for more than a day. The usual life span is minutes rather than hours. In my opinion, traders need to be very active to participate with these trade set-ups.\n\n<u>\n<span style=\"font-size: 14pt;\"><strong>RADAR TRADES (RT):</strong></span></u><u></u>\n\nEssentially Day Trades than I hope will become Swing Trades. These are pre-meditated LIMIT ORDER entry trades set from either Fibonacci levels, pivot points or previous support and resistance levels based off a combination of horizontal or trend line support or resistance. In addition, sometimes chart patterns will help provide either a reason for or support for a trade set up being posted.\n\nTRADE STYLE GOAL: if market conditions apply allow the trade to gather traction and develop into a swing or even a longer-term POSITION trade.\n\nTARGET AUDIENCE: RADAR TRADES are realistically designed and more suitable to day traders, or traders with a shorter time framed horizon with open trades. In my opinion traders need to be active to participate in these trade set-ups.\n\n&nbsp;\n\n<span style=\"font-size: 14pt;\"><strong><u>MOMENTUM TRADES (MOM):</u></strong></span>\n\nThese are 100% either “BUY or SELL STOP ORDERS”, they are LIMIT ORDER entries but they are more often than position at the conclusion of a prior move in a currency pair. More often than not 90% of the time they will be posted at the end of a trading day, week or month.\n\nThey offer an opportunity if triggered to capture pips in the Asian and European sessions based upon the time of the day the trades will be posted.\n\nThey do have greater RISK attached to them on the basis the entry is based mainly on just the end of a move. Not a Fibonacci level, or pivot point, at best I hope to strengthen the proposed entry with a previous level of horizontal support or resistance. They are mostly reversal trades.\n\nTRADE STYLE GOAL: Whilst these trade set ups could be described as opportunist if strengthened by prior levels of interest where buyers and sellers have fought for control, it is possible for these trades to develop into swing trades. When trading with MOMENTUM, and maybe coupled with a sentiment shift the moves can be very powerful.\n\nTARGET AUDIENCE: MOMENTUM TRADES do have a higher degree of RISK associated with them. They are separated so that subscribers can decide whether to take the extra RISK or not. These trades will normally be posted at the close of the trading day and could be attractive to Asian traders as the potential for a reversal may be more opportunist in a new trading session.\n\n<u>\n<span style=\"font-size: 14pt;\"><strong>FUNDAMENTAL TRADES (FUN):</strong></span></u>\n\nThese are LIMIT ORDER entry trades using either buy/sell stop/limit entries to enter the trade. The best way to describe these trades is that they are longer-term perspective trades than RADAR TRADES but not with as longer a term horizon as a POSITION trade.\n\nThey are based off my longer-term FUNDAMENTAL views on a currency. Stops are based upon resistance / support levels, using chart patterns and Fibonacci levels to determine both entry and exit levels. They can be multiple position trades, although POSITION trades are my primary trade style for this approach.\n\nTARGET AUDIENCE: FUNDAMENTAL TRADES are realistically targeted for traders with a longer-term trading horizon. These trades would also suit traders who have a limited access to check the status of their trades during the day.\n\n&nbsp;\n\n<span style=\"font-size: 14pt;\"><strong><u>POSITION TRADES (POS):</u></strong></span>\n\nThese trade set-ups are intended to have a longer-term trading perspective. Being frank, this goal has NEVER really worked so far. I have been too pre-occupied with the market sentiment shifts and not allowed these trades to progress.\n\nIn 2018, these will be of a longer-term duration and a great deal of previous POSITION trading will now become FUNDAMENTAL moving forward.\n\nThese trades are not only targeted at traders who consider they are part-time Forex traders; obviously, all traders can of course take advantage. (My definition of a part-time trader is one who is only able to look at their computer screens, or, mobile devices to check trades two or three times a day).\n\nThese trades are initiated via LIMIT ORDERS, when on a stop or limit basis.\n\nA key feature of these set-ups is that they have much wider than normal stops to allow for market swings and volatility. The trades therefore have a smaller position size to allow for the swings in volatility, but multiple trades in the same currency pair are added when the core trade has gained traction in the desired direction.\n\nThis last point above is VERY IMPORTANT TO NOTE. My stops in 2018 could be as much as Monthly Average True Ranges (ATR\'s). The contingent Liability RISK associated with these trades may be too high if you operate a small balanced broker account.\n\nTRADE STYLE GOAL: is to have multiple trades open/live at any one time and maybe 2/3 open/live trades with the same currency pair. I will of course suggest taking some profits as the trade matures, but hopefully at the same time letting trades run as far as possible.\n\nTARGET AUDIENCE: POSITION TRADES, these trades were initially launched for those traders who like to hold positions for weeks, even months, and for traders who do NOT want to sit in front of their screens 24 x 7. These trades suit the PART-TIME trader who can only check their trades on twitter alerts two or three times a day or are only able to look at their computer screens only a few times a day.\n\n&nbsp;\n\n<span style=\"text-decoration: underline;\"><span style=\"font-size: 14pt;\"><strong>ANTICIPTED TRADE STYLE PENTRATION 2018:</strong></span></span>\n\nFLASH TRADES (FT):\nRADAR TRADES (R:\nMOMENTUM TRADES:\nFUNDAMENTAL TRADES:\nPOSITION TRADES:\n\n&nbsp;\n\nScott Pickering\nThe Pip Accumulator\n1st January 2018\n<h3></h3>\n<h3></h3>\n<h3></h3>\n&nbsp;', 'Trade Style Definitions', '', 'inherit', 'closed', 'closed', '', '7582-autosave-v1', '', '', '2017-12-21 09:06:33', '2017-12-21 14:06:33', '', 7582, 'http://weeklyfxdrivethru.com/7582-autosave-v1/', 0, 'revision', '', 0),
(8841, 1, '2016-12-16 17:06:47', '2016-12-16 22:06:47', '&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>WHAT AN END TO 2016:</strong></li>\r\n</ol>\r\nI had stopped trading for my end of year break with THE PREMIUM SERVICE when the FED rate hike was announced. So, I was more of an observer rather than a trader with the follow through. I did scalp the odd trade here and there but for most of the time my hands were well away from my keyboards.\r\n\r\nTo say that the moves were explosive would be an understatement. The EUR/USD on the previous weeks ECB Press Conference peaked at around 1.0860 and within 18 hours of the FED rate hike it was printing below 1.0400, not seen since 2002. Big moves with the USD/CAD, USD/CHF and USD/JPY followed the FED rate hike as well. The USD/SEK hit 9.3800, a level not seen since 2002.\r\n\r\nAs I say to all new traders I meet, there is a market every day when trading forex, some days the market moves are just more exaggerated. I must work on new phraseology for this statement moving forward!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> (A BRIEF) “PREMIUM SERVICE” REVIEW OF 2016:</strong></li>\r\n</ol>\r\nThe third year of the PREMIUM SERVICE is now officially concluded. I am now most definitely on a trading vacation until 8<sup>th</sup> January 2017.\r\n\r\nAs usual, when reporting on the closing annual PREMIUM SERVICE statistics I will also take this opportunity to quickly overview the year from a very, very, high macro level and take a brief look into the next 12 months.\r\n\r\nLooking back, 2016 was a strange year for trading the currency market. I started the year with a new trade style PART-TIME TRADER TRADES, now renamed POSITION TRADES, to take advantage of what I thought would be a year when Central Bank Monetary Policy Divergence would be a trading factor for most of the year.\r\n\r\nWell… I got that wrong…. sensationally wrong!!\r\n\r\nI quickly established a change in my trading behavior and style to compensate for what was not there in the way currencies were behaving; happy days, I thought.\r\n\r\nWham… here in Montreal we were hit with the mother of all ice-storms from the frozen north. This took down power lines, trees, equipment posts… you name it. Home generators froze… nothing worked we were without power for 2.5 days. When the power came back the ISP lines went off for a day or so, as their systems were malfunctioning. For almost a week, I had no trading capabilities, even using a mobile / cell phone was impossible as they were on emergency numbers only!\r\n\r\nThis disaster of course coincided with the Boris Johnson announcement that he was going to vote for a BREXIT. The cable crash and the knock-on effect in the FX market cleared all my pips of profit for the year so far, and, the PREMIUM SERVICE was basically at zero to start the year again in March 2016.\r\n\r\nThen, as if to really test the patience of traders we entered, apart from the GBP which did its own thing, range trading, that just went on and on. Between range trading and the constant, will the FED hike or wont the FED hike… week after week it was pure boring repetition. Amongst this I worked out a way to focus off longer-term trading to avoid the smaller minute charts trading noise. The false breakouts and breakdowns that are associated with range trading really hit hard at times and screwed many traders who were just chasing moves one way then the other.\r\n\r\nIt was very obvious to me. Stand back, widen stops, reduce position sizes, manage risk, change your trade plan and then TRADE IT. Very logical. I had teething problems, it was NOT 100% plain sailing, it never is with FX trading and at times it was both frustrating and annoying taking a longer-term view to let trades develop. At the end of the day however, it worked and POSITION trades are now firmly a part of my on-going trading style options.\r\n\r\nAfter all the year’s nonsense, the PREMIUM SERVICE ended 2016 with a total of new net pips added 13,575 pips… the highest total in a year since inception in 2014.\r\n\r\nTo say that I am delighted would be an understatement. I did trade for a large part of August which I would normally take as vacation to re-charge batteries, however, as the first two months of the year were a trading non-event for me, I traded for a few weeks in summer doldrums to try to meet my “pips” target of 10,000.\r\n\r\nOther highlights were: -\r\n\r\n77% of all trades were profitable.\r\n2016 beat the 2015 performance by 2,889 pips.\r\n\r\nI move into 2017, with just a few small POSITION sized trades primarily in my core AUD/NZD long trade which is still working out it’s inverted head and shoulders pattern.\r\n\r\nMoving on…\r\n\r\nBelow I show the NET PROFITABILITY sheet showing the performance based upon trading just one micro, mini or standard lot, less the costs to trade including an annual PREMIUM SERVICE subscription.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/2016-PREM-SERVICE-COMPLETE.png\"><img class=\"aligncenter size-large wp-image-8831\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/2016-PREM-SERVICE-COMPLETE-976x1024.png\" alt=\"\" width=\"976\" height=\"1024\" /></a>\r\n\r\nThe net income is based off single lot trading: -\r\n$0.10 for micro lot trades\r\n$1.00 for mini lot trades and\r\n$10.00 for standard lot trades.\r\n\r\nMy goal each year from the 40 weeks minimum that I guarantee to trade is 10,000 pips.\r\n\r\nI have achieved this in 2014, 2015 and now 2016. There is nothing to indicate at the moment, that I will not achieve over 10,000 pips in 2017.\r\n\r\nBelow, I have added two excel spreadsheets, firstly, what I call my CONSOLIDATED PERFORMANCE ANALYSIS for the year and secondly, my PIP COMPARISON analysis broken down month by month comparing the results to 2015 (Next year, I must think of more catchy names for these documents).\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/CONS-PERF-DEC2016-YTD.png\"><img class=\"aligncenter 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\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PIP-COMPARISON-2016-COMPLETE.png\"><img class=\"aligncenter size-large wp-image-8816\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PIP-COMPARISON-2016-COMPLETE-1024x615.png\" alt=\"\" width=\"1024\" height=\"615\" /></a> </strong>\r\n\r\nFinally, in 2016 I launched POSITION TRADES as a new trade style.\r\n\r\nIn January 2016, I posted to the PART-TIME FOREX TRADERS section of my landing page menu bar, a cashflow projection for a trading account based on my projected performance trading POSITION TRADES in 2016. Each quarter I updated the performance versus the projection.\r\n\r\nI am pleased to say that the PREMIUM SERVICE beat the projection. A complete review can be found in the PART-TIME FOREX TRADERS section of my landing page at www.weeklyfxdrivethru.com. I do however show below the final excel sheet containing the final numbers.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/POS-TRADES-ACTUAL-V-PROJ-2016.png\"><img class=\"aligncenter size-large wp-image-8818\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/POS-TRADES-ACTUAL-V-PROJ-2016-997x1024.png\" alt=\"\" width=\"997\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> PREMIUM SERVICE: ARE THERE ANY CHANGES PLANNED FOR 2017?</strong></li>\r\n</ol>\r\nThe simple answer is yes.\r\n\r\nNotable changes next year are: -\r\n\r\nThe 4-week subscription is going to disappear. Whilst there are some genuine traders who look at the 4-week option as a trial, the clear majority of 4 week subscriptions are from gamblers rather than traders. There are sadly only a few exceptions. The gamblers expect multiple trade set ups a day. The concept of RISK MANAGEMENT, POSITION SIZING and waiting for the trade to come to your price is lost.\r\n\r\nDealing with constant emails demanding more and more trades was both time consuming and at times deflating. Moving forward, I only want committed and serious traders who are in FX trading for the long haul.\r\n\r\nTherefore, managing my time better moving forward = no 4-week subscription option. I will focus my energy on Serious and Committed Traders.\r\n\r\nSecondly, I want to increase my “VALUE ADD”. In 2016, I launched a Platinum level of subscription, whereby annual subscribers received a discounted subscription price upon renewal. When I launched this subscription level I added that I wanted to offer other FREE but optional benefits. This fell by the wayside in 2016 due to time limitations (somewhat caused by dealing with 4-week subscribers).\r\n\r\nThe first optional benefit is a 20-30 minute personal REVIEW MEETING via SKYPE. This can take the form of basically what the individual subscriber wants. It will be structured and reviewed monthly and documented (As every trader is different in RISK TOLERANCE, experiences and trading styles, I do not want a rigid structure but a more personalized option). This option will be open only to Platinum (Annual) subscribers.\r\n\r\nThirdly, I will be starting weekly PERISCOPE broadcasts. This will be open for all to begin with. Over the next couple of weeks, I will be testing out the technology to see how easy or difficult it’s going to be.\r\n\r\nFourthly, several changes to the speed about my website will take place, so if the site is down it should only be a short time. We apparently have two options so tests will take place. In addition, I will be renaming some of my reporting documents to streamline my administration time and whilst this will affect PREMIUM SERVICE subscribers mostly, subscribers to this FREE NEWSLETTER will see only a few subtle changes.\r\n\r\nIn addition, THE WEEKLY FX DRIVE THRU will change once again, but this will only be 100% completed by the end of Q1 2017.\r\n\r\nThere are a few additional minor changes that I need to tinker with. I am hoping these are quick fixes. If 2016 remains true to form, the quick fixes are usually very painful and time delayed and those changes that I deem awkward and slow usually sail though in record time.\r\n\r\nFinally, as usual I have revised subscriptions prices not just to keep pace with the market, but to also reflect the trading consistencies of the PREMIUM SERVICE and my value adds over and above what other providers offer. These increases will take place in the first week of 2017. There is no fixed date, it will be in effect as soon as my website developer implement it after the holidays.\r\n\r\nTherefore, to ensure “this years” prices for “next years” performance you need to subscribe in 2016.\r\n\r\nFROM JANUARY 1st 2017: -\r\n4 week subscriptions – will cease first week of January 2017.\r\n10 week subscriptions -  will increase to CAD $1,000.00 (CAD$100.00 per week).\r\n20 week subscriptions – will increase to CAD $1,500.00 (CAD$75.00 per week).\r\n40 week subscriptions – will increase to CAD $2,500.00 (CAD$62.50 per week).\r\n\r\n40 week subscriptions are classified as PLATINUM MEMBERSHIP and renewals for PLATINUM MEMBERS will be CAD $2,000.00 (CAD$50.00 per week).\r\n\r\nAs mentioned before I only want to work with committed traders. Based upon the 2016 performance this brings up my fees in 2017 to just under 6.5% of the income generated by just 3 x mini lot trades (based upon an annual subscription). This still represents excellent value despite the increase.\r\n\r\nTherefore, to reiterate, if YOU want a piece of a potential 10,000 pip annual performance and want to beat the price rise go to my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and subscribe before the end of 2016 to make sure that you obtain the current year prices.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> TRADING PREDICTIONS for 2017:</strong></li>\r\n</ol>\r\nGiven that my thoughts around this time of the year in 2015 about 2016 were a little off point, and, having studied most of the big banks Forex predictions, no one got it correct, I am good company…. or should that be bad company?\r\n\r\nRegular subscribers will know that I am NOT backward in coming forward about issues in the EUROZONE. Without doubt, I think that we have many big issues to address and trade through next year in addition to the continuing woes in the EUROZONE.\r\n\r\nBelow I have listed 8 factors / events that I believe will be in focus for most if not all next year.\r\n<ol>\r\n 	<li>THE EUROZONE</li>\r\n 	<li>CENTRAL BANK MONETARY POLICY DIVERGENCE</li>\r\n 	<li>THE DONALD TRUMP EFFECT</li>\r\n 	<li>BREXIT THE ARTICLE 50 TRIGGER</li>\r\n 	<li>THE GROWTH OF POPULARISM</li>\r\n 	<li>OPEC and OIL PRICES</li>\r\n 	<li>THE USD &amp; EMERGING MARKETS</li>\r\n 	<li>THE FED EFFECT ON THE YEN</li>\r\n</ol>\r\nThere are others items, but this list is enough to keep me very interested in 2017.\r\n\r\nI am not going to predict currency moves one way or the other, but what I will say is that the USD should strengthen, and, if DONALD TRUMP’S policies are enacted upon, the FED could be raising rates twice, maybe three times a year for the next couple of years.\r\n\r\nWhilst most of the attention is focused on THE DONALD, I believe that Central Bank monetary policy divergence will be the big news next year. The FED has helped the ECB and BOJ by raising rates. Whilst I can see the ECB tapering by the year end of 2017, I cannot see the BOJ following, given what has been said so far. Hence, why the divergence and the behavior with the JPY will be interesting to follow. The EUR/JPY and CHF/JPY could be the trades of the year.\r\n\r\nThese 8 points listed above, I will come back to in my first blog of next year.\r\n\r\nI move into 2017 with a few CORE TRADING POSITIONS already in place with THE PREMIUM SERVICE, ready to capitalize, on what I believe will happen based upon my longer-term FUNDAMENTAL views.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here 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\nThe WEEKLY FX DRIVE THRU blog returns January 8<sup>th</sup> 2017.\r\n\r\nTake care, have a Happy Christmas / Happy Holidays whatever and here’s to another great trading year in 2017.\r\n\r\n&nbsp;\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\nBLOG VERSION: #225 FREE NEWSLETTER\r\nDATE: 17<sup>th</sup> December 2016.\r\n\r\n<strong>\r\n</strong>', '2016 PREMIUM SERVICE RESULTS & A PEEK INTO 2017', '', 'publish', 'open', 'closed', '', '2016-premium-service-results-peek-2017', '', '', '2016-12-16 17:06:47', '2016-12-16 22:06:47', '', 0, 'http://weeklyfxdrivethru.com/?p=8841', 0, 'post', '', 0),
(8842, 1, '2016-12-16 17:06:47', '2016-12-16 22:06:47', '&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>WHAT AN END TO 2016:</strong></li>\r\n</ol>\r\nI had stopped trading for my end of year break with THE PREMIUM SERVICE when the FED rate hike was announced. So, I was more of an observer rather than a trader with the follow through. I did scalp the odd trade here and there but for most of the time my hands were well away from my keyboards.\r\n\r\nTo say that the moves were explosive would be an understatement. The EUR/USD on the previous weeks ECB Press Conference peaked at around 1.0860 and within 18 hours of the FED rate hike it was printing below 1.0400, not seen since 2002. Big moves with the USD/CAD, USD/CHF and USD/JPY followed the FED rate hike as well. The USD/SEK hit 9.3800, a level not seen since 2002.\r\n\r\nAs I say to all new traders I meet, there is a market every day when trading forex, some days the market moves are just more exaggerated. I must work on new phraseology for this statement moving forward!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> (A BRIEF) “PREMIUM SERVICE” REVIEW OF 2016:</strong></li>\r\n</ol>\r\nThe third year of the PREMIUM SERVICE is now officially concluded. I am now most definitely on a trading vacation until 8<sup>th</sup> January 2017.\r\n\r\nAs usual, when reporting on the closing annual PREMIUM SERVICE statistics I will also take this opportunity to quickly overview the year from a very, very, high macro level and take a brief look into the next 12 months.\r\n\r\nLooking back, 2016 was a strange year for trading the currency market. I started the year with a new trade style PART-TIME TRADER TRADES, now renamed POSITION TRADES, to take advantage of what I thought would be a year when Central Bank Monetary Policy Divergence would be a trading factor for most of the year.\r\n\r\nWell… I got that wrong…. sensationally wrong!!\r\n\r\nI quickly established a change in my trading behavior and style to compensate for what was not there in the way currencies were behaving; happy days, I thought.\r\n\r\nWham… here in Montreal we were hit with the mother of all ice-storms from the frozen north. This took down power lines, trees, equipment posts… you name it. Home generators froze… nothing worked we were without power for 2.5 days. When the power came back the ISP lines went off for a day or so, as their systems were malfunctioning. For almost a week, I had no trading capabilities, even using a mobile / cell phone was impossible as they were on emergency numbers only!\r\n\r\nThis disaster of course coincided with the Boris Johnson announcement that he was going to vote for a BREXIT. The cable crash and the knock-on effect in the FX market cleared all my pips of profit for the year so far, and, the PREMIUM SERVICE was basically at zero to start the year again in March 2016.\r\n\r\nThen, as if to really test the patience of traders we entered, apart from the GBP which did its own thing, range trading, that just went on and on. Between range trading and the constant, will the FED hike or wont the FED hike… week after week it was pure boring repetition. Amongst this I worked out a way to focus off longer-term trading to avoid the smaller minute charts trading noise. The false breakouts and breakdowns that are associated with range trading really hit hard at times and screwed many traders who were just chasing moves one way then the other.\r\n\r\nIt was very obvious to me. Stand back, widen stops, reduce position sizes, manage risk, change your trade plan and then TRADE IT. Very logical. I had teething problems, it was NOT 100% plain sailing, it never is with FX trading and at times it was both frustrating and annoying taking a longer-term view to let trades develop. At the end of the day however, it worked and POSITION trades are now firmly a part of my on-going trading style options.\r\n\r\nAfter all the year’s nonsense, the PREMIUM SERVICE ended 2016 with a total of new net pips added 13,575 pips… the highest total in a year since inception in 2014.\r\n\r\nTo say that I am delighted would be an understatement. I did trade for a large part of August which I would normally take as vacation to re-charge batteries, however, as the first two months of the year were a trading non-event for me, I traded for a few weeks in summer doldrums to try to meet my “pips” target of 10,000.\r\n\r\nOther highlights were: -\r\n\r\n77% of all trades were profitable.\r\n2016 beat the 2015 performance by 2,889 pips.\r\n\r\nI move into 2017, with just a few small POSITION sized trades primarily in my core AUD/NZD long trade which is still working out it’s inverted head and shoulders pattern.\r\n\r\nMoving on…\r\n\r\nBelow I show the NET PROFITABILITY sheet showing the performance based upon trading just one micro, mini or standard lot, less the costs to trade including an annual PREMIUM SERVICE subscription.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/2016-PREM-SERVICE-COMPLETE.png\"><img class=\"aligncenter size-large wp-image-8831\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/2016-PREM-SERVICE-COMPLETE-976x1024.png\" alt=\"\" width=\"976\" height=\"1024\" /></a>\r\n\r\nThe net income is based off single lot trading: -\r\n$0.10 for micro lot trades\r\n$1.00 for mini lot trades and\r\n$10.00 for standard lot trades.\r\n\r\nMy goal each year from the 40 weeks minimum that I guarantee to trade is 10,000 pips.\r\n\r\nI have achieved this in 2014, 2015 and now 2016. There is nothing to indicate at the moment, that I will not achieve over 10,000 pips in 2017.\r\n\r\nBelow, I have added two excel spreadsheets, firstly, what I call my CONSOLIDATED PERFORMANCE ANALYSIS for the year and secondly, my PIP COMPARISON analysis broken down month by month comparing the results to 2015 (Next year, I must think of more catchy names for these documents).\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/CONS-PERF-DEC2016-YTD.png\"><img class=\"aligncenter 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\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PIP-COMPARISON-2016-COMPLETE.png\"><img class=\"aligncenter size-large wp-image-8816\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/PIP-COMPARISON-2016-COMPLETE-1024x615.png\" alt=\"\" width=\"1024\" height=\"615\" /></a> </strong>\r\n\r\nFinally, in 2016 I launched POSITION TRADES as a new trade style.\r\n\r\nIn January 2016, I posted to the PART-TIME FOREX TRADERS section of my landing page menu bar, a cashflow projection for a trading account based on my projected performance trading POSITION TRADES in 2016. Each quarter I updated the performance versus the projection.\r\n\r\nI am pleased to say that the PREMIUM SERVICE beat the projection. A complete review can be found in the PART-TIME FOREX TRADERS section of my landing page at www.weeklyfxdrivethru.com. I do however show below the final excel sheet containing the final numbers.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/POS-TRADES-ACTUAL-V-PROJ-2016.png\"><img class=\"aligncenter size-large wp-image-8818\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2016/12/POS-TRADES-ACTUAL-V-PROJ-2016-997x1024.png\" alt=\"\" width=\"997\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> PREMIUM SERVICE: ARE THERE ANY CHANGES PLANNED FOR 2017?</strong></li>\r\n</ol>\r\nThe simple answer is yes.\r\n\r\nNotable changes next year are: -\r\n\r\nThe 4-week subscription is going to disappear. Whilst there are some genuine traders who look at the 4-week option as a trial, the clear majority of 4 week subscriptions are from gamblers rather than traders. There are sadly only a few exceptions. The gamblers expect multiple trade set ups a day. The concept of RISK MANAGEMENT, POSITION SIZING and waiting for the trade to come to your price is lost.\r\n\r\nDealing with constant emails demanding more and more trades was both time consuming and at times deflating. Moving forward, I only want committed and serious traders who are in FX trading for the long haul.\r\n\r\nTherefore, managing my time better moving forward = no 4-week subscription option. I will focus my energy on Serious and Committed Traders.\r\n\r\nSecondly, I want to increase my “VALUE ADD”. In 2016, I launched a Platinum level of subscription, whereby annual subscribers received a discounted subscription price upon renewal. When I launched this subscription level I added that I wanted to offer other FREE but optional benefits. This fell by the wayside in 2016 due to time limitations (somewhat caused by dealing with 4-week subscribers).\r\n\r\nThe first optional benefit is a 20-30 minute personal REVIEW MEETING via SKYPE. This can take the form of basically what the individual subscriber wants. It will be structured and reviewed monthly and documented (As every trader is different in RISK TOLERANCE, experiences and trading styles, I do not want a rigid structure but a more personalized option). This option will be open only to Platinum (Annual) subscribers.\r\n\r\nThirdly, I will be starting weekly PERISCOPE broadcasts. This will be open for all to begin with. Over the next couple of weeks, I will be testing out the technology to see how easy or difficult it’s going to be.\r\n\r\nFourthly, several changes to the speed about my website will take place, so if the site is down it should only be a short time. We apparently have two options so tests will take place. In addition, I will be renaming some of my reporting documents to streamline my administration time and whilst this will affect PREMIUM SERVICE subscribers mostly, subscribers to this FREE NEWSLETTER will see only a few subtle changes.\r\n\r\nIn addition, THE WEEKLY FX DRIVE THRU will change once again, but this will only be 100% completed by the end of Q1 2017.\r\n\r\nThere are a few additional minor changes that I need to tinker with. I am hoping these are quick fixes. If 2016 remains true to form, the quick fixes are usually very painful and time delayed and those changes that I deem awkward and slow usually sail though in record time.\r\n\r\nFinally, as usual I have revised subscriptions prices not just to keep pace with the market, but to also reflect the trading consistencies of the PREMIUM SERVICE and my value adds over and above what other providers offer. These increases will take place in the first week of 2017. There is no fixed date, it will be in effect as soon as my website developer implement it after the holidays.\r\n\r\nTherefore, to ensure “this years” prices for “next years” performance you need to subscribe in 2016.\r\n\r\nFROM JANUARY 1st 2017: -\r\n4 week subscriptions – will cease first week of January 2017.\r\n10 week subscriptions -  will increase to CAD $1,000.00 (CAD$100.00 per week).\r\n20 week subscriptions – will increase to CAD $1,500.00 (CAD$75.00 per week).\r\n40 week subscriptions – will increase to CAD $2,500.00 (CAD$62.50 per week).\r\n\r\n40 week subscriptions are classified as PLATINUM MEMBERSHIP and renewals for PLATINUM MEMBERS will be CAD $2,000.00 (CAD$50.00 per week).\r\n\r\nAs mentioned before I only want to work with committed traders. Based upon the 2016 performance this brings up my fees in 2017 to just under 6.5% of the income generated by just 3 x mini lot trades (based upon an annual subscription). This still represents excellent value despite the increase.\r\n\r\nTherefore, to reiterate, if YOU want a piece of a potential 10,000 pip annual performance and want to beat the price rise go to my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> and subscribe before the end of 2016 to make sure that you obtain the current year prices.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> TRADING PREDICTIONS for 2017:</strong></li>\r\n</ol>\r\nGiven that my thoughts around this time of the year in 2015 about 2016 were a little off point, and, having studied most of the big banks Forex predictions, no one got it correct, I am good company…. or should that be bad company?\r\n\r\nRegular subscribers will know that I am NOT backward in coming forward about issues in the EUROZONE. Without doubt, I think that we have many big issues to address and trade through next year in addition to the continuing woes in the EUROZONE.\r\n\r\nBelow I have listed 8 factors / events that I believe will be in focus for most if not all next year.\r\n<ol>\r\n 	<li>THE EUROZONE</li>\r\n 	<li>CENTRAL BANK MONETARY POLICY DIVERGENCE</li>\r\n 	<li>THE DONALD TRUMP EFFECT</li>\r\n 	<li>BREXIT THE ARTICLE 50 TRIGGER</li>\r\n 	<li>THE GROWTH OF POPULARISM</li>\r\n 	<li>OPEC and OIL PRICES</li>\r\n 	<li>THE USD &amp; EMERGING MARKETS</li>\r\n 	<li>THE FED EFFECT ON THE YEN</li>\r\n</ol>\r\nThere are others items, but this list is enough to keep me very interested in 2017.\r\n\r\nI am not going to predict currency moves one way or the other, but what I will say is that the USD should strengthen, and, if DONALD TRUMP’S policies are enacted upon, the FED could be raising rates twice, maybe three times a year for the next couple of years.\r\n\r\nWhilst most of the attention is focused on THE DONALD, I believe that Central Bank monetary policy divergence will be the big news next year. The FED has helped the ECB and BOJ by raising rates. Whilst I can see the ECB tapering by the year end of 2017, I cannot see the BOJ following, given what has been said so far. Hence, why the divergence and the behavior with the JPY will be interesting to follow. The EUR/JPY and CHF/JPY could be the trades of the year.\r\n\r\nThese 8 points listed above, I will come back to in my first blog of next year.\r\n\r\nI move into 2017 with a few CORE TRADING POSITIONS already in place with THE PREMIUM SERVICE, ready to capitalize, on what I believe will happen based upon my longer-term FUNDAMENTAL views.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here 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\nThe WEEKLY FX DRIVE THRU blog returns January 8<sup>th</sup> 2017.\r\n\r\nTake care, have a Happy Christmas / Happy Holidays whatever and here’s to another great trading year in 2017.\r\n\r\n&nbsp;\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\nBLOG VERSION: #225 FREE NEWSLETTER\r\nDATE: 17<sup>th</sup> December 2016.\r\n\r\n<strong>\r\n</strong>', '2016 PREMIUM SERVICE RESULTS & A PEEK INTO 2017', '', 'inherit', 'closed', 'closed', '', '8841-revision-v1', '', '', '2016-12-16 17:06:47', '2016-12-16 22:06:47', '', 8841, 'http://weeklyfxdrivethru.com/8841-revision-v1/', 0, 'revision', '', 0),
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(8885, 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', '', 'publish', 'open', 'closed', '', 'brexit-lot-hot-air-right-now-still-nothing-happened', '', '', '2017-01-07 06:35:50', '2017-01-07 11:35:50', '', 0, 'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=8885', 0, 'member_posts', '', 0);
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(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),
(8908, 1, '2017-01-07 07:49:07', '2017-01-07 12:49:07', '&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&nbsp;\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&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong>THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\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<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\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.<strong>\r\n</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<ul>\r\n 	<li>THE ECONOMY:Huge 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):As 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:Nothing 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: #226 FREE NEWSLETTER\r\nDATE: 8<sup>th</sup> January 2017.\r\n\r\n&nbsp;', 'BREXIT – A LOT OF HOT AIR AND AS OF “RIGHT NOW” … STILL NOTHING HAS HAPPENED', '', 'publish', 'open', 'closed', '', 'brexit-lot-hot-air-right-now-still-nothing-happened', '', '', '2017-01-07 07:49:07', '2017-01-07 12:49:07', '', 0, 'http://weeklyfxdrivethru.com/?p=8908', 0, 'post', '', 0);
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(8909, 1, '2017-01-07 07:49:07', '2017-01-07 12:49:07', '&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&nbsp;\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&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong>THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\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<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\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.<strong>\r\n</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<ul>\r\n 	<li>THE ECONOMY:Huge 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):As 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:Nothing 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: #226 FREE NEWSLETTER\r\nDATE: 8<sup>th</sup> January 2017.\r\n\r\n&nbsp;', 'BREXIT – A LOT OF HOT AIR AND AS OF “RIGHT NOW” … STILL NOTHING HAS HAPPENED', '', 'inherit', 'closed', 'closed', '', '8908-revision-v1', '', '', '2017-01-07 07:49:07', '2017-01-07 12:49:07', '', 8908, 'http://weeklyfxdrivethru.com/8908-revision-v1/', 0, 'revision', '', 0),
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(8944, 1, '2017-01-14 12:11:39', '2017-01-14 17:11:39', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nTo say that the first week back trading after the holidays was “interesting” would be the biggest understatement ever and worthy of a paragraph or two in the “Guinness Book of Records”.\r\n\r\nI have never witnessed a press conference like “THE DONALDS”, (I can’t even keep a straight face when I write President Elect) ever in my 60 years on this planet. To say that it was a circus is an insult to Chipperfields, Barnum’s and Billy Smarts, however, it was so entertaining I let trades fly way in the aftermath as I wanted to see how CNN (The fake news TV network) would react.\r\n\r\nLet me just say, I think that CNN is condescending to its viewers, trashy, badly programmed with smug presenters who think they know everything about everyone and every subject in the world. Frankly it is NOT a news channel, it lost that classification months ago when it gave up news in favour of the nightly 8 around the table lets shout at and across each other broadcast. These people were alleged well informed guests and mostly “paid contributors” brought on to say what the station wanted. At times, it was a toss-up, between the comedy channel and CNN, they both made me laugh as much as each other.\r\n\r\nI firmly believe the career politicians on the hill who are blockages to reform, will be called out the same way that CNN was last Wednesday. TRUMP could not give a shit. He has his agenda. He will work it and like Mr. Magoo he will boldly walk forward never looking back to see the chaos and disorder left behind him. Get used to it. This is the way that things are going to be. Expect the unexpected. CNN look like they are screwed moving forwards as far as THE DONALD is concerned and in a very rushed, one could say childish response they released a press statement denying all charges.\r\n\r\nIn the run up to the election the “experts” on CNN had a real go at TRUMP, for what may be good reason, but the “He’s just not doing it the right way” approach and consistent message was way off point. They missed the feelings of the voters just like the Democrats and were completely perplexed by the election result.\r\n\r\nAll this stuff in the US about the popular vote is sour grapes and frankly is energy that could be put to better use. In an election that is NOT based upon proportional representation, it happens lots of times that the winner may not have the popular vote as well. Suck it up and move on. The only solution is electoral reform, and if you go down the route of proportional representation, you end up with coalitions that are usually weak and bugger all that was proposed and mandated never gets done.\r\n\r\nSo…. welcome 2017... not just a new year but a new way.\r\n\r\nI had EUR/USD and USD/CHF long term trades open during the press conference. They are long, long-term trades. They were up and down, up and down like a hooker’s knickers. Small positions based on POSITION STYLE trades off the monthly ATR so they do not worry me, but the volatility was huge…”bigly” (as Trump would say).\r\n\r\nHere is an easy prediction for the next 4 years... more of the same!!\r\n\r\nMoving on…\r\n\r\nI did my first PERISCOPE BROADCAST last Monday, despite my microphone not working. This Monday the 16<sup>th</sup> at 5:30PM EST is PERISCOPE #2 and I am borrowing my wife’s headset, therefore the “hearing me” issues should be eradicated. If you want to hear me log into PERISCOPE, my twitter address is @pipaccumulator.\r\n\r\nFinally, <a href=\"mailto:jc*******@gmail.com\">jc*******@gmail.com</a> is the first subscriber this year to receive a FREE 10 week PREMIUM SERVICE subscription, valued at CAD$1,000.00.\r\n\r\nThis could be you. All you have to do to be a winner of the monthly draw is to register to receive this blog via email by signing up for the FREE NEWSLETTER on my welcome page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> it is as simple as that.\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-15012017.png\"><img class=\"aligncenter size-large wp-image-8934\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-DATA-15012017-1021x1024.png\" alt=\"\" width=\"1021\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nA lot more economic data being released this coming week.\r\n\r\nThe high spot in the FX world, will of course be the ECB Press Conference, I doubt even another attacker on Draghi could create the same effect as the “TRUMP” press conference last week. It should be a far more businesslike sedate affair with the high noteworthy comments based around either a blue tie or red tie being worn!!\r\n\r\nThe BOC press conference in Canada will be very similar to that of the RBNZ… a few of the chaps sitting around drinking coffee and biscuits hanging on every breath that Stephen Poloz the BOC Governor takes. Apart from Vancouver, high-end house prices are rampant in Canada. Measures taken in Vancouver to stop outside investors bumping up prices have worked, but all that has happened is that those investors have moved east. There is a huge bubble about to burst in the housing market and this drive a wedge like a hot knife through butter, possibly triggering recession talks.\r\n\r\nI do not expect a rate cut this week, in fact, I expect Poloz to keep a neutral position like the RBNZ and to some extent the RBA. However, beneath his comments the Canadian economy has big risks in play.\r\n\r\nI have given up on the BOC being anything other than ultra Conservative; their reaction is comparable to that of a dinosaur.\r\n\r\nUK and Australian jobs are also on the agenda and they are usually market movers. Do not forget the Dairy auction prices, I wish I could. The NZD is without doubt the most over-valued pain in the arse currency to trade…. I always feel a little better after I have written that…. that damn flightless bird!! Those of you who are PREMIUM SERVICE subscribers will know where I am coming from.\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-15012017.png\"><img class=\"aligncenter size-large wp-image-8933\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-15012017-1024x805.png\" alt=\"\" width=\"1024\" height=\"805\" /></a>\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 contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8938\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-15012017.png\"><img class=\"aligncenter size-large wp-image-8939\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-15012017.png\"><img class=\"aligncenter size-large wp-image-8937\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-17012017.png\"><img class=\"aligncenter size-large wp-image-8940\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-17012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-15012017.png\"><img class=\"aligncenter size-large wp-image-8941\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8942\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-15012017.png\"><img class=\"aligncenter size-large wp-image-8943\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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></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\nWas last week successful?\r\n\r\nOver all we made pips, so I suppose yes. However, as Vicky Pollard from Little Britain would say… “yes but, no but, yes but, no but, yes but”\r\n\r\nYes; we made a few pips but it was a swings and roundabouts week. RADAR and FUNDAMENTAL trades struggled to gain traction whilst POSITION trades took the glory.\r\n\r\nI am making money, but just about. The smaller position sized POSITION trades are generating pips but the smaller pip losses with the RADAR and FUNDAMENTAL trades are with larger trading positions therefore it is almost as if one negates the other profit wise.\r\n\r\nI have noted that during this past week I have let over 225 pips of profit disappear. It’s not as much of a “woulda kinda shoulda coulda” call, it’s just to let us all be aware that the markets, at least the FX market, is just not directional. It is a pain in the arse at the moment, as I keep telling my wife. There appears to be little conviction. I am trying to let trades develop but it is difficult on many occasions to protected say 50 pips of profit before the trade reverses back in your face.\r\n\r\nI call it frustrating and annoying. It will change though. We are in strange times where the Forex markets are having to re-balance and take stock after the huge on the back of promises moves that took place into the year-end of 2016. This period of consolidation is both normal and healthy for the market.\r\n\r\n<u> </u>\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nThis is what I wrote last week.\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><em>We 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.</em></span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><em>We 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.</em></span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><em>From a trading perspective, we will have uncertainty in these unchartered waters in the U.S.</em></span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><em>The 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).</em></span></p>\r\nI think that I have nailed both issues pretty much head on with nothing else to say.\r\n\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. Patience is the key.</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. I now have two LIVE trades plus a “BUY STOP” limit order in place. I did believe that this pair would be well in a healthy positive position by now. It looks like I will need to be patient and bide my time.</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: - Started to add positions. I am a little concerned following THE DONALDS press conference that the commodity currencies are in for a ride higher. Correlations are off. Even with equity markets pulling back the AUD/USD &amp; NZD/USD are strengthening. I am looking around thinking that this is just a short-term factor.</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\nPERISCOPE #2 will air Monday 16<sup>th</sup> January at 5:30PM EST via @pipaccumulator.\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/LIVE-TRADES-15012017.png\"><img class=\"aligncenter size-large wp-image-8936\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE-TRADES-15012017-778x1024.png\" alt=\"\" width=\"778\" 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/LIMIT-ORDERS-15012017.png\"><img class=\"aligncenter size-large wp-image-8935\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIMIT-ORDERS-15012017-737x1024.png\" alt=\"\" width=\"737\" 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<p style=\"text-align: center;\"><strong>THE EUROZONE “RISKS”</strong></p>\r\nI am a simple guy; originally from Liverpool, England. I like my football and I love Cricket and Formula 1 racing. I am neat and tidy about the house, everything has its place. My computers are orderly; everything is in folders. I have spreadsheets everywhere and spreadsheets for everything. I consider myself reasonably well organized.\r\n\r\nCan you possibly understand what a person with my disciplines at home must think of the EUROZONE?\r\n\r\nThe EUROZONE is everything I am not. Yet given the headcount and the minimal amount of actual work required to function, the EUROZONE could be the envy of all administrators and desk office organizers in the world. Why aren’t they?\r\n\r\nThe EUROZONE could be the “best practice” example touted all over the globe. However, it is not.\r\n\r\nThe EUROZONE is wasteful, costly, still an experiment and frankly completely lacking in an effective organizational structure. It is basically a shamble.\r\n\r\nThis begs the obvious question…\r\n\r\n“In the name of all that is Holy how the feck is still in existence?”\r\n\r\nThat is the “Who wants to be a Millionaire” $64,000.00 question… I don\'t know the answer.\r\n\r\nHow does this shambolic organization still manage to remain in existence? I did not use the words work or working deliberately when writing about the EUROZONE because that would mislead people.\r\n\r\nIf a visiting spaceship was to land in Brussels and go into one of the many EUROPEAN UNION buildings to “suss” out us humans of the planet earth, I reckon the would be fecked off out of Brussels within the hour, reporting back to base along the lines of “This planet is full of fecking idiots who do not know their arse’s from their elbows, leave these numpties alone - nothing to see here”.\r\n\r\nOn a serious note if there are beings from outer space let’s hope they do land in Brussels and not Silicone Valley. It’s a well-known fact you will get no common sense out of Brussels and any response you do get, you will not understand anyway. In Silicon Valley, they might actually see something worth talking.\r\n\r\nMoving on…\r\n\r\nOver the past five years or so, I have written so many times about the EUROZONE it just has to be my favourite subject. There is NOTHING about the EUROZONE that makes sense to me… I struggle to find just one thing.\r\n\r\nMaybe the fact that Brussels is connected via the Channel Tunnel by high speed train from London is a good thing. Feck all use that\'s going to be after BREXIT… no nothing good about Brussels.\r\n\r\nBack on track…\r\n\r\nBrussels is the “Can kicking down the road” world’s best champion. Every major issue, results with fudging the answer or providing a stop gap the solution. It is paradise for civil servants… maintain the status quo… do not rock the boat and plunder your way from catastrophe to catastrophe all without consequence as these people are all non-elected individuals. It is a Sir Humphrey Appleton existence, a plethora of pen pushing, desk sucking jotter blotters.\r\n\r\nThe EUROPEAN UNION politicians are only interested in popularity and accusations, pointing fingers and blaming their predecessors, they are simply not good at, or interested in fixing things and along with the Brussels civil service it is a marriage made in heaven.\r\n\r\nAll of this comes at a cost.\r\n\r\nWe have seen a dreadful failed German initiated policy of austerity, which plunged huge percentages of the population of Europe into unemployment, with failing support services like health, education and welfare being starved of cash at a time when it was needed the most.\r\n\r\nPensions were reduced, terms of employment extended… so much hardship was inflicted on the poorest part of the EU. Not exactly what you would call a union!!\r\n\r\nThere are 28 countries (at the moment) in the EUROPEAN UNION. 19 of these countries has adopted the single currency (EUR). This is effectively 19 countries with different needs, wants and desires and cultures using the same cheque book to function.\r\n\r\n19 into 1 does not go…!\r\n\r\nWhen times are hard this scenario of 19 into 1 is just exacerbated more and more. The one size fits all just DOES NOT work.\r\n\r\nBorn out of the EEC in 1999, the EUROPEAN UNION has had 17 years to fix basic standards of membership on:\r\n<ul>\r\n 	<li>Tax Harmonization.</li>\r\n 	<li>Banking procedures.</li>\r\n 	<li>Social integration.</li>\r\n 	<li>Immigration</li>\r\n 	<li>Defence</li>\r\n</ul>\r\nI could write more. None of the above work. We are 17 years into a project, an experiment and frankly 17 years from now if the EUROZONE / EUROPEAN UNION is still in existence, it will probably mean that, “Hell must have frozen over” there can be no other explanation.\r\n\r\nThis year the EUROZONE / EUROPEAN UNION faces its biggest test so far, the “RISKS” are monumental.\r\n<ul>\r\n 	<li>BREXIT</li>\r\n 	<li>A BREXIT CONTAGION</li>\r\n 	<li>RISE IN THE POPULIST VOTE</li>\r\n 	<li>IMMIGRATION INTO THE UNION</li>\r\n 	<li>ELECTIONS IN FRANCE, HOLLAND &amp; GERMANY</li>\r\n 	<li>GREEK DEBT – ACT IV</li>\r\n</ul>\r\nThere are a few more but let’s just stick with these standouts.\r\n\r\nThe EU is a disaster at problem solving, it could NOT coordinate a round of drinks for everyone even if they were sat in a brewery at the time.\r\n\r\nThere are concerns over a BREXIT CONTAGION, this is a real fear and it has never been addressed fully by the remaining EU partners.\r\n\r\nI sometimes wonder does GERMANY want the EU to fail so they can blame the BREXIT and its fallout. This matter would definitely help all the German politicians and growing number of anti-European voices being heard in Germany.\r\n\r\nThe fact that apart from the “No special deals for the UK” nothing has been done to unify the remaining members to keep the far-right parties under wraps. In fact, the very opposite has taken place in FRANCE and ITALY…so far.\r\n\r\nThe immigration issue was the primary factor that pushed the BREXIT vote to win the day. Border controls are critical at most times given the terrorist society that we all live in now. Immigration into the EU is like a leaky bucket. Access into the EU illegally is simple through GREECE, ITALY, FRANCE and SPAIN etc. Whilst there are measures in place they are over-whelmed. The legal routes are at breaking point.  There are some really sad cases and immigration rights can be argued for some, but for the volumes and costs that go with it, it is crippling and it is not measured accurately because the authorities at the access points are snowed under.\r\n\r\nThe populist vote is on the rise.\r\n<ul>\r\n 	<li>Sovereignty</li>\r\n 	<li>Representation</li>\r\n 	<li>Immigration</li>\r\n 	<li>Trade</li>\r\n 	<li>Redistribution</li>\r\n 	<li>Anti-corporatism</li>\r\n</ul>\r\nThese are the hallmarks of the far right. We now find these topics used in everyday conversations, something we didn’t see before. The following are right wing parties/groups that are now becoming more than just household names: -\r\n<ul>\r\n 	<li>The Freedom Party (Austria)</li>\r\n 	<li>Vlaams Belang (Belgium)</li>\r\n 	<li>The Danish Peoples Party (Denmark)</li>\r\n 	<li>National Front (France)</li>\r\n 	<li>Syriza (Greece)</li>\r\n 	<li>Five Star Movement (Italy)</li>\r\n 	<li>Lega Nord ((Italy)</li>\r\n 	<li>Party for Freedom (Holland)</li>\r\n 	<li>Podermos (Spain)</li>\r\n 	<li>Swedish Democrats (Sweden)</li>\r\n</ul>\r\nThere was a time these political parties would never get “air time” that\'s all changed now.\r\n\r\nGREECE cannot afford to repay the loans that the EU has saddled them with. It is a fact. Even with 10% inflation, which would never be allowed in the EU, the Greek government just could not repay its way out.\r\n\r\n“Can we have some more sir” please… will be heard again in Brussels and Frankfurt sooner rather than later this year. Debt relief is the only answer…talk to yerself Pickering!!\r\n\r\nWe also have parliamentary elections in FRANCE, HOLLAND and GERMANY this year. There are zero guarantees on the outcomes.\r\n\r\nThe biggie is BREXIT. I cannot utter anything else on BREXIT other than given the general state of the EUROPEAN UNION partner economies, the EUROPEAN UNION has more to fear from a BREXIT than the UK in my opinion.  I know that in recent months it could be argued that we have seen a bottom in the EUROZONE numbers and that data is improving. I would concede this point. However, we are working off such a low base, the recovery is quite fragile that in my opinion one huge geopolitical risk will place back a square one once again. There is more than one such geopolitical risk facing the EUROZONE.\r\n\r\nAll the above offers one thing… UNCERTAINTY… in fact its HUGE UNCERTAINTY on a scale not seen before. Given its record of dealing with major issues, I just cannot see the EUROPEAN UNION / EUROZONE surviving in its present shape.\r\n\r\nIt is so fecked up now before any of this really bites, it has real survival issues in my opinion.\r\n\r\nSell the EUR/USD on spikes is the trade. Hold your trades, do not oversize your positions. I believe it may stabilize in Q3 after the summer but prior to the summer of 2017 the EURO trade is just, in my opinion “SELL THE RIPS”\r\n\r\nThere are massive RISKS in EUROPE.\r\n\r\nI know I am a little biased but you check it out yourself. I am not that far away from reality.\r\n\r\n&nbsp;\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: #123 PREMIUM SERVICE\r\nDATE: 15<sup>th</sup> January 2017.<strong>\r\n\r\n</strong>', 'THE EUROZONE “RISKS”', '', 'publish', 'open', 'closed', '', 'the-eurozone-risks', '', '', '2017-01-14 12:11:39', '2017-01-14 17:11:39', '', 0, 'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=8944', 0, 'member_posts', '', 0);
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(8945, 1, '2017-01-14 12:11:39', '2017-01-14 17:11:39', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nTo say that the first week back trading after the holidays was “interesting” would be the biggest understatement ever and worthy of a paragraph or two in the “Guinness Book of Records”.\r\n\r\nI have never witnessed a press conference like “THE DONALDS”, (I can’t even keep a straight face when I write President Elect) ever in my 60 years on this planet. To say that it was a circus is an insult to Chipperfields, Barnum’s and Billy Smarts, however, it was so entertaining I let trades fly way in the aftermath as I wanted to see how CNN (The fake news TV network) would react.\r\n\r\nLet me just say, I think that CNN is condescending to its viewers, trashy, badly programmed with smug presenters who think they know everything about everyone and every subject in the world. Frankly it is NOT a news channel, it lost that classification months ago when it gave up news in favour of the nightly 8 around the table lets shout at and across each other broadcast. These people were alleged well informed guests and mostly “paid contributors” brought on to say what the station wanted. At times, it was a toss-up, between the comedy channel and CNN, they both made me laugh as much as each other.\r\n\r\nI firmly believe the career politicians on the hill who are blockages to reform, will be called out the same way that CNN was last Wednesday. TRUMP could not give a shit. He has his agenda. He will work it and like Mr. Magoo he will boldly walk forward never looking back to see the chaos and disorder left behind him. Get used to it. This is the way that things are going to be. Expect the unexpected. CNN look like they are screwed moving forwards as far as THE DONALD is concerned and in a very rushed, one could say childish response they released a press statement denying all charges.\r\n\r\nIn the run up to the election the “experts” on CNN had a real go at TRUMP, for what may be good reason, but the “He’s just not doing it the right way” approach and consistent message was way off point. They missed the feelings of the voters just like the Democrats and were completely perplexed by the election result.\r\n\r\nAll this stuff in the US about the popular vote is sour grapes and frankly is energy that could be put to better use. In an election that is NOT based upon proportional representation, it happens lots of times that the winner may not have the popular vote as well. Suck it up and move on. The only solution is electoral reform, and if you go down the route of proportional representation, you end up with coalitions that are usually weak and bugger all that was proposed and mandated never gets done.\r\n\r\nSo…. welcome 2017... not just a new year but a new way.\r\n\r\nI had EUR/USD and USD/CHF long term trades open during the press conference. They are long, long-term trades. They were up and down, up and down like a hooker’s knickers. Small positions based on POSITION STYLE trades off the monthly ATR so they do not worry me, but the volatility was huge…”bigly” (as Trump would say).\r\n\r\nHere is an easy prediction for the next 4 years... more of the same!!\r\n\r\nMoving on…\r\n\r\nI did my first PERISCOPE BROADCAST last Monday, despite my microphone not working. This Monday the 16<sup>th</sup> at 5:30PM EST is PERISCOPE #2 and I am borrowing my wife’s headset, therefore the “hearing me” issues should be eradicated. If you want to hear me log into PERISCOPE, my twitter address is @pipaccumulator.\r\n\r\nFinally, <a href=\"mailto:jc*******@gmail.com\">jc*******@gmail.com</a> is the first subscriber this year to receive a FREE 10 week PREMIUM SERVICE subscription, valued at CAD$1,000.00.\r\n\r\nThis could be you. All you have to do to be a winner of the monthly draw is to register to receive this blog via email by signing up for the FREE NEWSLETTER on my welcome page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> it is as simple as that.\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-15012017.png\"><img class=\"aligncenter size-large wp-image-8934\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-DATA-15012017-1021x1024.png\" alt=\"\" width=\"1021\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nA lot more economic data being released this coming week.\r\n\r\nThe high spot in the FX world, will of course be the ECB Press Conference, I doubt even another attacker on Draghi could create the same effect as the “TRUMP” press conference last week. It should be a far more businesslike sedate affair with the high noteworthy comments based around either a blue tie or red tie being worn!!\r\n\r\nThe BOC press conference in Canada will be very similar to that of the RBNZ… a few of the chaps sitting around drinking coffee and biscuits hanging on every breath that Stephen Poloz the BOC Governor takes. Apart from Vancouver, high-end house prices are rampant in Canada. Measures taken in Vancouver to stop outside investors bumping up prices have worked, but all that has happened is that those investors have moved east. There is a huge bubble about to burst in the housing market and this drive a wedge like a hot knife through butter, possibly triggering recession talks.\r\n\r\nI do not expect a rate cut this week, in fact, I expect Poloz to keep a neutral position like the RBNZ and to some extent the RBA. However, beneath his comments the Canadian economy has big risks in play.\r\n\r\nI have given up on the BOC being anything other than ultra Conservative; their reaction is comparable to that of a dinosaur.\r\n\r\nUK and Australian jobs are also on the agenda and they are usually market movers. Do not forget the Dairy auction prices, I wish I could. The NZD is without doubt the most over-valued pain in the arse currency to trade…. I always feel a little better after I have written that…. that damn flightless bird!! Those of you who are PREMIUM SERVICE subscribers will know where I am coming from.\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-15012017.png\"><img class=\"aligncenter size-large wp-image-8933\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-15012017-1024x805.png\" alt=\"\" width=\"1024\" height=\"805\" /></a>\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 contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8938\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-15012017.png\"><img class=\"aligncenter size-large wp-image-8939\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-15012017.png\"><img class=\"aligncenter size-large wp-image-8937\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-17012017.png\"><img class=\"aligncenter size-large wp-image-8940\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-17012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-15012017.png\"><img class=\"aligncenter size-large wp-image-8941\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8942\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-15012017.png\"><img class=\"aligncenter size-large wp-image-8943\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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></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\nWas last week successful?\r\n\r\nOver all we made pips, so I suppose yes. However, as Vicky Pollard from Little Britain would say… “yes but, no but, yes but, no but, yes but”\r\n\r\nYes; we made a few pips but it was a swings and roundabouts week. RADAR and FUNDAMENTAL trades struggled to gain traction whilst POSITION trades took the glory.\r\n\r\nI am making money, but just about. The smaller position sized POSITION trades are generating pips but the smaller pip losses with the RADAR and FUNDAMENTAL trades are with larger trading positions therefore it is almost as if one negates the other profit wise.\r\n\r\nI have noted that during this past week I have let over 225 pips of profit disappear. It’s not as much of a “woulda kinda shoulda coulda” call, it’s just to let us all be aware that the markets, at least the FX market, is just not directional. It is a pain in the arse at the moment, as I keep telling my wife. There appears to be little conviction. I am trying to let trades develop but it is difficult on many occasions to protected say 50 pips of profit before the trade reverses back in your face.\r\n\r\nI call it frustrating and annoying. It will change though. We are in strange times where the Forex markets are having to re-balance and take stock after the huge on the back of promises moves that took place into the year-end of 2016. This period of consolidation is both normal and healthy for the market.\r\n\r\n<u> </u>\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nThis is what I wrote last week.\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><em>We 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.</em></span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><em>We 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.</em></span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><em>From a trading perspective, we will have uncertainty in these unchartered waters in the U.S.</em></span></p>\r\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><em>The 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).</em></span></p>\r\nI think that I have nailed both issues pretty much head on with nothing else to say.\r\n\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. Patience is the key.</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. I now have two LIVE trades plus a “BUY STOP” limit order in place. I did believe that this pair would be well in a healthy positive position by now. It looks like I will need to be patient and bide my time.</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: - Started to add positions. I am a little concerned following THE DONALDS press conference that the commodity currencies are in for a ride higher. Correlations are off. Even with equity markets pulling back the AUD/USD &amp; NZD/USD are strengthening. I am looking around thinking that this is just a short-term factor.</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\nPERISCOPE #2 will air Monday 16<sup>th</sup> January at 5:30PM EST via @pipaccumulator.\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/LIVE-TRADES-15012017.png\"><img class=\"aligncenter size-large wp-image-8936\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE-TRADES-15012017-778x1024.png\" alt=\"\" width=\"778\" 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/LIMIT-ORDERS-15012017.png\"><img class=\"aligncenter size-large wp-image-8935\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIMIT-ORDERS-15012017-737x1024.png\" alt=\"\" width=\"737\" 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<p style=\"text-align: center;\"><strong>THE EUROZONE “RISKS”</strong></p>\r\nI am a simple guy; originally from Liverpool, England. I like my football and I love Cricket and Formula 1 racing. I am neat and tidy about the house, everything has its place. My computers are orderly; everything is in folders. I have spreadsheets everywhere and spreadsheets for everything. I consider myself reasonably well organized.\r\n\r\nCan you possibly understand what a person with my disciplines at home must think of the EUROZONE?\r\n\r\nThe EUROZONE is everything I am not. Yet given the headcount and the minimal amount of actual work required to function, the EUROZONE could be the envy of all administrators and desk office organizers in the world. Why aren’t they?\r\n\r\nThe EUROZONE could be the “best practice” example touted all over the globe. However, it is not.\r\n\r\nThe EUROZONE is wasteful, costly, still an experiment and frankly completely lacking in an effective organizational structure. It is basically a shamble.\r\n\r\nThis begs the obvious question…\r\n\r\n“In the name of all that is Holy how the feck is still in existence?”\r\n\r\nThat is the “Who wants to be a Millionaire” $64,000.00 question… I don\'t know the answer.\r\n\r\nHow does this shambolic organization still manage to remain in existence? I did not use the words work or working deliberately when writing about the EUROZONE because that would mislead people.\r\n\r\nIf a visiting spaceship was to land in Brussels and go into one of the many EUROPEAN UNION buildings to “suss” out us humans of the planet earth, I reckon the would be fecked off out of Brussels within the hour, reporting back to base along the lines of “This planet is full of fecking idiots who do not know their arse’s from their elbows, leave these numpties alone - nothing to see here”.\r\n\r\nOn a serious note if there are beings from outer space let’s hope they do land in Brussels and not Silicone Valley. It’s a well-known fact you will get no common sense out of Brussels and any response you do get, you will not understand anyway. In Silicon Valley, they might actually see something worth talking.\r\n\r\nMoving on…\r\n\r\nOver the past five years or so, I have written so many times about the EUROZONE it just has to be my favourite subject. There is NOTHING about the EUROZONE that makes sense to me… I struggle to find just one thing.\r\n\r\nMaybe the fact that Brussels is connected via the Channel Tunnel by high speed train from London is a good thing. Feck all use that\'s going to be after BREXIT… no nothing good about Brussels.\r\n\r\nBack on track…\r\n\r\nBrussels is the “Can kicking down the road” world’s best champion. Every major issue, results with fudging the answer or providing a stop gap the solution. It is paradise for civil servants… maintain the status quo… do not rock the boat and plunder your way from catastrophe to catastrophe all without consequence as these people are all non-elected individuals. It is a Sir Humphrey Appleton existence, a plethora of pen pushing, desk sucking jotter blotters.\r\n\r\nThe EUROPEAN UNION politicians are only interested in popularity and accusations, pointing fingers and blaming their predecessors, they are simply not good at, or interested in fixing things and along with the Brussels civil service it is a marriage made in heaven.\r\n\r\nAll of this comes at a cost.\r\n\r\nWe have seen a dreadful failed German initiated policy of austerity, which plunged huge percentages of the population of Europe into unemployment, with failing support services like health, education and welfare being starved of cash at a time when it was needed the most.\r\n\r\nPensions were reduced, terms of employment extended… so much hardship was inflicted on the poorest part of the EU. Not exactly what you would call a union!!\r\n\r\nThere are 28 countries (at the moment) in the EUROPEAN UNION. 19 of these countries has adopted the single currency (EUR). This is effectively 19 countries with different needs, wants and desires and cultures using the same cheque book to function.\r\n\r\n19 into 1 does not go…!\r\n\r\nWhen times are hard this scenario of 19 into 1 is just exacerbated more and more. The one size fits all just DOES NOT work.\r\n\r\nBorn out of the EEC in 1999, the EUROPEAN UNION has had 17 years to fix basic standards of membership on:\r\n<ul>\r\n 	<li>Tax Harmonization.</li>\r\n 	<li>Banking procedures.</li>\r\n 	<li>Social integration.</li>\r\n 	<li>Immigration</li>\r\n 	<li>Defence</li>\r\n</ul>\r\nI could write more. None of the above work. We are 17 years into a project, an experiment and frankly 17 years from now if the EUROZONE / EUROPEAN UNION is still in existence, it will probably mean that, “Hell must have frozen over” there can be no other explanation.\r\n\r\nThis year the EUROZONE / EUROPEAN UNION faces its biggest test so far, the “RISKS” are monumental.\r\n<ul>\r\n 	<li>BREXIT</li>\r\n 	<li>A BREXIT CONTAGION</li>\r\n 	<li>RISE IN THE POPULIST VOTE</li>\r\n 	<li>IMMIGRATION INTO THE UNION</li>\r\n 	<li>ELECTIONS IN FRANCE, HOLLAND &amp; GERMANY</li>\r\n 	<li>GREEK DEBT – ACT IV</li>\r\n</ul>\r\nThere are a few more but let’s just stick with these standouts.\r\n\r\nThe EU is a disaster at problem solving, it could NOT coordinate a round of drinks for everyone even if they were sat in a brewery at the time.\r\n\r\nThere are concerns over a BREXIT CONTAGION, this is a real fear and it has never been addressed fully by the remaining EU partners.\r\n\r\nI sometimes wonder does GERMANY want the EU to fail so they can blame the BREXIT and its fallout. This matter would definitely help all the German politicians and growing number of anti-European voices being heard in Germany.\r\n\r\nThe fact that apart from the “No special deals for the UK” nothing has been done to unify the remaining members to keep the far-right parties under wraps. In fact, the very opposite has taken place in FRANCE and ITALY…so far.\r\n\r\nThe immigration issue was the primary factor that pushed the BREXIT vote to win the day. Border controls are critical at most times given the terrorist society that we all live in now. Immigration into the EU is like a leaky bucket. Access into the EU illegally is simple through GREECE, ITALY, FRANCE and SPAIN etc. Whilst there are measures in place they are over-whelmed. The legal routes are at breaking point.  There are some really sad cases and immigration rights can be argued for some, but for the volumes and costs that go with it, it is crippling and it is not measured accurately because the authorities at the access points are snowed under.\r\n\r\nThe populist vote is on the rise.\r\n<ul>\r\n 	<li>Sovereignty</li>\r\n 	<li>Representation</li>\r\n 	<li>Immigration</li>\r\n 	<li>Trade</li>\r\n 	<li>Redistribution</li>\r\n 	<li>Anti-corporatism</li>\r\n</ul>\r\nThese are the hallmarks of the far right. We now find these topics used in everyday conversations, something we didn’t see before. The following are right wing parties/groups that are now becoming more than just household names: -\r\n<ul>\r\n 	<li>The Freedom Party (Austria)</li>\r\n 	<li>Vlaams Belang (Belgium)</li>\r\n 	<li>The Danish Peoples Party (Denmark)</li>\r\n 	<li>National Front (France)</li>\r\n 	<li>Syriza (Greece)</li>\r\n 	<li>Five Star Movement (Italy)</li>\r\n 	<li>Lega Nord ((Italy)</li>\r\n 	<li>Party for Freedom (Holland)</li>\r\n 	<li>Podermos (Spain)</li>\r\n 	<li>Swedish Democrats (Sweden)</li>\r\n</ul>\r\nThere was a time these political parties would never get “air time” that\'s all changed now.\r\n\r\nGREECE cannot afford to repay the loans that the EU has saddled them with. It is a fact. Even with 10% inflation, which would never be allowed in the EU, the Greek government just could not repay its way out.\r\n\r\n“Can we have some more sir” please… will be heard again in Brussels and Frankfurt sooner rather than later this year. Debt relief is the only answer…talk to yerself Pickering!!\r\n\r\nWe also have parliamentary elections in FRANCE, HOLLAND and GERMANY this year. There are zero guarantees on the outcomes.\r\n\r\nThe biggie is BREXIT. I cannot utter anything else on BREXIT other than given the general state of the EUROPEAN UNION partner economies, the EUROPEAN UNION has more to fear from a BREXIT than the UK in my opinion.  I know that in recent months it could be argued that we have seen a bottom in the EUROZONE numbers and that data is improving. I would concede this point. However, we are working off such a low base, the recovery is quite fragile that in my opinion one huge geopolitical risk will place back a square one once again. There is more than one such geopolitical risk facing the EUROZONE.\r\n\r\nAll the above offers one thing… UNCERTAINTY… in fact its HUGE UNCERTAINTY on a scale not seen before. Given its record of dealing with major issues, I just cannot see the EUROPEAN UNION / EUROZONE surviving in its present shape.\r\n\r\nIt is so fecked up now before any of this really bites, it has real survival issues in my opinion.\r\n\r\nSell the EUR/USD on spikes is the trade. Hold your trades, do not oversize your positions. I believe it may stabilize in Q3 after the summer but prior to the summer of 2017 the EURO trade is just, in my opinion “SELL THE RIPS”\r\n\r\nThere are massive RISKS in EUROPE.\r\n\r\nI know I am a little biased but you check it out yourself. I am not that far away from reality.\r\n\r\n&nbsp;\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: #123 PREMIUM SERVICE\r\nDATE: 15<sup>th</sup> January 2017.<strong>\r\n\r\n</strong>', 'THE EUROZONE “RISKS”', '', 'inherit', 'closed', 'closed', '', '8944-revision-v1', '', '', '2017-01-14 12:11:39', '2017-01-14 17:11:39', '', 8944, 'http://weeklyfxdrivethru.com/8944-revision-v1/', 0, 'revision', '', 0),
(8949, 1, '2017-01-14 12:43:57', '2017-01-14 17:43:57', '&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nTo say that the first week back trading after the holidays was “interesting” would be the biggest understatement ever and worthy of a paragraph or two in the “Guinness Book of Records”.\r\n\r\nI have never witnessed a press conference like “THE DONALDS”, (I can’t even keep a straight face when I write President Elect) ever in my 60 years on this planet. To say that it was a circus is an insult to Chipperfields, Barnum’s and Billy Smarts, however, it was so entertaining I let trades fly way in the aftermath as I wanted to see how CNN (The fake news TV network) would react.\r\n\r\nLet me just say, I think that CNN is condescending to its viewers, trashy, badly programmed with smug presenters who think they know everything about everyone and every subject in the world. Frankly it is NOT a news channel, it lost that classification months ago when it gave up news in favour of the nightly 8 around the table lets shout at and across each other broadcast. These people were alleged well informed guests and mostly “paid contributors” brought on to say what the station wanted. At times, it was a toss-up, between the comedy channel and CNN, they both made me laugh as much as each other.\r\n\r\nI firmly believe the career politicians on the hill who are blockages to reform, will be called out the same way that CNN was last Wednesday. TRUMP could not give a shit. He has his agenda. He will work it and like Mr. Magoo he will boldly walk forward never looking back to see the chaos and disorder left behind him. Get used to it. This is the way that things are going to be. Expect the unexpected. CNN look like they are screwed moving forwards as far as THE DONALD is concerned and in a very rushed, one could say childish response they released a press statement denying all charges.\r\n\r\nIn the run up to the election the “experts” on CNN had a real go at TRUMP, for what may be good reason, but the “He’s just not doing it the right way” approach and consistent message was way off point. They missed the feelings of the voters just like the Democrats and were completely perplexed by the election result.\r\n\r\nAll this stuff in the US about the popular vote is sour grapes and frankly is energy that could be put to better use. In an election that is NOT based upon proportional representation, it happens lots of times that the winner may not have the popular vote as well. Suck it up and move on. The only solution is electoral reform, and if you go down the route of proportional representation, you end up with coalitions that are usually weak and bugger all that was proposed and mandated never gets done.\r\n\r\nSo…. welcome 2017... not just a new year but a new way.\r\n\r\nI had EUR/USD and USD/CHF long term trades open during the press conference. They are long, long-term trades. They were up and down, up and down like a hooker’s knickers. Small positions based on POSITION STYLE trades off the monthly ATR so they do not worry me, but the volatility was huge…”bigly” (as Trump would say).\r\n\r\nHere is an easy prediction for the next 4 years... more of the same!!\r\n\r\nMoving on…\r\n\r\nI did my first PERISCOPE BROADCAST last Monday, despite my microphone not working. This Monday the 16<sup>th</sup> at 5:30PM EST is PERISCOPE #2 and I am borrowing my wife’s headset, therefore the “hearing me” issues should be eradicated. If you want to hear me log into PERISCOPE, my twitter address is @pipaccumulator.\r\n\r\nFinally, <a href=\"mailto:jc*******@gmail.com\">jc*******@gmail.com</a> is the first subscriber this year to receive a FREE 10 week PREMIUM SERVICE subscription, valued at CAD$1,000.00\r\n\r\nThis could be you. All you have to do to be a winner of the monthly draw is to register to receive this blog via email by signing up for the FREE NEWSLETTER on my welcome page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> it is as simple as that.\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-15012017.png\"><img class=\"aligncenter size-large wp-image-8934\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-DATA-15012017-1021x1024.png\" alt=\"\" width=\"1021\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nA lot more economic data being released this coming week.\r\n\r\nThe high spot in the FX world, will of course be the ECB Press Conference, I doubt even another attacker on Draghi could create the same effect as the “TRUMP” press conference last week. It should be a far more businesslike sedate affair with the high noteworthy comments based around either a blue tie or red tie being worn!!\r\n\r\nThe BOC press conference in Canada will be very similar to that of the RBNZ… a few of the chaps sitting around drinking coffee and biscuits hanging on every breath that Stephen Poloz the BOC Governor takes. Apart from Vancouver, high-end house prices are rampant in Canada. Measures taken in Vancouver to stop outside investors bumping up prices have worked, but all that has happened is that those investors have moved east. There is a huge bubble about to burst in the housing market and this drive a wedge like a hot knife through butter, possibly triggering recession talks.\r\n\r\nI do not expect a rate cut this week, in fact, I expect Poloz to keep a neutral position like the RBNZ and to some extent the RBA. However, beneath his comments the Canadian economy has big risks in play.\r\n\r\nI have given up on the BOC being anything other than ultra Conservative; their reaction is comparable to that of a dinosaur.\r\n\r\nUK and Australian jobs are also on the agenda and they are usually market movers. Do not forget the Dairy auction prices, I wish I could. The NZD is without doubt the most over-valued pain in the arse currency to trade…. I always feel a little better after I have written that…. that damn flightless bird!! Those of you who are PREMIUM SERVICE subscribers will know where I am coming from.\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-15012017.png\"><img class=\"aligncenter size-large wp-image-8933\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-15012017-1024x805.png\" alt=\"\" width=\"1024\" height=\"805\" /></a>\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 contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8938\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-15012017.png\"><img class=\"aligncenter size-large wp-image-8939\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-15012017.png\"><img class=\"aligncenter size-large wp-image-8937\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-17012017.png\"><img class=\"aligncenter size-large wp-image-8940\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-17012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-15012017.png\"><img class=\"aligncenter size-large wp-image-8941\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8942\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></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-15012017.png\"><img class=\"aligncenter size-large wp-image-8943\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong>THE PREMIUM SERVICE:</strong></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<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\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<p style=\"text-align: center;\"><strong>THE EUROZONE “RISKS”</strong></p>\r\nI am a simple guy; originally from Liverpool, England. I like my football and I love Cricket and Formula 1 racing. I am neat and tidy about the house, everything has its place. My computers are orderly; everything is in folders. I have spreadsheets everywhere and spreadsheets for everything. I consider myself reasonably well organized.\r\n\r\nCan you possibly understand what a person with my disciplines at home must think of the EUROZONE?\r\n\r\nThe EUROZONE is everything I am not. Yet given the headcount and the minimal amount of actual work required to function, the EUROZONE could be the envy of all administrators and desk office organizers in the world. Why aren’t they?\r\n\r\nThe EUROZONE could be the “best practice” example touted all over the globe. However, it is not.\r\n\r\nThe EUROZONE is wasteful, costly, still an experiment and frankly completely lacking in an effective organizational structure. It is basically a shamble.\r\n\r\nThis begs the obvious question…\r\n\r\n“In the name of all that is Holy how the feck is still in existence?”\r\n\r\nThat is the “Who wants to be a Millionaire” $64,000.00 question… I don\'t know the answer.\r\n\r\nHow does this shambolic organization still manage to remain in existence? I did not use the words work or working deliberately when writing about the EUROZONE because that would mislead people.\r\n\r\nIf a visiting spaceship was to land in Brussels and go into one of the many EUROPEAN UNION buildings to “suss” out us humans of the planet earth, I reckon the would be fecked off out of Brussels within the hour, reporting back to base along the lines of “This planet is full of fecking idiots who do not know their arse’s from their elbows, leave these numpties alone - nothing to see here”.\r\n\r\nOn a serious note if there are beings from outer space let’s hope they do land in Brussels and not Silicone Valley. It’s a well-known fact you will get no common sense out of Brussels and any response you do get, you will not understand anyway. In Silicon Valley, they might actually see something worth talking.\r\n\r\nMoving on…\r\n\r\nOver the past five years or so, I have written so many times about the EUROZONE it just has to be my favourite subject. There is NOTHING about the EUROZONE that makes sense to me… I struggle to find just one thing.\r\n\r\nMaybe the fact that Brussels is connected via the Channel Tunnel by high speed train from London is a good thing. Feck all use that\'s going to be after BREXIT… no nothing good about Brussels.\r\n\r\nBack on track…\r\n\r\nBrussels is the “Can kicking down the road” world’s best champion. Every major issue, results with fudging the answer or providing a stop gap the solution. It is paradise for civil servants… maintain the status quo… do not rock the boat and plunder your way from catastrophe to catastrophe all without consequence as these people are all non-elected individuals. It is a Sir Humphrey Appleton existence, a plethora of pen pushing, desk sucking jotter blotters.\r\n\r\nThe EUROPEAN UNION politicians are only interested in popularity and accusations, pointing fingers and blaming their predecessors, they are simply not good at, or interested in fixing things and along with the Brussels civil service it is a marriage made in heaven.\r\n\r\nAll of this comes at a cost.\r\n\r\nWe have seen a dreadful failed German initiated policy of austerity, which plunged huge percentages of the population of Europe into unemployment, with failing support services like health, education and welfare being starved of cash at a time when it was needed the most.\r\n\r\nPensions were reduced, terms of employment extended… so much hardship was inflicted on the poorest part of the EU. Not exactly what you would call a union!!\r\n\r\nThere are 28 countries (at the moment) in the EUROPEAN UNION. 19 of these countries has adopted the single currency (EUR). This is effectively 19 countries with different needs, wants and desires and cultures using the same cheque book to function.\r\n\r\n19 into 1 does not go…!\r\n\r\nWhen times are hard this scenario of 19 into 1 is just exacerbated more and more. The one size fits all just DOES NOT work.\r\n\r\nBorn out of the EEC in 1999, the EUROPEAN UNION has had 17 years to fix basic standards of membership on:\r\n<ul>\r\n 	<li>Tax Harmonization.</li>\r\n 	<li>Banking procedures.</li>\r\n 	<li>Social integration.</li>\r\n 	<li>Immigration</li>\r\n 	<li>Defence</li>\r\n</ul>\r\nI could write more. None of the above work. We are 17 years into a project, an experiment and frankly 17 years from now if the EUROZONE / EUROPEAN UNION is still in existence, it will probably mean that, “Hell must have frozen over” there can be no other explanation.\r\n\r\nThis year the EUROZONE / EUROPEAN UNION faces its biggest test so far, the “RISKS” are monumental.\r\n<ul>\r\n 	<li>BREXIT</li>\r\n 	<li>A BREXIT CONTAGION</li>\r\n 	<li>RISE IN THE POPULIST VOTE</li>\r\n 	<li>IMMIGRATION INTO THE UNION</li>\r\n 	<li>ELECTIONS IN FRANCE, HOLLAND &amp; GERMANY</li>\r\n 	<li>GREEK DEBT – ACT IV</li>\r\n</ul>\r\nThere are a few more but let’s just stick with these standouts.\r\n\r\nThe EU is a disaster at problem solving, it could NOT coordinate a round of drinks for everyone even if they were sat in a brewery at the time.\r\n\r\nThere are concerns over a BREXIT CONTAGION, this is a real fear and it has never been addressed fully by the remaining EU partners.\r\n\r\nI sometimes wonder does GERMANY want the EU to fail so they can blame the BREXIT and its fallout. This matter would definitely help all the German politicians and growing number of anti-European voices being heard in Germany.\r\n\r\nThe fact that apart from the “No special deals for the UK” nothing has been done to unify the remaining members to keep the far-right parties under wraps. In fact, the very opposite has taken place in FRANCE and ITALY…so far.\r\n\r\nThe immigration issue was the primary factor that pushed the BREXIT vote to win the day. Border controls are critical at most times given the terrorist society that we all live in now. Immigration into the EU is like a leaky bucket. Access into the EU illegally is simple through GREECE, ITALY, FRANCE and SPAIN etc. Whilst there are measures in place they are over-whelmed. The legal routes are at breaking point.  There are some really sad cases and immigration rights can be argued for some, but for the volumes and costs that go with it, it is crippling and it is not measured accurately because the authorities at the access points are snowed under.\r\n\r\nThe populist vote is on the rise.\r\n<ul>\r\n 	<li>Sovereignty</li>\r\n 	<li>Representation</li>\r\n 	<li>Immigration</li>\r\n 	<li>Trade</li>\r\n 	<li>Redistribution</li>\r\n 	<li>Anti-corporatism</li>\r\n</ul>\r\nThese are the hallmarks of the far right. We now find these topics used in everyday conversations, something we didn’t see before. The following are right wing parties/groups that are now becoming more than just household names: -\r\n<ul>\r\n 	<li>The Freedom Party (Austria)</li>\r\n 	<li>Vlaams Belang (Belgium)</li>\r\n 	<li>The Danish Peoples Party (Denmark)</li>\r\n 	<li>National Front (France)</li>\r\n 	<li>Syriza (Greece)</li>\r\n 	<li>Five Star Movement (Italy)</li>\r\n 	<li>Lega Nord ((Italy)</li>\r\n 	<li>Party for Freedom (Holland)</li>\r\n 	<li>Podermos (Spain)</li>\r\n 	<li>Swedish Democrats (Sweden)</li>\r\n</ul>\r\nThere was a time these political parties would never get “air time” that\'s all changed now.\r\n\r\nGREECE cannot afford to repay the loans that the EU has saddled them with. It is a fact. Even with 10% inflation, which would never be allowed in the EU, the Greek government just could not repay its way out.\r\n\r\n“Can we have some more sir” please… will be heard again in Brussels and Frankfurt sooner rather than later this year. Debt relief is the only answer…talk to yerself Pickering!!\r\n\r\nWe also have parliamentary elections in FRANCE, HOLLAND and GERMANY this year. There are zero guarantees on the outcomes.\r\n\r\nThe biggie is BREXIT. I cannot utter anything else on BREXIT other than given the general state of the EUROPEAN UNION partner economies, the EUROPEAN UNION has more to fear from a BREXIT than the UK in my opinion.  I know that in recent months it could be argued that we have seen a bottom in the EUROZONE numbers and that data is improving. I would concede this point. However, we are working off such a low base, the recovery is quite fragile that in my opinion one huge geopolitical risk will place back a square one once again. There is more than one such geopolitical risk facing the EUROZONE.\r\n\r\nAll the above offers one thing… UNCERTAINTY… in fact its HUGE UNCERTAINTY on a scale not seen before. Given its record of dealing with major issues, I just cannot see the EUROPEAN UNION / EUROZONE surviving in its present shape.\r\n\r\nIt is so fecked up now before any of this really bites, it has real survival issues in my opinion.\r\n\r\nSell the EUR/USD on spikes is the trade. Hold your trades, do not oversize your positions. I believe it may stabilize in Q3 after the summer but prior to the summer of 2017 the EURO trade is just, in my opinion “SELL THE RIPS”\r\n\r\nThere are massive RISKS in EUROPE.\r\n\r\nI know I am a little biased but you check it out yourself. I am not that far away from reality.\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: #227 FREE NEWSLETTER VERSION\r\nDATE: 15<sup>th</sup> January 2017.\r\n\r\n&nbsp;', 'THE EUROZONE “RISKS”', '', 'publish', 'open', 'closed', '', 'the-eurozone-risks', '', '', '2017-01-14 12:43:57', '2017-01-14 17:43:57', '', 0, 'http://weeklyfxdrivethru.com/?p=8949', 0, 'post', '', 0);
