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(9997, 1, '2017-09-09 07:39:57', '2017-09-09 12:39:57', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nA nice start back to full-time trading and this is my 250th WEEKLY FX DRIVE THRU blog. Holy Feck…I never thought I’d still be alive never mind reach 250 posts!\r\n\r\nIt was a great first week back with +325 pips being banked. What is annoying is that I let over 150 pips or so fall through my fingers…argh!!\r\n\r\nLike every trader, you try your best to leave the woulda, coulda and shoulda’s behind. Hindsight is just a wonderful thing. Nevertheless, I think it was Bernard Baruch who said, “Nobody ever lost money taking a profit”; so with those words fresh in my mind, I will shut up.\r\n\r\nThe pips are starting to accumulate as I head towards my annual net 10,000 pips target. My house move, a month’s vacation to Australia and New Zealand plus my summer break are all in the rear-view mirror now. If you are considering joining the PREMIUM SERVICE no better time than the present.\r\n<ul>\r\n 	<li>I am on my charge to reaching 10,000 pips before the year end. There are risks attached but I beat my 10,000 pips target in 2014, 2015 and 2016, no reason why I can’t do it again to make 4 years in a row (Check it all out on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the tab HISTORY &amp; PERFORMANCE).</li>\r\n 	<li>I have a great new subscriber promotion to the PREMIUM SERVICE offer available (Full details in Section 4 of this blog and on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the FX PROMOTIONS tab).</li>\r\n 	<li>My buddies at VANTAGE FX are ready for you if you don\'t have a great broker or you want to add a separate broker for PREMIUM SERVICE trades (Just click the link to VANTAGE FX on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> ).</li>\r\n</ul>\r\nMoving on…\r\n\r\nGeopolitical themes still rule like an iron fist hovering over the markets. Kim Jong-Un has still not bent the knee, although “THE DONALD” has wound back his rhetoric thank God. Speaking last week after visiting the devastation caused by “HARVEY” he appears to have pushed China to act to give North Korea a good slapping.\r\n\r\nTwo visits into Texas, however, I am not sure we will see “THE DONALD” down in Florida for a while at least until after the winds of hurricane “IRMA” have died down and moved off to sea. Could you imagine the cost of the US Navy trying to locate his syrup somewhere in the Atlantic?\r\n\r\nJoking aside and not ignoring the tragic human costs of these storms, the financial cost coupled with basic turmoil within the TRUMP administration, the lack of relationship between the White House and Republicans and now deals being done between the White House and the Democrats feed a giant WTF in <strong>BOLD</strong> font size 144.\r\n\r\nDo we have a “FREELANCE” presidency in the U.S.?\r\n\r\nThink about it.\r\n\r\nThe Republicans in Washington have been in opposition for 8 years. They control both houses of legislature, yet they so in dispute with each other they cannot organize themselves to pass a single election promised piece of law. Republicans appear to be nothing more than self-serving career politicians that cannot unite on a single policy and they have control of both houses… they could really motor on.\r\n\r\nThe Democrats are not much better. Still whining on about losing the election to TRUMP. They have adopted a policy of non- agreement, zero partisanship. They have not sought out a leader to challenge at the next election. All they do is moan TRUMP this and TRUMP that. When the next election comes around they will have no one effective to stand because of their blinkered approach on disruption rather than being solution focused. I see this all-over Facebook and Twitter. Nothing has been learned since the Hillary Clinton elitist approach near the end of the 2016 campaign was poo-pooed by the unsullied.\r\n\r\nSo, TRUMP’S move to by-pass the Republican shambles and do a deal with the Democrats over linking the debt ceiling to the Hurricane costs was either a brilliant strategic manoeuvre and a clear demonstration of his will to get things done and by-pass the party machines, or, it was a nail in the coffin for all his election promises ever being fulfilled.\r\n\r\nWhat it has done in my opinion is solidify his base support. It shows a clear desire to get stuff done.\r\n\r\nWill this be the first of many such moves?\r\n\r\nThe American system encourages dysfunctionality and that it basically what we have seen since 9-11 in American politics. Watch this space.\r\n\r\nInteresting news…\r\n\r\nJanet Yellen’s deputy at the FED, Stanley Fischer is stepping down next month for personal reasons. If Yellen decides enough is enough and does not carry on next January, we could have a new look FED in place…. a TRUMP FED.\r\n\r\nMy thoughts are mixed for the markets, could this mean any year end hike is off based upon the fact the “old guard” would step aside and let the “New kids on the block” decide upon future policy? This point will no doubt be debated heavily in the coming weeks.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n\r\n<u>EUR: ECB PRESS CONFERENCE. </u>\r\n\r\nMario Draghi, God love the poor fecker… He tried his best with a straight face to try and convince the markets that he could sell them a DOVISH MONETARY POLICY STANCE, whilst at the same time PURSUE A TIGHTER MONETARY POLICY… yup, good luck with that. The ECB Press Conference was billed as being a circus act and Barnum’s and Billy Smart’s would have been delighted as it ticked all the boxes.\r\n\r\nSo, what were the takeaways from Draghi?\r\n\r\nQE to run at €60B per month until December meeting or beyond if required.\r\nEconomic outlook broadly unchanged.\r\nExpansion solid. Broad-based.\r\nFX volatility is a source of uncertainty and requires monitoring.\r\nExpansion not yet translated in Inflation trend.\r\nInflation modest tick-up but still subdued.\r\nSubstantial accommodation still needed.\r\nReady to increase QE if outlook not favourable.\r\n2017 GDP now at 2.2% versus 1.9% seen in June.\r\n2018 GDP unchanged at 1.8%.\r\nHeadline inflation to dip into the year end 2017.\r\nUnderlying inflation to rise gradually over the medium-term.\r\nRecovery is base for confidence that inflation will gradually rise.\r\nRecovery remains dependent on Monetary policy.\r\nConsumption good because disposable income is rising.\r\nExchange Rate not a policy target\r\nWill have to take FX into account in future policy decisions.\r\n\r\nYada, yada, yada, blah, blah and bollocks ….. believe what you want from the above list of bullets I scribed from his speech and Q&amp;A session.\r\n\r\nMost of the above points are open to interpretation to be frank with you, and, it very much depends upon which side of the fence one sits.\r\n\r\nDraghi had a job to do, which was basically put off the markets until October when more data is available and the normalization including Tapering timetable will be discussed.  The ECB has an annoying and frustrating habit of “can kicking issues down the road”. Do NOT be surprised if in October we get 50% of the story and a delay to December.\r\n\r\nIn addition, and in true ECB style, on Friday last week the day after the “circus”, lesser known Governing Council member Philip Lane, Governor of the Irish Central Bank stated the following: - “The accommodative stance will remain until convincing evidence of inflation is seen”. This could be 2018 in full as the strengthening single currency is taking inflation out of the system. Draghi and governing council want the single currency on its arse. Let me re-iterate here lies the problem facing the ECB.\r\n\r\nMeanwhile back in the real world…\r\n\r\nI need to pick a level to enter long the EUR/USD in the coming days. Draghi said / did nothing to stop me thinking 1.3000 is on the way. My big question is how will he tackle zero inflation because the strengthening single currency will cancel out inflation inside the EUROZONE, well a great deal of it anyway.\r\n\r\n&nbsp;\r\n\r\n<u>CAD: BOC RATE ANNOUNCEMENT and EMPLOYMENT DATA.</u>\r\n\r\nHoly Mother of God; I never thought that BOC Governor, Stephen Poloz had it in him. Two interest rate hikes back to back. The CAD interest rate now stands at 1.00%.\r\n\r\nThat took the market completely by surprise. The market is obsessed and focused on rate movement’s when there is a press conference.  The CAD was absolutely demolished by over 220 pips (USD/CAD), it bounced back across all pairs but frankly it looks doomed to a sub 1.2000 level soon.\r\n\r\nOut of the last rate increase the BOC got some $0.11 cents move lower in USD/CAD, even if they only achieve a $0.05 move this time the pair would fall to 1.1900. My goal and target is much less than this level.\r\n\r\nJust stepping sideways for a moment vis-à-vis the Canadian Jobs data. It was an overall beat, but the mix between Full and Part-time jobs was very disappointing and the USD/CAD initially weakened on the news. Basically, it remained unchanged. The 1.2000 level remains intact for now. It is however WHEN rather than IF, in my opinion, that this psychological round number will be crushed.\r\n\r\n&nbsp;\r\n\r\n<u>GBP: BREXIT and MANUFACTURING PRODUCTION DATA.</u>\r\n\r\nBREXIT negotiations appear to be STILL moving along the lines of a west-end farce.\r\n\r\nI am NOT surprised, and neither should you be, we are watching career politicians at work. They only know how to attribute blame; they are simply NOT negotiators or problem solvers. This hangs over the UK like the “Sword of Damocles”.\r\n\r\nThe shambles continues; last week, Theresa May must have had a late-night party with her hangers on, and some numpty must have suggested writing to the FTSE Top 100 companies to ask them to get on board with Tory plans on BREXIT…. WTF. That goes down in the history books as another seemed like a good idea at the time moments. For God’s sake give me a break, even my Labrador Ozzy has more brains than that. Makes you think… doesn\'t it?\r\n\r\nThis letter comes on the back of a piece I read on BLOOMBERG about the UK negotiators perhaps looking for time to conclude the negotiations. What can I say here that even I could be happy with from a controlled language expletive perspective?\r\n\r\nWhat a f**king load of f**king bollocks, these tossers are paid a s**t load of people’s hard earned cash to do a f**king job. They have known the f**king timetable for f**king months. It’s about time they took their heads out of their arses, grew a pair, man up and get the job done to the best of their ability and let the population decide if they are a load of ineffective wan**rs or not when the f**king negotiations are finished.  The people voted over a year ago and f**k all has been done.\r\n\r\nOne Prozac later…\r\n\r\nThis past week or so UK economic data has been very mixed. Markets being markets, experts being experts and analyst’s being analyst’, they are all looking to be “Billy’s” and pick the bottom. If you pick bottoms all you get are smelly fingers. Manufacturing Production numbers came out last Friday morning, it was a beat at 0.5% versus market expectations of 0.3%. The Cable leaped up like a salmon on the good news and this move was exacerbated by continued USD weakness.\r\n\r\nHowever, as I wrote last week despite the bounce in the GBP/USD, which in my opinion is more about USD weakness than cable strength, I remain bearish cable longer-term and I stand by everything I have written in earlier blogs about timings and FX targets. I am still to this day astonished by the continual reference to “HARD or SOFT BREXIT”. For crying out loud; there is NO SOFT BREXIT. The EUROZONE cannot afford a SOFT BREXIT because it could potentially create a CONTAGION.\r\n\r\nI am STILL in the camp that there is a better than 50% probability that NO BREXIT deal will be achieved.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-10092017.png\"><img class=\"aligncenter size-large wp-image-9970\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-10092017-1024x769.png\" alt=\"\" width=\"1024\" height=\"769\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-10092017.png\"><img class=\"aligncenter size-large wp-image-9971\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-10092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nEconomic data releases this week are a bit thin on the ground but nevertheless I am sure that there will be plenty of fun for those who want to get involved.\r\n\r\nHere are my picks of the upcoming week.\r\n\r\n<strong><u>AUD:</u></strong>  Jobs data this week for the Australian Economy.  This has been a hit and miss number of late. Either a blowout or a bit weird number is produced. I am therefore on the fence here. We have seen big numbers posted for new jobs only to find that the mix of full and part time positions was skewed in favour of part-time.\r\n\r\nLast week on poor data the AUD/USD broke 0.8000 and then 0.8100. So why am I debating the response to good or bad data?\r\n\r\nBasically, the AUD looks a strong currency at the moment and a bigger upside break looks more on the cards than a move lower. This looks on the cards despite the RBA remaining neutral. I must only imagine RBA Governor Lowe is grateful he remained neutral, if he was HAWKISH I think we would be looking closer to 0.8500 at the moment given the way that the DXY has been behaving.\r\n\r\n<strong><u>GBP:</u></strong>  CPi, Retail Sales, Average Earnings Index and the MPC vote with the interest rate announcement. I am in the minority, I know this, but I am still looking at the cable at 1.2000 at the end of 2017. It has spiked higher recently, however, I believe this is more of a move based from the weak USD (DXY) rather than UK economic supporting data.\r\n\r\nBREXIT is a shambolic affair. Theresa May is apparently delivering a major speech on September 21st to parliament on her timetable, negotiating timetable, successes and failures etc. This should be funnier than an episode of Frasier or The Big Bang Theory. The BREXIT successes should have me rolling about on the floor. That will be a short section of the speech if you are in anyway distracted for a second or two you may miss that bit.\r\n\r\nBack to the data dump…\r\n\r\nCPI and Retail Sales will be misses unless tourism boosts these numbers. Disposable incomes have been sharply eaten into with inflation.\r\n\r\nWages have shown signs of life of late but are still not keeping pace with inflation and I expect this to remain the case this Wednesday when the latest numbers are released. This is placing pressure on household disposable income.\r\n\r\nI have heard many rather glib comments from mainly non-UK bodies saying that with UK inflation above the 2% target a 0.25% rate hike won’t make too much of a difference. I hear and I read the comments and my immediate well thought out response is bollocks.\r\n\r\nRate hikes would be passed on at almost double the 0.25% hike onto credit cards, credit lines and overdrafts without any thought by the high-street banks. Much of the already disappearing household disposable income caused by inflation that remains will just be annihilated by an interest rate increase. In my opinion, this would be one of the biggest f**k ups ever by a Central Bank. I just don\'t see it.\r\n\r\nSo, I see Mark Carney, BOE Governor fumbling his way through a no change statement remaining vigilant and accommodative well into 2018.\r\n\r\n<strong><u>USD:</u></strong> We enter another week in the life of a TRUMP administration. Dysfunctional Washington persists and frankly looking at the US data I am becoming less and less interested as reactions are short lived as the USD is more responsive to twitter and headline news than economic data.\r\n\r\nWe have key inflation data this week. PPi, CPi and view of the consumer via Retail Sales. I would normally say these are crucial numbers for the FED to dissect vis-à-vis Monetary Policy normalization.\r\n\r\nMy thoughts, being a cynical fecker is that the ECB and FED have done a deal to both move in December. The FED will raise again regardless and this will help the ECB from rip roaring to 1.3000 in a few weeks.\r\n\r\nWe have been given a curveball by the FED telling us that they are looking more at its Balance Sheet reduction as a priority over interest rate normalization.\r\n\r\nBack to the data…\r\n\r\nAs long as, PPi and CPi are positive, I believe the markets will be happy enough. Retail Sales will have to match the last print at 0.6% as a minimum in my opinion. Anything less than these bare minimums will send the DXY crashing.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +325 net pips\r\nYEAR TO DATE:      +6,656 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>4.2: NEW SUBSCRIPTION OPTIONS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017.png\"><img class=\"aligncenter size-large wp-image-9907\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017-799x1024.png\" alt=\"\" width=\"799\" height=\"1024\" /></a>\r\n\r\n<u>4.3: CURRENT SUBSCRIPTION PROMOTION:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION.png\"><img class=\"aligncenter size-large wp-image-9908\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION-788x1024.png\" alt=\"\" width=\"788\" height=\"1024\" /></a><u>\r\n</u><u>\r\n4.4: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 30 DAY SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$150.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n\r\n<u>4.5: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this content of the BLOG)\r\n\r\n<u>4.5.1: TRADING REVIEW, INSIGHTS and SUMMARY:</u>\r\n<u>\r\n4.5.2: MARKET SENTIMENT:</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.5.3: USD: MY SUPPORT &amp; RESISTANCE LEVELS with TRADING CHARTS:</u>\r\n\r\n<u>\r\n4.5.4: CORE TRADES, ASSOCIATED NEWS and INSIGHTS:</u>\r\n\r\n<u>4.5.5: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nTIPPING POINTS, STRUCTURAL RE-ALIGNMENTS, </strong><strong>MARKET STABILITY and DXY to 87.50?</strong>\r\n\r\n<strong> </strong>\r\n\r\nThat\'s quite a lot to take in…\r\n\r\nIt seems like a life time ago, but it was in fact only July when I wrote back to back blogs about the TIPPING POINT and a market STRUCTURAL RE-ALIGNMENT.\r\n\r\nAs a macro, FUNDAMENTAL thinker / trader first I am usually either ahead of the market by varying degrees or sometimes just never there at all as my thought process may never play out the way that I had originally thought for one reason or a combination of reasons.\r\n\r\nRecently, trading or attempting to trade the USD to the long side has been like trying to roll a snowball up hill. Yes, there have been opportunities but they are few and far between. Just looking at the USD Index (DXY) chart below shows that basically since “THE DONALD’S” inauguration the DXY has been on a slide lower.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/DXY-10092017.png\"><img class=\"aligncenter size-large wp-image-9979\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/DXY-10092017-1024x504.png\" alt=\"\" width=\"1024\" height=\"504\" /></a>\r\n\r\nThe simple fact is that the USD could slip below the current 91.00 level of support, break through the 90.00 psychological number and then maybe take a run at 87.50.\r\n\r\nThis potential move lower sits well with the administrations ideology of a weak USD and a low interest rate policy.\r\n\r\nThe potential moves ahead with the single currency should also fuel this decline in the USD as when the ECB announces its path to interest rate normalization the EUR should strengthen creating further USD weakness.\r\n\r\nThe backdrop to all this conjecture is that Central Banks around the globe all have maintaining MARKET STABILITY as a written or in some cases an unwritten rule.\r\n\r\nThere are so many factors influencing movements in price at the moment MARKET STABILITY appears to be somewhat lost, although to his credit Mario Draghi referenced it on a few occasions last Thursday in his ECB Press Conference. The truth is the markets could not give a rat’s hairy ass about STABILITY when FEAR and GREED are dominating the process, which they are for now.\r\n\r\nThe U.S. has two impending massive natural disasters on its plate, and the threat of war from North Korea. A President who is not trusted by his alleged party of allegiance and also but not surprisingly by the opposition party that are only interested in disruption rather than making the U.S. a better place to live and work, is a recipe for continued uncertainly and total instability. The U.S. is so dysfunctional and so far up its own arse it cannot see what it is doing to itself and it is fast becoming a laughing stock for onlookers around the globe.\r\n\r\nYet, with all this going on, the U.S. stock market is close to its highs. Quite staggering and incomprehensible to myself and possibly a few others.\r\n\r\nSo where am I going?\r\n\r\nLet me get there piece by piece….\r\n\r\nI have often said to new traders something along the lines of the following: -\r\n<ul>\r\n 	<li>Trading currencies is essentially routine.</li>\r\n 	<li>Routine can be boring.</li>\r\n 	<li>There are classic market alignments and correlations.</li>\r\n 	<li>First thing in the morning when I go to my screens, I check the following charts, these are my LEAD INDICATORS: - DXY, GOLD, OIL, COPPER, S&amp;P, US10YEARNOTE, USD/CAD, USD/SEK, AUD/JPY and USD/JPY. This looks labour intensive and it can be but from my perspective essential background. It does not even allow for the reading material that I go through with coffee each morning.</li>\r\n 	<li>If my alignments and correlations whether they be inter-market or inter-currency are off, I have a RED FLAG.</li>\r\n 	<li>Having completed what I call my market research I look through trading charts, at the same time as checking open trades and limit orders to verify are they still tradeable entries or not?</li>\r\n 	<li>I watch/listen to BLOOMBERG in the background on my iPAD PRO, to listen out for geopolitical news and events that could influence my trading.</li>\r\n 	<li>All this take’s about an hour, but I have found over the past 10 years of trading it works for me. I trade for the long haul. There is a market 5 days a week. I can miss a day if I do NOT like the way the market looks or performs. Why put yourself at RISK? Is not one of a trader’s key goals and objective to MANAGE RISK?</li>\r\n</ul>\r\nThis routine is all well and good karma. However, of late it in my opinion the market has become news driven rather than economically driven. This creates a dysfunctional market where correlations do matter but tend to be skewed… RED FLAG.\r\n\r\nCurrency relationships look awkward and no longer aligned to RISK … RED FLAG.\r\n\r\nAll the research in the world means feck all.\r\n\r\nWe are very quickly approaching the TIPPING POINT I referred to back in July. We are about to see the USD drop like a lead balloon and the EUR rip higher. Just the moves lower in the USD and higher in the EUR would cause a TIPPING POINT and a STRUCTURAL RE-ALIGNMENT in the FX market.\r\n\r\nNever mind what influences the Central Banks have, or believe that they have. Most of the Central Banks around the globe related to G7 countries have credibility issues with the markets. The BOE, BOJ, ECB and even the FED to some extent are classics in recent history. When the news is DOVISH / ACCOMODATIVE it’s easy to communicate. However, when turning HAWKISH as those listed have found to their detriment it is much more difficult to effectively communicate and maintain MARKET STABILITY.\r\n\r\nOnly the BOC under Stephen Poloz has delivered his promise quickly and smoothly. The BOC received so much bang for their buck out of two 0.25% rate increases. I realise it’s much easier for a small economy like Canada but it is still a G7 and G10 country.\r\n\r\nI would add the SNB under Thomas Jordan has also been relatively consistent and Philip Lowe having replaced Glenn Stevens at the RBA appears to be very clear and unambiguous with his commentary.\r\n\r\nBack on track…\r\n\r\nMoving to interest rate normalization around the globe will happen and the fact that U.S. is struggling for a multitude of reasons already mentioned means that at the end of this year we could have both the FED and ECB with major announcements at the same time…fluke or by design?\r\n\r\nI believe that the FED has a deal done with the ECB to raise rates in December when the ECB will announce more details about policy normalization. I think October for ECB is a “can kicking” exercise and that December will be the real deal.\r\n\r\nDecember looks primed to start the FX RE-ALIGNMENT but it will not be as volatile if both Central Banks (FED &amp; ECB) go together. December is a great month for releasing data for obvious reasons, holidays, end of year etc. and both Central Banks have back to back meetings.\r\n\r\n13th December – FOMC (FED)\r\n14th December – ECB – Press Conference in Frankfurt.\r\n\r\nThe G10 Central Bank leaders do talk to each other. I for one would NOT be surprised if a handshake over a glass of red has taken place over timings.\r\n\r\nGiven the desire and concerns over MARKET STABILITY do NOT rule out a coordinated policy announcement ahead of the dates of these meetings to announce change at the same time. It has been done before.\r\n\r\nIt could happen but maybe not.\r\n\r\nAt the end of the day what would the FX world look like?\r\n\r\nI still believe that no matter what is attempted, the USD is on very rocky ground. Fundamentally I cannot see Washington kissing and making up party to party or President to either party so dysfunctionality will remain in place.\r\n\r\nFair value for the single currency even with another 0.25% on the U.S. rate must still be in the 1.3000 range, but it is not about where fair value lies it’s how it gravitates to the level that is the important consideration.\r\n\r\nAt EUR/USD at 1.3000.\r\n\r\nEUR crosses would all be elevated from current levels and the majors would be elevated and re-aligned as well as a consequence.\r\n\r\nThat is when the real fun starts.\r\n\r\nHow will the RBA and RBNZ feel when their currencies are at 0.9000 and maybe 0.8000 levels once again? Competitiveness would suffer unless it was a balanced increase across the board.\r\n\r\nIt is possible that we enter currency wars 2.0?\r\n\r\nTIPPING POINTS, RE-ALIGNMENTS both have consequences and MARKET STABILITY may suffer despite a great deal of effort and planning being introduced. Then we have the DXY to 87.50. I hate using the words “Nailed on”, but I just see this happening. There is absolutely nothing that tells me to buy USD at the moment, apart from the fact its oversold and stretched.\r\n\r\nI just see 87.50 as inevitable moving forward.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #250 FREE NEWSLETTER VERSION\r\nSeptember 10th, 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'TIPPING POINTS, STRUCTURAL RE-ALIGNMENTS, MARKET STABILITY and DXY to 87.50?', '', 'publish', 'open', 'closed', '', 'tipping-points-structural-re-alignments-market-stability-dxy-87-50', '', '', '2017-09-09 07:41:05', '2017-09-09 12:41:05', '', 0, 'https://weeklyfxdrivethru.com/?p=9997', 0, 'post', '', 0);
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(9998, 1, '2017-09-09 07:39:57', '2017-09-09 12:39:57', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nA nice start back to full-time trading and this is my 250th WEEKLY FX DRIVE THRU blog. Holy Feck…I never thought I’d still be alive never mind reach 250 posts!\r\n\r\nIt was a great first week back with +325 pips being banked. What is annoying is that I let over 150 pips or so fall through my fingers…argh!!\r\n\r\nLike every trader, you try your best to leave the woulda, coulda and shoulda’s behind. Hindsight is just a wonderful thing. Nevertheless, I think it was Bernard Baruch who said, “Nobody ever lost money taking a profit”; so with those words fresh in my mind, I will shut up.\r\n\r\nThe pips are starting to accumulate as I head towards my annual net 10,000 pips target. My house move, a month’s vacation to Australia and New Zealand plus my summer break are all in the rear-view mirror now. If you are considering joining the PREMIUM SERVICE no better time than the present.\r\n<ul>\r\n 	<li>I am on my charge to reaching 10,000 pips before the year end. There are risks attached but I beat my 10,000 pips target in 2014, 2015 and 2016, no reason why I can’t do it again to make 4 years in a row (Check it all out on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the tab HISTORY &amp; PERFORMANCE).</li>\r\n 	<li>I have a great new subscriber promotion to the PREMIUM SERVICE offer available (Full details in Section 4 of this blog and on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the FX PROMOTIONS tab).</li>\r\n 	<li>My buddies at VANTAGE FX are ready for you if you don\'t have a great broker or you want to add a separate broker for PREMIUM SERVICE trades (Just click the link to VANTAGE FX on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> ).</li>\r\n</ul>\r\nMoving on…\r\n\r\nGeopolitical themes still rule like an iron fist hovering over the markets. Kim Jong-Un has still not bent the knee, although “THE DONALD” has wound back his rhetoric thank God. Speaking last week after visiting the devastation caused by “HARVEY” he appears to have pushed China to act to give North Korea a good slapping.\r\n\r\nTwo visits into Texas, however, I am not sure we will see “THE DONALD” down in Florida for a while at least until after the winds of hurricane “IRMA” have died down and moved off to sea. Could you imagine the cost of the US Navy trying to locate his syrup somewhere in the Atlantic?\r\n\r\nJoking aside and not ignoring the tragic human costs of these storms, the financial cost coupled with basic turmoil within the TRUMP administration, the lack of relationship between the White House and Republicans and now deals being done between the White House and the Democrats feed a giant WTF in <strong>BOLD</strong> font size 144.\r\n\r\nDo we have a “FREELANCE” presidency in the U.S.?\r\n\r\nThink about it.\r\n\r\nThe Republicans in Washington have been in opposition for 8 years. They control both houses of legislature, yet they so in dispute with each other they cannot organize themselves to pass a single election promised piece of law. Republicans appear to be nothing more than self-serving career politicians that cannot unite on a single policy and they have control of both houses… they could really motor on.\r\n\r\nThe Democrats are not much better. Still whining on about losing the election to TRUMP. They have adopted a policy of non- agreement, zero partisanship. They have not sought out a leader to challenge at the next election. All they do is moan TRUMP this and TRUMP that. When the next election comes around they will have no one effective to stand because of their blinkered approach on disruption rather than being solution focused. I see this all-over Facebook and Twitter. Nothing has been learned since the Hillary Clinton elitist approach near the end of the 2016 campaign was poo-pooed by the unsullied.\r\n\r\nSo, TRUMP’S move to by-pass the Republican shambles and do a deal with the Democrats over linking the debt ceiling to the Hurricane costs was either a brilliant strategic manoeuvre and a clear demonstration of his will to get things done and by-pass the party machines, or, it was a nail in the coffin for all his election promises ever being fulfilled.\r\n\r\nWhat it has done in my opinion is solidify his base support. It shows a clear desire to get stuff done.\r\n\r\nWill this be the first of many such moves?\r\n\r\nThe American system encourages dysfunctionality and that it basically what we have seen since 9-11 in American politics. Watch this space.\r\n\r\nInteresting news…\r\n\r\nJanet Yellen’s deputy at the FED, Stanley Fischer is stepping down next month for personal reasons. If Yellen decides enough is enough and does not carry on next January, we could have a new look FED in place…. a TRUMP FED.\r\n\r\nMy thoughts are mixed for the markets, could this mean any year end hike is off based upon the fact the “old guard” would step aside and let the “New kids on the block” decide upon future policy? This point will no doubt be debated heavily in the coming weeks.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n\r\n<u>EUR: ECB PRESS CONFERENCE. </u>\r\n\r\nMario Draghi, God love the poor fecker… He tried his best with a straight face to try and convince the markets that he could sell them a DOVISH MONETARY POLICY STANCE, whilst at the same time PURSUE A TIGHTER MONETARY POLICY… yup, good luck with that. The ECB Press Conference was billed as being a circus act and Barnum’s and Billy Smart’s would have been delighted as it ticked all the boxes.\r\n\r\nSo, what were the takeaways from Draghi?\r\n\r\nQE to run at €60B per month until December meeting or beyond if required.\r\nEconomic outlook broadly unchanged.\r\nExpansion solid. Broad-based.\r\nFX volatility is a source of uncertainty and requires monitoring.\r\nExpansion not yet translated in Inflation trend.\r\nInflation modest tick-up but still subdued.\r\nSubstantial accommodation still needed.\r\nReady to increase QE if outlook not favourable.\r\n2017 GDP now at 2.2% versus 1.9% seen in June.\r\n2018 GDP unchanged at 1.8%.\r\nHeadline inflation to dip into the year end 2017.\r\nUnderlying inflation to rise gradually over the medium-term.\r\nRecovery is base for confidence that inflation will gradually rise.\r\nRecovery remains dependent on Monetary policy.\r\nConsumption good because disposable income is rising.\r\nExchange Rate not a policy target\r\nWill have to take FX into account in future policy decisions.\r\n\r\nYada, yada, yada, blah, blah and bollocks ….. believe what you want from the above list of bullets I scribed from his speech and Q&amp;A session.\r\n\r\nMost of the above points are open to interpretation to be frank with you, and, it very much depends upon which side of the fence one sits.\r\n\r\nDraghi had a job to do, which was basically put off the markets until October when more data is available and the normalization including Tapering timetable will be discussed.  The ECB has an annoying and frustrating habit of “can kicking issues down the road”. Do NOT be surprised if in October we get 50% of the story and a delay to December.\r\n\r\nIn addition, and in true ECB style, on Friday last week the day after the “circus”, lesser known Governing Council member Philip Lane, Governor of the Irish Central Bank stated the following: - “The accommodative stance will remain until convincing evidence of inflation is seen”. This could be 2018 in full as the strengthening single currency is taking inflation out of the system. Draghi and governing council want the single currency on its arse. Let me re-iterate here lies the problem facing the ECB.\r\n\r\nMeanwhile back in the real world…\r\n\r\nI need to pick a level to enter long the EUR/USD in the coming days. Draghi said / did nothing to stop me thinking 1.3000 is on the way. My big question is how will he tackle zero inflation because the strengthening single currency will cancel out inflation inside the EUROZONE, well a great deal of it anyway.\r\n\r\n&nbsp;\r\n\r\n<u>CAD: BOC RATE ANNOUNCEMENT and EMPLOYMENT DATA.</u>\r\n\r\nHoly Mother of God; I never thought that BOC Governor, Stephen Poloz had it in him. Two interest rate hikes back to back. The CAD interest rate now stands at 1.00%.\r\n\r\nThat took the market completely by surprise. The market is obsessed and focused on rate movement’s when there is a press conference.  The CAD was absolutely demolished by over 220 pips (USD/CAD), it bounced back across all pairs but frankly it looks doomed to a sub 1.2000 level soon.\r\n\r\nOut of the last rate increase the BOC got some $0.11 cents move lower in USD/CAD, even if they only achieve a $0.05 move this time the pair would fall to 1.1900. My goal and target is much less than this level.\r\n\r\nJust stepping sideways for a moment vis-à-vis the Canadian Jobs data. It was an overall beat, but the mix between Full and Part-time jobs was very disappointing and the USD/CAD initially weakened on the news. Basically, it remained unchanged. The 1.2000 level remains intact for now. It is however WHEN rather than IF, in my opinion, that this psychological round number will be crushed.\r\n\r\n&nbsp;\r\n\r\n<u>GBP: BREXIT and MANUFACTURING PRODUCTION DATA.</u>\r\n\r\nBREXIT negotiations appear to be STILL moving along the lines of a west-end farce.\r\n\r\nI am NOT surprised, and neither should you be, we are watching career politicians at work. They only know how to attribute blame; they are simply NOT negotiators or problem solvers. This hangs over the UK like the “Sword of Damocles”.\r\n\r\nThe shambles continues; last week, Theresa May must have had a late-night party with her hangers on, and some numpty must have suggested writing to the FTSE Top 100 companies to ask them to get on board with Tory plans on BREXIT…. WTF. That goes down in the history books as another seemed like a good idea at the time moments. For God’s sake give me a break, even my Labrador Ozzy has more brains than that. Makes you think… doesn\'t it?\r\n\r\nThis letter comes on the back of a piece I read on BLOOMBERG about the UK negotiators perhaps looking for time to conclude the negotiations. What can I say here that even I could be happy with from a controlled language expletive perspective?\r\n\r\nWhat a f**king load of f**king bollocks, these tossers are paid a s**t load of people’s hard earned cash to do a f**king job. They have known the f**king timetable for f**king months. It’s about time they took their heads out of their arses, grew a pair, man up and get the job done to the best of their ability and let the population decide if they are a load of ineffective wan**rs or not when the f**king negotiations are finished.  The people voted over a year ago and f**k all has been done.\r\n\r\nOne Prozac later…\r\n\r\nThis past week or so UK economic data has been very mixed. Markets being markets, experts being experts and analyst’s being analyst’, they are all looking to be “Billy’s” and pick the bottom. If you pick bottoms all you get are smelly fingers. Manufacturing Production numbers came out last Friday morning, it was a beat at 0.5% versus market expectations of 0.3%. The Cable leaped up like a salmon on the good news and this move was exacerbated by continued USD weakness.\r\n\r\nHowever, as I wrote last week despite the bounce in the GBP/USD, which in my opinion is more about USD weakness than cable strength, I remain bearish cable longer-term and I stand by everything I have written in earlier blogs about timings and FX targets. I am still to this day astonished by the continual reference to “HARD or SOFT BREXIT”. For crying out loud; there is NO SOFT BREXIT. The EUROZONE cannot afford a SOFT BREXIT because it could potentially create a CONTAGION.\r\n\r\nI am STILL in the camp that there is a better than 50% probability that NO BREXIT deal will be achieved.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-10092017.png\"><img class=\"aligncenter size-large wp-image-9970\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-10092017-1024x769.png\" alt=\"\" width=\"1024\" height=\"769\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-10092017.png\"><img class=\"aligncenter size-large wp-image-9971\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-10092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>Economic data releases this week are a bit thin on the ground but nevertheless I am sure that there will be plenty of fun for those who want to get involved.\r\n\r\nHere are my picks of the upcoming week.\r\n\r\n<strong><u>AUD:</u></strong>  Jobs data this week for the Australian Economy.  This has been a hit and miss number of late. Either a blowout or a bit weird number is produced. I am therefore on the fence here. We have seen big numbers posted for new jobs only to find that the mix of full and part time positions was skewed in favour of part-time.\r\n\r\nLast week on poor data the AUD/USD broke 0.8000 and then 0.8100. So why am I debating the response to good or bad data?\r\n\r\nBasically, the AUD looks a strong currency at the moment and a bigger upside break looks more on the cards than a move lower. This looks on the cards despite the RBA remaining neutral. I must only imagine RBA Governor Lowe is grateful he remained neutral, if he was HAWKISH I think we would be looking closer to 0.8500 at the moment given the way that the DXY has been behaving.\r\n\r\n<strong><u>GBP:</u></strong>  CPi, Retail Sales, Average Earnings Index and the MPC vote with the interest rate announcement. I am in the minority, I know this, but I am still looking at the cable at 1.2000 at the end of 2017. It has spiked higher recently, however, I believe this is more of a move based from the weak USD (DXY) rather than UK economic supporting data.\r\n\r\nBREXIT is a shambolic affair. Theresa May is apparently delivering a major speech on September 21st to parliament on her timetable, negotiating timetable, successes and failures etc. This should be funnier than an episode of Frasier or The Big Bang Theory. The BREXIT successes should have me rolling about on the floor. That will be a short section of the speech if you are in anyway distracted for a second or two you may miss that bit.\r\n\r\nBack to the data dump…\r\n\r\nCPI and Retail Sales will be misses unless tourism boosts these numbers. Disposable incomes have been sharply eaten into with inflation.\r\n\r\nWages have shown signs of life of late but are still not keeping pace with inflation and I expect this to remain the case this Wednesday when the latest numbers are released. This is placing pressure on household disposable income.\r\n\r\nI have heard many rather glib comments from mainly non-UK bodies saying that with UK inflation above the 2% target a 0.25% rate hike won’t make too much of a difference. I hear and I read the comments and my immediate well thought out response is bollocks.\r\n\r\nRate hikes would be passed on at almost double the 0.25% hike onto credit cards, credit lines and overdrafts without any thought by the high-street banks. Much of the already disappearing household disposable income caused by inflation that remains will just be annihilated by an interest rate increase. In my opinion, this would be one of the biggest f**k ups ever by a Central Bank. I just don\'t see it.\r\n\r\nSo, I see Mark Carney, BOE Governor fumbling his way through a no change statement remaining vigilant and accommodative well into 2018.\r\n\r\n<strong><u>USD:</u></strong> We enter another week in the life of a TRUMP administration. Dysfunctional Washington persists and frankly looking at the US data I am becoming less and less interested as reactions are short lived as the USD is more responsive to twitter and headline news than economic data.\r\n\r\nWe have key inflation data this week. PPi, CPi and view of the consumer via Retail Sales. I would normally say these are crucial numbers for the FED to dissect vis-à-vis Monetary Policy normalization.\r\n\r\nMy thoughts, being a cynical fecker is that the ECB and FED have done a deal to both move in December. The FED will raise again regardless and this will help the ECB from rip roaring to 1.3000 in a few weeks.\r\n\r\nWe have been given a curveball by the FED telling us that they are looking more at its Balance Sheet reduction as a priority over interest rate normalization.\r\n\r\nBack to the data…\r\n\r\nAs long as, PPi and CPi are positive, I believe the markets will be happy enough. Retail Sales will have to match the last print at 0.6% as a minimum in my opinion. Anything less than these bare minimums will send the DXY crashing.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +325 net pips\r\nYEAR TO DATE:      +6,656 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n\r\n<u>4.2: NEW SUBSCRIPTION OPTIONS:\r\n\r\n</u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017.png\"><img class=\"aligncenter size-large wp-image-9907\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017-799x1024.png\" alt=\"\" width=\"799\" height=\"1024\" /></a>\r\n\r\n<u>4.3: CURRENT SUBSCRIPTION PROMOTION:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION.png\"><img class=\"aligncenter size-large wp-image-9908\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION-788x1024.png\" alt=\"\" width=\"788\" height=\"1024\" /></a><u>\r\n</u><u>\r\n4.4: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 30 DAY SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$150.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n\r\n<u>4.5: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this content of the BLOG)\r\n\r\n<u>4.5.1: TRADING REVIEW, INSIGHTS and SUMMARY:</u>\r\n<u>\r\n4.5.2: MARKET SENTIMENT:\r\n\r\n</u>\r\n\r\n<u>4.5.3: USD: MY SUPPORT &amp; RESISTANCE LEVELS with TRADING CHARTS:</u>\r\n\r\n<u>\r\n4.5.4: CORE TRADES, ASSOCIATED NEWS and INSIGHTS:</u>\r\n\r\n<u>4.5.5: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nTIPPING POINTS, STRUCTURAL RE-ALIGNMENTS, </strong><strong>MARKET STABILITY and DXY to 87.50?</strong>\r\n\r\n<strong> </strong>\r\n\r\nThat\'s quite a lot to take in…\r\n\r\nIt seems like a life time ago, but it was in fact only July when I wrote back to back blogs about the TIPPING POINT and a market STRUCTURAL RE-ALIGNMENT.\r\n\r\nAs a macro, FUNDAMENTAL thinker / trader first I am usually either ahead of the market by varying degrees or sometimes just never there at all as my thought process may never play out the way that I had originally thought for one reason or a combination of reasons.\r\n\r\nRecently, trading or attempting to trade the USD to the long side has been like trying to roll a snowball up hill. Yes, there have been opportunities but they are few and far between. Just looking at the USD Index (DXY) chart below shows that basically since “THE DONALD’S” inauguration the DXY has been on a slide lower.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/DXY-10092017.png\"><img class=\"aligncenter size-large wp-image-9979\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/DXY-10092017-1024x504.png\" alt=\"\" width=\"1024\" height=\"504\" /></a>\r\n\r\nThe simple fact is that the USD could slip below the current 91.00 level of support, break through the 90.00 psychological number and then maybe take a run at 87.50.\r\n\r\nThis potential move lower sits well with the administrations ideology of a weak USD and a low interest rate policy.\r\n\r\nThe potential moves ahead with the single currency should also fuel this decline in the USD as when the ECB announces its path to interest rate normalization the EUR should strengthen creating further USD weakness.\r\n\r\nThe backdrop to all this conjecture is that Central Banks around the globe all have maintaining MARKET STABILITY as a written or in some cases an unwritten rule.\r\n\r\nThere are so many factors influencing movements in price at the moment MARKET STABILITY appears to be somewhat lost, although to his credit Mario Draghi referenced it on a few occasions last Thursday in his ECB Press Conference. The truth is the markets could not give a rat’s hairy ass about STABILITY when FEAR and GREED are dominating the process, which they are for now.\r\n\r\nThe U.S. has two impending massive natural disasters on its plate, and the threat of war from North Korea. A President who is not trusted by his alleged party of allegiance and also but not surprisingly by the opposition party that are only interested in disruption rather than making the U.S. a better place to live and work, is a recipe for continued uncertainly and total instability. The U.S. is so dysfunctional and so far up its own arse it cannot see what it is doing to itself and it is fast becoming a laughing stock for onlookers around the globe.\r\n\r\nYet, with all this going on, the U.S. stock market is close to its highs. Quite staggering and incomprehensible to myself and possibly a few others.\r\n\r\nSo where am I going?\r\n\r\nLet me get there piece by piece….\r\n\r\nI have often said to new traders something along the lines of the following: -\r\n<ul>\r\n 	<li>Trading currencies is essentially routine.</li>\r\n 	<li>Routine can be boring.</li>\r\n 	<li>There are classic market alignments and correlations.</li>\r\n 	<li>First thing in the morning when I go to my screens, I check the following charts, these are my LEAD INDICATORS: - DXY, GOLD, OIL, COPPER, S&amp;P, US10YEARNOTE, USD/CAD, USD/SEK, AUD/JPY and USD/JPY. This looks labour intensive and it can be but from my perspective essential background. It does not even allow for the reading material that I go through with coffee each morning.</li>\r\n 	<li>If my alignments and correlations whether they be inter-market or inter-currency are off, I have a RED FLAG.</li>\r\n 	<li>Having completed what I call my market research I look through trading charts, at the same time as checking open trades and limit orders to verify are they still tradeable entries or not?</li>\r\n 	<li>I watch/listen to BLOOMBERG in the background on my iPAD PRO, to listen out for geopolitical news and events that could influence my trading.</li>\r\n 	<li>All this take’s about an hour, but I have found over the past 10 years of trading it works for me. I trade for the long haul. There is a market 5 days a week. I can miss a day if I do NOT like the way the market looks or performs. Why put yourself at RISK? Is not one of a trader’s key goals and objective to MANAGE RISK?</li>\r\n</ul>\r\nThis routine is all well and good karma. However, of late it in my opinion the market has become news driven rather than economically driven. This creates a dysfunctional market where correlations do matter but tend to be skewed… RED FLAG.\r\n\r\nCurrency relationships look awkward and no longer aligned to RISK … RED FLAG.\r\n\r\nAll the research in the world means feck all.\r\n\r\nWe are very quickly approaching the TIPPING POINT I referred to back in July. We are about to see the USD drop like a lead balloon and the EUR rip higher. Just the moves lower in the USD and higher in the EUR would cause a TIPPING POINT and a STRUCTURAL RE-ALIGNMENT in the FX market.\r\n\r\nNever mind what influences the Central Banks have, or believe that they have. Most of the Central Banks around the globe related to G7 countries have credibility issues with the markets. The BOE, BOJ, ECB and even the FED to some extent are classics in recent history. When the news is DOVISH / ACCOMODATIVE it’s easy to communicate. However, when turning HAWKISH as those listed have found to their detriment it is much more difficult to effectively communicate and maintain MARKET STABILITY.\r\n\r\nOnly the BOC under Stephen Poloz has delivered his promise quickly and smoothly. The BOC received so much bang for their buck out of two 0.25% rate increases. I realise it’s much easier for a small economy like Canada but it is still a G7 and G10 country.\r\n\r\nI would add the SNB under Thomas Jordan has also been relatively consistent and Philip Lowe having replaced Glenn Stevens at the RBA appears to be very clear and unambiguous with his commentary.\r\n\r\nBack on track…\r\n\r\nMoving to interest rate normalization around the globe will happen and the fact that U.S. is struggling for a multitude of reasons already mentioned means that at the end of this year we could have both the FED and ECB with major announcements at the same time…fluke or by design?\r\n\r\nI believe that the FED has a deal done with the ECB to raise rates in December when the ECB will announce more details about policy normalization. I think October for ECB is a “can kicking” exercise and that December will be the real deal.\r\n\r\nDecember looks primed to start the FX RE-ALIGNMENT but it will not be as volatile if both Central Banks (FED &amp; ECB) go together. December is a great month for releasing data for obvious reasons, holidays, end of year etc. and both Central Banks have back to back meetings.\r\n\r\n13th December – FOMC (FED)\r\n14th December – ECB – Press Conference in Frankfurt.\r\n\r\nThe G10 Central Bank leaders do talk to each other. I for one would NOT be surprised if a handshake over a glass of red has taken place over timings.\r\n\r\nGiven the desire and concerns over MARKET STABILITY do NOT rule out a coordinated policy announcement ahead of the dates of these meetings to announce change at the same time. It has been done before.\r\n\r\nIt could happen but maybe not.\r\n\r\nAt the end of the day what would the FX world look like?\r\n\r\nI still believe that no matter what is attempted, the USD is on very rocky ground. Fundamentally I cannot see Washington kissing and making up party to party or President to either party so dysfunctionality will remain in place.\r\n\r\nFair value for the single currency even with another 0.25% on the U.S. rate must still be in the 1.3000 range, but it is not about where fair value lies it’s how it gravitates to the level that is the important consideration.\r\n\r\nAt EUR/USD at 1.3000.\r\n\r\nEUR crosses would all be elevated from current levels and the majors would be elevated and re-aligned as well as a consequence.\r\n\r\nThat is when the real fun starts.\r\n\r\nHow will the RBA and RBNZ feel when their currencies are at 0.9000 and maybe 0.8000 levels once again? Competitiveness would suffer unless it was a balanced increase across the board.\r\n\r\nIt is possible that we enter currency wars 2.0?\r\n\r\nTIPPING POINTS, RE-ALIGNMENTS both have consequences and MARKET STABILITY may suffer despite a great deal of effort and planning being introduced. Then we have the DXY to 87.50. I hate using the words “Nailed on”, but I just see this happening. There is absolutely nothing that tells me to buy USD at the moment, apart from the fact its oversold and stretched.\r\n\r\nI just see 87.50 as inevitable moving forward.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #250 FREE NEWSLETTER VERSION\r\nSeptember 10th, 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'TIPPING POINTS, STRUCTURAL RE-ALIGNMENTS, MARKET STABILITY and DXY to 87.50?', '', 'inherit', 'closed', 'closed', '', '9997-revision-v1', '', '', '2017-09-09 07:39:57', '2017-09-09 12:39:57', '', 9997, 'https://weeklyfxdrivethru.com/9997-revision-v1/', 0, 'revision', '', 0);
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(9999, 1, '2017-09-09 07:41:05', '2017-09-09 12:41:05', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nA nice start back to full-time trading and this is my 250th WEEKLY FX DRIVE THRU blog. Holy Feck…I never thought I’d still be alive never mind reach 250 posts!\r\n\r\nIt was a great first week back with +325 pips being banked. What is annoying is that I let over 150 pips or so fall through my fingers…argh!!\r\n\r\nLike every trader, you try your best to leave the woulda, coulda and shoulda’s behind. Hindsight is just a wonderful thing. Nevertheless, I think it was Bernard Baruch who said, “Nobody ever lost money taking a profit”; so with those words fresh in my mind, I will shut up.\r\n\r\nThe pips are starting to accumulate as I head towards my annual net 10,000 pips target. My house move, a month’s vacation to Australia and New Zealand plus my summer break are all in the rear-view mirror now. If you are considering joining the PREMIUM SERVICE no better time than the present.\r\n<ul>\r\n 	<li>I am on my charge to reaching 10,000 pips before the year end. There are risks attached but I beat my 10,000 pips target in 2014, 2015 and 2016, no reason why I can’t do it again to make 4 years in a row (Check it all out on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the tab HISTORY &amp; PERFORMANCE).</li>\r\n 	<li>I have a great new subscriber promotion to the PREMIUM SERVICE offer available (Full details in Section 4 of this blog and on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the FX PROMOTIONS tab).</li>\r\n 	<li>My buddies at VANTAGE FX are ready for you if you don\'t have a great broker or you want to add a separate broker for PREMIUM SERVICE trades (Just click the link to VANTAGE FX on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> ).</li>\r\n</ul>\r\nMoving on…\r\n\r\nGeopolitical themes still rule like an iron fist hovering over the markets. Kim Jong-Un has still not bent the knee, although “THE DONALD” has wound back his rhetoric thank God. Speaking last week after visiting the devastation caused by “HARVEY” he appears to have pushed China to act to give North Korea a good slapping.\r\n\r\nTwo visits into Texas, however, I am not sure we will see “THE DONALD” down in Florida for a while at least until after the winds of hurricane “IRMA” have died down and moved off to sea. Could you imagine the cost of the US Navy trying to locate his syrup somewhere in the Atlantic?\r\n\r\nJoking aside and not ignoring the tragic human costs of these storms, the financial cost coupled with basic turmoil within the TRUMP administration, the lack of relationship between the White House and Republicans and now deals being done between the White House and the Democrats feed a giant WTF in <strong>BOLD</strong> font size 144.\r\n\r\nDo we have a “FREELANCE” presidency in the U.S.?\r\n\r\nThink about it.\r\n\r\nThe Republicans in Washington have been in opposition for 8 years. They control both houses of legislature, yet they so in dispute with each other they cannot organize themselves to pass a single election promised piece of law. Republicans appear to be nothing more than self-serving career politicians that cannot unite on a single policy and they have control of both houses… they could really motor on.\r\n\r\nThe Democrats are not much better. Still whining on about losing the election to TRUMP. They have adopted a policy of non- agreement, zero partisanship. They have not sought out a leader to challenge at the next election. All they do is moan TRUMP this and TRUMP that. When the next election comes around they will have no one effective to stand because of their blinkered approach on disruption rather than being solution focused. I see this all-over Facebook and Twitter. Nothing has been learned since the Hillary Clinton elitist approach near the end of the 2016 campaign was poo-pooed by the unsullied.\r\n\r\nSo, TRUMP’S move to by-pass the Republican shambles and do a deal with the Democrats over linking the debt ceiling to the Hurricane costs was either a brilliant strategic manoeuvre and a clear demonstration of his will to get things done and by-pass the party machines, or, it was a nail in the coffin for all his election promises ever being fulfilled.\r\n\r\nWhat it has done in my opinion is solidify his base support. It shows a clear desire to get stuff done.\r\n\r\nWill this be the first of many such moves?\r\n\r\nThe American system encourages dysfunctionality and that it basically what we have seen since 9-11 in American politics. Watch this space.\r\n\r\nInteresting news…\r\n\r\nJanet Yellen’s deputy at the FED, Stanley Fischer is stepping down next month for personal reasons. If Yellen decides enough is enough and does not carry on next January, we could have a new look FED in place…. a TRUMP FED.\r\n\r\nMy thoughts are mixed for the markets, could this mean any year end hike is off based upon the fact the “old guard” would step aside and let the “New kids on the block” decide upon future policy? This point will no doubt be debated heavily in the coming weeks.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n\r\n<u>EUR: ECB PRESS CONFERENCE. </u>\r\n\r\nMario Draghi, God love the poor fecker… He tried his best with a straight face to try and convince the markets that he could sell them a DOVISH MONETARY POLICY STANCE, whilst at the same time PURSUE A TIGHTER MONETARY POLICY… yup, good luck with that. The ECB Press Conference was billed as being a circus act and Barnum’s and Billy Smart’s would have been delighted as it ticked all the boxes.\r\n\r\nSo, what were the takeaways from Draghi?\r\n\r\nQE to run at €60B per month until December meeting or beyond if required.\r\nEconomic outlook broadly unchanged.\r\nExpansion solid. Broad-based.\r\nFX volatility is a source of uncertainty and requires monitoring.\r\nExpansion not yet translated in Inflation trend.\r\nInflation modest tick-up but still subdued.\r\nSubstantial accommodation still needed.\r\nReady to increase QE if outlook not favourable.\r\n2017 GDP now at 2.2% versus 1.9% seen in June.\r\n2018 GDP unchanged at 1.8%.\r\nHeadline inflation to dip into the year end 2017.\r\nUnderlying inflation to rise gradually over the medium-term.\r\nRecovery is base for confidence that inflation will gradually rise.\r\nRecovery remains dependent on Monetary policy.\r\nConsumption good because disposable income is rising.\r\nExchange Rate not a policy target\r\nWill have to take FX into account in future policy decisions.\r\n\r\nYada, yada, yada, blah, blah and bollocks ….. believe what you want from the above list of bullets I scribed from his speech and Q&amp;A session.\r\n\r\nMost of the above points are open to interpretation to be frank with you, and, it very much depends upon which side of the fence one sits.\r\n\r\nDraghi had a job to do, which was basically put off the markets until October when more data is available and the normalization including Tapering timetable will be discussed.  The ECB has an annoying and frustrating habit of “can kicking issues down the road”. Do NOT be surprised if in October we get 50% of the story and a delay to December.\r\n\r\nIn addition, and in true ECB style, on Friday last week the day after the “circus”, lesser known Governing Council member Philip Lane, Governor of the Irish Central Bank stated the following: - “The accommodative stance will remain until convincing evidence of inflation is seen”. This could be 2018 in full as the strengthening single currency is taking inflation out of the system. Draghi and governing council want the single currency on its arse. Let me re-iterate here lies the problem facing the ECB.\r\n\r\nMeanwhile back in the real world…\r\n\r\nI need to pick a level to enter long the EUR/USD in the coming days. Draghi said / did nothing to stop me thinking 1.3000 is on the way. My big question is how will he tackle zero inflation because the strengthening single currency will cancel out inflation inside the EUROZONE, well a great deal of it anyway.\r\n\r\n&nbsp;\r\n\r\n<u>CAD: BOC RATE ANNOUNCEMENT and EMPLOYMENT DATA.</u>\r\n\r\nHoly Mother of God; I never thought that BOC Governor, Stephen Poloz had it in him. Two interest rate hikes back to back. The CAD interest rate now stands at 1.00%.\r\n\r\nThat took the market completely by surprise. The market is obsessed and focused on rate movement’s when there is a press conference.  The CAD was absolutely demolished by over 220 pips (USD/CAD), it bounced back across all pairs but frankly it looks doomed to a sub 1.2000 level soon.\r\n\r\nOut of the last rate increase the BOC got some $0.11 cents move lower in USD/CAD, even if they only achieve a $0.05 move this time the pair would fall to 1.1900. My goal and target is much less than this level.\r\n\r\nJust stepping sideways for a moment vis-à-vis the Canadian Jobs data. It was an overall beat, but the mix between Full and Part-time jobs was very disappointing and the USD/CAD initially weakened on the news. Basically, it remained unchanged. The 1.2000 level remains intact for now. It is however WHEN rather than IF, in my opinion, that this psychological round number will be crushed.\r\n\r\n&nbsp;\r\n\r\n<u>GBP: BREXIT and MANUFACTURING PRODUCTION DATA.</u>\r\n\r\nBREXIT negotiations appear to be STILL moving along the lines of a west-end farce.\r\n\r\nI am NOT surprised, and neither should you be, we are watching career politicians at work. They only know how to attribute blame; they are simply NOT negotiators or problem solvers. This hangs over the UK like the “Sword of Damocles”.\r\n\r\nThe shambles continues; last week, Theresa May must have had a late-night party with her hangers on, and some numpty must have suggested writing to the FTSE Top 100 companies to ask them to get on board with Tory plans on BREXIT…. WTF. That goes down in the history books as another seemed like a good idea at the time moments. For God’s sake give me a break, even my Labrador Ozzy has more brains than that. Makes you think… doesn\'t it?\r\n\r\nThis letter comes on the back of a piece I read on BLOOMBERG about the UK negotiators perhaps looking for time to conclude the negotiations. What can I say here that even I could be happy with from a controlled language expletive perspective?\r\n\r\nWhat a f**king load of f**king bollocks, these tossers are paid a s**t load of people’s hard earned cash to do a f**king job. They have known the f**king timetable for f**king months. It’s about time they took their heads out of their arses, grew a pair, man up and get the job done to the best of their ability and let the population decide if they are a load of ineffective wan**rs or not when the f**king negotiations are finished.  The people voted over a year ago and f**k all has been done.\r\n\r\nOne Prozac later…\r\n\r\nThis past week or so UK economic data has been very mixed. Markets being markets, experts being experts and analyst’s being analyst’, they are all looking to be “Billy’s” and pick the bottom. If you pick bottoms all you get are smelly fingers. Manufacturing Production numbers came out last Friday morning, it was a beat at 0.5% versus market expectations of 0.3%. The Cable leaped up like a salmon on the good news and this move was exacerbated by continued USD weakness.\r\n\r\nHowever, as I wrote last week despite the bounce in the GBP/USD, which in my opinion is more about USD weakness than cable strength, I remain bearish cable longer-term and I stand by everything I have written in earlier blogs about timings and FX targets. I am still to this day astonished by the continual reference to “HARD or SOFT BREXIT”. For crying out loud; there is NO SOFT BREXIT. The EUROZONE cannot afford a SOFT BREXIT because it could potentially create a CONTAGION.\r\n\r\nI am STILL in the camp that there is a better than 50% probability that NO BREXIT deal will be achieved.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-10092017.png\"><img class=\"aligncenter size-large wp-image-9970\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-10092017-1024x769.png\" alt=\"\" width=\"1024\" height=\"769\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-10092017.png\"><img class=\"aligncenter size-large wp-image-9971\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-10092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nEconomic data releases this week are a bit thin on the ground but nevertheless I am sure that there will be plenty of fun for those who want to get involved.\r\n\r\nHere are my picks of the upcoming week.\r\n\r\n<strong><u>AUD:</u></strong>  Jobs data this week for the Australian Economy.  This has been a hit and miss number of late. Either a blowout or a bit weird number is produced. I am therefore on the fence here. We have seen big numbers posted for new jobs only to find that the mix of full and part time positions was skewed in favour of part-time.\r\n\r\nLast week on poor data the AUD/USD broke 0.8000 and then 0.8100. So why am I debating the response to good or bad data?\r\n\r\nBasically, the AUD looks a strong currency at the moment and a bigger upside break looks more on the cards than a move lower. This looks on the cards despite the RBA remaining neutral. I must only imagine RBA Governor Lowe is grateful he remained neutral, if he was HAWKISH I think we would be looking closer to 0.8500 at the moment given the way that the DXY has been behaving.\r\n\r\n<strong><u>GBP:</u></strong>  CPi, Retail Sales, Average Earnings Index and the MPC vote with the interest rate announcement. I am in the minority, I know this, but I am still looking at the cable at 1.2000 at the end of 2017. It has spiked higher recently, however, I believe this is more of a move based from the weak USD (DXY) rather than UK economic supporting data.\r\n\r\nBREXIT is a shambolic affair. Theresa May is apparently delivering a major speech on September 21st to parliament on her timetable, negotiating timetable, successes and failures etc. This should be funnier than an episode of Frasier or The Big Bang Theory. The BREXIT successes should have me rolling about on the floor. That will be a short section of the speech if you are in anyway distracted for a second or two you may miss that bit.\r\n\r\nBack to the data dump…\r\n\r\nCPI and Retail Sales will be misses unless tourism boosts these numbers. Disposable incomes have been sharply eaten into with inflation.\r\n\r\nWages have shown signs of life of late but are still not keeping pace with inflation and I expect this to remain the case this Wednesday when the latest numbers are released. This is placing pressure on household disposable income.\r\n\r\nI have heard many rather glib comments from mainly non-UK bodies saying that with UK inflation above the 2% target a 0.25% rate hike won’t make too much of a difference. I hear and I read the comments and my immediate well thought out response is bollocks.\r\n\r\nRate hikes would be passed on at almost double the 0.25% hike onto credit cards, credit lines and overdrafts without any thought by the high-street banks. Much of the already disappearing household disposable income caused by inflation that remains will just be annihilated by an interest rate increase. In my opinion, this would be one of the biggest f**k ups ever by a Central Bank. I just don\'t see it.\r\n\r\nSo, I see Mark Carney, BOE Governor fumbling his way through a no change statement remaining vigilant and accommodative well into 2018.\r\n\r\n<strong><u>USD:</u></strong> We enter another week in the life of a TRUMP administration. Dysfunctional Washington persists and frankly looking at the US data I am becoming less and less interested as reactions are short lived as the USD is more responsive to twitter and headline news than economic data.\r\n\r\nWe have key inflation data this week. PPi, CPi and view of the consumer via Retail Sales. I would normally say these are crucial numbers for the FED to dissect vis-à-vis Monetary Policy normalization.\r\n\r\nMy thoughts, being a cynical fecker is that the ECB and FED have done a deal to both move in December. The FED will raise again regardless and this will help the ECB from rip roaring to 1.3000 in a few weeks.\r\n\r\nWe have been given a curveball by the FED telling us that they are looking more at its Balance Sheet reduction as a priority over interest rate normalization.\r\n\r\nBack to the data…\r\n\r\nAs long as, PPi and CPi are positive, I believe the markets will be happy enough. Retail Sales will have to match the last print at 0.6% as a minimum in my opinion. Anything less than these bare minimums will send the DXY crashing.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +325 net pips\r\nYEAR TO DATE:      +6,656 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>4.2: NEW SUBSCRIPTION OPTIONS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017.png\"><img class=\"aligncenter size-large wp-image-9907\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017-799x1024.png\" alt=\"\" width=\"799\" height=\"1024\" /></a>\r\n\r\n<u>4.3: CURRENT SUBSCRIPTION PROMOTION:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION.png\"><img class=\"aligncenter size-large wp-image-9908\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION-788x1024.png\" alt=\"\" width=\"788\" height=\"1024\" /></a><u>\r\n</u><u>\r\n4.4: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 30 DAY SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$150.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n\r\n<u>4.5: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this content of the BLOG)\r\n\r\n<u>4.5.1: TRADING REVIEW, INSIGHTS and SUMMARY:</u>\r\n<u>\r\n4.5.2: MARKET SENTIMENT:</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.5.3: USD: MY SUPPORT &amp; RESISTANCE LEVELS with TRADING CHARTS:</u>\r\n\r\n<u>\r\n4.5.4: CORE TRADES, ASSOCIATED NEWS and INSIGHTS:</u>\r\n\r\n<u>4.5.5: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nTIPPING POINTS, STRUCTURAL RE-ALIGNMENTS, </strong><strong>MARKET STABILITY and DXY to 87.50?</strong>\r\n\r\n<strong> </strong>\r\n\r\nThat\'s quite a lot to take in…\r\n\r\nIt seems like a life time ago, but it was in fact only July when I wrote back to back blogs about the TIPPING POINT and a market STRUCTURAL RE-ALIGNMENT.\r\n\r\nAs a macro, FUNDAMENTAL thinker / trader first I am usually either ahead of the market by varying degrees or sometimes just never there at all as my thought process may never play out the way that I had originally thought for one reason or a combination of reasons.\r\n\r\nRecently, trading or attempting to trade the USD to the long side has been like trying to roll a snowball up hill. Yes, there have been opportunities but they are few and far between. Just looking at the USD Index (DXY) chart below shows that basically since “THE DONALD’S” inauguration the DXY has been on a slide lower.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/DXY-10092017.png\"><img class=\"aligncenter size-large wp-image-9979\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/DXY-10092017-1024x504.png\" alt=\"\" width=\"1024\" height=\"504\" /></a>\r\n\r\nThe simple fact is that the USD could slip below the current 91.00 level of support, break through the 90.00 psychological number and then maybe take a run at 87.50.\r\n\r\nThis potential move lower sits well with the administrations ideology of a weak USD and a low interest rate policy.\r\n\r\nThe potential moves ahead with the single currency should also fuel this decline in the USD as when the ECB announces its path to interest rate normalization the EUR should strengthen creating further USD weakness.\r\n\r\nThe backdrop to all this conjecture is that Central Banks around the globe all have maintaining MARKET STABILITY as a written or in some cases an unwritten rule.\r\n\r\nThere are so many factors influencing movements in price at the moment MARKET STABILITY appears to be somewhat lost, although to his credit Mario Draghi referenced it on a few occasions last Thursday in his ECB Press Conference. The truth is the markets could not give a rat’s hairy ass about STABILITY when FEAR and GREED are dominating the process, which they are for now.\r\n\r\nThe U.S. has two impending massive natural disasters on its plate, and the threat of war from North Korea. A President who is not trusted by his alleged party of allegiance and also but not surprisingly by the opposition party that are only interested in disruption rather than making the U.S. a better place to live and work, is a recipe for continued uncertainly and total instability. The U.S. is so dysfunctional and so far up its own arse it cannot see what it is doing to itself and it is fast becoming a laughing stock for onlookers around the globe.\r\n\r\nYet, with all this going on, the U.S. stock market is close to its highs. Quite staggering and incomprehensible to myself and possibly a few others.\r\n\r\nSo where am I going?\r\n\r\nLet me get there piece by piece….\r\n\r\nI have often said to new traders something along the lines of the following: -\r\n<ul>\r\n 	<li>Trading currencies is essentially routine.</li>\r\n 	<li>Routine can be boring.</li>\r\n 	<li>There are classic market alignments and correlations.</li>\r\n 	<li>First thing in the morning when I go to my screens, I check the following charts, these are my LEAD INDICATORS: - DXY, GOLD, OIL, COPPER, S&amp;P, US10YEARNOTE, USD/CAD, USD/SEK, AUD/JPY and USD/JPY. This looks labour intensive and it can be but from my perspective essential background. It does not even allow for the reading material that I go through with coffee each morning.</li>\r\n 	<li>If my alignments and correlations whether they be inter-market or inter-currency are off, I have a RED FLAG.</li>\r\n 	<li>Having completed what I call my market research I look through trading charts, at the same time as checking open trades and limit orders to verify are they still tradeable entries or not?</li>\r\n 	<li>I watch/listen to BLOOMBERG in the background on my iPAD PRO, to listen out for geopolitical news and events that could influence my trading.</li>\r\n 	<li>All this take’s about an hour, but I have found over the past 10 years of trading it works for me. I trade for the long haul. There is a market 5 days a week. I can miss a day if I do NOT like the way the market looks or performs. Why put yourself at RISK? Is not one of a trader’s key goals and objective to MANAGE RISK?</li>\r\n</ul>\r\nThis routine is all well and good karma. However, of late it in my opinion the market has become news driven rather than economically driven. This creates a dysfunctional market where correlations do matter but tend to be skewed… RED FLAG.\r\n\r\nCurrency relationships look awkward and no longer aligned to RISK … RED FLAG.\r\n\r\nAll the research in the world means feck all.\r\n\r\nWe are very quickly approaching the TIPPING POINT I referred to back in July. We are about to see the USD drop like a lead balloon and the EUR rip higher. Just the moves lower in the USD and higher in the EUR would cause a TIPPING POINT and a STRUCTURAL RE-ALIGNMENT in the FX market.\r\n\r\nNever mind what influences the Central Banks have, or believe that they have. Most of the Central Banks around the globe related to G7 countries have credibility issues with the markets. The BOE, BOJ, ECB and even the FED to some extent are classics in recent history. When the news is DOVISH / ACCOMODATIVE it’s easy to communicate. However, when turning HAWKISH as those listed have found to their detriment it is much more difficult to effectively communicate and maintain MARKET STABILITY.\r\n\r\nOnly the BOC under Stephen Poloz has delivered his promise quickly and smoothly. The BOC received so much bang for their buck out of two 0.25% rate increases. I realise it’s much easier for a small economy like Canada but it is still a G7 and G10 country.\r\n\r\nI would add the SNB under Thomas Jordan has also been relatively consistent and Philip Lowe having replaced Glenn Stevens at the RBA appears to be very clear and unambiguous with his commentary.\r\n\r\nBack on track…\r\n\r\nMoving to interest rate normalization around the globe will happen and the fact that U.S. is struggling for a multitude of reasons already mentioned means that at the end of this year we could have both the FED and ECB with major announcements at the same time…fluke or by design?\r\n\r\nI believe that the FED has a deal done with the ECB to raise rates in December when the ECB will announce more details about policy normalization. I think October for ECB is a “can kicking” exercise and that December will be the real deal.\r\n\r\nDecember looks primed to start the FX RE-ALIGNMENT but it will not be as volatile if both Central Banks (FED &amp; ECB) go together. December is a great month for releasing data for obvious reasons, holidays, end of year etc. and both Central Banks have back to back meetings.\r\n\r\n13th December – FOMC (FED)\r\n14th December – ECB – Press Conference in Frankfurt.\r\n\r\nThe G10 Central Bank leaders do talk to each other. I for one would NOT be surprised if a handshake over a glass of red has taken place over timings.\r\n\r\nGiven the desire and concerns over MARKET STABILITY do NOT rule out a coordinated policy announcement ahead of the dates of these meetings to announce change at the same time. It has been done before.\r\n\r\nIt could happen but maybe not.\r\n\r\nAt the end of the day what would the FX world look like?\r\n\r\nI still believe that no matter what is attempted, the USD is on very rocky ground. Fundamentally I cannot see Washington kissing and making up party to party or President to either party so dysfunctionality will remain in place.\r\n\r\nFair value for the single currency even with another 0.25% on the U.S. rate must still be in the 1.3000 range, but it is not about where fair value lies it’s how it gravitates to the level that is the important consideration.\r\n\r\nAt EUR/USD at 1.3000.\r\n\r\nEUR crosses would all be elevated from current levels and the majors would be elevated and re-aligned as well as a consequence.\r\n\r\nThat is when the real fun starts.\r\n\r\nHow will the RBA and RBNZ feel when their currencies are at 0.9000 and maybe 0.8000 levels once again? Competitiveness would suffer unless it was a balanced increase across the board.\r\n\r\nIt is possible that we enter currency wars 2.0?\r\n\r\nTIPPING POINTS, RE-ALIGNMENTS both have consequences and MARKET STABILITY may suffer despite a great deal of effort and planning being introduced. Then we have the DXY to 87.50. I hate using the words “Nailed on”, but I just see this happening. There is absolutely nothing that tells me to buy USD at the moment, apart from the fact its oversold and stretched.\r\n\r\nI just see 87.50 as inevitable moving forward.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #250 FREE NEWSLETTER VERSION\r\nSeptember 10th, 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'TIPPING POINTS, STRUCTURAL RE-ALIGNMENTS, MARKET STABILITY and DXY to 87.50?', '', 'inherit', 'closed', 'closed', '', '9997-revision-v1', '', '', '2017-09-09 07:41:05', '2017-09-09 12:41:05', '', 9997, 'https://weeklyfxdrivethru.com/9997-revision-v1/', 0, 'revision', '', 0),
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(10025, 1, '2017-09-16 04:36:14', '2017-09-16 09:36:14', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nSo, last week may have been my 250th WEEKLY FX DRIVE THRU but from my registered subscribers list only 80 of them received the blog direct to their inbox. In fact I discovered that since returning from a short summer vacation from blogging, only the first 80 registered subscribers have been receiving the blog.\r\n\r\nThe reason…\r\n\r\nI switched website hosts from BLUEHOST (who could not maintain my https status due to their system errors) to SITEGROUND who despite a verbal run through of my requirements, have subsequently advised me that only 80 emails can be sent and plug-ins will not work inside my WORDPRESS account to send emails in batches. I thought that things were quiet, I put it down to the time of the year NOT my new hosting partners.\r\n\r\nYou will NOT be surprised to hear that I have been told the email distribution issue is all my fault… the rules are written down somewhere on the SITEGROUND website and my verbal conversation counts for feck all.\r\n\r\nAs a result, and which additionally may provide a better solution, albeit a little timelier from my perspective, I am now using my CONSTANT CONTACT account for 100% of my FREE NEWSLETTER administration and distribution.\r\n\r\nSuffice to say, this discovery and finding a solution to the problem, has been a bit of a distraction from a trading perspective.\r\n\r\nTwo weeks ago, I launched revised subscription options and subscriber PROMOTION at the same time. Part of the launch was to open up for a week the full PREMIUM SERVICE version of the blog to my FREE NEWSLETTER subscribers. On the basis that only 80 would have had the opportunity to see the complete version, I have decided to repeat the process with this week’s “DRIVE THRU’ blog.\r\n\r\nMoving on…\r\n\r\nOver the past week or so, I have been preparing for and I am now almost ready to launch a replacement video about trading with me through THE PREMIUM SERVICE. I just need to put two or three hours to one side to get it done and edited. I know this sounds totally stupid but getting the time is a killer and I consider myself brilliant at TIME MANAGEMENT.\r\n\r\nIn addition…\r\n\r\nI mentioned just before the summer break that I was working on some algorithms for trading. I am still not sure how I get these into the PREMIUM SERVICE but these are now ready for further refinement. Again, I just need a couple of hours with my partners on this and then will hopefully be a quick “GREEN FOR GO”.\r\n\r\nBack to trading …\r\n\r\nI have had one of those weeks; distraction and the nagging of hindsight!\r\n\r\nLike every trader, you try your best to leave the woulda, coulda and shoulda’s behind. Hindsight is just a wonderful thing. Nevertheless, I think it was Bernard Baruch who said, “Nobody ever lost money taking a profit”; so with those words fresh in my mind, I will shut up.\r\n\r\nThe pips are starting to accumulate as I head towards my annual net 10,000 pips target. My house move, a month’s vacation to Australia and New Zealand plus my summer break are all in the rear-view mirror now. If you are considering joining the PREMIUM SERVICE no better time than the present.\r\n<ul>\r\n 	<li>I am on my charge to reaching 10,000 pips before the year end. There are risks attached but I beat my 10,000 pips target in 2014, 2015 and 2016, no reason why I can’t do it again to make 4 years in a row (Check it all out on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the tab HISTORY &amp; PERFORMANCE).</li>\r\n 	<li>I have a great new subscriber promotion to the PREMIUM SERVICE offer available (Full details in Section 4 of this blog and on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the FX PROMOTIONS tab).</li>\r\n 	<li>My buddies at VANTAGE FX are ready for you if you don\'t have a great broker or you want to add a separate broker for PREMIUM SERVICE trades (Just click the link to VANTAGE FX on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> ).</li>\r\n</ul>\r\nFinally, in this section and I should initially mention it here…\r\n\r\nYou will see from the title of this week’s blog; I have had as far as many of you are probably concerned “A Hallelujah Moment”. I will go into my reasons for my 360-degree turnabout in “THE SOAPBOX” later in the blog in section 5.\r\n\r\nFor those regular followers; I think I had a “nose-bleed” moment when I decided I was going long the cable. It still does not feel quite right having been bearish for 15 months.\r\n\r\nOn the Thursday evening after the BOE Super Thursday, I wrote to PREMIUM SERVICE subscribers telling them that I was now going to change sides and because we are entering the weekend and the fact that North Korea had just launched another missile test, I would look for long GBP trades over the weekend’s charts and start posting trades early this week.\r\n\r\nWTF, as quoted by one of my long-time subscribers “Yer man Gertjan Vlieghe a BOE MPC member somehow read your tweet and decided this was enough to send the cable higher without you”. Very funny. Cable soared through 1.3600 over 220 pips range on the day without the US session. I was asleep through the plough higher from the 1.3400 break out level.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n\r\n<u>GBP: UK AVERAGE EARNINGS INDEX &amp; “SUPER THURSDAY”. </u>\r\n\r\nI will be going through these headlines later in Section 5 - “THE SOAPBOX” section of the blog.\r\n\r\n<u>USD: INFLATION DATA.\r\n</u>\r\nPPi – dreadful and the USD rallied.\r\n\r\nCore CPI and CPi - Core CPi came in line with expectations and regular CPi was a beat. The USD rallied, sold off, rallied, sold off, rallied and basically it chopped its way throughout Thursday. It was probably not helped by a possible North Korean missile launch news wire.\r\n\r\nCore Retail Sales and Retail Sales – Poor data. Retail Sales was -0.2% against a positive 0.1% and Core Retail Sales 0.2% against 0.5% expectations.\r\n\r\nZero inflation is evident in the Us markets. Demand through Retail Sales has taken a nosedive. It all looks a difficult time for Janet Yellen this week. What has the FED policy done vis-à-vis getting the US economy back on track?\r\n\r\nHere’s a thought…\r\n\r\nAt the FED Press Conference this week. Announce that the poor recent data was due to the weather and that it’s simply transitory as the underlying data supports the current FED policy!\r\n\r\nMy thoughts are US data is much the same as always. If we see good data all I read is FED TO RAISE RATES IN DECEMBER or if we see poor data FED NOT GOING TO RAISE. This is all I see now. I think I have grown so accustomed to this bollocks I do not really read it anymore and I skim the document.\r\n\r\nI think that as traders, we should just react to whatever Janet Yellen says. Everything else is just noise from people who know about as much about what is on the minds of the FOMC as Ozzy my boy Labrador about the FED’S intentions.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-17092017.png\"><img class=\"aligncenter size-large wp-image-10007\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-17092017-1024x761.png\" alt=\"\" width=\"1024\" height=\"761\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVEL:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017.png\"><img class=\"aligncenter size-large wp-image-10008\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThe FOMC is the standout this week. However, there are couple of other bits and pieces that have caught my eye.\r\n\r\nHere are my picks of the upcoming week.\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong>  Janet Yellen is back on the stage again. Everything about this Press Conference and Rate Statement is only going to be about two subjects: -\r\n\r\nFirstly, when is the FED going to raise rates again. Before the end of 2017 or spill it over into 2018?\r\n\r\nSecondly, will she provide updates about the FED reducing the size of its balance sheet. By how much and when will they start.\r\n\r\nFrankly, I do not think that the rest matters. She will drone on giving us waffle for a good 15-20 minutes, but at the end of the day, in my opinion its only about the above two points. You will see and hear media account executives asking the same questions 50 different ways to let their managers know that they turned up and weren’t “bunking off”, but at the end of the day it could be all over in a “Wham Bam Thank You Mam” 10 minutes maximum and everyone could be down to the pub after 20 minutes writing their pieces.\r\n\r\nThe drama unfolds at 2PM EST and the Press Conference at 2:30PM EST on Wednesday.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP</u>: </strong>On the back off the HAWKISH BOE last week we have Retail Sales this Tuesday. I can see it now on twitter. BOE to definitely hike in November as Retail Sales beat, or, BOE rate hike this year in question as UK Retails sales miss.\r\n\r\nFor Carney to do a complete u turn is not unheard of.\r\n\r\nIf ever you go to lunch with him, beware if you only have one hour for allocated, as he is so indecisive about his choices, you may end up eating nothing or eating alone. Allegedly, Carney cannot make up his mind what to eat and when he does he keeps changing his mind.\r\n\r\nIt is so bad that in local restaurants, close to the Threadneedle Street area of London that are known to accommodate BOE employees they have alternative Mark Carney menus. They include a clause “Mr. Carney, once you have decided upon your choice of food from our menu you cannot change your mind. Regretfully forward guidance is believed and 100% adopted by our chefs. The direction you have chosen is final”\r\n\r\nDo not be surprised if Carney has you brain in a fecking twist up to the end of this year. He is the master of changing one’s mind. If it were an Olympic sport he would win the GOLD MEDAL.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD</u></strong>: I am a buyer of CAD$ and I am adding to positions, taking profits here and there as the markets chop back and forth. This week we have CPI and Core Retail Sales, this inflation data will be key for the BOC vis-a-vis another interest rate hike before the end of 2017.\r\n\r\nThe economic data from Canada recently has been really good just the odd bit of mixed data, like the Employment numbers when the mix between Full and Part Time jobs was skewed.\r\n\r\nIf this week’s data does NOT rule out another BOC rate hike, I will be adding more positions to my CORE CAD position.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD</u></strong>:  It is the New Zealand 2017 General Election this Friday. I am generally bearish the Kiwi; however, I believe it would be sound to wind back trades ahead of the result. I have already started this with PREMIUM SERVICE trades and I will continue this process through the week.\r\n\r\nI would imagine the start of trading next weekend will be the time for volatility on a grand scale if we are going to see big moves.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\n&nbsp;\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +406 net pips\r\nYEAR TO DATE:      +7,062 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>4.2: CURRENT SUBSCRIPTION PROMOTION:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION.png\"><img class=\"aligncenter size-large wp-image-9908\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION-788x1024.png\" alt=\"\" width=\"788\" height=\"1024\" /></a>\r\n\r\n<u>\r\n</u><u>\r\n4.3: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u><strong> </strong>\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 30 DAY SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$150.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n\r\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.4.1: TRADING REVIEW, INSIGHTS and SUMMARY:</u>\r\n\r\nWhat a week last week was.\r\n\r\nI was distracted on several occasions with having to be away to take care of my Jeep’s service but more importantly issues with my new webhost regarding bulk email delivery. The only effective workaround is not to use my WordPress connection through my website but to use my database via constant contact.\r\n\r\nFrom a trading perspective, I have changed views with the cable. I have gone into some detail in “THE SOAPBOX”.\r\n\r\nI tweeted last week after the BOE Super Thursday that I would look for GBP trades into this week, as we were into Friday trading session but especially with the missile launches out of North Korea it made sense to wait. I did not, and frankly no-one could have predicted the comments from Gertjan Vlieghe BOE MPC member. He basically sent his own missile under the GBP. His comments are in a different tone from Carney and we should not get too carried away but that detail would not stop the market reaction. It has been an absolute stellar move across the board.\r\n\r\nI added a good total of net +406 pips in the past seven days which is great but it was a difficult choppy week. Ranges are tightening again (GBP pairs excepted). This is what happens when we are about to have a market SHIFT.\r\n\r\nMarket correlations are just not sitting properly. One day they are trusted the next morning when I check charts the previous alignment has drifted apart. The geopolitical tensions have a great deal to do with this as this directly affects safe havens such as GOLD, plus the JPY and CHF currencies. I must mention though after the missile launch last Thursday, my reaction was complete caution, the market was to shrug it off within a couple of hours. Something is going to give with this and it will be ugly when it happens.\r\n\r\nThe geopolitical events when added to the changes taking place with Central Bank policy throughout the world is also fueling the uncertainties, correlation issues and non-alignments across markets. Central bank uncertainties on future policy timing (FED and ECB), the dovish approach in general changing into a hawkish policy approach (BOC and BOE) and uncertainties in delay by trying to maintain a neutral policy stance over a more hawkish stance (RBA and RBNZ).\r\n\r\nAdd all these factors together and its quite a mixing bowl of ingredients. I am just not convinced on everything FX at the moment, I am fearing the worse. I know that I am slow and steady at this but so much complacency to me is just mental.\r\n\r\nBack to trading…\r\n\r\nLooking forward with trades, I will continue to press forward building a CORE CAD POSITION. Obviously short term NZD/CAD due to election will be restricted, CAD/CHF and CAD/JPY I will watch more closely than before vis-a-via flight to safety. In addition, given the situation with cable I think that GBP/CAD could be tougher unless we see a USD/CAD fall into the 1.1800’s.\r\n\r\nThe CORE NZD position will have to take back seat until the election is over. Friday last week my AUD/NZD took a beating, but as you know for the last 2 years I have been basically long this pair, it is have given some great returns and I will stick with it. My total position size a sizeable broker account is only 40% of a full-sized position. I could ride this pair substantially lower beyond its monthly ATR on STOP LOSS levels, if required, and still not exceed my risk parameters.\r\n\r\nI need to see the election outcome and reaction before committing more trades. My plan this week it to exit NZD related trades ahead of the vote.\r\n\r\nWith regards to the single currency, I am looking to build a CORE LONG POSITION with the EUR. As you know I have started with EUR/USD, to which I will add more set ups and I need to look at the cross rates this week and add. I have a EUR/CAD short that I entered on a SELL STOP below previous good support. It has given me a nasty rebound spike higher. I extended the STOP to stick with this pair as will follow USD/CAD moves. Annoyingly at the moment the USD/CAD is consolidation before resuming its move lower with the trend. Bounces have been minimal so far.\r\n\r\nI have made many references to cable. I will be posting several pullback entries from the get go this week.\r\n\r\nThere will be quite a bit of LIMIT ORDER activity in the early part of the week.\r\n\r\nWe have the FOMC this week as you are aware, it is the draw of the news events. As you have seen, I have adjusted my entry tactics more of late to using momentum as a means of trade entry by using BUY STOPS and SELL STOP orders. These are NOT my preferred means of entering trades but they are working more times than not. I will continue with these for the time being, they should be of use around the FOMC.\r\n\r\nWhilst I am very positive on my trading to obtain results at the moment I do have market concerns as you know and I have raised them again in the blog. I will try tot to get SPOOKED but we ready for mass exits of trades should the ARMAGEDDON situation arise.\r\n\r\n&nbsp;\r\n\r\n4.4.2: MARKET SENTIMENT:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-17092017.png\"><img class=\"aligncenter size-large wp-image-10009\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-17092017-688x1024.png\" alt=\"\" width=\"688\" height=\"1024\" /></a>\r\n</u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4.4.3: USD: MY SUPPORT &amp; RESISTANCE LEVELS with TRADING CHARTS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017.png\"><img class=\"aligncenter size-large wp-image-10008\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\nPlease note that now that these charts are PREMIUM SERVICE subscriber only, I am now able to have them focused to existing trades and limit orders as well as future intentions.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10019\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-17092017.png\"><img class=\"aligncenter size-large wp-image-10020\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10018\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10021\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10022\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10023\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10024\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4.4.4: EXISTING &amp; POTENTIAL CORE TRADES:</u>\r\n\r\nBasically, I am bearish the CAD and NZD and the two currencies are dominating my thoughts, trades and limit orders at the moment.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\nCAD/CHF – long\r\nUSD/CAD and EUR/CAD – short\r\n\r\nPlus: - I have SELL STOP limit orders and standard limit orders in position for the USD/CAD.\r\n\r\nI am adding on pullbacks and getting prepared. I see the BOC raising once more this year as they take aim at the housing bubble and personal lending increase’s.\r\n\r\nI am still targeting much lower levels sub 1.2000 with the USD/CAD. This level if broken should drag all CAD pairs stronger.\r\n\r\nA Couple of weeks ago, ScotiaBank released its latest batch of currency targets and thoughts vis-à-vis the markets. It has another rate hike in the mix for Q4 2017 and two more in 2018. If they were all 0.25% rate increases, that would make a grand total rate of 1.75% by the end of 2018.\r\n\r\nIt is a brave call, but I can see it as well given the fundamentals.\r\n\r\nMY PLAN: Is to add more USD/CAD trades this coming week and to continue to build a CORE SHORT POSITION that enables me to add to and take pips and $$$ from trades as the CAD strengthens.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have several live long AUD/NZD trades and a NZD/CHF short trade.\r\n\r\nPlus: - One more long AUD/NZD limit order trade, a NZD/JPY short limit order and a EUR/NZD long limit order trades waiting in the wings.\r\n\r\nMY PLAN: I am going to reduce NZD exposure this week given the fact that the New Zealand General Election takes place on Friday. I will then look at the market sentiment next week to review my future plan.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE EUR</u></strong>:\r\n\r\nEUR/USD: I have placed multiple LIMIT ORDERS based initially on my thoughts that we would see a larger pullback with the single currency from its break above 1.2000. this materialized only as far as 1.1840.\r\n\r\nMY PLAN: I am going to look at adding more LIMIT ORDER set ups over the coming days. I still believe that the EUR/USD is going back towards 1.3000. The rhetoric out of the ECB has been calming, but it is questionable that the market is believing anything that comes out of Frankfurt at the moment.\r\n\r\nI will also look at some EUR crosses once again.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE GBP:</u></strong>\r\n\r\nNothing is in position yet. I believe that there will be some excellent pullback opportunities to enter GBP related trades across the board and I will be looking for these opportunities this week. The only pairs that I am uncertain about are GBP/CAD and GBP/CHF. However, all other crosses should have great potential.\r\n\r\n&nbsp;\r\n\r\n<u>4.4.5: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-17092017-1.png\"><img class=\"aligncenter size-large wp-image-10081\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-17092017-1-866x1024.png\" alt=\"\" width=\"866\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-17092017.png\"><img class=\"aligncenter size-large wp-image-10010\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-17092017-967x1024.png\" alt=\"\" width=\"967\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>\r\nCARNEY COMES OUT OF THE CLOSET\r\n</strong><strong>(BOE NOW HAWKISH)</strong></p>\r\nOn BOE “Super Thursday” last week interest rates remained on hold but the HAWKISH tone of the Monetary Policy Statement sent the cable on a tear.  Later in the day Mark Carney (BOE Governor) was on the wires fueling the statement content further by openly stating that the next move higher in cable would be upwards and sooner than expected.\r\n\r\nHaving moved about 150 pips on the statement release, Carney’s added comments only placed about another 40 pips on top. It was the comments the following morning (Friday) by BOE MPC member Gertjan Vlieghe, who came out and stated that the increase would be soon and more than a one and done which Carney had intimated the prior day. These comments sent the GBP/USD above 1.3600.\r\n\r\nFrom 1.3150 to 1.3600 (450 pips) in basically 24 hours was what you call a substantial shift in sentiment and a stellar move.\r\n\r\nThe comments from Carney, that he has finally let go of the dovish sentiment and admitted a hike was required after months of denial has brought him out of the closet and the dove has now turned hawk.\r\n\r\nBy coincidence upon receipt of the comments from the BOE, but with no closet involved, I have also changed my GBP bias. I am no longer bearish cable in the short / medium term. I am bullish primarily because with cable above the 1.3450 - 1.3500 levels we are now in a bullish trend. The market is now focused on BOE interest rates rather than the political gaffs surrounding BREXIT.\r\n\r\nNow look…\r\n\r\nI still have massive BREXIT reservations and concerns. Theresa May’s government’s handling of the BREXIT negotiations appears poor and not planned. The Tories have a paper-thin majority in the House of Commons.\r\n\r\nHowever, even with this backdrop it looks like that even without a single BREXIT agreement reached and mass confusion reigning over the negotiations, UK households are going to have more cash pressures placed upon them.\r\n\r\nPersonally, I think that this rate increase should it happen is a recipe for disaster. Never trust accountants in deciding these matters. I have said it before, these pen pushing, desk sucking, jotter blotters do not get out much, they live, breathe and survive on historic data and do NOT take into consideration facts in the reality of the present day.\r\n\r\nYou can bet your bottom dollar that any rate increase will be 100% passed on the mortgages and credit card debt. Households that are currently feeling the effects of inflation are about to get a kick in the nuts as living costs are about to move higher. Look out for defaults on loans, mortgages etc. on the increase in the coming months and for “Vlieghe” to intimate multiple interest rate hikes was reckless as it could start something more than just defaults.\r\n\r\nI know some of you will think that the mere fact that the GBP/USD exchange rate is increasing that this is deflationary, and, I agree, but it is a year away at least to feel the deflationary effect. The debt default issues are bubbling under right now beneath the surface prior to adding more pressure through interest rate increases.\r\n\r\nIn addition, do not forget trade will be effected by rate increases. The balancing act is a difficult one to maintain but I am astonished that the pen pushers have gotten their way. Given all the uncertainties on the economy and with BREXIT I would have ran with higher inflation in Q2 2018.\r\n\r\nThere are still a couple of “not sures” emanating from the BOE statement and comments that followed.\r\n<ul>\r\n 	<li>Slow rate increases like the FED?</li>\r\n 	<li>Tapering through Balance Sheet reduction of the QE program when will this commence?</li>\r\n</ul>\r\nThere is a BOE inflation report due in November, this looks like the date for the first rate hike. So, we do not have detail but the markets have basically already started to price in a 0.25% rate increase.\r\n\r\nWhilst I can see the move by the BOE and the sentiment change, I can also see the other side. This is a risky decision if they go ahead.\r\n\r\nStarting Monday I will be hunting down GBP long trades based off pullbacks through Fibonacci retracements. All GBP pairs are overbought, EUR/GBP oversold, but there will be some great trading opportunities in the near term to take advantage of.\r\n\r\nThe BOC obtained almost $0.13 cents on their move higher, if cable were to match this, it would be close to 1.4450.  Whilst I cannot see that given the money flows I can see a challenge of 1.3870 the 61.8% retracement from the pre Brexit June 2016 highs (1.5034) to the December 2106 lows (1.1994).\r\n\r\nWhat happens now if we have a catastrophic BREXIT announcement or a leadership battle in the Tory party or another election is called in the next couple of months?\r\n\r\nInteresting times ahead.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #147 PREMIUM SERVICE VERSION\r\nSeptember 17th, 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'CARNEY COMES OUT OF THE CLOSET', '', 'publish', 'open', 'closed', '', 'carney-comes-closet', '', '', '2017-09-28 03:49:18', '2017-09-28 08:49:18', '', 0, 'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=10025', 0, 'member_posts', '', 0);
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(10026, 1, '2017-09-16 04:36:14', '2017-09-16 09:36:14', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nSo, last week may have been my 250th WEEKLY FX DRIVE THRU but from my registered subscribers list only 80 of them received the blog direct to their inbox. In fact I discovered that since returning from a short summer vacation from blogging, only the first 80 registered subscribers have been receiving the blog.\r\n\r\nThe reason…\r\n\r\nI switched website hosts from BLUEHOST (who could not maintain my https status due to their system errors) to SITEGROUND who despite a verbal run through of my requirements, have subsequently advised me that only 80 emails can be sent and plug-ins will not work inside my WORDPRESS account to send emails in batches. I thought that things were quiet, I put it down to the time of the year NOT my new hosting partners.\r\n\r\nYou will NOT be surprised to hear that I have been told the email distribution issue is all my fault… the rules are written down somewhere on the SITEGROUND website and my verbal conversation counts for feck all.\r\n\r\nAs a result, and which additionally may provide a better solution, albeit a little timelier from my perspective, I am now using my CONSTANT CONTACT account for 100% of my FREE NEWSLETTER administration and distribution.\r\n\r\nSuffice to say, this discovery and finding a solution to the problem, has been a bit of a distraction from a trading perspective.\r\n\r\nTwo weeks ago, I launched revised subscription options and subscriber PROMOTION at the same time. Part of the launch was to open up for a week the full PREMIUM SERVICE version of the blog to my FREE NEWSLETTER subscribers. On the basis that only 80 would have had the opportunity to see the complete version, I have decided to repeat the process with this week’s “DRIVE THRU’ blog.\r\n\r\nMoving on…\r\n\r\nOver the past week or so, I have been preparing for and I am now almost ready to launch a replacement video about trading with me through THE PREMIUM SERVICE. I just need to put two or three hours to one side to get it done and edited. I know this sounds totally stupid but getting the time is a killer and I consider myself brilliant at TIME MANAGEMENT.\r\n\r\nIn addition…\r\n\r\nI mentioned just before the summer break that I was working on some algorithms for trading. I am still not sure how I get these into the PREMIUM SERVICE but these are now ready for further refinement. Again, I just need a couple of hours with my partners on this and then will hopefully be a quick “GREEN FOR GO”.\r\n\r\nBack to trading …\r\n\r\nI have had one of those weeks; distraction and the nagging of hindsight!\r\n\r\nLike every trader, you try your best to leave the woulda, coulda and shoulda’s behind. Hindsight is just a wonderful thing. Nevertheless, I think it was Bernard Baruch who said, “Nobody ever lost money taking a profit”; so with those words fresh in my mind, I will shut up.\r\n\r\nThe pips are starting to accumulate as I head towards my annual net 10,000 pips target. My house move, a month’s vacation to Australia and New Zealand plus my summer break are all in the rear-view mirror now. If you are considering joining the PREMIUM SERVICE no better time than the present.\r\n<ul>\r\n 	<li>I am on my charge to reaching 10,000 pips before the year end. There are risks attached but I beat my 10,000 pips target in 2014, 2015 and 2016, no reason why I can’t do it again to make 4 years in a row (Check it all out on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the tab HISTORY &amp; PERFORMANCE).</li>\r\n 	<li>I have a great new subscriber promotion to the PREMIUM SERVICE offer available (Full details in Section 4 of this blog and on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the FX PROMOTIONS tab).</li>\r\n 	<li>My buddies at VANTAGE FX are ready for you if you don\'t have a great broker or you want to add a separate broker for PREMIUM SERVICE trades (Just click the link to VANTAGE FX on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> ).</li>\r\n</ul>\r\nFinally, in this section and I should initially mention it here…\r\n\r\nYou will see from the title of this week’s blog; I have had as far as many of you are probably concerned “A Hallelujah Moment”. I will go into my reasons for my 360-degree turnabout in “THE SOAPBOX” later in the blog in section 5.\r\n\r\nFor those regular followers; I think I had a “nose-bleed” moment when I decided I was going long the cable. It still does not feel quite right having been bearish for 15 months.\r\n\r\nOn the Thursday evening after the BOE Super Thursday, I wrote to PREMIUM SERVICE subscribers telling them that I was now going to change sides and because we are entering the weekend and the fact that North Korea had just launched another missile test, I would look for long GBP trades over the weekend’s charts and start posting trades early this week.\r\n\r\nWTF, as quoted by one of my long-time subscribers “Yer man Gertjan Vlieghe a BOE MPC member somehow read your tweet and decided this was enough to send the cable higher without you”. Very funny. Cable soared through 1.3600 over 220 pips range on the day without the US session. I was asleep through the plough higher from the 1.3400 break out level.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n\r\n<u>GBP: UK AVERAGE EARNINGS INDEX &amp; “SUPER THURSDAY”. </u>\r\n\r\nI will be going through these headlines later in Section 5 - “THE SOAPBOX” section of the blog.\r\n\r\n<u>USD: INFLATION DATA.\r\n</u>\r\nPPi – dreadful and the USD rallied.\r\n\r\nCore CPI and CPi - Core CPi came in line with expectations and regular CPi was a beat. The USD rallied, sold off, rallied, sold off, rallied and basically it chopped its way throughout Thursday. It was probably not helped by a possible North Korean missile launch news wire.\r\n\r\nCore Retail Sales and Retail Sales – Poor data. Retail Sales was -0.2% against a positive 0.1% and Core Retail Sales 0.2% against 0.5% expectations.\r\n\r\nZero inflation is evident in the Us markets. Demand through Retail Sales has taken a nosedive. It all looks a difficult time for Janet Yellen this week. What has the FED policy done vis-à-vis getting the US economy back on track?\r\n\r\nHere’s a thought…\r\n\r\nAt the FED Press Conference this week. Announce that the poor recent data was due to the weather and that it’s simply transitory as the underlying data supports the current FED policy!\r\n\r\nMy thoughts are US data is much the same as always. If we see good data all I read is FED TO RAISE RATES IN DECEMBER or if we see poor data FED NOT GOING TO RAISE. This is all I see now. I think I have grown so accustomed to this bollocks I do not really read it anymore and I skim the document.\r\n\r\nI think that as traders, we should just react to whatever Janet Yellen says. Everything else is just noise from people who know about as much about what is on the minds of the FOMC as Ozzy my boy Labrador about the FED’S intentions.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-17092017.png\"><img class=\"aligncenter size-large wp-image-10007\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-17092017-1024x761.png\" alt=\"\" width=\"1024\" height=\"761\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVEL:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017.png\"><img class=\"aligncenter size-large wp-image-10008\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>The FOMC is the standout this week. However, there are couple of other bits and pieces that have caught my eye.\r\n\r\nHere are my picks of the upcoming week.\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong>  Janet Yellen is back on the stage again. Everything about this Press Conference and Rate Statement is only going to be about two subjects: -\r\n\r\nFirstly, when is the FED going to raise rates again. Before the end of 2017 or spill it over into 2018?\r\n\r\nSecondly, will she provide updates about the FED reducing the size of its balance sheet. By how much and when will they start.\r\n\r\nFrankly, I do not think that the rest matters. She will drone on giving us waffle for a good 15-20 minutes, but at the end of the day, in my opinion its only about the above two points. You will see and hear media account executives asking the same questions 50 different ways to let their managers know that they turned up and weren’t “bunking off”, but at the end of the day it could be all over in a “Wham Bam Thank You Mam” 10 minutes maximum and everyone could be down to the pub after 20 minutes writing their pieces.\r\n\r\nThe drama unfolds at 2PM EST and the Press Conference at 2:30PM EST on Wednesday.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP</u>: </strong>On the back off the HAWKISH BOE last week we have Retail Sales this Tuesday. I can see it now on twitter. BOE to definitely hike in November as Retail Sales beat, or, BOE rate hike this year in question as UK Retails sales miss.\r\n\r\nFor Carney to do a complete u turn is not unheard of.\r\n\r\nIf ever you go to lunch with him, beware if you only have one hour for allocated, as he is so indecisive about his choices, you may end up eating nothing or eating alone. Allegedly, Carney cannot make up his mind what to eat and when he does he keeps changing his mind.\r\n\r\nIt is so bad that in local restaurants, close to the Threadneedle Street area of London that are known to accommodate BOE employees they have alternative Mark Carney menus. They include a clause “Mr. Carney, once you have decided upon your choice of food from our menu you cannot change your mind. Regretfully forward guidance is believed and 100% adopted by our chefs. The direction you have chosen is final”\r\n\r\nDo not be surprised if Carney has you brain in a fecking twist up to the end of this year. He is the master of changing one’s mind. If it were an Olympic sport he would win the GOLD MEDAL.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD</u></strong>: I am a buyer of CAD$ and I am adding to positions, taking profits here and there as the markets chop back and forth. This week we have CPI and Core Retail Sales, this inflation data will be key for the BOC vis-a-vis another interest rate hike before the end of 2017.\r\n\r\nThe economic data from Canada recently has been really good just the odd bit of mixed data, like the Employment numbers when the mix between Full and Part Time jobs was skewed.\r\n\r\nIf this week’s data does NOT rule out another BOC rate hike, I will be adding more positions to my CORE CAD position.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD</u></strong>:  It is the New Zealand 2017 General Election this Friday. I am generally bearish the Kiwi; however, I believe it would be sound to wind back trades ahead of the result. I have already started this with PREMIUM SERVICE trades and I will continue this process through the week.\r\n\r\nI would imagine the start of trading next weekend will be the time for volatility on a grand scale if we are going to see big moves.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\n&nbsp;\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +406 net pips\r\nYEAR TO DATE:      +7,062 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n\r\n<u>4.2: CURRENT SUBSCRIPTION PROMOTION:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION.png\"><img class=\"aligncenter size-large wp-image-9908\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION-788x1024.png\" alt=\"\" width=\"788\" height=\"1024\" /></a>\r\n\r\n<u>\r\n</u><u>\r\n4.3: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u><strong> </strong>\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 30 DAY SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$150.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n\r\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.4.1: TRADING REVIEW, INSIGHTS and SUMMARY:</u>\r\n\r\nWhat a week last week was.\r\n\r\nI was distracted on several occasions with having to be away to take care of my Jeep’s service but more importantly issues with my new webhost regarding bulk email delivery. The only effective workaround is not to use my WordPress connection through my website but to use my database via constant contact.\r\n\r\nFrom a trading perspective, I have changed views with the cable. I have gone into some detail in “THE SOAPBOX”.\r\n\r\nI tweeted last week after the BOE Super Thursday that I would look for GBP trades into this week, as we were into Friday trading session but especially with the missile launches out of North Korea it made sense to wait. I did not, and frankly no-one could have predicted the comments from Gertjan Vlieghe BOE MPC member. He basically sent his own missile under the GBP. His comments are in a different tone from Carney and we should not get too carried away but that detail would not stop the market reaction. It has been an absolute stellar move across the board.\r\n\r\nI added a good total of net +406 pips in the past seven days which is great but it was a difficult choppy week. Ranges are tightening again (GBP pairs excepted). This is what happens when we are about to have a market SHIFT.\r\n\r\nMarket correlations are just not sitting properly. One day they are trusted the next morning when I check charts the previous alignment has drifted apart. The geopolitical tensions have a great deal to do with this as this directly affects safe havens such as GOLD, plus the JPY and CHF currencies. I must mention though after the missile launch last Thursday, my reaction was complete caution, the market was to shrug it off within a couple of hours. Something is going to give with this and it will be ugly when it happens.\r\n\r\nThe geopolitical events when added to the changes taking place with Central Bank policy throughout the world is also fueling the uncertainties, correlation issues and non-alignments across markets. Central bank uncertainties on future policy timing (FED and ECB), the dovish approach in general changing into a hawkish policy approach (BOC and BOE) and uncertainties in delay by trying to maintain a neutral policy stance over a more hawkish stance (RBA and RBNZ).\r\n\r\nAdd all these factors together and its quite a mixing bowl of ingredients. I am just not convinced on everything FX at the moment, I am fearing the worse. I know that I am slow and steady at this but so much complacency to me is just mental.\r\n\r\nBack to trading…\r\n\r\nLooking forward with trades, I will continue to press forward building a CORE CAD POSITION. Obviously short term NZD/CAD due to election will be restricted, CAD/CHF and CAD/JPY I will watch more closely than before vis-a-via flight to safety. In addition, given the situation with cable I think that GBP/CAD could be tougher unless we see a USD/CAD fall into the 1.1800’s.\r\n\r\nThe CORE NZD position will have to take back seat until the election is over. Friday last week my AUD/NZD took a beating, but as you know for the last 2 years I have been basically long this pair, it is have given some great returns and I will stick with it. My total position size a sizeable broker account is only 40% of a full-sized position. I could ride this pair substantially lower beyond its monthly ATR on STOP LOSS levels, if required, and still not exceed my risk parameters.\r\n\r\nI need to see the election outcome and reaction before committing more trades. My plan this week it to exit NZD related trades ahead of the vote.\r\n\r\nWith regards to the single currency, I am looking to build a CORE LONG POSITION with the EUR. As you know I have started with EUR/USD, to which I will add more set ups and I need to look at the cross rates this week and add. I have a EUR/CAD short that I entered on a SELL STOP below previous good support. It has given me a nasty rebound spike higher. I extended the STOP to stick with this pair as will follow USD/CAD moves. Annoyingly at the moment the USD/CAD is consolidation before resuming its move lower with the trend. Bounces have been minimal so far.\r\n\r\nI have made many references to cable. I will be posting several pullback entries from the get go this week.\r\n\r\nThere will be quite a bit of LIMIT ORDER activity in the early part of the week.\r\n\r\nWe have the FOMC this week as you are aware, it is the draw of the news events. As you have seen, I have adjusted my entry tactics more of late to using momentum as a means of trade entry by using BUY STOPS and SELL STOP orders. These are NOT my preferred means of entering trades but they are working more times than not. I will continue with these for the time being, they should be of use around the FOMC.\r\n\r\nWhilst I am very positive on my trading to obtain results at the moment I do have market concerns as you know and I have raised them again in the blog. I will try tot to get SPOOKED but we ready for mass exits of trades should the ARMAGEDDON situation arise.\r\n\r\n<u>\r\n\r\n4.4.2: MARKET SENTIMENT:\r\n\r\n</u><u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-17092017.png\"><img class=\"aligncenter size-large wp-image-10009\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-17092017-688x1024.png\" alt=\"\" width=\"688\" height=\"1024\" /></a>\r\n</u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4.4.3: USD: MY SUPPORT &amp; RESISTANCE LEVELS with TRADING CHARTS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017.png\"><img class=\"aligncenter size-large wp-image-10008\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\nPlease note that now that these charts are PREMIUM SERVICE subscriber only, I am now able to have them focused to existing trades and limit orders as well as future intentions.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10019\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-17092017.png\"><img class=\"aligncenter size-large wp-image-10020\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10018\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10021\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10022\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10023\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10024\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.4.4: EXISTING &amp; POTENTIAL CORE TRADES:</u>\r\n\r\nBasically, I am bearish the CAD and NZD and the two currencies are dominating my thoughts, trades and limit orders at the moment.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\nCAD/CHF – long\r\nUSD/CAD and EUR/CAD – short\r\n\r\nPlus: - I have SELL STOP limit orders and standard limit orders in position for the USD/CAD.\r\n\r\nI am adding on pullbacks and getting prepared. I see the BOC raising once more this year as they take aim at the housing bubble and personal lending increase’s.\r\n\r\nI am still targeting much lower levels sub 1.2000 with the USD/CAD. This level if broken should drag all CAD pairs stronger.\r\n\r\nA Couple of weeks ago, ScotiaBank released its latest batch of currency targets and thoughts vis-à-vis the markets. It has another rate hike in the mix for Q4 2017 and two more in 2018. If they were all 0.25% rate increases, that would make a grand total rate of 1.75% by the end of 2018.\r\n\r\nIt is a brave call, but I can see it as well given the fundamentals.\r\n\r\nMY PLAN: Is to add more USD/CAD trades this coming week and to continue to build a CORE SHORT POSITION that enables me to add to and take pips and $$$ from trades as the CAD strengthens.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 4 x live long AUD/NZD trades and a NZD/CHF short trade.\r\n\r\nPlus: - One more long AUD/NZD limit order trade, a NZD/JPY short limit order and a EUR/NZD long limit order trades waiting in the wings.\r\n\r\nMY PLAN: I am going to reduce NZD exposure this week given the fact that the New Zealand General Election takes place on Friday. I will then look at the market sentiment next week to review my future plan.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE EUR</u></strong>:\r\n\r\nEUR/USD: I have placed multiple LIMIT ORDERS based initially on my thoughts that we would see a larger pullback with the single currency from its break above 1.2000. this materialized only as far as 1.1840.\r\n\r\nMY PLAN: I am going to look at adding more LIMIT ORDER set ups over the coming days. I still believe that the EUR/USD is going back towards 1.3000. The rhetoric out of the ECB has been calming, but it is questionable that the market is believing anything that comes out of Frankfurt at the moment.\r\n\r\nI will also look at some EUR crosses once again.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE GBP:</u></strong>\r\n\r\nNothing is in position yet. I believe that there will be some excellent pullback opportunities to enter GBP related trades across the board and I will be looking for these opportunities this week. The only pairs that I am uncertain about are GBP/CAD and GBP/CHF. However, all other crosses should have great potential.\r\n\r\n&nbsp;\r\n\r\n<u>4.4.5: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-17092017.png\"><img class=\"aligncenter size-large wp-image-10011\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-17092017-839x1024.png\" alt=\"\" width=\"839\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-17092017.png\"><img class=\"aligncenter size-large wp-image-10010\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-17092017-967x1024.png\" alt=\"\" width=\"967\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>\r\nCARNEY COMES OUT OF THE CLOSET\r\n</strong><strong>(BOE NOW HAWKISH)</strong></p>\r\nOn BOE “Super Thursday” last week interest rates remained on hold but the HAWKISH tone of the Monetary Policy Statement sent the cable on a tear.  Later in the day Mark Carney (BOE Governor) was on the wires fueling the statement content further by openly stating that the next move higher in cable would be upwards and sooner than expected.\r\n\r\nHaving moved about 150 pips on the statement release, Carney’s added comments only placed about another 40 pips on top. It was the comments the following morning (Friday) by BOE MPC member Gertjan Vlieghe, who came out and stated that the increase would be soon and more than a one and done which Carney had intimated the prior day. These comments sent the GBP/USD above 1.3600.\r\n\r\nFrom 1.3150 to 1.3600 (450 pips) in basically 24 hours was what you call a substantial shift in sentiment and a stellar move.\r\n\r\nThe comments from Carney, that he has finally let go of the dovish sentiment and admitted a hike was required after months of denial has brought him out of the closet and the dove has now turned hawk.\r\n\r\nBy coincidence upon receipt of the comments from the BOE, but with no closet involved, I have also changed my GBP bias. I am no longer bearish cable in the short / medium term. I am bullish primarily because with cable above the 1.3450 - 1.3500 levels we are now in a bullish trend. The market is now focused on BOE interest rates rather than the political gaffs surrounding BREXIT.\r\n\r\nNow look…\r\n\r\nI still have massive BREXIT reservations and concerns. Theresa May’s government’s handling of the BREXIT negotiations appears poor and not planned. The Tories have a paper-thin majority in the House of Commons.\r\n\r\nHowever, even with this backdrop it looks like that even without a single BREXIT agreement reached and mass confusion reigning over the negotiations, UK households are going to have more cash pressures placed upon them.\r\n\r\nPersonally, I think that this rate increase should it happen is a recipe for disaster. Never trust accountants in deciding these matters. I have said it before, these pen pushing, desk sucking, jotter blotters do not get out much, they live, breathe and survive on historic data and do NOT take into consideration facts in the reality of the present day.\r\n\r\nYou can bet your bottom dollar that any rate increase will be 100% passed on the mortgages and credit card debt. Households that are currently feeling the effects of inflation are about to get a kick in the nuts as living costs are about to move higher. Look out for defaults on loans, mortgages etc. on the increase in the coming months and for “Vlieghe” to intimate multiple interest rate hikes was reckless as it could start something more than just defaults.\r\n\r\nI know some of you will think that the mere fact that the GBP/USD exchange rate is increasing that this is deflationary, and, I agree, but it is a year away at least to feel the deflationary effect. The debt default issues are bubbling under right now beneath the surface prior to adding more pressure through interest rate increases.\r\n\r\nIn addition, do not forget trade will be effected by rate increases. The balancing act is a difficult one to maintain but I am astonished that the pen pushers have gotten their way. Given all the uncertainties on the economy and with BREXIT I would have ran with higher inflation in Q2 2018.\r\n\r\nThere are still a couple of “not sures” emanating from the BOE statement and comments that followed.\r\n<ul>\r\n 	<li>Slow rate increases like the FED?</li>\r\n 	<li>Tapering through Balance Sheet reduction of the QE program when will this commence?</li>\r\n</ul>\r\nThere is a BOE inflation report due in November, this looks like the date for the first rate hike. So, we do not have detail but the markets have basically already started to price in a 0.25% rate increase.\r\n\r\nWhilst I can see the move by the BOE and the sentiment change, I can also see the other side. This is a risky decision if they go ahead.\r\n\r\nStarting Monday I will be hunting down GBP long trades based off pullbacks through Fibonacci retracements. All GBP pairs are overbought, EUR/GBP oversold, but there will be some great trading opportunities in the near term to take advantage of.\r\n\r\nThe BOC obtained almost $0.13 cents on their move higher, if cable were to match this, it would be close to 1.4450.  Whilst I cannot see that given the money flows I can see a challenge of 1.3870 the 61.8% retracement from the pre Brexit June 2016 highs (1.5034) to the December 2106 lows (1.1994).\r\n\r\nWhat happens now if we have a catastrophic BREXIT announcement or a leadership battle in the Tory party or another election is called in the next couple of months?\r\n\r\nInteresting times ahead.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #147 PREMIUM SERVICE VERSION\r\nSeptember 17th, 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'CARNEY COMES OUT OF THE CLOSET', '', 'inherit', 'closed', 'closed', '', '10025-revision-v1', '', '', '2017-09-16 04:36:14', '2017-09-16 09:36:14', '', 10025, 'https://weeklyfxdrivethru.com/10025-revision-v1/', 0, 'revision', '', 0);
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(10033, 1, '2017-09-16 06:16:52', '2017-09-16 11:16:52', '<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nSo, last week may have been my 250th WEEKLY FX DRIVE THRU but from my registered subscribers list only 80 of them received the blog direct to their inbox. In fact I discovered that since returning from a short summer vacation from blogging, only the first 80 registered subscribers have been receiving the blog.\r\n\r\nThe reason…\r\n\r\nI switched website hosts from BLUEHOST (who could not maintain my https status due to their system errors) to SITEGROUND who despite a verbal run through of my requirements, have subsequently advised me that only 80 emails can be sent and plug-ins will not work inside my WORDPRESS account to send emails in batches. I thought that things were quiet, I put it down to the time of the year NOT my new hosting partners.\r\n\r\nYou will NOT be surprised to hear that I have been told the email distribution issue is all my fault… the rules are written down somewhere on the SITEGROUND website and my verbal conversation counts for feck all.\r\n\r\nAs a result, and which additionally may provide a better solution, albeit a little timelier from my perspective, I am now using my CONSTANT CONTACT account for 100% of my FREE NEWSLETTER administration and distribution.\r\n\r\nSuffice to say, this discovery and finding a solution to the problem, has been a bit of a distraction from a trading perspective.\r\n\r\nTwo weeks ago, I launched revised subscription options and subscriber PROMOTION at the same time. Part of the launch was to open up for a week the full PREMIUM SERVICE version of the blog to my FREE NEWSLETTER subscribers. On the basis that only 80 would have had the opportunity to see the complete version, I have decided to repeat the process with this week’s “DRIVE THRU’ blog.\r\n\r\nMoving on…\r\n\r\nOver the past week or so, I have been preparing for and I am now almost ready to launch a replacement video about trading with me through THE PREMIUM SERVICE. I just need to put two or three hours to one side to get it done and edited. I know this sounds totally stupid but getting the time is a killer and I consider myself brilliant at TIME MANAGEMENT.\r\n\r\nIn addition…\r\n\r\nI mentioned just before the summer break that I was working on some algorithms for trading. I am still not sure how I get these into the PREMIUM SERVICE but these are now ready for further refinement. Again, I just need a couple of hours with my partners on this and then will hopefully be a quick “GREEN FOR GO”.\r\n\r\nBack to trading …\r\n\r\nI have had one of those weeks; distraction and the nagging of hindsight!\r\n\r\nLike every trader, you try your best to leave the woulda, coulda and shoulda’s behind. Hindsight is just a wonderful thing. Nevertheless, I think it was Bernard Baruch who said, “Nobody ever lost money taking a profit”; so with those words fresh in my mind, I will shut up.\r\n\r\nThe pips are starting to accumulate as I head towards my annual net 10,000 pips target. My house move, a month’s vacation to Australia and New Zealand plus my summer break are all in the rear-view mirror now. If you are considering joining the PREMIUM SERVICE no better time than the present.\r\n<ul>\r\n 	<li>I am on my charge to reaching 10,000 pips before the year end. There are risks attached but I beat my 10,000 pips target in 2014, 2015 and 2016, no reason why I can’t do it again to make 4 years in a row (Check it all out on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the tab HISTORY &amp; PERFORMANCE).</li>\r\n 	<li>I have a great new subscriber promotion to the PREMIUM SERVICE offer available (Full details in Section 4 of this blog and on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the FX PROMOTIONS tab).</li>\r\n 	<li>My buddies at VANTAGE FX are ready for you if you don\'t have a great broker or you want to add a separate broker for PREMIUM SERVICE trades (Just click the link to VANTAGE FX on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> ).</li>\r\n</ul>\r\nFinally, in this section and I should initially mention it here…\r\n\r\nYou will see from the title of this week’s blog; I have had as far as many of you are probably concerned “A Hallelujah Moment”. I will go into my reasons for my 360-degree turnabout in “THE SOAPBOX” later in the blog in section 5.\r\n\r\nFor those regular followers; I think I had a “nose-bleed” moment when I decided I was going long the cable. It still does not feel quite right having been bearish for 15 months.\r\n\r\nOn the Thursday evening after the BOE Super Thursday, I wrote to PREMIUM SERVICE subscribers telling them that I was now going to change sides and because we are entering the weekend and the fact that North Korea had just launched another missile test, I would look for long GBP trades over the weekend’s charts and start posting trades early this week.\r\n\r\nWTF, as quoted by one of my long-time subscribers “Yer man Gertjan Vlieghe a BOE MPC member somehow read your tweet and decided this was enough to send the cable higher without you”. Very funny. Cable soared through 1.3600 over 220 pips range on the day without the US session. I was asleep through the plough higher from the 1.3400 break out level.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n\r\n<u>GBP: UK AVERAGE EARNINGS INDEX &amp; “SUPER THURSDAY”. </u>\r\n\r\nI will be going through these headlines later in Section 5 - “THE SOAPBOX” section of the blog.\r\n\r\n&nbsp;\r\n\r\n<u>USD: INFLATION DATA.</u>\r\n\r\nPPi – dreadful and the USD rallied.\r\n\r\nCore CPI and CPi - Core CPi came in line with expectations and regular CPi was a beat. The USD rallied, sold off, rallied, sold off, rallied and basically it chopped its way throughout Thursday. It was probably not helped by a possible North Korean missile launch news wire.\r\n\r\nCore Retail Sales and Retail Sales – Poor data. Retail Sales was -0.2% against a positive 0.1% and Core Retail Sales 0.2% against 0.5% expectations.\r\n\r\nZero inflation is evident in the Us markets. Demand through Retail Sales has taken a nosedive. It all looks a difficult time for Janet Yellen this week. What has the FED policy done vis-à-vis getting the US economy back on track?\r\n\r\nHere’s a thought…\r\n\r\nAt the FED Press Conference this week. Announce that the poor recent data was due to the weather and that it’s simply transitory as the underlying data supports the current FED policy!\r\n\r\nMy thoughts are US data is much the same as always. If we see good data all I read is FED TO RAISE RATES IN DECEMBER or if we see poor data FED NOT GOING TO RAISE. This is all I see now. I think I have grown so accustomed to this bollocks I do not really read it anymore and I skim the document.\r\n\r\nI think that as traders, we should just react to whatever Janet Yellen says. Everything else is just noise from people who know about as much about what is on the minds of the FOMC as Ozzy my boy Labrador about the FED’S intentions.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-17092017.png\"><img class=\"aligncenter size-large wp-image-10007\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-17092017-1024x761.png\" alt=\"\" width=\"1024\" height=\"761\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017.png\"><img class=\"aligncenter size-large wp-image-10008\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThe FOMC is the standout this week. However, there are couple of other bits and pieces that have caught my eye.\r\n\r\nHere are my picks of the upcoming week.\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong>  Janet Yellen is back on the stage again. Everything about this Press Conference and Rate Statement is only going to be about two subjects: -\r\n\r\nFirstly, when is the FED going to raise rates again. Before the end of 2017 or spill it over into 2018?\r\n\r\nSecondly, will she provide updates about the FED reducing the size of its balance sheet. By how much and when will they start.\r\n\r\nFrankly, I do not think that the rest matters. She will drone on giving us waffle for a good 15-20 minutes, but at the end of the day, in my opinion its only about the above two points. You will see and hear media account executives asking the same questions 50 different ways to let their managers know that they turned up and weren’t “bunking off”, but at the end of the day it could be all over in a “Wham Bam Thank You Mam” 10 minutes maximum and everyone could be down to the pub after 20 minutes writing their pieces.\r\n\r\nThe drama unfolds at 2PM EST and the Press Conference at 2:30PM EST on Wednesday.\r\n\r\n<strong><u>GBP</u>: </strong>On the back off the HAWKISH BOE last week we have Retail Sales this Tuesday. I can see it now on twitter. BOE to definitely hike in November as Retail Sales beat, or, BOE rate hike this year in question as UK Retails sales miss.\r\n\r\nFor Carney to do a complete u turn is not unheard of.\r\n\r\nIf ever you go to lunch with him, beware if you only have one hour for allocated, as he is so indecisive about his choices, you may end up eating nothing or eating alone. Allegedly, Carney cannot make up his mind what to eat and when he does he keeps changing his mind.\r\n\r\nIt is so bad that in local restaurants, close to the Threadneedle Street area of London that are known to accommodate BOE employees they have alternative Mark Carney menus. They include a clause “Mr. Carney, once you have decided upon your choice of food from our menu you cannot change your mind. Regretfully forward guidance is believed and 100% adopted by our chefs. The direction you have chosen is final”\r\n\r\nDo not be surprised if Carney has you brain in a fecking twist up to the end of this year. He is the master of changing one’s mind. If it were an Olympic sport he would win the GOLD MEDAL.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD</u></strong>: I am a buyer of CAD$ and I am adding to positions, taking profits here and there as the markets chop back and forth. This week we have CPI and Core Retail Sales, this inflation data will be key for the BOC vis-a-vis another interest rate hike before the end of 2017.\r\n\r\nThe economic data from Canada recently has been really good just the odd bit of mixed data, like the Employment numbers when the mix between Full and Part Time jobs was skewed.\r\n\r\nIf this week’s data does NOT rule out another BOC rate hike, I will be adding more positions to my CORE CAD position.\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD</u></strong>:  It is the New Zealand 2017 General Election this Friday. I am generally bearish the Kiwi; however, I believe it would be sound to wind back trades ahead of the result. I have already started this with PREMIUM SERVICE trades and I will continue this process through the week.\r\n\r\nI would imagine the start of trading next weekend will be the time for volatility on a grand scale if we are going to see big moves.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\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\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +406 net pips\r\nYEAR TO DATE:      +7,062 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>4.2: CURRENT SUBSCRIPTION PROMOTION:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION.png\"><img class=\"aligncenter size-large wp-image-9908\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION-788x1024.png\" alt=\"\" width=\"788\" height=\"1024\" /></a><u>\r\n</u><u>\r\n4.3: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u><strong> </strong>\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 30 DAY SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$150.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n\r\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)<strong> </strong>\r\n\r\n<u>4.4.1: TRADING REVIEW, INSIGHTS and SUMMARY:</u>\r\n\r\nWhat a week last week was.\r\n\r\nI was distracted on several occasions with having to be away to take care of my Jeep’s service but more importantly issues with my new webhost regarding bulk email delivery. The only effective workaround is not to use my WordPress connection through my website but to use my database via constant contact.\r\n\r\nFrom a trading perspective, I have changed views with the cable. I have gone into some detail in “THE SOAPBOX”.\r\n\r\nI tweeted last week after the BOE Super Thursday that I would look for GBP trades into this week, as we were into Friday trading session but especially with the missile launches out of North Korea it made sense to wait. I did not, and frankly no-one could have predicted the comments from Gertjan Vlieghe BOE MPC member. He basically sent his own missile under the GBP. His comments are in a different tone from Carney and we should not get too carried away but that detail would not stop the market reaction. It has been an absolute stellar move across the board.\r\n\r\nI added a good total of net +406 pips in the past seven days which is great but it was a difficult choppy week. Ranges are tightening again (GBP pairs excepted). This is what happens when we are about to have a market SHIFT.\r\n\r\nMarket correlations are just not sitting properly. One day they are trusted the next morning when I check charts the previous alignment has drifted apart. The geopolitical tensions have a great deal to do with this as this directly affects safe havens such as GOLD, plus the JPY and CHF currencies. I must mention though after the missile launch last Thursday, my reaction was complete caution, the market was to shrug it off within a couple of hours. Something is going to give with this and it will be ugly when it happens.\r\n\r\nThe geopolitical events when added to the changes taking place with Central Bank policy throughout the world is also fueling the uncertainties, correlation issues and non-alignments across markets. Central bank uncertainties on future policy timing (FED and ECB), the dovish approach in general changing into a hawkish policy approach (BOC and BOE) and uncertainties in delay by trying to maintain a neutral policy stance over a more hawkish stance (RBA and RBNZ).\r\n\r\nAdd all these factors together and its quite a mixing bowl of ingredients. I am just not convinced on everything FX at the moment, I am fearing the worse. I know that I am slow and steady at this but so much complacency to me is just mental.\r\n\r\nBack to trading…\r\n\r\nLooking forward with trades, I will continue to press forward building a CORE CAD POSITION. Obviously short term NZD/CAD due to election will be restricted, CAD/CHF and CAD/JPY I will watch more closely than before vis-a-via flight to safety. In addition, given the situation with cable I think that GBP/CAD could be tougher unless we see a USD/CAD fall into the 1.1800’s.\r\n\r\nThe CORE NZD position will have to take back seat until the election is over. Friday last week my AUD/NZD took a beating, but as you know for the last 2 years I have been basically long this pair, it is have given some great returns and I will stick with it. My total position size a sizeable broker account is only 40% of a full-sized position. I could ride this pair substantially lower beyond its monthly ATR on STOP LOSS levels, if required, and still not exceed my risk parameters.\r\n\r\nI need to see the election outcome and reaction before committing more trades. My plan this week it to exit NZD related trades ahead of the vote.\r\n\r\nWith regards to the single currency, I am looking to build a CORE LONG POSITION with the EUR. As you know I have started with EUR/USD, to which I will add more set ups and I need to look at the cross rates this week and add. I have a EUR/CAD short that I entered on a SELL STOP below previous good support. It has given me a nasty rebound spike higher. I extended the STOP to stick with this pair as will follow USD/CAD moves. Annoyingly at the moment the USD/CAD is consolidation before resuming its move lower with the trend. Bounces have been minimal so far.\r\n\r\nI have made many references to cable. I will be posting several pullback entries from the get go this week.\r\n\r\nThere will be quite a bit of LIMIT ORDER activity in the early part of the week.\r\n\r\nWe have the FOMC this week as you are aware, it is the draw of the news events. As you have seen, I have adjusted my entry tactics more of late to using momentum as a means of trade entry by using BUY STOPS and SELL STOP orders. These are NOT my preferred means of entering trades but they are working more times than not. I will continue with these for the time being, they should be of use around the FOMC.\r\n\r\nWhilst I am very positive on my trading to obtain results at the moment I do have market concerns as you know and I have raised them again in the blog. I will try tot to get SPOOKED but we ready for mass exits of trades should the ARMAGEDDON situation arise.\r\n\r\n&nbsp;\r\n\r\n4.4.2: MARKET SENTIMENT:\r\n\r\n&nbsp;\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-17092017.png\"><img class=\"aligncenter size-large wp-image-10009\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-17092017-688x1024.png\" alt=\"\" width=\"688\" height=\"1024\" /></a></u><u></u>\r\n\r\n&nbsp;\r\n\r\n<u>4.4.3: USD: MY SUPPORT &amp; RESISTANCE LEVELS with TRADING CHARTS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017.png\"><img class=\"aligncenter size-large wp-image-10008\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\nPlease note that now that these charts are PREMIUM SERVICE subscriber only, I am now able to have them focused to existing trades and limit orders as well as future intentions.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10019\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-17092017.png\"><img class=\"aligncenter size-large wp-image-10020\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10018\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10021\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10022\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10023\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10024\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.4.4: EXISTING &amp; POTENTIAL CORE TRADES:\r\n\r\nBasically, I am bearish the CAD and NZD and the two currencies are dominating my thoughts, trades and limit orders at the moment.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\nCurrently, I am live the following: -\r\n\r\nCAD/CHF – long\r\n\r\nUSD/CAD and EUR/CAD – short\r\n\r\nPlus: - I have SELL STOP limit orders and standard limit orders in position for the USD/CAD.\r\n\r\nI am adding on pullbacks and getting prepared. I see the BOC raising once more this year as they take aim at the housing bubble and personal lending increase’s.\r\n\r\nI am still targeting much lower levels sub 1.2000 with the USD/CAD. This level if broken should drag all CAD pairs stronger.\r\n\r\nA Couple of weeks ago, ScotiaBank released its latest batch of currency targets and thoughts vis-à-vis the markets. It has another rate hike in the mix for Q4 2017 and two more in 2018. If they were all 0.25% rate increases, that would make a grand total rate of 1.75% by the end of 2018.\r\n\r\nIt is a brave call, but I can see it as well given the fundamentals.\r\n\r\nMY PLAN: Is to add more USD/CAD trades this coming week and to continue to build a CORE SHORT POSITION that enables me to add to and take pips and $$$ from trades as the CAD strengthens.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 4 x live long AUD/NZD trades and a NZD/CHF short trade.\r\n\r\nPlus: - One more long AUD/NZD limit order trade, a NZD/JPY short limit order and a EUR/NZD long limit order trades waiting in the wings.\r\n\r\nMY PLAN: I am going to reduce NZD exposure this week given the fact that the New Zealand General Election takes place on Friday. I will then look at the market sentiment next week to review my future plan.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE EUR</u></strong>:\r\n\r\nEUR/USD: I have placed multiple LIMIT ORDERS based initially on my thoughts that we would see a larger pullback with the single currency from its break above 1.2000. this materialized only as far as 1.1840.\r\n\r\nMY PLAN: I am going to look at adding more LIMIT ORDER set ups over the coming days. I still believe that the EUR/USD is going back towards 1.3000. The rhetoric out of the ECB has been calming, but it is questionable that the market is believing anything that comes out of Frankfurt at the moment.\r\n\r\nI will also look at some EUR crosses once again.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE GBP:</u></strong>\r\n\r\nNothing is in position yet. I believe that there will be some excellent pullback opportunities to enter GBP related trades across the board and I will be looking for these opportunities this week. The only pairs that I am uncertain about are GBP/CAD and GBP/CHF. However, all other crosses should have great potential.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>\r\nCARNEY COMES OUT OF THE CLOSET\r\n</strong><strong>(BOE NOW HAWKISH)</strong></p>\r\nOn BOE “Super Thursday” last week interest rates remained on hold but the HAWKISH tone of the Monetary Policy Statement sent the cable on a tear.  Later in the day Mark Carney (BOE Governor) was on the wires fueling the statement content further by openly stating that the next move higher in cable would be upwards and sooner than expected.\r\n\r\nHaving moved about 150 pips on the statement release, Carney’s added comments only placed about another 40 pips on top. It was the comments the following morning (Friday) by BOE MPC member Gertjan Vlieghe, who came out and stated that the increase would be soon and more than a one and done which Carney had intimated the prior day. These comments sent the GBP/USD above 1.3600.\r\n\r\nFrom 1.3150 to 1.3600 (450 pips) in basically 24 hours was what you call a substantial shift in sentiment and a stellar move.\r\n\r\nThe comments from Carney, that he has finally let go of the dovish sentiment and admitted a hike was required after months of denial has brought him out of the closet and the dove has now turned hawk.\r\n\r\nBy coincidence upon receipt of the comments from the BOE, but with no closet involved, I have also changed my GBP bias. I am no longer bearish cable in the short / medium term. I am bullish primarily because with cable above the 1.3450 - 1.3500 levels we are now in a bullish trend. The market is now focused on BOE interest rates rather than the political gaffs surrounding BREXIT.\r\n\r\nNow look…\r\n\r\nI still have massive BREXIT reservations and concerns. Theresa May’s government’s handling of the BREXIT negotiations appears poor and not planned. The Tories have a paper-thin majority in the House of Commons.\r\n\r\nHowever, even with this backdrop it looks like that even without a single BREXIT agreement reached and mass confusion reigning over the negotiations, UK households are going to have more cash pressures placed upon them.\r\n\r\nPersonally, I think that this rate increase should it happen is a recipe for disaster. Never trust accountants in deciding these matters. I have said it before, these pen pushing, desk sucking, jotter blotters do not get out much, they live, breathe and survive on historic data and do NOT take into consideration facts in the reality of the present day.\r\n\r\nYou can bet your bottom dollar that any rate increase will be 100% passed on the mortgages and credit card debt. Households that are currently feeling the effects of inflation are about to get a kick in the nuts as living costs are about to move higher. Look out for defaults on loans, mortgages etc. on the increase in the coming months and for “Vlieghe” to intimate multiple interest rate hikes was reckless as it could start something more than just defaults.\r\n\r\nI know some of you will think that the mere fact that the GBP/USD exchange rate is increasing that this is deflationary, and, I agree, but it is a year away at least to feel the deflationary effect. The debt default issues are bubbling under right now beneath the surface prior to adding more pressure through interest rate increases.\r\n\r\nIn addition, do not forget trade will be effected by rate increases. The balancing act is a difficult one to maintain but I am astonished that the pen pushers have gotten their way. Given all the uncertainties on the economy and with BREXIT I would have ran with higher inflation in Q2 2018.\r\n\r\nThere are still a couple of “not sures” emanating from the BOE statement and comments that followed.\r\n<ul>\r\n 	<li>Slow rate increases like the FED?</li>\r\n 	<li>Tapering through Balance Sheet reduction of the QE program when will this commence?</li>\r\n</ul>\r\nThere is a BOE inflation report due in November, this looks like the date for the first rate hike. So, we do not have detail but the markets have basically already started to price in a 0.25% rate increase.\r\n\r\nWhilst I can see the move by the BOE and the sentiment change, I can also see the other side. This is a risky decision if they go ahead.\r\n\r\nStarting Monday I will be hunting down GBP long trades based off pullbacks through Fibonacci retracements. All GBP pairs are overbought, EUR/GBP oversold, but there will be some great trading opportunities in the near term to take advantage of.\r\n\r\nThe BOC obtained almost $0.13 cents on their move higher, if cable were to match this, it would be close to 1.4450.  Whilst I cannot see that given the money flows I can see a challenge of 1.3870 the 61.8% retracement from the pre BREXIT June 2016 highs (1.5034) to the December 2106 lows (1.1994).\r\n\r\nWhat happens now if we have a catastrophic BREXIT announcement or a leadership battle in the Tory party or another election is called in the next couple of months?\r\n\r\nInteresting times ahead.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #251 FREE NEWSLETTER\r\nSeptember 17th, 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'CARNEY COMES OUT OF THE CLOSET', '', 'publish', 'open', 'closed', '', 'carney-comes-closet', '', '', '2017-09-16 06:16:52', '2017-09-16 11:16:52', '', 0, 'https://weeklyfxdrivethru.com/?p=10033', 0, 'post', '', 0);
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(10034, 1, '2017-09-16 06:14:57', '2017-09-16 11:14:57', '<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nSo, last week may have been my 250th WEEKLY FX DRIVE THRU but from my registered subscribers list only 80 of them received the blog direct to their inbox. In fact I discovered that since returning from a short summer vacation from blogging, only the first 80 registered subscribers have been receiving the blog.\r\n\r\nThe reason…\r\n\r\nI switched website hosts from BLUEHOST (who could not maintain my https status due to their system errors) to SITEGROUND who despite a verbal run through of my requirements, have subsequently advised me that only 80 emails can be sent and plug-ins will not work inside my WORDPRESS account to send emails in batches. I thought that things were quiet, I put it down to the time of the year NOT my new hosting partners.\r\n\r\nYou will NOT be surprised to hear that I have been told the email distribution issue is all my fault… the rules are written down somewhere on the SITEGROUND website and my verbal conversation counts for feck all.\r\n\r\nAs a result, and which additionally may provide a better solution, albeit a little timelier from my perspective, I am now using my CONSTANT CONTACT account for 100% of my FREE NEWSLETTER administration and distribution.\r\n\r\nSuffice to say, this discovery and finding a solution to the problem, has been a bit of a distraction from a trading perspective.\r\n\r\nTwo weeks ago, I launched revised subscription options and subscriber PROMOTION at the same time. Part of the launch was to open up for a week the full PREMIUM SERVICE version of the blog to my FREE NEWSLETTER subscribers. On the basis that only 80 would have had the opportunity to see the complete version, I have decided to repeat the process with this week’s “DRIVE THRU’ blog.\r\n\r\nMoving on…\r\n\r\nOver the past week or so, I have been preparing for and I am now almost ready to launch a replacement video about trading with me through THE PREMIUM SERVICE. I just need to put two or three hours to one side to get it done and edited. I know this sounds totally stupid but getting the time is a killer and I consider myself brilliant at TIME MANAGEMENT.\r\n\r\nIn addition…\r\n\r\nI mentioned just before the summer break that I was working on some algorithms for trading. I am still not sure how I get these into the PREMIUM SERVICE but these are now ready for further refinement. Again, I just need a couple of hours with my partners on this and then will hopefully be a quick “GREEN FOR GO”.\r\n\r\nBack to trading …\r\n\r\nI have had one of those weeks; distraction and the nagging of hindsight!\r\n\r\nLike every trader, you try your best to leave the woulda, coulda and shoulda’s behind. Hindsight is just a wonderful thing. Nevertheless, I think it was Bernard Baruch who said, “Nobody ever lost money taking a profit”; so with those words fresh in my mind, I will shut up.\r\n\r\nThe pips are starting to accumulate as I head towards my annual net 10,000 pips target. My house move, a month’s vacation to Australia and New Zealand plus my summer break are all in the rear-view mirror now. If you are considering joining the PREMIUM SERVICE no better time than the present.\r\n<ul>\r\n 	<li>I am on my charge to reaching 10,000 pips before the year end. There are risks attached but I beat my 10,000 pips target in 2014, 2015 and 2016, no reason why I can’t do it again to make 4 years in a row (Check it all out on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the tab HISTORY &amp; PERFORMANCE).</li>\r\n 	<li>I have a great new subscriber promotion to the PREMIUM SERVICE offer available (Full details in Section 4 of this blog and on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the FX PROMOTIONS tab).</li>\r\n 	<li>My buddies at VANTAGE FX are ready for you if you don\'t have a great broker or you want to add a separate broker for PREMIUM SERVICE trades (Just click the link to VANTAGE FX on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> ).</li>\r\n</ul>\r\nFinally, in this section and I should initially mention it here…\r\n\r\nYou will see from the title of this week’s blog; I have had as far as many of you are probably concerned “A Hallelujah Moment”. I will go into my reasons for my 360-degree turnabout in “THE SOAPBOX” later in the blog in section 5.\r\n\r\nFor those regular followers; I think I had a “nose-bleed” moment when I decided I was going long the cable. It still does not feel quite right having been bearish for 15 months.\r\n\r\nOn the Thursday evening after the BOE Super Thursday, I wrote to PREMIUM SERVICE subscribers telling them that I was now going to change sides and because we are entering the weekend and the fact that North Korea had just launched another missile test, I would look for long GBP trades over the weekend’s charts and start posting trades early this week.\r\n\r\nWTF, as quoted by one of my long-time subscribers “Yer man Gertjan Vlieghe a BOE MPC member somehow read your tweet and decided this was enough to send the cable higher without you”. Very funny. Cable soared through 1.3600 over 220 pips range on the day without the US session. I was asleep through the plough higher from the 1.3400 break out level.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n\r\n<u>GBP: UK AVERAGE EARNINGS INDEX &amp; “SUPER THURSDAY”. </u>\r\n\r\nI will be going through these headlines later in Section 5 - “THE SOAPBOX” section of the blog.\r\n\r\n&nbsp;\r\n\r\n<u>USD: INFLATION DATA.</u>\r\n\r\nPPi – dreadful and the USD rallied.\r\n\r\nCore CPI and CPi - Core CPi came in line with expectations and regular CPi was a beat. The USD rallied, sold off, rallied, sold off, rallied and basically it chopped its way throughout Thursday. It was probably not helped by a possible North Korean missile launch news wire.\r\n\r\nCore Retail Sales and Retail Sales – Poor data. Retail Sales was -0.2% against a positive 0.1% and Core Retail Sales 0.2% against 0.5% expectations.\r\n\r\nZero inflation is evident in the Us markets. Demand through Retail Sales has taken a nosedive. It all looks a difficult time for Janet Yellen this week. What has the FED policy done vis-à-vis getting the US economy back on track?\r\n\r\nHere’s a thought…\r\n\r\nAt the FED Press Conference this week. Announce that the poor recent data was due to the weather and that it’s simply transitory as the underlying data supports the current FED policy!\r\n\r\nMy thoughts are US data is much the same as always. If we see good data all I read is FED TO RAISE RATES IN DECEMBER or if we see poor data FED NOT GOING TO RAISE. This is all I see now. I think I have grown so accustomed to this bollocks I do not really read it anymore and I skim the document.\r\n\r\nI think that as traders, we should just react to whatever Janet Yellen says. Everything else is just noise from people who know about as much about what is on the minds of the FOMC as Ozzy my boy Labrador about the FED’S intentions.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-17092017.png\"><img class=\"aligncenter size-large wp-image-10007\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-17092017-1024x761.png\" alt=\"\" width=\"1024\" height=\"761\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017.png\"><img class=\"aligncenter size-large wp-image-10008\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThe FOMC is the standout this week. However, there are couple of other bits and pieces that have caught my eye.\r\n\r\nHere are my picks of the upcoming week.\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong>  Janet Yellen is back on the stage again. Everything about this Press Conference and Rate Statement is only going to be about two subjects: -\r\n\r\nFirstly, when is the FED going to raise rates again. Before the end of 2017 or spill it over into 2018?\r\n\r\nSecondly, will she provide updates about the FED reducing the size of its balance sheet. By how much and when will they start.\r\n\r\nFrankly, I do not think that the rest matters. She will drone on giving us waffle for a good 15-20 minutes, but at the end of the day, in my opinion its only about the above two points. You will see and hear media account executives asking the same questions 50 different ways to let their managers know that they turned up and weren’t “bunking off”, but at the end of the day it could be all over in a “Wham Bam Thank You Mam” 10 minutes maximum and everyone could be down to the pub after 20 minutes writing their pieces.\r\n\r\nThe drama unfolds at 2PM EST and the Press Conference at 2:30PM EST on Wednesday.\r\n\r\n<strong><u>GBP</u>: </strong>On the back off the HAWKISH BOE last week we have Retail Sales this Tuesday. I can see it now on twitter. BOE to definitely hike in November as Retail Sales beat, or, BOE rate hike this year in question as UK Retails sales miss.\r\n\r\nFor Carney to do a complete u turn is not unheard of.\r\n\r\nIf ever you go to lunch with him, beware if you only have one hour for allocated, as he is so indecisive about his choices, you may end up eating nothing or eating alone. Allegedly, Carney cannot make up his mind what to eat and when he does he keeps changing his mind.\r\n\r\nIt is so bad that in local restaurants, close to the Threadneedle Street area of London that are known to accommodate BOE employees they have alternative Mark Carney menus. They include a clause “Mr. Carney, once you have decided upon your choice of food from our menu you cannot change your mind. Regretfully forward guidance is believed and 100% adopted by our chefs. The direction you have chosen is final”\r\n\r\nDo not be surprised if Carney has you brain in a fecking twist up to the end of this year. He is the master of changing one’s mind. If it were an Olympic sport he would win the GOLD MEDAL.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD</u></strong>: I am a buyer of CAD$ and I am adding to positions, taking profits here and there as the markets chop back and forth. This week we have CPI and Core Retail Sales, this inflation data will be key for the BOC vis-a-vis another interest rate hike before the end of 2017.\r\n\r\nThe economic data from Canada recently has been really good just the odd bit of mixed data, like the Employment numbers when the mix between Full and Part Time jobs was skewed.\r\n\r\nIf this week’s data does NOT rule out another BOC rate hike, I will be adding more positions to my CORE CAD position.\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD</u></strong>:  It is the New Zealand 2017 General Election this Friday. I am generally bearish the Kiwi; however, I believe it would be sound to wind back trades ahead of the result. I have already started this with PREMIUM SERVICE trades and I will continue this process through the week.\r\n\r\nI would imagine the start of trading next weekend will be the time for volatility on a grand scale if we are going to see big moves.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\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\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +406 net pips\r\nYEAR TO DATE:      +7,062 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>4.2: CURRENT SUBSCRIPTION PROMOTION:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION.png\"><img class=\"aligncenter size-large wp-image-9908\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION-788x1024.png\" alt=\"\" width=\"788\" height=\"1024\" /></a><u>\r\n</u><u>\r\n4.3: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u><strong> </strong>\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 30 DAY SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$150.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n\r\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)<strong> </strong>\r\n\r\n<u>4.4.1: TRADING REVIEW, INSIGHTS and SUMMARY:</u>\r\n\r\nWhat a week last week was.\r\n\r\nI was distracted on several occasions with having to be away to take care of my Jeep’s service but more importantly issues with my new webhost regarding bulk email delivery. The only effective workaround is not to use my WordPress connection through my website but to use my database via constant contact.\r\n\r\nFrom a trading perspective, I have changed views with the cable. I have gone into some detail in “THE SOAPBOX”.\r\n\r\nI tweeted last week after the BOE Super Thursday that I would look for GBP trades into this week, as we were into Friday trading session but especially with the missile launches out of North Korea it made sense to wait. I did not, and frankly no-one could have predicted the comments from Gertjan Vlieghe BOE MPC member. He basically sent his own missile under the GBP. His comments are in a different tone from Carney and we should not get too carried away but that detail would not stop the market reaction. It has been an absolute stellar move across the board.\r\n\r\nI added a good total of net +406 pips in the past seven days which is great but it was a difficult choppy week. Ranges are tightening again (GBP pairs excepted). This is what happens when we are about to have a market SHIFT.\r\n\r\nMarket correlations are just not sitting properly. One day they are trusted the next morning when I check charts the previous alignment has drifted apart. The geopolitical tensions have a great deal to do with this as this directly affects safe havens such as GOLD, plus the JPY and CHF currencies. I must mention though after the missile launch last Thursday, my reaction was complete caution, the market was to shrug it off within a couple of hours. Something is going to give with this and it will be ugly when it happens.\r\n\r\nThe geopolitical events when added to the changes taking place with Central Bank policy throughout the world is also fueling the uncertainties, correlation issues and non-alignments across markets. Central bank uncertainties on future policy timing (FED and ECB), the dovish approach in general changing into a hawkish policy approach (BOC and BOE) and uncertainties in delay by trying to maintain a neutral policy stance over a more hawkish stance (RBA and RBNZ).\r\n\r\nAdd all these factors together and its quite a mixing bowl of ingredients. I am just not convinced on everything FX at the moment, I am fearing the worse. I know that I am slow and steady at this but so much complacency to me is just mental.\r\n\r\nBack to trading…\r\n\r\nLooking forward with trades, I will continue to press forward building a CORE CAD POSITION. Obviously short term NZD/CAD due to election will be restricted, CAD/CHF and CAD/JPY I will watch more closely than before vis-a-via flight to safety. In addition, given the situation with cable I think that GBP/CAD could be tougher unless we see a USD/CAD fall into the 1.1800’s.\r\n\r\nThe CORE NZD position will have to take back seat until the election is over. Friday last week my AUD/NZD took a beating, but as you know for the last 2 years I have been basically long this pair, it is have given some great returns and I will stick with it. My total position size a sizeable broker account is only 40% of a full-sized position. I could ride this pair substantially lower beyond its monthly ATR on STOP LOSS levels, if required, and still not exceed my risk parameters.\r\n\r\nI need to see the election outcome and reaction before committing more trades. My plan this week it to exit NZD related trades ahead of the vote.\r\n\r\nWith regards to the single currency, I am looking to build a CORE LONG POSITION with the EUR. As you know I have started with EUR/USD, to which I will add more set ups and I need to look at the cross rates this week and add. I have a EUR/CAD short that I entered on a SELL STOP below previous good support. It has given me a nasty rebound spike higher. I extended the STOP to stick with this pair as will follow USD/CAD moves. Annoyingly at the moment the USD/CAD is consolidation before resuming its move lower with the trend. Bounces have been minimal so far.\r\n\r\nI have made many references to cable. I will be posting several pullback entries from the get go this week.\r\n\r\nThere will be quite a bit of LIMIT ORDER activity in the early part of the week.\r\n\r\nWe have the FOMC this week as you are aware, it is the draw of the news events. As you have seen, I have adjusted my entry tactics more of late to using momentum as a means of trade entry by using BUY STOPS and SELL STOP orders. These are NOT my preferred means of entering trades but they are working more times than not. I will continue with these for the time being, they should be of use around the FOMC.\r\n\r\nWhilst I am very positive on my trading to obtain results at the moment I do have market concerns as you know and I have raised them again in the blog. I will try tot to get SPOOKED but we ready for mass exits of trades should the ARMAGEDDON situation arise.\r\n\r\n&nbsp;\r\n\r\n4.4.2: MARKET SENTIMENT:\r\n\r\n&nbsp;\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-17092017.png\"><img class=\"aligncenter size-large wp-image-10009\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-17092017-688x1024.png\" alt=\"\" width=\"688\" height=\"1024\" /></a></u><u></u>\r\n\r\n&nbsp;\r\n\r\n<u>4.4.3: USD: MY SUPPORT &amp; RESISTANCE LEVELS with TRADING CHARTS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017.png\"><img class=\"aligncenter size-large wp-image-10008\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\nPlease note that now that these charts are PREMIUM SERVICE subscriber only, I am now able to have them focused to existing trades and limit orders as well as future intentions.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10019\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-17092017.png\"><img class=\"aligncenter size-large wp-image-10020\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10018\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10021\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10022\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10023\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10024\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.4.4: EXISTING &amp; POTENTIAL CORE TRADES:\r\n\r\nBasically, I am bearish the CAD and NZD and the two currencies are dominating my thoughts, trades and limit orders at the moment.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\nCurrently, I am live the following: -\r\n\r\nCAD/CHF – long\r\n\r\nUSD/CAD and EUR/CAD – short\r\n\r\nPlus: - I have SELL STOP limit orders and standard limit orders in position for the USD/CAD.\r\n\r\nI am adding on pullbacks and getting prepared. I see the BOC raising once more this year as they take aim at the housing bubble and personal lending increase’s.\r\n\r\nI am still targeting much lower levels sub 1.2000 with the USD/CAD. This level if broken should drag all CAD pairs stronger.\r\n\r\nA Couple of weeks ago, ScotiaBank released its latest batch of currency targets and thoughts vis-à-vis the markets. It has another rate hike in the mix for Q4 2017 and two more in 2018. If they were all 0.25% rate increases, that would make a grand total rate of 1.75% by the end of 2018.\r\n\r\nIt is a brave call, but I can see it as well given the fundamentals.\r\n\r\nMY PLAN: Is to add more USD/CAD trades this coming week and to continue to build a CORE SHORT POSITION that enables me to add to and take pips and $$$ from trades as the CAD strengthens.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 4 x live long AUD/NZD trades and a NZD/CHF short trade.\r\n\r\nPlus: - One more long AUD/NZD limit order trade, a NZD/JPY short limit order and a EUR/NZD long limit order trades waiting in the wings.\r\n\r\nMY PLAN: I am going to reduce NZD exposure this week given the fact that the New Zealand General Election takes place on Friday. I will then look at the market sentiment next week to review my future plan.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE EUR</u></strong>:\r\n\r\nEUR/USD: I have placed multiple LIMIT ORDERS based initially on my thoughts that we would see a larger pullback with the single currency from its break above 1.2000. this materialized only as far as 1.1840.\r\n\r\nMY PLAN: I am going to look at adding more LIMIT ORDER set ups over the coming days. I still believe that the EUR/USD is going back towards 1.3000. The rhetoric out of the ECB has been calming, but it is questionable that the market is believing anything that comes out of Frankfurt at the moment.\r\n\r\nI will also look at some EUR crosses once again.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE GBP:</u></strong>\r\n\r\nNothing is in position yet. I believe that there will be some excellent pullback opportunities to enter GBP related trades across the board and I will be looking for these opportunities this week. The only pairs that I am uncertain about are GBP/CAD and GBP/CHF. However, all other crosses should have great potential.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>\r\nCARNEY COMES OUT OF THE CLOSET\r\n</strong><strong>(BOE NOW HAWKISH)</strong></p>\r\nOn BOE “Super Thursday” last week interest rates remained on hold but the HAWKISH tone of the Monetary Policy Statement sent the cable on a tear.  Later in the day Mark Carney (BOE Governor) was on the wires fueling the statement content further by openly stating that the next move higher in cable would be upwards and sooner than expected.\r\n\r\nHaving moved about 150 pips on the statement release, Carney’s added comments only placed about another 40 pips on top. It was the comments the following morning (Friday) by BOE MPC member Gertjan Vlieghe, who came out and stated that the increase would be soon and more than a one and done which Carney had intimated the prior day. These comments sent the GBP/USD above 1.3600.\r\n\r\nFrom 1.3150 to 1.3600 (450 pips) in basically 24 hours was what you call a substantial shift in sentiment and a stellar move.\r\n\r\nThe comments from Carney, that he has finally let go of the dovish sentiment and admitted a hike was required after months of denial has brought him out of the closet and the dove has now turned hawk.\r\n\r\nBy coincidence upon receipt of the comments from the BOE, but with no closet involved, I have also changed my GBP bias. I am no longer bearish cable in the short / medium term. I am bullish primarily because with cable above the 1.3450 - 1.3500 levels we are now in a bullish trend. The market is now focused on BOE interest rates rather than the political gaffs surrounding BREXIT.\r\n\r\nNow look…\r\n\r\nI still have massive BREXIT reservations and concerns. Theresa May’s government’s handling of the BREXIT negotiations appears poor and not planned. The Tories have a paper-thin majority in the House of Commons.\r\n\r\nHowever, even with this backdrop it looks like that even without a single BREXIT agreement reached and mass confusion reigning over the negotiations, UK households are going to have more cash pressures placed upon them.\r\n\r\nPersonally, I think that this rate increase should it happen is a recipe for disaster. Never trust accountants in deciding these matters. I have said it before, these pen pushing, desk sucking, jotter blotters do not get out much, they live, breathe and survive on historic data and do NOT take into consideration facts in the reality of the present day.\r\n\r\nYou can bet your bottom dollar that any rate increase will be 100% passed on the mortgages and credit card debt. Households that are currently feeling the effects of inflation are about to get a kick in the nuts as living costs are about to move higher. Look out for defaults on loans, mortgages etc. on the increase in the coming months and for “Vlieghe” to intimate multiple interest rate hikes was reckless as it could start something more than just defaults.\r\n\r\nI know some of you will think that the mere fact that the GBP/USD exchange rate is increasing that this is deflationary, and, I agree, but it is a year away at least to feel the deflationary effect. The debt default issues are bubbling under right now beneath the surface prior to adding more pressure through interest rate increases.\r\n\r\nIn addition, do not forget trade will be effected by rate increases. The balancing act is a difficult one to maintain but I am astonished that the pen pushers have gotten their way. Given all the uncertainties on the economy and with BREXIT I would have ran with higher inflation in Q2 2018.\r\n\r\nThere are still a couple of “not sures” emanating from the BOE statement and comments that followed.\r\n<ul>\r\n 	<li>Slow rate increases like the FED?</li>\r\n 	<li>Tapering through Balance Sheet reduction of the QE program when will this commence?</li>\r\n</ul>\r\nThere is a BOE inflation report due in November, this looks like the date for the first rate hike. So, we do not have detail but the markets have basically already started to price in a 0.25% rate increase.\r\n\r\nWhilst I can see the move by the BOE and the sentiment change, I can also see the other side. This is a risky decision if they go ahead.\r\n\r\nStarting Monday I will be hunting down GBP long trades based off pullbacks through Fibonacci retracements. All GBP pairs are overbought, EUR/GBP oversold, but there will be some great trading opportunities in the near term to take advantage of.\r\n\r\nThe BOC obtained almost $0.13 cents on their move higher, if cable were to match this, it would be close to 1.4450.  Whilst I cannot see that given the money flows I can see a challenge of 1.3870 the 61.8% retracement from the pre Brexit June 2016 highs (1.5034) to the December 2106 lows (1.1994).\r\n\r\nWhat happens now if we have a catastrophic BREXIT announcement or a leadership battle in the Tory party or another election is called in the next couple of months?\r\n\r\nInteresting times ahead.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #251 FREE NEWSLETTER\r\nSeptember 17th, 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'CARNEY COMES OUT OF THE CLOSET', '', 'inherit', 'closed', 'closed', '', '10033-revision-v1', '', '', '2017-09-16 06:14:57', '2017-09-16 11:14:57', '', 10033, 'https://weeklyfxdrivethru.com/10033-revision-v1/', 0, 'revision', '', 0);
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(10035, 1, '2017-09-16 06:16:24', '2017-09-16 11:16:24', '<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nSo, last week may have been my 250th WEEKLY FX DRIVE THRU but from my registered subscribers list only 80 of them received the blog direct to their inbox. In fact I discovered that since returning from a short summer vacation from blogging, only the first 80 registered subscribers have been receiving the blog.\r\n\r\nThe reason…\r\n\r\nI switched website hosts from BLUEHOST (who could not maintain my https status due to their system errors) to SITEGROUND who despite a verbal run through of my requirements, have subsequently advised me that only 80 emails can be sent and plug-ins will not work inside my WORDPRESS account to send emails in batches. I thought that things were quiet, I put it down to the time of the year NOT my new hosting partners.\r\n\r\nYou will NOT be surprised to hear that I have been told the email distribution issue is all my fault… the rules are written down somewhere on the SITEGROUND website and my verbal conversation counts for feck all.\r\n\r\nAs a result, and which additionally may provide a better solution, albeit a little timelier from my perspective, I am now using my CONSTANT CONTACT account for 100% of my FREE NEWSLETTER administration and distribution.\r\n\r\nSuffice to say, this discovery and finding a solution to the problem, has been a bit of a distraction from a trading perspective.\r\n\r\nTwo weeks ago, I launched revised subscription options and subscriber PROMOTION at the same time. Part of the launch was to open up for a week the full PREMIUM SERVICE version of the blog to my FREE NEWSLETTER subscribers. On the basis that only 80 would have had the opportunity to see the complete version, I have decided to repeat the process with this week’s “DRIVE THRU’ blog.\r\n\r\nMoving on…\r\n\r\nOver the past week or so, I have been preparing for and I am now almost ready to launch a replacement video about trading with me through THE PREMIUM SERVICE. I just need to put two or three hours to one side to get it done and edited. I know this sounds totally stupid but getting the time is a killer and I consider myself brilliant at TIME MANAGEMENT.\r\n\r\nIn addition…\r\n\r\nI mentioned just before the summer break that I was working on some algorithms for trading. I am still not sure how I get these into the PREMIUM SERVICE but these are now ready for further refinement. Again, I just need a couple of hours with my partners on this and then will hopefully be a quick “GREEN FOR GO”.\r\n\r\nBack to trading …\r\n\r\nI have had one of those weeks; distraction and the nagging of hindsight!\r\n\r\nLike every trader, you try your best to leave the woulda, coulda and shoulda’s behind. Hindsight is just a wonderful thing. Nevertheless, I think it was Bernard Baruch who said, “Nobody ever lost money taking a profit”; so with those words fresh in my mind, I will shut up.\r\n\r\nThe pips are starting to accumulate as I head towards my annual net 10,000 pips target. My house move, a month’s vacation to Australia and New Zealand plus my summer break are all in the rear-view mirror now. If you are considering joining the PREMIUM SERVICE no better time than the present.\r\n<ul>\r\n 	<li>I am on my charge to reaching 10,000 pips before the year end. There are risks attached but I beat my 10,000 pips target in 2014, 2015 and 2016, no reason why I can’t do it again to make 4 years in a row (Check it all out on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the tab HISTORY &amp; PERFORMANCE).</li>\r\n 	<li>I have a great new subscriber promotion to the PREMIUM SERVICE offer available (Full details in Section 4 of this blog and on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the FX PROMOTIONS tab).</li>\r\n 	<li>My buddies at VANTAGE FX are ready for you if you don\'t have a great broker or you want to add a separate broker for PREMIUM SERVICE trades (Just click the link to VANTAGE FX on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> ).</li>\r\n</ul>\r\nFinally, in this section and I should initially mention it here…\r\n\r\nYou will see from the title of this week’s blog; I have had as far as many of you are probably concerned “A Hallelujah Moment”. I will go into my reasons for my 360-degree turnabout in “THE SOAPBOX” later in the blog in section 5.\r\n\r\nFor those regular followers; I think I had a “nose-bleed” moment when I decided I was going long the cable. It still does not feel quite right having been bearish for 15 months.\r\n\r\nOn the Thursday evening after the BOE Super Thursday, I wrote to PREMIUM SERVICE subscribers telling them that I was now going to change sides and because we are entering the weekend and the fact that North Korea had just launched another missile test, I would look for long GBP trades over the weekend’s charts and start posting trades early this week.\r\n\r\nWTF, as quoted by one of my long-time subscribers “Yer man Gertjan Vlieghe a BOE MPC member somehow read your tweet and decided this was enough to send the cable higher without you”. Very funny. Cable soared through 1.3600 over 220 pips range on the day without the US session. I was asleep through the plough higher from the 1.3400 break out level.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n\r\n<u>GBP: UK AVERAGE EARNINGS INDEX &amp; “SUPER THURSDAY”. </u>\r\n\r\nI will be going through these headlines later in Section 5 - “THE SOAPBOX” section of the blog.\r\n\r\n&nbsp;\r\n\r\n<u>USD: INFLATION DATA.</u>\r\n\r\nPPi – dreadful and the USD rallied.\r\n\r\nCore CPI and CPi - Core CPi came in line with expectations and regular CPi was a beat. The USD rallied, sold off, rallied, sold off, rallied and basically it chopped its way throughout Thursday. It was probably not helped by a possible North Korean missile launch news wire.\r\n\r\nCore Retail Sales and Retail Sales – Poor data. Retail Sales was -0.2% against a positive 0.1% and Core Retail Sales 0.2% against 0.5% expectations.\r\n\r\nZero inflation is evident in the Us markets. Demand through Retail Sales has taken a nosedive. It all looks a difficult time for Janet Yellen this week. What has the FED policy done vis-à-vis getting the US economy back on track?\r\n\r\nHere’s a thought…\r\n\r\nAt the FED Press Conference this week. Announce that the poor recent data was due to the weather and that it’s simply transitory as the underlying data supports the current FED policy!\r\n\r\nMy thoughts are US data is much the same as always. If we see good data all I read is FED TO RAISE RATES IN DECEMBER or if we see poor data FED NOT GOING TO RAISE. This is all I see now. I think I have grown so accustomed to this bollocks I do not really read it anymore and I skim the document.\r\n\r\nI think that as traders, we should just react to whatever Janet Yellen says. Everything else is just noise from people who know about as much about what is on the minds of the FOMC as Ozzy my boy Labrador about the FED’S intentions.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-17092017.png\"><img class=\"aligncenter size-large wp-image-10007\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-17092017-1024x761.png\" alt=\"\" width=\"1024\" height=\"761\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017.png\"><img class=\"aligncenter size-large wp-image-10008\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThe FOMC is the standout this week. However, there are couple of other bits and pieces that have caught my eye.\r\n\r\nHere are my picks of the upcoming week.\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong>  Janet Yellen is back on the stage again. Everything about this Press Conference and Rate Statement is only going to be about two subjects: -\r\n\r\nFirstly, when is the FED going to raise rates again. Before the end of 2017 or spill it over into 2018?\r\n\r\nSecondly, will she provide updates about the FED reducing the size of its balance sheet. By how much and when will they start.\r\n\r\nFrankly, I do not think that the rest matters. She will drone on giving us waffle for a good 15-20 minutes, but at the end of the day, in my opinion its only about the above two points. You will see and hear media account executives asking the same questions 50 different ways to let their managers know that they turned up and weren’t “bunking off”, but at the end of the day it could be all over in a “Wham Bam Thank You Mam” 10 minutes maximum and everyone could be down to the pub after 20 minutes writing their pieces.\r\n\r\nThe drama unfolds at 2PM EST and the Press Conference at 2:30PM EST on Wednesday.\r\n\r\n<strong><u>GBP</u>: </strong>On the back off the HAWKISH BOE last week we have Retail Sales this Tuesday. I can see it now on twitter. BOE to definitely hike in November as Retail Sales beat, or, BOE rate hike this year in question as UK Retails sales miss.\r\n\r\nFor Carney to do a complete u turn is not unheard of.\r\n\r\nIf ever you go to lunch with him, beware if you only have one hour for allocated, as he is so indecisive about his choices, you may end up eating nothing or eating alone. Allegedly, Carney cannot make up his mind what to eat and when he does he keeps changing his mind.\r\n\r\nIt is so bad that in local restaurants, close to the Threadneedle Street area of London that are known to accommodate BOE employees they have alternative Mark Carney menus. They include a clause “Mr. Carney, once you have decided upon your choice of food from our menu you cannot change your mind. Regretfully forward guidance is believed and 100% adopted by our chefs. The direction you have chosen is final”\r\n\r\nDo not be surprised if Carney has you brain in a fecking twist up to the end of this year. He is the master of changing one’s mind. If it were an Olympic sport he would win the GOLD MEDAL.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD</u></strong>: I am a buyer of CAD$ and I am adding to positions, taking profits here and there as the markets chop back and forth. This week we have CPI and Core Retail Sales, this inflation data will be key for the BOC vis-a-vis another interest rate hike before the end of 2017.\r\n\r\nThe economic data from Canada recently has been really good just the odd bit of mixed data, like the Employment numbers when the mix between Full and Part Time jobs was skewed.\r\n\r\nIf this week’s data does NOT rule out another BOC rate hike, I will be adding more positions to my CORE CAD position.\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD</u></strong>:  It is the New Zealand 2017 General Election this Friday. I am generally bearish the Kiwi; however, I believe it would be sound to wind back trades ahead of the result. I have already started this with PREMIUM SERVICE trades and I will continue this process through the week.\r\n\r\nI would imagine the start of trading next weekend will be the time for volatility on a grand scale if we are going to see big moves.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\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\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +406 net pips\r\nYEAR TO DATE:      +7,062 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>4.2: CURRENT SUBSCRIPTION PROMOTION:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION.png\"><img class=\"aligncenter size-large wp-image-9908\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION-788x1024.png\" alt=\"\" width=\"788\" height=\"1024\" /></a><u>\r\n</u><u>\r\n4.3: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u><strong> </strong>\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 30 DAY SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$150.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n\r\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)<strong> </strong>\r\n\r\n<u>4.4.1: TRADING REVIEW, INSIGHTS and SUMMARY:</u>\r\n\r\nWhat a week last week was.\r\n\r\nI was distracted on several occasions with having to be away to take care of my Jeep’s service but more importantly issues with my new webhost regarding bulk email delivery. The only effective workaround is not to use my WordPress connection through my website but to use my database via constant contact.\r\n\r\nFrom a trading perspective, I have changed views with the cable. I have gone into some detail in “THE SOAPBOX”.\r\n\r\nI tweeted last week after the BOE Super Thursday that I would look for GBP trades into this week, as we were into Friday trading session but especially with the missile launches out of North Korea it made sense to wait. I did not, and frankly no-one could have predicted the comments from Gertjan Vlieghe BOE MPC member. He basically sent his own missile under the GBP. His comments are in a different tone from Carney and we should not get too carried away but that detail would not stop the market reaction. It has been an absolute stellar move across the board.\r\n\r\nI added a good total of net +406 pips in the past seven days which is great but it was a difficult choppy week. Ranges are tightening again (GBP pairs excepted). This is what happens when we are about to have a market SHIFT.\r\n\r\nMarket correlations are just not sitting properly. One day they are trusted the next morning when I check charts the previous alignment has drifted apart. The geopolitical tensions have a great deal to do with this as this directly affects safe havens such as GOLD, plus the JPY and CHF currencies. I must mention though after the missile launch last Thursday, my reaction was complete caution, the market was to shrug it off within a couple of hours. Something is going to give with this and it will be ugly when it happens.\r\n\r\nThe geopolitical events when added to the changes taking place with Central Bank policy throughout the world is also fueling the uncertainties, correlation issues and non-alignments across markets. Central bank uncertainties on future policy timing (FED and ECB), the dovish approach in general changing into a hawkish policy approach (BOC and BOE) and uncertainties in delay by trying to maintain a neutral policy stance over a more hawkish stance (RBA and RBNZ).\r\n\r\nAdd all these factors together and its quite a mixing bowl of ingredients. I am just not convinced on everything FX at the moment, I am fearing the worse. I know that I am slow and steady at this but so much complacency to me is just mental.\r\n\r\nBack to trading…\r\n\r\nLooking forward with trades, I will continue to press forward building a CORE CAD POSITION. Obviously short term NZD/CAD due to election will be restricted, CAD/CHF and CAD/JPY I will watch more closely than before vis-a-via flight to safety. In addition, given the situation with cable I think that GBP/CAD could be tougher unless we see a USD/CAD fall into the 1.1800’s.\r\n\r\nThe CORE NZD position will have to take back seat until the election is over. Friday last week my AUD/NZD took a beating, but as you know for the last 2 years I have been basically long this pair, it is have given some great returns and I will stick with it. My total position size a sizeable broker account is only 40% of a full-sized position. I could ride this pair substantially lower beyond its monthly ATR on STOP LOSS levels, if required, and still not exceed my risk parameters.\r\n\r\nI need to see the election outcome and reaction before committing more trades. My plan this week it to exit NZD related trades ahead of the vote.\r\n\r\nWith regards to the single currency, I am looking to build a CORE LONG POSITION with the EUR. As you know I have started with EUR/USD, to which I will add more set ups and I need to look at the cross rates this week and add. I have a EUR/CAD short that I entered on a SELL STOP below previous good support. It has given me a nasty rebound spike higher. I extended the STOP to stick with this pair as will follow USD/CAD moves. Annoyingly at the moment the USD/CAD is consolidation before resuming its move lower with the trend. Bounces have been minimal so far.\r\n\r\nI have made many references to cable. I will be posting several pullback entries from the get go this week.\r\n\r\nThere will be quite a bit of LIMIT ORDER activity in the early part of the week.\r\n\r\nWe have the FOMC this week as you are aware, it is the draw of the news events. As you have seen, I have adjusted my entry tactics more of late to using momentum as a means of trade entry by using BUY STOPS and SELL STOP orders. These are NOT my preferred means of entering trades but they are working more times than not. I will continue with these for the time being, they should be of use around the FOMC.\r\n\r\nWhilst I am very positive on my trading to obtain results at the moment I do have market concerns as you know and I have raised them again in the blog. I will try tot to get SPOOKED but we ready for mass exits of trades should the ARMAGEDDON situation arise.\r\n\r\n&nbsp;\r\n\r\n4.4.2: MARKET SENTIMENT:\r\n\r\n&nbsp;\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-17092017.png\"><img class=\"aligncenter size-large wp-image-10009\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-17092017-688x1024.png\" alt=\"\" width=\"688\" height=\"1024\" /></a></u><u></u>\r\n\r\n&nbsp;\r\n\r\n<u>4.4.3: USD: MY SUPPORT &amp; RESISTANCE LEVELS with TRADING CHARTS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017.png\"><img class=\"aligncenter size-large wp-image-10008\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\nPlease note that now that these charts are PREMIUM SERVICE subscriber only, I am now able to have them focused to existing trades and limit orders as well as future intentions.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10019\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-17092017.png\"><img class=\"aligncenter size-large wp-image-10020\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10018\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10021\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10022\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10023\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10024\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\n4.4.4: EXISTING &amp; POTENTIAL CORE TRADES:\r\n\r\nBasically, I am bearish the CAD and NZD and the two currencies are dominating my thoughts, trades and limit orders at the moment.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\nCurrently, I am live the following: -\r\n\r\nCAD/CHF – long\r\n\r\nUSD/CAD and EUR/CAD – short\r\n\r\nPlus: - I have SELL STOP limit orders and standard limit orders in position for the USD/CAD.\r\n\r\nI am adding on pullbacks and getting prepared. I see the BOC raising once more this year as they take aim at the housing bubble and personal lending increase’s.\r\n\r\nI am still targeting much lower levels sub 1.2000 with the USD/CAD. This level if broken should drag all CAD pairs stronger.\r\n\r\nA Couple of weeks ago, ScotiaBank released its latest batch of currency targets and thoughts vis-à-vis the markets. It has another rate hike in the mix for Q4 2017 and two more in 2018. If they were all 0.25% rate increases, that would make a grand total rate of 1.75% by the end of 2018.\r\n\r\nIt is a brave call, but I can see it as well given the fundamentals.\r\n\r\nMY PLAN: Is to add more USD/CAD trades this coming week and to continue to build a CORE SHORT POSITION that enables me to add to and take pips and $$$ from trades as the CAD strengthens.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 4 x live long AUD/NZD trades and a NZD/CHF short trade.\r\n\r\nPlus: - One more long AUD/NZD limit order trade, a NZD/JPY short limit order and a EUR/NZD long limit order trades waiting in the wings.\r\n\r\nMY PLAN: I am going to reduce NZD exposure this week given the fact that the New Zealand General Election takes place on Friday. I will then look at the market sentiment next week to review my future plan.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE EUR</u></strong>:\r\n\r\nEUR/USD: I have placed multiple LIMIT ORDERS based initially on my thoughts that we would see a larger pullback with the single currency from its break above 1.2000. this materialized only as far as 1.1840.\r\n\r\nMY PLAN: I am going to look at adding more LIMIT ORDER set ups over the coming days. I still believe that the EUR/USD is going back towards 1.3000. The rhetoric out of the ECB has been calming, but it is questionable that the market is believing anything that comes out of Frankfurt at the moment.\r\n\r\nI will also look at some EUR crosses once again.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE GBP:</u></strong>\r\n\r\nNothing is in position yet. I believe that there will be some excellent pullback opportunities to enter GBP related trades across the board and I will be looking for these opportunities this week. The only pairs that I am uncertain about are GBP/CAD and GBP/CHF. However, all other crosses should have great potential.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>\r\nCARNEY COMES OUT OF THE CLOSET\r\n</strong><strong>(BOE NOW HAWKISH)</strong></p>\r\nOn BOE “Super Thursday” last week interest rates remained on hold but the HAWKISH tone of the Monetary Policy Statement sent the cable on a tear.  Later in the day Mark Carney (BOE Governor) was on the wires fueling the statement content further by openly stating that the next move higher in cable would be upwards and sooner than expected.\r\n\r\nHaving moved about 150 pips on the statement release, Carney’s added comments only placed about another 40 pips on top. It was the comments the following morning (Friday) by BOE MPC member Gertjan Vlieghe, who came out and stated that the increase would be soon and more than a one and done which Carney had intimated the prior day. These comments sent the GBP/USD above 1.3600.\r\n\r\nFrom 1.3150 to 1.3600 (450 pips) in basically 24 hours was what you call a substantial shift in sentiment and a stellar move.\r\n\r\nThe comments from Carney, that he has finally let go of the dovish sentiment and admitted a hike was required after months of denial has brought him out of the closet and the dove has now turned hawk.\r\n\r\nBy coincidence upon receipt of the comments from the BOE, but with no closet involved, I have also changed my GBP bias. I am no longer bearish cable in the short / medium term. I am bullish primarily because with cable above the 1.3450 - 1.3500 levels we are now in a bullish trend. The market is now focused on BOE interest rates rather than the political gaffs surrounding BREXIT.\r\n\r\nNow look…\r\n\r\nI still have massive BREXIT reservations and concerns. Theresa May’s government’s handling of the BREXIT negotiations appears poor and not planned. The Tories have a paper-thin majority in the House of Commons.\r\n\r\nHowever, even with this backdrop it looks like that even without a single BREXIT agreement reached and mass confusion reigning over the negotiations, UK households are going to have more cash pressures placed upon them.\r\n\r\nPersonally, I think that this rate increase should it happen is a recipe for disaster. Never trust accountants in deciding these matters. I have said it before, these pen pushing, desk sucking, jotter blotters do not get out much, they live, breathe and survive on historic data and do NOT take into consideration facts in the reality of the present day.\r\n\r\nYou can bet your bottom dollar that any rate increase will be 100% passed on the mortgages and credit card debt. Households that are currently feeling the effects of inflation are about to get a kick in the nuts as living costs are about to move higher. Look out for defaults on loans, mortgages etc. on the increase in the coming months and for “Vlieghe” to intimate multiple interest rate hikes was reckless as it could start something more than just defaults.\r\n\r\nI know some of you will think that the mere fact that the GBP/USD exchange rate is increasing that this is deflationary, and, I agree, but it is a year away at least to feel the deflationary effect. The debt default issues are bubbling under right now beneath the surface prior to adding more pressure through interest rate increases.\r\n\r\nIn addition, do not forget trade will be effected by rate increases. The balancing act is a difficult one to maintain but I am astonished that the pen pushers have gotten their way. Given all the uncertainties on the economy and with BREXIT I would have ran with higher inflation in Q2 2018.\r\n\r\nThere are still a couple of “not sures” emanating from the BOE statement and comments that followed.\r\n<ul>\r\n 	<li>Slow rate increases like the FED?</li>\r\n 	<li>Tapering through Balance Sheet reduction of the QE program when will this commence?</li>\r\n</ul>\r\nThere is a BOE inflation report due in November, this looks like the date for the first rate hike. So, we do not have detail but the markets have basically already started to price in a 0.25% rate increase.\r\n\r\nWhilst I can see the move by the BOE and the sentiment change, I can also see the other side. This is a risky decision if they go ahead.\r\n\r\nStarting Monday I will be hunting down GBP long trades based off pullbacks through Fibonacci retracements. All GBP pairs are overbought, EUR/GBP oversold, but there will be some great trading opportunities in the near term to take advantage of.\r\n\r\nThe BOC obtained almost $0.13 cents on their move higher, if cable were to match this, it would be close to 1.4450.  Whilst I cannot see that given the money flows I can see a challenge of 1.3870 the 61.8% retracement from the pre BREXIT June 2016 highs (1.5034) to the December 2106 lows (1.1994).\r\n\r\nWhat happens now if we have a catastrophic BREXIT announcement or a leadership battle in the Tory party or another election is called in the next couple of months?\r\n\r\nInteresting times ahead.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #251 FREE NEWSLETTER\r\nSeptember 17th, 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'CARNEY COMES OUT OF THE CLOSET', '', 'inherit', 'closed', 'closed', '', '10033-revision-v1', '', '', '2017-09-16 06:16:24', '2017-09-16 11:16:24', '', 10033, 'https://weeklyfxdrivethru.com/10033-revision-v1/', 0, 'revision', '', 0),
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(10056, 1, '2017-09-23 06:17:18', '2017-09-23 11:17:18', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nYou may notice as you digest the blog this week that some long awaited, from my perspective format changes have now been introduced.\r\n\r\nBasically, my FREE NEWSLETTER subscribers have sections 1-3 and now a larger PREMIUM SERVICE subscribers only section 4 completes the blog. This new streamlined approach fits better with my schedule and allows me to be more concise.\r\n\r\nOutstanding items…\r\n\r\nI still need to complete my PREMIUM SERVICE video. Not an excuse but last Thursday I had three hours put to one side for it, but when I first glanced at my screens at 4:30AM it was a sea of RED. No amount of coffee or other stimulant was going to put me in the best of moods for completing a “Mr. Happy” video. It was a 100% warm blue sky day and still warm, my wife and I went out for Lobster instead!!\r\n\r\nMy apologies, I will get this sorted in the coming week with the link placed in this segment of the blog (I think).\r\n\r\nMy EA’s (Expert Advisors - Algorithms) that I mentioned last week are STILL outstanding. I had hoped to have progressed these further by now. I feel like I am back in school with this stuff, codes and such like. My partners are being very patient and totally supportive throughout this process.\r\n\r\nThe big issue is going to be how do I bring these EA’s into the PREMIUM SERVICE. I have still got to work that conundrum out!!\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong><u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u></li>\r\n</ol>\r\nIn no special order, here is what floated my boat last week.\r\n\r\n<u>GBP: RETAIL SALES, BORIS &amp; THERESA MAYS’S SPEECH IN FLORENCE. </u>\r\n\r\nRetail sales were a blowout number. I had read a document from the CBI the day before that had indicated strength in sales so I was ready for it.\r\n\r\nBoris Johnson is flexing, or rumoured to be. The GBP strengthened about 40-50 pips on the news that he may be resigning.\r\n\r\nI digress but I had to laugh, I was on webinar when several Americans chirped up and commented about how poor old Boris was a clown. I only have this to say about clowns …1600 Pennsylvania Avenue, Washington DC.\r\n\r\nMoving on…\r\n\r\nI remember the Sunday that Boris announced that he was supporting the BREXIT move, he was then the Mayor of London. That was the start of the cable sell off.  Regretfully, I was long GBP/NZD. I remember being on twitter with a couple of traders I respect, discussing the effects of Boris on the cable.\r\n\r\nHis potential resignation is NOT causing 10% of the shenanigans his BREXIT support move did in the currency market.\r\n\r\nThe best for last…\r\n\r\nTheresa May delivered a politician’s speech in Florence as far as I was concerned. Her previous keynote speech which she did earlier at Lancaster House in London laid out her governments position and basically, I thought she repeated most of that content again. She just stated her position, as is what politicians do. Cable sold off, bounced after the speech and then sold off once again.\r\n\r\nThe EU negotiating team probably loved it, high on rhetoric low on content specifics, full of waffle and bullshit. Just what Brussels would order every day of the week. In fact, Michel Barnier (Head EU negotiator from Brussels) said soon after Theresa May had finished that he found the speech “To be in a constructive spirit”. Need I say anymore.\r\n\r\nMay’s position as leader of the Tories and Prime Minister is tenuous to put it mildly; any sane person not a “Dotard” would look at the job of guiding the UK through BREXIT as a poisoned chalice. Therefore, for now I think no one will challenge her.\r\n\r\nHowever, politicians are a strange breed and there are plenty of clowns wanting to be on the worlds stage. You cannot predict with certainty what might happen.\r\n\r\n&nbsp;\r\n\r\n<u>USD: FOMC RARE DECISION STATEMENT &amp; PRESS CONFERENCE.</u>\r\n\r\nWTF... unbelievable … I am probably on my own here with these thoughts so it could be Scott v the World.\r\n\r\nFor the past God only knows how long, the FED has been data dependent. It has been almost to the point of can’t pee unless the data supports it.\r\n\r\nLast Wednesday…\r\n\r\nBollocks to the fecking data. What are they smoking? What are they drinking? Because I want some of that.\r\n\r\nThe FED believes that two record breaking hurricanes (natural disasters) inside a month hitting two of the biggest economically contributing states in the union both with very, very large areas either under water, or with mass construction damage or both are not going to be producing anything for some time.  Yellen said spending is expanding at a moderate rate, investment is increasing and labour data is strengthened. I don’t get it. All the data I have seen lately doesn’t say that and doesn’t support that view.\r\n\r\nThen the cherry on the cake…inflation. What fecking inflation? Oh, yes…transitory. Transitory my arse. The U.S. economy is not in as great shape as we all thought it was going to be.\r\n\r\nJanet Yellen “the uber dove” must be on medication as the statement and press conference commentaries were so damn positive.\r\n\r\nThe FED takes us for a pile of numpties. Ben Bernanke before her and Yellen herself tell us what’s suits them at the time. It’s NOT forward guidance, or anything resembling that. That went months ago. This is about covering one’s arse, nothing more and nothing less.\r\n\r\nAll one had to do was look at the markets after the knee jerk reaction to strengthen the USD. The following sessions after the Press Conference the DXY consolidated and then in the following US session it sold off again.\r\n\r\nEquities reaction in the US to the FED balance sheet tightening from next month and an interest rate hike before the end of 2017 plus 3 more in 2018 was what? To do absolutely nothing.\r\n\r\nI was gob smacked by the FX market on Thursday. It did not know what to do. It was clueless, directionless for hours and basically the day was best summed up as being a ‘nonsense, nothing made sense at all”.\r\n\r\n&nbsp;\r\n\r\n<u>2.2: LOOKING AHEAD TO THIS COMING WEEK:</u><u></u>\r\n\r\n2.2.1: THIS WEEK’S ECONOMIC DATA RELEASES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-240917.png\"><img class=\"aligncenter size-large wp-image-10038\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-240917-1024x701.png\" alt=\"\" width=\"1024\" height=\"701\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917.png\"><img class=\"aligncenter size-large wp-image-10039\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nNot a lot this week to choose from. Here are my picks of the upcoming week.\r\n\r\n<strong><u>USD:</u></strong>  CONSUMER CONFIDENCE:\r\n\r\nThe Consumer Confidence numbers always interest me because albeit a backward-looking number it lets you know what is going on in the head of the consumer. Not that the data really matters anymore, it would appear that the FED is raising regardless and economic data is no longer considered.\r\n\r\n<strong><u>GBP</u>:  </strong>CURRENT ACCOUNT<strong>:</strong>\r\n\r\nWith the major banks now ramping up their processes to leave the City of London the importance of trending this data takes on a greater value. It is inevitable that this number will get worse as BREXIT approaches and the BOE will look at this data and perhaps have an “Oh crap” moment questioning their decision to raise rates. Money flows are monitored and measured closely by the BOE.\r\n\r\nThis could be a surprising market mover.\r\n\r\n<strong><u>CAD</u></strong>: GDP:\r\n\r\nAfter mixed inflation data, last week this will be used no doubt as a barometer as to whether the BOC will raise again, or not raise again, before the end of 2017.\r\n\r\nEconomic data from Canada has been strong and the market is geared up for a hike. A strong number could see an overreaction. Not that we are ever used to seeing the Forex Market overreact!!\r\n\r\n<strong><u>NZD</u></strong>:  RBNZ RATE STATEMENT &amp; CASH RATE:\r\n\r\nHot on the heels of election. I would expect more of the same from the last meeting. Nothing new at all.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +873 net pips\r\nYEAR TO DATE:      +7,529 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1.1: TRADING REVIEW:</u>\r\n\r\nDespite stormy weather last week I added +467 pips to the annual target. The monthly total now stands at +873 pips and for the year at 7,529 pips.\r\n\r\nThis was achieved without trading the FOMC with fresh trades or Theresa May’s Florence speech last Friday. Staying away from these volatile events certainly pays off, because if you jump in too soon without conviction in the market you are screwed. Having said that I was “OUT” for the FOMC meeting for about 40 minutes!\r\n\r\nI should say, when I finally got back after the FOMC my charts and brokers were just a sea of RED everywhere. I thought shit. I am positioned the wrong way 100% even the trades that should have been OK were NOT. In a rather bizarre, twisted process I found some degree of comfort knowing that all was not aligned. The next day even with a couple of losing trades counted in I still processed +290 pips. My thoughts on non-alignment and being patient with the markets paid off.\r\n\r\nWe end the week on #rocketman and #dotard.\r\n\r\nI covered trades at the end of the week to reduce RISK and I removed a couple of USD related limit orders. These trades will be placed back this week if the NK tensions die down. God only knows what will happen here moving forward.\r\n\r\nDespite adding pips, it is difficult. I am reacting to news rather than technical levels. It is what it is and I know it can be difficult keeping up with me if you are not in the same time zone. However, from my perspective this is the Forex marketplace we trade in and I am up, amending trades making comments on twitter in all time zones and trading sessions.\r\n\r\nI will continue to aim at cross-rate pairs moving forward. Whilst these attract a greater risk they are not dominated directly by the USD and I think in the short to medium terms they make sense to focus on. Of course, should geopolitical tensions rise the liquidity in these pairs that is questionable at the best of times can really dry up, so please be patient. The technicals must line up with the fundamentals for me via my TRADE PLAN.\r\n\r\nNo ARMAGEDDON TRADES yet, but I will continue to add limit orders to CORE TRADES and POSITIONS next week once again, especially some detailed analysis with the EUR and GBP pairs.<u></u>\r\n\r\n<u>4.1.2: SENTIMENT,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\nThe USD sentiment is mixed. This always happens when geopolitical risks are increased. We should also bear in mind that big news, largely unexpected from the FED has also had its effect of the markets. I strongly suspect many traders, even the large institutional traders were caught off guard by Janet Yellen’s comments. I would not be surprised if many of them used Thursday’s reversal to flatten trades and have a re-think over this weekend.\r\n\r\nAs a retail trader building positions, unless I close off and bank losses I do not have the same luxury as bankers not playing with their own $$$. I must believe in my FUNDAMENTAL thoughts and views and plough on.\r\n\r\nI would not rule out a USD (DXY) bounce higher just to take out USD longs from the market and re-calibrate matters. The market is extremely efficient at times at cleaning up the balance. I am NOT expecting a run higher than the 93.00 level in the DXY then I expect a return in the trend lower again towards c.87.50.\r\n\r\nThis is the foundation of my trading thoughts, short-term plans moving forward. I do not expect the USD spike higher to last longer than a week or so, that is of course should it happen. We may just roll-over.\r\n\r\nThe geopolitical news is making a lot of people twitchy. The USD is no longer the flight to safety that it used to be. GOLD, JPY &amp; CHF are the go to plays now in my opinion.\r\n\r\n<u>\r\n</u><u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/MARKET-SENTIMENT-240917.png\"><img class=\"aligncenter size-large wp-image-10040\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/MARKET-SENTIMENT-240917-778x1024.png\" alt=\"\" width=\"778\" height=\"1024\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<u>4.1.3: USD - SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917.png\"><img class=\"aligncenter size-large wp-image-10039\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.1.4: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\nPlease note that now that these charts are PREMIUM SERVICE subscriber only, I am now able to have them focused to existing trades and limit orders as well as future intentions.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10050\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-24092017.png\"><img class=\"aligncenter size-large wp-image-10051\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10049\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10052\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10053\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10054\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10055\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a></u>\r\n\r\n<u>4.1.5: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nBasically, I am bearish the CAD and NZD and the two currencies are dominating my thoughts, trades and limit orders at the moment.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\nUSD/CAD\r\n\r\nPlus: - I have SELL STOP limit orders and standard limit orders in position for the USD/CAD.\r\n\r\nI covered and closed open positions on Friday last week to reduce RISK given the North Korea geopolitical circumstances.\r\n\r\nMY PLAN: Is to add more USD/CAD trades this coming week and add back those trades that I removed at the end of last week. Plus, now that the German and New Zealand elections will be decided I can take a longer-term view on NZD/CAD and EUR/CAD once again.\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have multiple live long AUD/NZD trades.\r\n\r\nPlus: - One more long AUD/NZD limit order trade.\r\n\r\nMY PLAN: I am going to add exposure this week following the election. Looking at NZD/USD, EUR/NZD, GBP/NZD, NZD/JPY, NZD/CHF and NZD/CAD charts.\r\n\r\n&nbsp;\r\n\r\n<u>4.1.6: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT LIVE TRADES:\r\n\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-24092017.png\"><img class=\"aligncenter size-large wp-image-10082\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-24092017-890x1024.png\" alt=\"\" width=\"890\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-240917.png\"><img class=\"aligncenter size-large wp-image-10041\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-240917-800x1024.png\" alt=\"\" width=\"800\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.1.7: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nI have spoken with several brokers this past week. They are all fearful of a deteriorating North Korean situation but also a little surprising to me they were all ramping up, or considering ramping up margin requirements due to the German elections.\r\n\r\nAlthough unclear on numbers by percentage, of the four I spoke with and have known for several years retail clients are down. The account bonus offers are finally being seen for what they are, which in my humble opinion is a con. They are desperately seeking another attractive offer to lure in fresh meat!\r\n\r\nThe concept of no slippage, low rate spreads, effective people on chat and quick email turnarounds will eventually hit home and the penny will drop when they realise they can create market differentiation and grow their client base even in a declining market without having to look to acquisition to achieve it.\r\n\r\nSo basically, I learned nothing. No ground-breaking earth shattering developments… yet!\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> CLOSING THOUGHTS &amp; IDEAS:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you should do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nShould you want to go a stage further and subscribe to the PREMIUM SERVICE. This can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription that those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nFrom time to time I offer subscription promotions. These can be viewed under the tab FX PROMOTIONS at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nNOTE: There is a promotion in place right now!\r\n\r\nI show below an interesting excel spreadsheet based around my PREMIUM SERVICE monthly subscription option of CAD$150.00 per month. I hope that you find this interesting.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917.png\"><img class=\"aligncenter size-large wp-image-10037\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917-912x1024.png\" alt=\"\" width=\"912\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n5.3: THE FINISHING LINE:\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #148 PREMIUM SERVICE\r\n24th September 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'WAS YELLEN’S HAWKISH MOMENT TRANSITORY?', '', 'publish', 'open', 'closed', '', 'yellens-hawkish-moment-transitory', '', '', '2017-09-28 03:51:50', '2017-09-28 08:51:50', '', 0, 'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=10056', 0, 'member_posts', '', 0),
(10057, 1, '2017-09-23 06:17:18', '2017-09-23 11:17:18', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nYou may notice as you digest the blog this week that some long awaited, from my perspective format changes have now been introduced.\r\n\r\nBasically, my FREE NEWSLETTER subscribers have sections 1-3 and now a larger PREMIUM SERVICE subscribers only section 4 completes the blog. This new streamlined approach fits better with my schedule and allows me to be more concise.\r\n\r\nOutstanding items…\r\n\r\nI still need to complete my PREMIUM SERVICE video. Not an excuse but last Thursday I had three hours put to one side for it, but when I first glanced at my screens at 4:30AM it was a sea of RED. No amount of coffee or other stimulant was going to put me in the best of moods for completing a “Mr. Happy” video. It was a 100% warm blue sky day and still warm, my wife and I went out for Lobster instead!!\r\n\r\nMy apologies, I will get this sorted in the coming week with the link placed in this segment of the blog (I think).\r\n\r\nMy EA’s (Expert Advisors - Algorithms) that I mentioned last week are STILL outstanding. I had hoped to have progressed these further by now. I feel like I am back in school with this stuff, codes and such like. My partners are being very patient and totally supportive throughout this process.\r\n\r\nThe big issue is going to be how do I bring these EA’s into the PREMIUM SERVICE. I have still got to work that conundrum out!!\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n</strong><u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u></li>\r\n</ol>\r\nIn no special order, here is what floated my boat last week.\r\n\r\n<u>GBP: RETAIL SALES, BORIS &amp; THERESA MAYS’S SPEECH IN FLORENCE. </u>\r\n\r\nRetail sales were a blowout number. I had read a document from the CBI the day before that had indicated strength in sales so I was ready for it.\r\n\r\nBoris Johnson is flexing, or rumoured to be. The GBP strengthened about 40-50 pips on the news that he may be resigning.\r\n\r\nI digress but I had to laugh, I was on webinar when several Americans chirped up and commented about how poor old Boris was a clown. I only have this to say about clowns …1600 Pennsylvania Avenue, Washington DC.\r\n\r\nMoving on…\r\n\r\nI remember the Sunday that Boris announced that he was supporting the BREXIT move, he was then the Mayor of London. That was the start of the cable sell off.  Regretfully, I was long GBP/NZD. I remember being on twitter with a couple of traders I respect, discussing the effects of Boris on the cable.\r\n\r\nHis potential resignation is NOT causing 10% of the shenanigans his BREXIT support move did in the currency market.\r\n\r\nThe best for last…\r\n\r\nTheresa May delivered a politician’s speech in Florence as far as I was concerned. Her previous keynote speech which she did earlier at Lancaster House in London laid out her governments position and basically, I thought she repeated most of that content again. She just stated her position, as is what politicians do. Cable sold off, bounced after the speech and then sold off once again.\r\n\r\nThe EU negotiating team probably loved it, high on rhetoric low on content specifics, full of waffle and bullshit. Just what Brussels would order every day of the week. In fact, Michel Barnier (Head EU negotiator from Brussels) said soon after Theresa May had finished that he found the speech “To be in a constructive spirit”. Need I say anymore.\r\n\r\nMay’s position as leader of the Tories and Prime Minister is tenuous to put it mildly; any sane person not a “Dotard” would look at the job of guiding the UK through BREXIT as a poisoned chalice. Therefore, for now I think no one will challenge her.\r\n\r\nHowever, politicians are a strange breed and there are plenty of clowns wanting to be on the worlds stage. You cannot predict with certainty what might happen.\r\n\r\n&nbsp;\r\n\r\n<u>USD: FOMC RARE DECISION STATEMENT &amp; PRESS CONFERENCE.</u>\r\n\r\nWTF... unbelievable … I am probably on my own here with these thoughts so it could be Scott v the World.\r\n\r\nFor the past God only knows how long, the FED has been data dependent. It has been almost to the point of can’t pee unless the data supports it.\r\n\r\nLast Wednesday…\r\n\r\nBollocks to the fecking data. What are they smoking? What are they drinking? Because I want some of that.\r\n\r\nThe FED believes that two record breaking hurricanes (natural disasters) inside a month hitting two of the biggest economically contributing states in the union both with very, very large areas either under water, or with mass construction damage or both are not going to be producing anything for some time.  Yellen said spending is expanding at a moderate rate, investment is increasing and labour data is strengthened. I don’t get it. All the data I have seen lately doesn’t say that and doesn’t support that view.\r\n\r\nThen the cherry on the cake…inflation. What fecking inflation? Oh, yes…transitory. Transitory my arse. The U.S. economy is not in as great shape as we all thought it was going to be.\r\n\r\nJanet Yellen “the uber dove” must be on medication as the statement and press conference commentaries were so damn positive.\r\n\r\nThe FED takes us for a pile of numpties. Ben Bernanke before her and Yellen herself tell us what’s suits them at the time. It’s NOT forward guidance, or anything resembling that. That went months ago. This is about covering one’s arse, nothing more and nothing less.\r\n\r\nAll one had to do was look at the markets after the knee jerk reaction to strengthen the USD. The following sessions after the Press Conference the DXY consolidated and then in the following US session it sold off again.\r\n\r\nEquities reaction in the US to the FED balance sheet tightening from next month and an interest rate hike before the end of 2017 plus 3 more in 2018 was what? To do absolutely nothing.\r\n\r\nI was gob smacked by the FX market on Thursday. It did not know what to do. It was clueless, directionless for hours and basically the day was best summed up as being a ‘nonsense, nothing made sense at all”.\r\n\r\n&nbsp;\r\n\r\n<u>2.2: LOOKING AHEAD TO THIS COMING WEEK:</u><u>\r\n\r\n2.2.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-240917.png\"><img class=\"aligncenter size-large wp-image-10038\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-240917-1024x701.png\" alt=\"\" width=\"1024\" height=\"701\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917.png\"><img class=\"aligncenter size-large wp-image-10039\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>Not a lot this week to choose from. Here are my picks of the upcoming week.\r\n\r\n<strong><u>USD:</u></strong>  CONSUMER CONFIDENCE:\r\n\r\nThe Consumer Confidence numbers always interest me because albeit a backward-looking number it lets you know what is going on in the head of the consumer. Not that the data really matters anymore, it would appear that the FED is raising regardless and economic data is no longer considered.\r\n\r\n<strong><u>GBP</u>:  </strong>CURRENT ACCOUNT<strong>:</strong>\r\n\r\nWith the major banks now ramping up their processes to leave the City of London the importance of trending this data takes on a greater value. It is inevitable that this number will get worse as BREXIT approaches and the BOE will look at this data and perhaps have an “Oh crap” moment questioning their decision to raise rates. Money flows are monitored and measured closely by the BOE.\r\n\r\nThis could be a surprising market mover.\r\n\r\n<strong><u>CAD</u></strong>: GDP:\r\n\r\nAfter mixed inflation data, last week this will be used no doubt as a barometer as to whether the BOC will raise again, or not raise again, before the end of 2017.\r\n\r\nEconomic data from Canada has been strong and the market is geared up for a hike. A strong number could see an overreaction. Not that we are ever used to seeing the Forex Market overreact!!\r\n\r\n<strong><u>NZD</u></strong>:  RBNZ RATE STATEMENT &amp; CASH RATE:\r\n\r\nHot on the heels of election. I would expect more of the same from the last meeting. Nothing new at all.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +873 net pips\r\nYEAR TO DATE:      +7,529 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1.1: TRADING REVIEW:</u>\r\n\r\nDespite stormy weather last week I added +467 pips to the annual target. The monthly total now stands at +873 pips and for the year at 7,529 pips.\r\n\r\nThis was achieved without trading the FOMC with fresh trades or Theresa May’s Florence speech last Friday. Staying away from these volatile events certainly pays off, because if you jump in too soon without conviction in the market you are screwed. Having said that I was “OUT” for the FOMC meeting for about 40 minutes!\r\n\r\nI should say, when I finally got back after the FOMC my charts and brokers were just a sea of RED everywhere. I thought shit. I am positioned the wrong way 100% even the trades that should have been OK were NOT. In a rather bizarre, twisted process I found some degree of comfort knowing that all was not aligned. The next day even with a couple of losing trades counted in I still processed +290 pips. My thoughts on non-alignment and being patient with the markets paid off.\r\n\r\nWe end the week on #rocketman and #dotard.\r\n\r\nI covered trades at the end of the week to reduce RISK and I removed a couple of USD related limit orders. These trades will be placed back this week if the NK tensions die down. God only knows what will happen here moving forward.\r\n\r\nDespite adding pips, it is difficult. I am reacting to news rather than technical levels. It is what it is and I know it can be difficult keeping up with me if you are not in the same time zone. However, from my perspective this is the Forex marketplace we trade in and I am up, amending trades making comments on twitter in all time zones and trading sessions.\r\n\r\nI will continue to aim at cross-rate pairs moving forward. Whilst these attract a greater risk they are not dominated directly by the USD and I think in the short to medium terms they make sense to focus on. Of course, should geopolitical tensions rise the liquidity in these pairs that is questionable at the best of times can really dry up, so please be patient. The technicals must line up with the fundamentals for me via my TRADE PLAN.\r\n\r\nNo ARMAGEDDON TRADES yet, but I will continue to add limit orders to CORE TRADES and POSITIONS next week once again, especially some detailed analysis with the EUR and GBP pairs.<u>\r\n\r\n</u><u>4.1.2: SENTIMENT,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\nThe USD sentiment is mixed. This always happens when geopolitical risks are increased. We should also bear in mind that big news, largely unexpected from the FED has also had its effect of the markets. I strongly suspect many traders, even the large institutional traders were caught off guard by Janet Yellen’s comments. I would not be surprised if many of them used Thursday’s reversal to flatten trades and have a re-think over this weekend.\r\n\r\nAs a retail trader building positions, unless I close off and bank losses I do not have the same luxury as bankers not playing with their own $$$. I must believe in my FUNDAMENTAL thoughts and views and plough on.\r\n\r\nI would not rule out a USD (DXY) bounce higher just to take out USD longs from the market and re-calibrate matters. The market is extremely efficient at times at cleaning up the balance. I am NOT expecting a run higher than the 93.00 level in the DXY then I expect a return in the trend lower again towards c.87.50.\r\n\r\nThis is the foundation of my trading thoughts, short-term plans moving forward. I do not expect the USD spike higher to last longer than a week or so, that is of course should it happen. We may just roll-over.\r\n\r\nThe geopolitical news is making a lot of people twitchy. The USD is no longer the flight to safety that it used to be. GOLD, JPY &amp; CHF are the go to plays now in my opinion.\r\n\r\n<u>\r\n</u><u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/MARKET-SENTIMENT-240917.png\"><img class=\"aligncenter size-large wp-image-10040\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/MARKET-SENTIMENT-240917-778x1024.png\" alt=\"\" width=\"778\" height=\"1024\" /></a>\r\n\r\n</u>\r\n\r\n<u>4.1.3: USD - SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917.png\"><img class=\"aligncenter size-large wp-image-10039\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.1.4: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\nPlease note that now that these charts are PREMIUM SERVICE subscriber only, I am now able to have them focused to existing trades and limit orders as well as future intentions.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10050\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-24092017.png\"><img class=\"aligncenter size-large wp-image-10051\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10049\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10052\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10053\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10054\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10055\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n</u><u>4.1.5: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nBasically, I am bearish the CAD and NZD and the two currencies are dominating my thoughts, trades and limit orders at the moment.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\nUSD/CAD\r\n\r\nPlus: - I have SELL STOP limit orders and standard limit orders in position for the USD/CAD.\r\n\r\nI covered and closed open positions on Friday last week to reduce RISK given the North Korea geopolitical circumstances.\r\n\r\nMY PLAN: Is to add more USD/CAD trades this coming week and add back those trades that I removed at the end of last week. Plus, now that the German and New Zealand elections will be decided I can take a longer-term view on NZD/CAD and EUR/CAD once again.\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 5 x live long AUD/NZD trades.\r\n\r\nPlus: - One more long AUD/NZD limit order trade.\r\n\r\nMY PLAN: I am going to add exposure this week following the election. Looking at NZD/USD, EUR/NZD, GBP/NZD, NZD/JPY, NZD/CHF and NZD/CAD charts.\r\n\r\n&nbsp;\r\n\r\n<u>4.1.6: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-ORDERS-240917.png\"><img class=\"aligncenter size-large wp-image-10042\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-ORDERS-240917-839x1024.png\" alt=\"\" width=\"839\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-240917.png\"><img class=\"aligncenter size-large wp-image-10041\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-240917-800x1024.png\" alt=\"\" width=\"800\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.1.7: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nI have spoken with several brokers this past week. They are all fearful of a deteriorating North Korean situation but also a little surprising to me they were all ramping up, or considering ramping up margin requirements due to the German elections.\r\n\r\nAlthough unclear on numbers by percentage, of the four I spoke with and have known for several years retail clients are down. The account bonus offers are finally being seen for what they are, which in my humble opinion is a con. They are desperately seeking another attractive offer to lure in fresh meat!\r\n\r\nThe concept of no slippage, low rate spreads, effective people on chat and quick email turnarounds will eventually hit home and the penny will drop when they realise they can create market differentiation and grow their client base even in a declining market without having to look to acquisition to achieve it.\r\n\r\nSo basically, I learned nothing. No ground-breaking earth shattering developments… yet!\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> CLOSING THOUGHTS &amp; IDEAS:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you should do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nShould you want to go a stage further and subscribe to the PREMIUM SERVICE. This can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription that those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nFrom time to time I offer subscription promotions. These can be viewed under the tab FX PROMOTIONS at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nNOTE: There is a promotion in place right now!\r\n\r\nI show below an interesting excel spreadsheet based around my PREMIUM SERVICE monthly subscription option of CAD$150.00 per month. I hope that you find this interesting.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917.png\"><img class=\"aligncenter size-large wp-image-10037\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917-912x1024.png\" alt=\"\" width=\"912\" height=\"1024\" /></a>\r\n\r\n<u>\r\n\r\n5.3: THE FINISHING LINE:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #148 PREMIUM SERVICE\r\n24th September 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'WAS YELLEN’S HAWKISH MOMENT TRANSITORY?', '', 'inherit', 'closed', 'closed', '', '10056-revision-v1', '', '', '2017-09-23 06:17:18', '2017-09-23 11:17:18', '', 10056, 'https://weeklyfxdrivethru.com/10056-revision-v1/', 0, 'revision', '', 0);
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(10067, 1, '2017-09-23 06:45:37', '2017-09-23 11:45:37', '<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nYou may notice as you digest the blog this week that some long awaited, from my perspective format changes have now been introduced.\r\n\r\nBasically, my FREE NEWSLETTER subscribers have sections 1-3 and now a larger PREMIUM SERVICE subscribers only section 4 completes the blog. This new streamlined approach fits better with my schedule and allows me to be more concise.\r\n\r\nOutstanding items…\r\n\r\nI still need to complete my PREMIUM SERVICE video. Not an excuse but last Thursday I had three hours put to one side for it, but when I first glanced at my screens at 4:30AM it was a sea of RED. No amount of coffee or other stimulant was going to put me in the best of moods for completing a “Mr. Happy” video. It was a 100% warm blue sky day and still warm, my wife and I went out for Lobster instead!!\r\n\r\nMy apologies, I will get this sorted in the coming week with the link placed in this segment of the blog (I think).\r\n\r\nMy EA’s (Expert Advisors - Algorithms) that I mentioned last week are STILL outstanding. I had hoped to have progressed these further by now. I feel like I am back in school with this stuff, codes and such like. My partners are being very patient and totally supportive throughout this process.\r\n\r\nThe big issue is going to be how do I bring these EA’s into the PREMIUM SERVICE. I have still got to work that conundrum out!!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n</strong><u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u></li>\r\n</ol>\r\nIn no special order, here is what floated my boat last week.\r\n\r\n<u>GBP: RETAIL SALES, BORIS &amp; THERESA MAYS’S SPEECH IN FLORENCE. </u>\r\n\r\nRetail sales were a blowout number. I had read a document from the CBI the day before that had indicated strength in sales so I was ready for it.\r\n\r\nBoris Johnson is flexing, or rumoured to be. The GBP strengthened about 40-50 pips on the news that he may be resigning.\r\n\r\nI digress but I had to laugh, I was on webinar when several Americans chirped up and commented about how poor old Boris was a clown. I only have this to say about clowns …1600 Pennsylvania Avenue, Washington DC.\r\n\r\nMoving on…\r\n\r\nI remember the Sunday that Boris announced that he was supporting the BREXIT move, he was then the Mayor of London. That was the start of the cable sell off.  Regretfully, I was long GBP/NZD. I remember being on twitter with a couple of traders I respect, discussing the effects of Boris on the cable.\r\n\r\nHis potential resignation is NOT causing 10% of the shenanigans his BREXIT support move did in the currency market.\r\n\r\nThe best for last…\r\n\r\nTheresa May delivered a politician’s speech in Florence as far as I was concerned. Her previous keynote speech which she did earlier at Lancaster House in London laid out her governments position and basically, I thought she repeated most of that content again. She just stated her position, as is what politicians do. Cable sold off, bounced after the speech and then sold off once again.\r\n\r\nThe EU negotiating team probably loved it, high on rhetoric low on content specifics, full of waffle and bullshit. Just what Brussels would order every day of the week. In fact, Michel Barnier (Head EU negotiator from Brussels) said soon after Theresa May had finished that he found the speech “To be in a constructive spirit”. Need I say anymore.\r\n\r\nMay’s position as leader of the Tories and Prime Minister is tenuous to put it mildly; any sane person not a “Dotard” would look at the job of guiding the UK through BREXIT as a poisoned chalice. Therefore, for now I think no one will challenge her.\r\n\r\nHowever, politicians are a strange breed and there are plenty of clowns wanting to be on the worlds stage. You cannot predict with certainty what might happen.\r\n\r\n&nbsp;\r\n\r\n<u>USD: FOMC RARE DECISION STATEMENT &amp; PRESS CONFERENCE.</u>\r\n\r\nWTF... unbelievable … I am probably on my own here with these thoughts so it could be Scott v the World.\r\n\r\nFor the past God only knows how long, the FED has been data dependent. It has been almost to the point of can’t pee unless the data supports it.\r\n\r\nLast Wednesday…\r\n\r\nBollocks to the fecking data. What are they smoking? What are they drinking? Because I want some of that.\r\n\r\nThe FED believes that two record breaking hurricanes (natural disasters) inside a month hitting two of the biggest economically contributing states in the union both with very, very large areas either under water, or with mass construction damage or both are not going to be producing anything for some time.  Yellen said spending is expanding at a moderate rate, investment is increasing and labour data is strengthened. I don’t get it. All the data I have seen lately doesn’t say that and doesn’t support that view.\r\n\r\nThen the cherry on the cake…inflation. What fecking inflation? Oh, yes…transitory. Transitory my arse. The U.S. economy is not in as great shape as we all thought it was going to be.\r\n\r\nJanet Yellen “the uber dove” must be on medication as the statement and press conference commentaries were so damn positive.\r\n\r\nThe FED takes us for a pile of numpties. Ben Bernanke before her and Yellen herself tell us what’s suits them at the time. It’s NOT forward guidance, or anything resembling that. That went months ago. This is about covering one’s arse, nothing more and nothing less.\r\n\r\nAll one had to do was look at the markets after the knee jerk reaction to strengthen the USD. The following sessions after the Press Conference the DXY consolidated and then in the following US session it sold off again.\r\n\r\nEquities reaction in the US to the FED balance sheet tightening from next month and an interest rate hike before the end of 2017 plus 3 more in 2018 was what? To do absolutely nothing.\r\n\r\nI was gob smacked by the FX market on Thursday. It did not know what to do. It was clueless, directionless for hours and basically the day was best summed up as being a ‘nonsense, nothing made sense at all”.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2: LOOKING AHEAD TO THIS COMING WEEK:</u>\r\n\r\n<u>\r\n2.2.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-240917.png\"><img class=\"aligncenter size-large wp-image-10038\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-240917-1024x701.png\" alt=\"\" width=\"1024\" height=\"701\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917.png\"><img class=\"aligncenter size-large wp-image-10039\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>Not a lot this week to choose from. Here are my picks of the upcoming week.\r\n\r\n<strong><u>USD:</u></strong>  CONSUMER CONFIDENCE:\r\n\r\nThe Consumer Confidence numbers always interest me because albeit a backward-looking number it lets you know what is going on in the head of the consumer. Not that the data really matters anymore, it would appear that the FED is raising regardless and economic data is no longer considered.\r\n\r\n<strong><u>GBP</u>:  </strong>CURRENT ACCOUNT<strong>:</strong>\r\n\r\nWith the major banks now ramping up their processes to leave the City of London the importance of trending this data takes on a greater value. It is inevitable that this number will get worse as BREXIT approaches and the BOE will look at this data and perhaps have an “Oh crap” moment questioning their decision to raise rates. Money flows are monitored and measured closely by the BOE.\r\n\r\nThis could be a surprising market mover.\r\n\r\n<strong><u>CAD</u></strong>: GDP:\r\n\r\nAfter mixed inflation data, last week this will be used no doubt as a barometer as to whether the BOC will raise again, or not raise again, before the end of 2017.\r\n\r\nEconomic data from Canada has been strong and the market is geared up for a hike. A strong number could see an overreaction. Not that we are ever used to seeing the Forex Market overreact!!\r\n\r\n<strong><u>NZD</u></strong>:  RBNZ RATE STATEMENT &amp; CASH RATE:\r\n\r\nHot on the heels of election. I would expect more of the same from the last meeting. Nothing new at all.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +873 net pips\r\nYEAR TO DATE:      +7,529 net pips\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1.1: TRADING REVIEW:</u><u>\r\n</u><u>\r\n4.1.2: SENTIMENT,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4.1.3: USD - SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n<u>4.1.4: USD – TRADING CHARTS and COMMENTARIES:\r\n</u><u>\r\n</u><u>4.1.5: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\n<u>4.1.6: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.1.7: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> CLOSING THOUGHTS &amp; IDEAS:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you should do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nShould you want to go a stage further and subscribe to the PREMIUM SERVICE. This can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription that those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nFrom time to time I offer subscription promotions. These can be viewed under the tab FX PROMOTIONS at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nNOTE: There is a promotion in place right now!\r\n\r\nI show below an interesting excel spreadsheet based around my PREMIUM SERVICE monthly subscription option of CAD$150.00 per month. I hope that you find this interesting.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917.png\"><img class=\"aligncenter size-large wp-image-10037\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917-912x1024.png\" alt=\"\" width=\"912\" height=\"1024\" /></a>\r\n\r\n<u>5.3: THE FINISHING LINE:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #252 FREE NEWSLETTER\r\n24th September 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'WAS YELLEN’S HAWKISH MOMENT TRANSITORY?', '', 'publish', 'open', 'closed', '', 'yellens-hawkish-moment-transitory', '', '', '2017-09-23 06:45:37', '2017-09-23 11:45:37', '', 0, 'https://weeklyfxdrivethru.com/?p=10067', 0, 'post', '', 0),
(10068, 1, '2017-09-23 06:45:37', '2017-09-23 11:45:37', '<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nYou may notice as you digest the blog this week that some long awaited, from my perspective format changes have now been introduced.\r\n\r\nBasically, my FREE NEWSLETTER subscribers have sections 1-3 and now a larger PREMIUM SERVICE subscribers only section 4 completes the blog. This new streamlined approach fits better with my schedule and allows me to be more concise.\r\n\r\nOutstanding items…\r\n\r\nI still need to complete my PREMIUM SERVICE video. Not an excuse but last Thursday I had three hours put to one side for it, but when I first glanced at my screens at 4:30AM it was a sea of RED. No amount of coffee or other stimulant was going to put me in the best of moods for completing a “Mr. Happy” video. It was a 100% warm blue sky day and still warm, my wife and I went out for Lobster instead!!\r\n\r\nMy apologies, I will get this sorted in the coming week with the link placed in this segment of the blog (I think).\r\n\r\nMy EA’s (Expert Advisors - Algorithms) that I mentioned last week are STILL outstanding. I had hoped to have progressed these further by now. I feel like I am back in school with this stuff, codes and such like. My partners are being very patient and totally supportive throughout this process.\r\n\r\nThe big issue is going to be how do I bring these EA’s into the PREMIUM SERVICE. I have still got to work that conundrum out!!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n</strong><u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u></li>\r\n</ol>\r\nIn no special order, here is what floated my boat last week.\r\n\r\n<u>GBP: RETAIL SALES, BORIS &amp; THERESA MAYS’S SPEECH IN FLORENCE. </u>\r\n\r\nRetail sales were a blowout number. I had read a document from the CBI the day before that had indicated strength in sales so I was ready for it.\r\n\r\nBoris Johnson is flexing, or rumoured to be. The GBP strengthened about 40-50 pips on the news that he may be resigning.\r\n\r\nI digress but I had to laugh, I was on webinar when several Americans chirped up and commented about how poor old Boris was a clown. I only have this to say about clowns …1600 Pennsylvania Avenue, Washington DC.\r\n\r\nMoving on…\r\n\r\nI remember the Sunday that Boris announced that he was supporting the BREXIT move, he was then the Mayor of London. That was the start of the cable sell off.  Regretfully, I was long GBP/NZD. I remember being on twitter with a couple of traders I respect, discussing the effects of Boris on the cable.\r\n\r\nHis potential resignation is NOT causing 10% of the shenanigans his BREXIT support move did in the currency market.\r\n\r\nThe best for last…\r\n\r\nTheresa May delivered a politician’s speech in Florence as far as I was concerned. Her previous keynote speech which she did earlier at Lancaster House in London laid out her governments position and basically, I thought she repeated most of that content again. She just stated her position, as is what politicians do. Cable sold off, bounced after the speech and then sold off once again.\r\n\r\nThe EU negotiating team probably loved it, high on rhetoric low on content specifics, full of waffle and bullshit. Just what Brussels would order every day of the week. In fact, Michel Barnier (Head EU negotiator from Brussels) said soon after Theresa May had finished that he found the speech “To be in a constructive spirit”. Need I say anymore.\r\n\r\nMay’s position as leader of the Tories and Prime Minister is tenuous to put it mildly; any sane person not a “Dotard” would look at the job of guiding the UK through BREXIT as a poisoned chalice. Therefore, for now I think no one will challenge her.\r\n\r\nHowever, politicians are a strange breed and there are plenty of clowns wanting to be on the worlds stage. You cannot predict with certainty what might happen.\r\n\r\n&nbsp;\r\n\r\n<u>USD: FOMC RARE DECISION STATEMENT &amp; PRESS CONFERENCE.</u>\r\n\r\nWTF... unbelievable … I am probably on my own here with these thoughts so it could be Scott v the World.\r\n\r\nFor the past God only knows how long, the FED has been data dependent. It has been almost to the point of can’t pee unless the data supports it.\r\n\r\nLast Wednesday…\r\n\r\nBollocks to the fecking data. What are they smoking? What are they drinking? Because I want some of that.\r\n\r\nThe FED believes that two record breaking hurricanes (natural disasters) inside a month hitting two of the biggest economically contributing states in the union both with very, very large areas either under water, or with mass construction damage or both are not going to be producing anything for some time.  Yellen said spending is expanding at a moderate rate, investment is increasing and labour data is strengthened. I don’t get it. All the data I have seen lately doesn’t say that and doesn’t support that view.\r\n\r\nThen the cherry on the cake…inflation. What fecking inflation? Oh, yes…transitory. Transitory my arse. The U.S. economy is not in as great shape as we all thought it was going to be.\r\n\r\nJanet Yellen “the uber dove” must be on medication as the statement and press conference commentaries were so damn positive.\r\n\r\nThe FED takes us for a pile of numpties. Ben Bernanke before her and Yellen herself tell us what’s suits them at the time. It’s NOT forward guidance, or anything resembling that. That went months ago. This is about covering one’s arse, nothing more and nothing less.\r\n\r\nAll one had to do was look at the markets after the knee jerk reaction to strengthen the USD. The following sessions after the Press Conference the DXY consolidated and then in the following US session it sold off again.\r\n\r\nEquities reaction in the US to the FED balance sheet tightening from next month and an interest rate hike before the end of 2017 plus 3 more in 2018 was what? To do absolutely nothing.\r\n\r\nI was gob smacked by the FX market on Thursday. It did not know what to do. It was clueless, directionless for hours and basically the day was best summed up as being a ‘nonsense, nothing made sense at all”.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2: LOOKING AHEAD TO THIS COMING WEEK:</u>\r\n\r\n<u>\r\n2.2.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-240917.png\"><img class=\"aligncenter size-large wp-image-10038\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-240917-1024x701.png\" alt=\"\" width=\"1024\" height=\"701\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917.png\"><img class=\"aligncenter size-large wp-image-10039\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>Not a lot this week to choose from. Here are my picks of the upcoming week.\r\n\r\n<strong><u>USD:</u></strong>  CONSUMER CONFIDENCE:\r\n\r\nThe Consumer Confidence numbers always interest me because albeit a backward-looking number it lets you know what is going on in the head of the consumer. Not that the data really matters anymore, it would appear that the FED is raising regardless and economic data is no longer considered.\r\n\r\n<strong><u>GBP</u>:  </strong>CURRENT ACCOUNT<strong>:</strong>\r\n\r\nWith the major banks now ramping up their processes to leave the City of London the importance of trending this data takes on a greater value. It is inevitable that this number will get worse as BREXIT approaches and the BOE will look at this data and perhaps have an “Oh crap” moment questioning their decision to raise rates. Money flows are monitored and measured closely by the BOE.\r\n\r\nThis could be a surprising market mover.\r\n\r\n<strong><u>CAD</u></strong>: GDP:\r\n\r\nAfter mixed inflation data, last week this will be used no doubt as a barometer as to whether the BOC will raise again, or not raise again, before the end of 2017.\r\n\r\nEconomic data from Canada has been strong and the market is geared up for a hike. A strong number could see an overreaction. Not that we are ever used to seeing the Forex Market overreact!!\r\n\r\n<strong><u>NZD</u></strong>:  RBNZ RATE STATEMENT &amp; CASH RATE:\r\n\r\nHot on the heels of election. I would expect more of the same from the last meeting. Nothing new at all.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +873 net pips\r\nYEAR TO DATE:      +7,529 net pips\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1.1: TRADING REVIEW:</u><u>\r\n</u><u>\r\n4.1.2: SENTIMENT,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4.1.3: USD - SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n<u>4.1.4: USD – TRADING CHARTS and COMMENTARIES:\r\n</u><u>\r\n</u><u>4.1.5: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\n<u>4.1.6: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.1.7: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> CLOSING THOUGHTS &amp; IDEAS:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you should do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nShould you want to go a stage further and subscribe to the PREMIUM SERVICE. This can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription that those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nFrom time to time I offer subscription promotions. These can be viewed under the tab FX PROMOTIONS at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nNOTE: There is a promotion in place right now!\r\n\r\nI show below an interesting excel spreadsheet based around my PREMIUM SERVICE monthly subscription option of CAD$150.00 per month. I hope that you find this interesting.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917.png\"><img class=\"aligncenter size-large wp-image-10037\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917-912x1024.png\" alt=\"\" width=\"912\" height=\"1024\" /></a>\r\n\r\n<u>5.3: THE FINISHING LINE:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #252 FREE NEWSLETTER\r\n24th September 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'WAS YELLEN’S HAWKISH MOMENT TRANSITORY?', '', 'inherit', 'closed', 'closed', '', '10067-revision-v1', '', '', '2017-09-23 06:45:37', '2017-09-23 11:45:37', '', 10067, 'https://weeklyfxdrivethru.com/10067-revision-v1/', 0, 'revision', '', 0),
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(10078, 1, '2017-09-27 21:48:29', '2017-09-28 02:48:29', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nYou may notice as you digest the blog this week that some long awaited, from my perspective format changes have now been introduced.\r\n\r\nBasically, my FREE NEWSLETTER subscribers have sections 1-3 and now a larger PREMIUM SERVICE subscribers only section 4 completes the blog. This new streamlined approach fits better with my schedule and allows me to be more concise.\r\n\r\nOutstanding items…\r\n\r\nI still need to complete my PREMIUM SERVICE video. Not an excuse but last Thursday I had three hours put to one side for it, but when I first glanced at my screens at 4:30AM it was a sea of RED. No amount of coffee or other stimulant was going to put me in the best of moods for completing a “Mr. Happy” video. It was a 100% warm blue sky day and still warm, my wife and I went out for Lobster instead!!\r\n\r\nMy apologies, I will get this sorted in the coming week with the link placed in this segment of the blog (I think).\r\n\r\nMy EA’s (Expert Advisors - Algorithms) that I mentioned last week are STILL outstanding. I had hoped to have progressed these further by now. I feel like I am back in school with this stuff, codes and such like. My partners are being very patient and totally supportive throughout this process.\r\n\r\nThe big issue is going to be how do I bring these EA’s into the PREMIUM SERVICE. I have still got to work that conundrum out!!\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong></strong><strong> THE FX MARKET PLACE:</strong>&nbsp;\r\n\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u></li>\r\n</ol>\r\nIn no special order, here is what floated my boat last week.\r\n\r\n<u>GBP: RETAIL SALES, BORIS &amp; THERESA MAYS’S SPEECH IN FLORENCE. </u>\r\n\r\nRetail sales were a blowout number. I had read a document from the CBI the day before that had indicated strength in sales so I was ready for it.\r\n\r\nBoris Johnson is flexing, or rumoured to be. The GBP strengthened about 40-50 pips on the news that he may be resigning.\r\n\r\nI digress but I had to laugh, I was on webinar when several Americans chirped up and commented about how poor old Boris was a clown. I only have this to say about clowns …1600 Pennsylvania Avenue, Washington DC.\r\n\r\nMoving on…\r\n\r\nI remember the Sunday that Boris announced that he was supporting the BREXIT move, he was then the Mayor of London. That was the start of the cable sell off.  Regretfully, I was long GBP/NZD. I remember being on twitter with a couple of traders I respect, discussing the effects of Boris on the cable.\r\n\r\nHis potential resignation is NOT causing 10% of the shenanigans his BREXIT support move did in the currency market.\r\n\r\nThe best for last…\r\n\r\nTheresa May delivered a politician’s speech in Florence as far as I was concerned. Her previous keynote speech which she did earlier at Lancaster House in London laid out her governments position and basically, I thought she repeated most of that content again. She just stated her position, as is what politicians do. Cable sold off, bounced after the speech and then sold off once again.\r\n\r\nThe EU negotiating team probably loved it, high on rhetoric low on content specifics, full of waffle and bullshit. Just what Brussels would order every day of the week. In fact, Michel Barnier (Head EU negotiator from Brussels) said soon after Theresa May had finished that he found the speech “To be in a constructive spirit”. Need I say anymore.\r\n\r\nMay’s position as leader of the Tories and Prime Minister is tenuous to put it mildly; any sane person not a “Dotard” would look at the job of guiding the UK through BREXIT as a poisoned chalice. Therefore, for now I think no one will challenge her.\r\n\r\nHowever, politicians are a strange breed and there are plenty of clowns wanting to be on the worlds stage. You cannot predict with certainty what might happen.\r\n\r\n&nbsp;\r\n\r\n<u>USD: FOMC RARE DECISION STATEMENT &amp; PRESS CONFERENCE.</u>\r\n\r\nWTF... unbelievable … I am probably on my own here with these thoughts so it could be Scott v the World.\r\n\r\nFor the past God only knows how long, the FED has been data dependent. It has been almost to the point of can’t pee unless the data supports it.\r\n\r\nLast Wednesday…\r\n\r\nBollocks to the fecking data. What are they smoking? What are they drinking? Because I want some of that.\r\n\r\nThe FED believes that two record breaking hurricanes (natural disasters) inside a month hitting two of the biggest economically contributing states in the union both with very, very large areas either under water, or with mass construction damage or both are not going to be producing anything for some time.  Yellen said spending is expanding at a moderate rate, investment is increasing and labour data is strengthened. I don’t get it. All the data I have seen lately doesn’t say that and doesn’t support that view.\r\n\r\nThen the cherry on the cake…inflation. What fecking inflation? Oh, yes…transitory. Transitory my arse. The U.S. economy is not in as great shape as we all thought it was going to be.\r\n\r\nJanet Yellen “the uber dove” must be on medication as the statement and press conference commentaries were so damn positive.\r\n\r\nThe FED takes us for a pile of numpties. Ben Bernanke before her and Yellen herself tell us what’s suits them at the time. It’s NOT forward guidance, or anything resembling that. That went months ago. This is about covering one’s arse, nothing more and nothing less.\r\n\r\nAll one had to do was look at the markets after the knee jerk reaction to strengthen the USD. The following sessions after the Press Conference the DXY consolidated and then in the following US session it sold off again.\r\n\r\nEquities reaction in the US to the FED balance sheet tightening from next month and an interest rate hike before the end of 2017 plus 3 more in 2018 was what? To do absolutely nothing.\r\n\r\nI was gob smacked by the FX market on Thursday. It did not know what to do. It was clueless, directionless for hours and basically the day was best summed up as being a ‘nonsense, nothing made sense at all”.\r\n\r\n&nbsp;\r\n\r\n<u>2.2: LOOKING AHEAD TO THIS COMING WEEK:</u><u></u>\r\n\r\n2.2.1: THIS WEEK’S ECONOMIC DATA RELEASES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-240917.png\"><img class=\"aligncenter size-large wp-image-10038\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-240917-1024x701.png\" alt=\"\" width=\"1024\" height=\"701\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917.png\"><img class=\"aligncenter size-large wp-image-10039\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nNot a lot this week to choose from. Here are my picks of the upcoming week.\r\n\r\n<strong><u>USD:</u></strong>  CONSUMER CONFIDENCE:\r\n\r\nThe Consumer Confidence numbers always interest me because albeit a backward-looking number it lets you know what is going on in the head of the consumer. Not that the data really matters anymore, it would appear that the FED is raising regardless and economic data is no longer considered.\r\n\r\n<strong><u>GBP</u>:  </strong>CURRENT ACCOUNT<strong>:</strong>\r\n\r\nWith the major banks now ramping up their processes to leave the City of London the importance of trending this data takes on a greater value. It is inevitable that this number will get worse as BREXIT approaches and the BOE will look at this data and perhaps have an “Oh crap” moment questioning their decision to raise rates. Money flows are monitored and measured closely by the BOE.\r\n\r\nThis could be a surprising market mover.\r\n\r\n<strong><u>CAD</u></strong>: GDP:\r\n\r\nAfter mixed inflation data, last week this will be used no doubt as a barometer as to whether the BOC will raise again, or not raise again, before the end of 2017.\r\n\r\nEconomic data from Canada has been strong and the market is geared up for a hike. A strong number could see an overreaction. Not that we are ever used to seeing the Forex Market overreact!!\r\n\r\n<strong><u>NZD</u></strong>:  RBNZ RATE STATEMENT &amp; CASH RATE:\r\n\r\nHot on the heels of election. I would expect more of the same from the last meeting. Nothing new at all.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +873 net pips\r\nYEAR TO DATE:      +7,529 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1.1: TRADING REVIEW:</u>\r\n\r\nDespite stormy weather last week I added +467 pips to the annual target. The monthly total now stands at +873 pips and for the year at 7,529 pips.\r\n\r\nThis was achieved without trading the FOMC with fresh trades or Theresa May’s Florence speech last Friday. Staying away from these volatile events certainly pays off, because if you jump in too soon without conviction in the market you are screwed. Having said that I was “OUT” for the FOMC meeting for about 40 minutes!\r\n\r\nI should say, when I finally got back after the FOMC my charts and brokers were just a sea of RED everywhere. I thought shit. I am positioned the wrong way 100% even the trades that should have been OK were NOT. In a rather bizarre, twisted process I found some degree of comfort knowing that all was not aligned. The next day even with a couple of losing trades counted in I still processed +290 pips. My thoughts on non-alignment and being patient with the markets paid off.\r\n\r\nWe end the week on #rocketman and #dotard.\r\n\r\nI covered trades at the end of the week to reduce RISK and I removed a couple of USD related limit orders. These trades will be placed back this week if the NK tensions die down. God only knows what will happen here moving forward.\r\n\r\nDespite adding pips, it is difficult. I am reacting to news rather than technical levels. It is what it is and I know it can be difficult keeping up with me if you are not in the same time zone. However, from my perspective this is the Forex marketplace we trade in and I am up, amending trades making comments on twitter in all time zones and trading sessions.\r\n\r\nI will continue to aim at cross-rate pairs moving forward. Whilst these attract a greater risk they are not dominated directly by the USD and I think in the short to medium terms they make sense to focus on. Of course, should geopolitical tensions rise the liquidity in these pairs that is questionable at the best of times can really dry up, so please be patient. The technicals must line up with the fundamentals for me via my TRADE PLAN.\r\n\r\nNo ARMAGEDDON TRADES yet, but I will continue to add limit orders to CORE TRADES and POSITIONS next week once again, especially some detailed analysis with the EUR and GBP pairs.<u></u>\r\n\r\n<u>4.1.2: SENTIMENT,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\nThe USD sentiment is mixed. This always happens when geopolitical risks are increased. We should also bear in mind that big news, largely unexpected from the FED has also had its effect of the markets. I strongly suspect many traders, even the large institutional traders were caught off guard by Janet Yellen’s comments. I would not be surprised if many of them used Thursday’s reversal to flatten trades and have a re-think over this weekend.\r\n\r\nAs a retail trader building positions, unless I close off and bank losses I do not have the same luxury as bankers not playing with their own $$$. I must believe in my FUNDAMENTAL thoughts and views and plough on.\r\n\r\nI would not rule out a USD (DXY) bounce higher just to take out USD longs from the market and re-calibrate matters. The market is extremely efficient at times at cleaning up the balance. I am NOT expecting a run higher than the 93.00 level in the DXY then I expect a return in the trend lower again towards c.87.50.\r\n\r\nThis is the foundation of my trading thoughts, short-term plans moving forward. I do not expect the USD spike higher to last longer than a week or so, that is of course should it happen. We may just roll-over.\r\n\r\nThe geopolitical news is making a lot of people twitchy. The USD is no longer the flight to safety that it used to be. GOLD, JPY &amp; CHF are the go to plays now in my opinion.\r\n\r\n<u>\r\n</u><u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/MARKET-SENTIMENT-240917.png\"><img class=\"aligncenter size-large wp-image-10040\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/MARKET-SENTIMENT-240917-778x1024.png\" alt=\"\" width=\"778\" height=\"1024\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n<u>4.1.3: USD - SUPPORT &amp; RESISTANCE LEVELS: </u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917.png\"><img class=\"aligncenter size-large wp-image-10039\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-240917-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.1.4: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\nPlease note that now that these charts are PREMIUM SERVICE subscriber only, I am now able to have them focused to existing trades and limit orders as well as future intentions.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10050\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-24092017.png\"><img class=\"aligncenter size-large wp-image-10051\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10049\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10052\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10053\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10054\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-24092017.png\"><img class=\"aligncenter size-large wp-image-10055\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-24092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a></u>\r\n\r\n<u>4.1.5: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nBasically, I am bearish the CAD and NZD and the two currencies are dominating my thoughts, trades and limit orders at the moment.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\nUSD/CAD\r\n\r\nPlus: - I have SELL STOP limit orders and standard limit orders in position for the USD/CAD.\r\n\r\nI covered and closed open positions on Friday last week to reduce RISK given the North Korea geopolitical circumstances.\r\n\r\nMY PLAN: Is to add more USD/CAD trades this coming week and add back those trades that I removed at the end of last week. Plus, now that the German and New Zealand elections will be decided I can take a longer-term view on NZD/CAD and EUR/CAD once again.\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have multiple live long AUD/NZD trades.\r\n\r\nPlus: - One more long AUD/NZD limit order trade.\r\n\r\nMY PLAN: I am going to add exposure this week following the election. Looking at NZD/USD, EUR/NZD, GBP/NZD, NZD/JPY, NZD/CHF and NZD/CAD charts.\r\n\r\n&nbsp;\r\n\r\n<u>4.1.6: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-ORDERS-240917.png\"><img class=\"aligncenter size-large wp-image-10042\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-ORDERS-240917-839x1024.png\" alt=\"\" width=\"839\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-240917.png\"><img class=\"aligncenter size-large wp-image-10041\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-240917-800x1024.png\" alt=\"\" width=\"800\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.1.7: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nI have spoken with several brokers this past week. They are all fearful of a deteriorating North Korean situation but also a little surprising to me they were all ramping up, or considering ramping up margin requirements due to the German elections.\r\n\r\nAlthough unclear on numbers by percentage, of the four I spoke with and have known for several years retail clients are down. The account bonus offers are finally being seen for what they are, which in my humble opinion is a con. They are desperately seeking another attractive offer to lure in fresh meat!\r\n\r\nThe concept of no slippage, low rate spreads, effective people on chat and quick email turnarounds will eventually hit home and the penny will drop when they realise they can create market differentiation and grow their client base even in a declining market without having to look to acquisition to achieve it.\r\n\r\nSo basically, I learned nothing. No ground-breaking earth shattering developments… yet!\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> CLOSING THOUGHTS &amp; IDEAS:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you should do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nShould you want to go a stage further and subscribe to the PREMIUM SERVICE. This can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription that those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nFrom time to time I offer subscription promotions. These can be viewed under the tab FX PROMOTIONS at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nNOTE: There is a promotion in place right now!\r\n\r\nI show below an interesting excel spreadsheet based around my PREMIUM SERVICE monthly subscription option of CAD$150.00 per month. I hope that you find this interesting.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917.png\"><img class=\"aligncenter size-large wp-image-10037\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/CAD150-SUBSCRIPTION-240917-912x1024.png\" alt=\"\" width=\"912\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n5.3: THE FINISHING LINE:\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #148 PREMIUM SERVICE\r\n24th September 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'WAS YELLEN’S HAWKISH MOMENT TRANSITORY?', '', 'inherit', 'closed', 'closed', '', '10056-revision-v1', '', '', '2017-09-27 21:48:29', '2017-09-28 02:48:29', '', 10056, 'https://weeklyfxdrivethru.com/10056-revision-v1/', 0, 'revision', '', 0);
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(10079, 1, '2017-09-27 21:50:20', '2017-09-28 02:50:20', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nSo, last week may have been my 250th WEEKLY FX DRIVE THRU but from my registered subscribers list only 80 of them received the blog direct to their inbox. In fact I discovered that since returning from a short summer vacation from blogging, only the first 80 registered subscribers have been receiving the blog.\r\n\r\nThe reason…\r\n\r\nI switched website hosts from BLUEHOST (who could not maintain my https status due to their system errors) to SITEGROUND who despite a verbal run through of my requirements, have subsequently advised me that only 80 emails can be sent and plug-ins will not work inside my WORDPRESS account to send emails in batches. I thought that things were quiet, I put it down to the time of the year NOT my new hosting partners.\r\n\r\nYou will NOT be surprised to hear that I have been told the email distribution issue is all my fault… the rules are written down somewhere on the SITEGROUND website and my verbal conversation counts for feck all.\r\n\r\nAs a result, and which additionally may provide a better solution, albeit a little timelier from my perspective, I am now using my CONSTANT CONTACT account for 100% of my FREE NEWSLETTER administration and distribution.\r\n\r\nSuffice to say, this discovery and finding a solution to the problem, has been a bit of a distraction from a trading perspective.\r\n\r\nTwo weeks ago, I launched revised subscription options and subscriber PROMOTION at the same time. Part of the launch was to open up for a week the full PREMIUM SERVICE version of the blog to my FREE NEWSLETTER subscribers. On the basis that only 80 would have had the opportunity to see the complete version, I have decided to repeat the process with this week’s “DRIVE THRU’ blog.\r\n\r\nMoving on…\r\n\r\nOver the past week or so, I have been preparing for and I am now almost ready to launch a replacement video about trading with me through THE PREMIUM SERVICE. I just need to put two or three hours to one side to get it done and edited. I know this sounds totally stupid but getting the time is a killer and I consider myself brilliant at TIME MANAGEMENT.\r\n\r\nIn addition…\r\n\r\nI mentioned just before the summer break that I was working on some algorithms for trading. I am still not sure how I get these into the PREMIUM SERVICE but these are now ready for further refinement. Again, I just need a couple of hours with my partners on this and then will hopefully be a quick “GREEN FOR GO”.\r\n\r\nBack to trading …\r\n\r\nI have had one of those weeks; distraction and the nagging of hindsight!\r\n\r\nLike every trader, you try your best to leave the woulda, coulda and shoulda’s behind. Hindsight is just a wonderful thing. Nevertheless, I think it was Bernard Baruch who said, “Nobody ever lost money taking a profit”; so with those words fresh in my mind, I will shut up.\r\n\r\nThe pips are starting to accumulate as I head towards my annual net 10,000 pips target. My house move, a month’s vacation to Australia and New Zealand plus my summer break are all in the rear-view mirror now. If you are considering joining the PREMIUM SERVICE no better time than the present.\r\n<ul>\r\n 	<li>I am on my charge to reaching 10,000 pips before the year end. There are risks attached but I beat my 10,000 pips target in 2014, 2015 and 2016, no reason why I can’t do it again to make 4 years in a row (Check it all out on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the tab HISTORY &amp; PERFORMANCE).</li>\r\n 	<li>I have a great new subscriber promotion to the PREMIUM SERVICE offer available (Full details in Section 4 of this blog and on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the FX PROMOTIONS tab).</li>\r\n 	<li>My buddies at VANTAGE FX are ready for you if you don\'t have a great broker or you want to add a separate broker for PREMIUM SERVICE trades (Just click the link to VANTAGE FX on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> ).</li>\r\n</ul>\r\nFinally, in this section and I should initially mention it here…\r\n\r\nYou will see from the title of this week’s blog; I have had as far as many of you are probably concerned “A Hallelujah Moment”. I will go into my reasons for my 360-degree turnabout in “THE SOAPBOX” later in the blog in section 5.\r\n\r\nFor those regular followers; I think I had a “nose-bleed” moment when I decided I was going long the cable. It still does not feel quite right having been bearish for 15 months.\r\n\r\nOn the Thursday evening after the BOE Super Thursday, I wrote to PREMIUM SERVICE subscribers telling them that I was now going to change sides and because we are entering the weekend and the fact that North Korea had just launched another missile test, I would look for long GBP trades over the weekend’s charts and start posting trades early this week.\r\n\r\nWTF, as quoted by one of my long-time subscribers “Yer man Gertjan Vlieghe a BOE MPC member somehow read your tweet and decided this was enough to send the cable higher without you”. Very funny. Cable soared through 1.3600 over 220 pips range on the day without the US session. I was asleep through the plough higher from the 1.3400 break out level.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n\r\n<u>GBP: UK AVERAGE EARNINGS INDEX &amp; “SUPER THURSDAY”. </u>\r\n\r\nI will be going through these headlines later in Section 5 - “THE SOAPBOX” section of the blog.\r\n\r\n<u>USD: INFLATION DATA.\r\n</u>\r\nPPi – dreadful and the USD rallied.\r\n\r\nCore CPI and CPi - Core CPi came in line with expectations and regular CPi was a beat. The USD rallied, sold off, rallied, sold off, rallied and basically it chopped its way throughout Thursday. It was probably not helped by a possible North Korean missile launch news wire.\r\n\r\nCore Retail Sales and Retail Sales – Poor data. Retail Sales was -0.2% against a positive 0.1% and Core Retail Sales 0.2% against 0.5% expectations.\r\n\r\nZero inflation is evident in the Us markets. Demand through Retail Sales has taken a nosedive. It all looks a difficult time for Janet Yellen this week. What has the FED policy done vis-à-vis getting the US economy back on track?\r\n\r\nHere’s a thought…\r\n\r\nAt the FED Press Conference this week. Announce that the poor recent data was due to the weather and that it’s simply transitory as the underlying data supports the current FED policy!\r\n\r\nMy thoughts are US data is much the same as always. If we see good data all I read is FED TO RAISE RATES IN DECEMBER or if we see poor data FED NOT GOING TO RAISE. This is all I see now. I think I have grown so accustomed to this bollocks I do not really read it anymore and I skim the document.\r\n\r\nI think that as traders, we should just react to whatever Janet Yellen says. Everything else is just noise from people who know about as much about what is on the minds of the FOMC as Ozzy my boy Labrador about the FED’S intentions.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-17092017.png\"><img class=\"aligncenter size-large wp-image-10007\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-17092017-1024x761.png\" alt=\"\" width=\"1024\" height=\"761\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVEL:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017.png\"><img class=\"aligncenter size-large wp-image-10008\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThe FOMC is the standout this week. However, there are couple of other bits and pieces that have caught my eye.\r\n\r\nHere are my picks of the upcoming week.\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong>  Janet Yellen is back on the stage again. Everything about this Press Conference and Rate Statement is only going to be about two subjects: -\r\n\r\nFirstly, when is the FED going to raise rates again. Before the end of 2017 or spill it over into 2018?\r\n\r\nSecondly, will she provide updates about the FED reducing the size of its balance sheet. By how much and when will they start.\r\n\r\nFrankly, I do not think that the rest matters. She will drone on giving us waffle for a good 15-20 minutes, but at the end of the day, in my opinion its only about the above two points. You will see and hear media account executives asking the same questions 50 different ways to let their managers know that they turned up and weren’t “bunking off”, but at the end of the day it could be all over in a “Wham Bam Thank You Mam” 10 minutes maximum and everyone could be down to the pub after 20 minutes writing their pieces.\r\n\r\nThe drama unfolds at 2PM EST and the Press Conference at 2:30PM EST on Wednesday.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP</u>: </strong>On the back off the HAWKISH BOE last week we have Retail Sales this Tuesday. I can see it now on twitter. BOE to definitely hike in November as Retail Sales beat, or, BOE rate hike this year in question as UK Retails sales miss.\r\n\r\nFor Carney to do a complete u turn is not unheard of.\r\n\r\nIf ever you go to lunch with him, beware if you only have one hour for allocated, as he is so indecisive about his choices, you may end up eating nothing or eating alone. Allegedly, Carney cannot make up his mind what to eat and when he does he keeps changing his mind.\r\n\r\nIt is so bad that in local restaurants, close to the Threadneedle Street area of London that are known to accommodate BOE employees they have alternative Mark Carney menus. They include a clause “Mr. Carney, once you have decided upon your choice of food from our menu you cannot change your mind. Regretfully forward guidance is believed and 100% adopted by our chefs. The direction you have chosen is final”\r\n\r\nDo not be surprised if Carney has you brain in a fecking twist up to the end of this year. He is the master of changing one’s mind. If it were an Olympic sport he would win the GOLD MEDAL.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD</u></strong>: I am a buyer of CAD$ and I am adding to positions, taking profits here and there as the markets chop back and forth. This week we have CPI and Core Retail Sales, this inflation data will be key for the BOC vis-a-vis another interest rate hike before the end of 2017.\r\n\r\nThe economic data from Canada recently has been really good just the odd bit of mixed data, like the Employment numbers when the mix between Full and Part Time jobs was skewed.\r\n\r\nIf this week’s data does NOT rule out another BOC rate hike, I will be adding more positions to my CORE CAD position.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD</u></strong>:  It is the New Zealand 2017 General Election this Friday. I am generally bearish the Kiwi; however, I believe it would be sound to wind back trades ahead of the result. I have already started this with PREMIUM SERVICE trades and I will continue this process through the week.\r\n\r\nI would imagine the start of trading next weekend will be the time for volatility on a grand scale if we are going to see big moves.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\n&nbsp;\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +406 net pips\r\nYEAR TO DATE:      +7,062 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>4.2: CURRENT SUBSCRIPTION PROMOTION:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION.png\"><img class=\"aligncenter size-large wp-image-9908\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION-788x1024.png\" alt=\"\" width=\"788\" height=\"1024\" /></a>\r\n\r\n<u>\r\n</u><u>\r\n4.3: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u><strong> </strong>\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 30 DAY SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$150.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n\r\n<u>4.4: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.4.1: TRADING REVIEW, INSIGHTS and SUMMARY:</u>\r\n\r\nWhat a week last week was.\r\n\r\nI was distracted on several occasions with having to be away to take care of my Jeep’s service but more importantly issues with my new webhost regarding bulk email delivery. The only effective workaround is not to use my WordPress connection through my website but to use my database via constant contact.\r\n\r\nFrom a trading perspective, I have changed views with the cable. I have gone into some detail in “THE SOAPBOX”.\r\n\r\nI tweeted last week after the BOE Super Thursday that I would look for GBP trades into this week, as we were into Friday trading session but especially with the missile launches out of North Korea it made sense to wait. I did not, and frankly no-one could have predicted the comments from Gertjan Vlieghe BOE MPC member. He basically sent his own missile under the GBP. His comments are in a different tone from Carney and we should not get too carried away but that detail would not stop the market reaction. It has been an absolute stellar move across the board.\r\n\r\nI added a good total of net +406 pips in the past seven days which is great but it was a difficult choppy week. Ranges are tightening again (GBP pairs excepted). This is what happens when we are about to have a market SHIFT.\r\n\r\nMarket correlations are just not sitting properly. One day they are trusted the next morning when I check charts the previous alignment has drifted apart. The geopolitical tensions have a great deal to do with this as this directly affects safe havens such as GOLD, plus the JPY and CHF currencies. I must mention though after the missile launch last Thursday, my reaction was complete caution, the market was to shrug it off within a couple of hours. Something is going to give with this and it will be ugly when it happens.\r\n\r\nThe geopolitical events when added to the changes taking place with Central Bank policy throughout the world is also fueling the uncertainties, correlation issues and non-alignments across markets. Central bank uncertainties on future policy timing (FED and ECB), the dovish approach in general changing into a hawkish policy approach (BOC and BOE) and uncertainties in delay by trying to maintain a neutral policy stance over a more hawkish stance (RBA and RBNZ).\r\n\r\nAdd all these factors together and its quite a mixing bowl of ingredients. I am just not convinced on everything FX at the moment, I am fearing the worse. I know that I am slow and steady at this but so much complacency to me is just mental.\r\n\r\nBack to trading…\r\n\r\nLooking forward with trades, I will continue to press forward building a CORE CAD POSITION. Obviously short term NZD/CAD due to election will be restricted, CAD/CHF and CAD/JPY I will watch more closely than before vis-a-via flight to safety. In addition, given the situation with cable I think that GBP/CAD could be tougher unless we see a USD/CAD fall into the 1.1800’s.\r\n\r\nThe CORE NZD position will have to take back seat until the election is over. Friday last week my AUD/NZD took a beating, but as you know for the last 2 years I have been basically long this pair, it is have given some great returns and I will stick with it. My total position size a sizeable broker account is only 40% of a full-sized position. I could ride this pair substantially lower beyond its monthly ATR on STOP LOSS levels, if required, and still not exceed my risk parameters.\r\n\r\nI need to see the election outcome and reaction before committing more trades. My plan this week it to exit NZD related trades ahead of the vote.\r\n\r\nWith regards to the single currency, I am looking to build a CORE LONG POSITION with the EUR. As you know I have started with EUR/USD, to which I will add more set ups and I need to look at the cross rates this week and add. I have a EUR/CAD short that I entered on a SELL STOP below previous good support. It has given me a nasty rebound spike higher. I extended the STOP to stick with this pair as will follow USD/CAD moves. Annoyingly at the moment the USD/CAD is consolidation before resuming its move lower with the trend. Bounces have been minimal so far.\r\n\r\nI have made many references to cable. I will be posting several pullback entries from the get go this week.\r\n\r\nThere will be quite a bit of LIMIT ORDER activity in the early part of the week.\r\n\r\nWe have the FOMC this week as you are aware, it is the draw of the news events. As you have seen, I have adjusted my entry tactics more of late to using momentum as a means of trade entry by using BUY STOPS and SELL STOP orders. These are NOT my preferred means of entering trades but they are working more times than not. I will continue with these for the time being, they should be of use around the FOMC.\r\n\r\nWhilst I am very positive on my trading to obtain results at the moment I do have market concerns as you know and I have raised them again in the blog. I will try tot to get SPOOKED but we ready for mass exits of trades should the ARMAGEDDON situation arise.\r\n\r\n&nbsp;\r\n\r\n4.4.2: MARKET SENTIMENT:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-17092017.png\"><img class=\"aligncenter size-large wp-image-10009\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-17092017-688x1024.png\" alt=\"\" width=\"688\" height=\"1024\" /></a>\r\n</u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4.4.3: USD: MY SUPPORT &amp; RESISTANCE LEVELS with TRADING CHARTS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017.png\"><img class=\"aligncenter size-large wp-image-10008\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-17092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\nPlease note that now that these charts are PREMIUM SERVICE subscriber only, I am now able to have them focused to existing trades and limit orders as well as future intentions.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10019\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-17092017.png\"><img class=\"aligncenter size-large wp-image-10020\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-W-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10018\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10021\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10022\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10023\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-17092017.png\"><img class=\"aligncenter size-large wp-image-10024\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-17092017-1024x511.png\" alt=\"\" width=\"1024\" height=\"511\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4.4.4: EXISTING &amp; POTENTIAL CORE TRADES:</u>\r\n\r\nBasically, I am bearish the CAD and NZD and the two currencies are dominating my thoughts, trades and limit orders at the moment.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\nCAD/CHF – long\r\nUSD/CAD and EUR/CAD – short\r\n\r\nPlus: - I have SELL STOP limit orders and standard limit orders in position for the USD/CAD.\r\n\r\nI am adding on pullbacks and getting prepared. I see the BOC raising once more this year as they take aim at the housing bubble and personal lending increase’s.\r\n\r\nI am still targeting much lower levels sub 1.2000 with the USD/CAD. This level if broken should drag all CAD pairs stronger.\r\n\r\nA Couple of weeks ago, ScotiaBank released its latest batch of currency targets and thoughts vis-à-vis the markets. It has another rate hike in the mix for Q4 2017 and two more in 2018. If they were all 0.25% rate increases, that would make a grand total rate of 1.75% by the end of 2018.\r\n\r\nIt is a brave call, but I can see it as well given the fundamentals.\r\n\r\nMY PLAN: Is to add more USD/CAD trades this coming week and to continue to build a CORE SHORT POSITION that enables me to add to and take pips and $$$ from trades as the CAD strengthens.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have several live long AUD/NZD trades and a NZD/CHF short trade.\r\n\r\nPlus: - One more long AUD/NZD limit order trade, a NZD/JPY short limit order and a EUR/NZD long limit order trades waiting in the wings.\r\n\r\nMY PLAN: I am going to reduce NZD exposure this week given the fact that the New Zealand General Election takes place on Friday. I will then look at the market sentiment next week to review my future plan.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE EUR</u></strong>:\r\n\r\nEUR/USD: I have placed multiple LIMIT ORDERS based initially on my thoughts that we would see a larger pullback with the single currency from its break above 1.2000. this materialized only as far as 1.1840.\r\n\r\nMY PLAN: I am going to look at adding more LIMIT ORDER set ups over the coming days. I still believe that the EUR/USD is going back towards 1.3000. The rhetoric out of the ECB has been calming, but it is questionable that the market is believing anything that comes out of Frankfurt at the moment.\r\n\r\nI will also look at some EUR crosses once again.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE GBP:</u></strong>\r\n\r\nNothing is in position yet. I believe that there will be some excellent pullback opportunities to enter GBP related trades across the board and I will be looking for these opportunities this week. The only pairs that I am uncertain about are GBP/CAD and GBP/CHF. However, all other crosses should have great potential.\r\n\r\n&nbsp;\r\n\r\n<u>4.4.5: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-17092017.png\"><img class=\"aligncenter size-large wp-image-10011\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-17092017-839x1024.png\" alt=\"\" width=\"839\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-17092017.png\"><img class=\"aligncenter size-large wp-image-10010\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-17092017-967x1024.png\" alt=\"\" width=\"967\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>\r\nCARNEY COMES OUT OF THE CLOSET\r\n</strong><strong>(BOE NOW HAWKISH)</strong></p>\r\nOn BOE “Super Thursday” last week interest rates remained on hold but the HAWKISH tone of the Monetary Policy Statement sent the cable on a tear.  Later in the day Mark Carney (BOE Governor) was on the wires fueling the statement content further by openly stating that the next move higher in cable would be upwards and sooner than expected.\r\n\r\nHaving moved about 150 pips on the statement release, Carney’s added comments only placed about another 40 pips on top. It was the comments the following morning (Friday) by BOE MPC member Gertjan Vlieghe, who came out and stated that the increase would be soon and more than a one and done which Carney had intimated the prior day. These comments sent the GBP/USD above 1.3600.\r\n\r\nFrom 1.3150 to 1.3600 (450 pips) in basically 24 hours was what you call a substantial shift in sentiment and a stellar move.\r\n\r\nThe comments from Carney, that he has finally let go of the dovish sentiment and admitted a hike was required after months of denial has brought him out of the closet and the dove has now turned hawk.\r\n\r\nBy coincidence upon receipt of the comments from the BOE, but with no closet involved, I have also changed my GBP bias. I am no longer bearish cable in the short / medium term. I am bullish primarily because with cable above the 1.3450 - 1.3500 levels we are now in a bullish trend. The market is now focused on BOE interest rates rather than the political gaffs surrounding BREXIT.\r\n\r\nNow look…\r\n\r\nI still have massive BREXIT reservations and concerns. Theresa May’s government’s handling of the BREXIT negotiations appears poor and not planned. The Tories have a paper-thin majority in the House of Commons.\r\n\r\nHowever, even with this backdrop it looks like that even without a single BREXIT agreement reached and mass confusion reigning over the negotiations, UK households are going to have more cash pressures placed upon them.\r\n\r\nPersonally, I think that this rate increase should it happen is a recipe for disaster. Never trust accountants in deciding these matters. I have said it before, these pen pushing, desk sucking, jotter blotters do not get out much, they live, breathe and survive on historic data and do NOT take into consideration facts in the reality of the present day.\r\n\r\nYou can bet your bottom dollar that any rate increase will be 100% passed on the mortgages and credit card debt. Households that are currently feeling the effects of inflation are about to get a kick in the nuts as living costs are about to move higher. Look out for defaults on loans, mortgages etc. on the increase in the coming months and for “Vlieghe” to intimate multiple interest rate hikes was reckless as it could start something more than just defaults.\r\n\r\nI know some of you will think that the mere fact that the GBP/USD exchange rate is increasing that this is deflationary, and, I agree, but it is a year away at least to feel the deflationary effect. The debt default issues are bubbling under right now beneath the surface prior to adding more pressure through interest rate increases.\r\n\r\nIn addition, do not forget trade will be effected by rate increases. The balancing act is a difficult one to maintain but I am astonished that the pen pushers have gotten their way. Given all the uncertainties on the economy and with BREXIT I would have ran with higher inflation in Q2 2018.\r\n\r\nThere are still a couple of “not sures” emanating from the BOE statement and comments that followed.\r\n<ul>\r\n 	<li>Slow rate increases like the FED?</li>\r\n 	<li>Tapering through Balance Sheet reduction of the QE program when will this commence?</li>\r\n</ul>\r\nThere is a BOE inflation report due in November, this looks like the date for the first rate hike. So, we do not have detail but the markets have basically already started to price in a 0.25% rate increase.\r\n\r\nWhilst I can see the move by the BOE and the sentiment change, I can also see the other side. This is a risky decision if they go ahead.\r\n\r\nStarting Monday I will be hunting down GBP long trades based off pullbacks through Fibonacci retracements. All GBP pairs are overbought, EUR/GBP oversold, but there will be some great trading opportunities in the near term to take advantage of.\r\n\r\nThe BOC obtained almost $0.13 cents on their move higher, if cable were to match this, it would be close to 1.4450.  Whilst I cannot see that given the money flows I can see a challenge of 1.3870 the 61.8% retracement from the pre Brexit June 2016 highs (1.5034) to the December 2106 lows (1.1994).\r\n\r\nWhat happens now if we have a catastrophic BREXIT announcement or a leadership battle in the Tory party or another election is called in the next couple of months?\r\n\r\nInteresting times ahead.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #147 PREMIUM SERVICE VERSION\r\nSeptember 17th, 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'CARNEY COMES OUT OF THE CLOSET', '', 'inherit', 'closed', 'closed', '', '10025-revision-v1', '', '', '2017-09-27 21:50:20', '2017-09-28 02:50:20', '', 10025, 'https://weeklyfxdrivethru.com/10025-revision-v1/', 0, 'revision', '', 0);
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(10080, 1, '2017-09-27 21:53:50', '2017-09-28 02:53:50', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION</strong></li>\r\n</ol>\r\nA nice start back to full-time trading.\r\n\r\nA great first week back with +325 pips being banked. What is annoying is that I let over 150 pips or so fall through my fingers…argh!!\r\n\r\nLike every trader, you try your best to leave the woulda, coulda and shoulda’s behind. Hindsight is just a wonderful thing. Nevertheless, I think it was Bernard Baruch who said, “Nobody ever lost money taking a profit”; so with those words fresh in my mind, I will shut up.\r\n\r\nThe pips are starting to accumulate as I head towards my annual net 10,000 pips target. My house move, a month’s vacation to Australia and New Zealand plus my summer break are all in the rear-view mirror now. If you are considering joining the PREMIUM SERVICE no better time than the present.\r\n<ul>\r\n 	<li>I am on my charge to reaching 10,000 pips before the year end. There are risks attached but I beat my 10,000 pips target in 2014, 2015 and 2016, no reason why I can’t do it again to make 4 years in a row (Check it all out on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the tab HISTORY &amp; PERFORMANCE).</li>\r\n 	<li>I have a great new subscriber promotion to the PREMIUM SERVICE offer available (Full details in Section 4 of this blog and on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> under the FX PROMOTIONS tab).</li>\r\n 	<li>My buddies at VANTAGE FX are ready for you if you don\'t have a great broker or you want to add a separate broker for PREMIUM SERVICE trades (Just click the link to VANTAGE FX on my website <a href=\"http://www.weeklyfxdrivethru.com\">weeklyfxdrivethru.com</a> ).</li>\r\n</ul>\r\nMoving on…\r\n\r\nGeopolitical themes still rule like an iron fist hovering over the markets. Kim Jong-Un has still not bent the knee, although “THE DONALD” has wound back his rhetoric thank God. Speaking last week after visiting the devastation caused by “HARVEY” he appears to have pushed China to act to give North Korea a good slapping.\r\n\r\nTwo visits into Texas, however, I am not sure we will see “THE DONALD” down in Florida for a while at least until after the winds of hurricane “IRMA” have died down and moved off to sea. Could you imagine the cost of the US Navy trying to locate his syrup somewhere in the Atlantic?\r\n\r\nJoking aside and not ignoring the tragic human costs of these storms, the financial cost coupled with basic turmoil within the TRUMP administration, the lack of relationship between the White House and Republicans and now deals being done between the White House and the Democrats feed a giant WTF in <strong>BOLD</strong> font size 144.\r\n\r\nDo we have a “FREELANCE” presidency in the U.S.?\r\n\r\nThink about it.\r\n\r\nThe Republicans in Washington have been in opposition for 8 years. They control both houses of legislature, yet they so in dispute with each other they cannot organize themselves to pass a single election promised piece of law. Republicans appear to be nothing more than self-serving career politicians that cannot unite on a single policy and they have control of both houses… they could really motor on.\r\n\r\nThe Democrats are not much better. Still whining on about losing the election to TRUMP. They have adopted a policy of non- agreement, zero partisanship. They have not sought out a leader to challenge at the next election. All they do is moan TRUMP this and TRUMP that. When the next election comes around they will have no one effective to stand because of their blinkered approach on disruption rather than being solution focused. I see this all-over Facebook and Twitter. Nothing has been learned since the Hillary Clinton elitist approach near the end of the 2016 campaign was poo-pooed by the unsullied.\r\n\r\nSo, TRUMP’S move to by-pass the Republican shambles and do a deal with the Democrats over linking the debt ceiling to the Hurricane costs was either a brilliant strategic manoeuvre and a clear demonstration of his will to get things done and by-pass the party machines, or, it was a nail in the coffin for all his election promises ever being fulfilled.\r\n\r\nWhat it has done in my opinion is solidify his base support. It shows a clear desire to get stuff done.\r\n\r\nWill this be the first of many such moves?\r\n\r\nThe American system encourages dysfunctionality and that it basically what we have seen since 9-11 in American politics. Watch this space.\r\n\r\nInteresting news…\r\n\r\nJanet Yellen’s deputy at the FED, Stanley Fischer is stepping down next month for personal reasons. If Yellen decides enough is enough and does not carry on next January, we could have a new look FED in place…. a TRUMP FED.\r\n\r\nMy thoughts are mixed for the markets, could this mean any year end hike is off based upon the fact the “old guard” would step aside and let the “New kids on the block” decide upon future policy? This point will no doubt be debated heavily in the coming weeks.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nIn no particular order, here is what floated my boat last week.\r\n\r\n<u>EUR: ECB PRESS CONFERENCE. </u>\r\n\r\nMario Draghi, God love the poor fecker… He tried his best with a straight face to try and convince the markets that he could sell them a DOVISH MONETARY POLICY STANCE, whilst at the same time PURSUE A TIGHTER MONETARY POLICY… yup, good luck with that. The ECB Press Conference was billed as being a circus act and Barnum’s and Billy Smart’s would have been delighted as it ticked all the boxes.\r\n\r\nSo, what were the takeaways from Draghi?\r\n\r\nQE to run at €60B per month until December meeting or beyond if required.\r\nEconomic outlook broadly unchanged.\r\nExpansion solid. Broad-based.\r\nFX volatility is a source of uncertainty and requires monitoring.\r\nExpansion not yet translated in Inflation trend.\r\nInflation modest tick-up but still subdued.\r\nSubstantial accommodation still needed.\r\nReady to increase QE if outlook not favourable.\r\n2017 GDP now at 2.2% versus 1.9% seen in June.\r\n2018 GDP unchanged at 1.8%.\r\nHeadline inflation to dip into the year end 2017.\r\nUnderlying inflation to rise gradually over the medium-term.\r\nRecovery is base for confidence that inflation will gradually rise.\r\nRecovery remains dependent on Monetary policy.\r\nConsumption good because disposable income is rising.\r\nExchange Rate not a policy target\r\nWill have to take FX into account in future policy decisions.\r\n\r\nYada, yada, yada, blah, blah and bollocks ….. believe what you want from the above list of bullets I scribed from his speech and Q&amp;A session.\r\n\r\nMost of the above points are open to interpretation to be frank with you, and, it very much depends upon which side of the fence one sits.\r\n\r\nDraghi had a job to do, which was basically put off the markets until October when more data is available and the normalization including Tapering timetable will be discussed.  The ECB has an annoying and frustrating habit of “can kicking issues down the road”. Do NOT be surprised if in October we get 50% of the story and a delay to December.\r\n\r\nIn addition, and in true ECB style, on Friday last week the day after the “circus”, lesser known Governing Council member Philip Lane, Governor of the Irish Central Bank stated the following: - “The accommodative stance will remain until convincing evidence of inflation is seen”. This could be 2018 in full as the strengthening single currency is taking inflation out of the system. Draghi and governing council want the single currency on its arse. Let me re-iterate here lies the problem facing the ECB.\r\n\r\nMeanwhile back in the real world…\r\n\r\nI need to pick a level to enter long the EUR/USD in the coming days. Draghi said / did nothing to stop me thinking 1.3000 is on the way. My big question is how will he tackle zero inflation because the strengthening single currency will cancel out inflation inside the EUROZONE, well a great deal of it anyway.\r\n\r\n&nbsp;\r\n\r\n<u>CAD: BOC RATE ANNOUNCEMENT and EMPLOYMENT DATA.\r\n</u>\r\nHoly Mother of God; I never thought that BOC Governor, Stephen Poloz had it in him. Two interest rate hikes back to back. The CAD interest rate now stands at 1.00%.\r\n\r\nThat took the market completely by surprise. The market is obsessed and focused on rate movement’s when there is a press conference.  The CAD was absolutely demolished by over 220 pips (USD/CAD), it bounced back across all pairs but frankly it looks doomed to a sub 1.2000 level soon.\r\n\r\nOut of the last rate increase the BOC got some $0.11 cents move lower in USD/CAD, even if they only achieve a $0.05 move this time the pair would fall to 1.1900. My goal and target is much less than this level.\r\n\r\nJust stepping sideways for a moment vis-à-vis the Canadian Jobs data. It was an overall beat, but the mix between Full and Part-time jobs was very disappointing and the USD/CAD initially weakened on the news. Basically, it remained unchanged. The 1.2000 level remains intact for now. It is however WHEN rather than IF, in my opinion, that this psychological round number will be crushed.\r\n\r\n&nbsp;\r\n\r\n<u>GBP: BREXIT and MANUFACTURING PRODUCTION DATA.</u>\r\n\r\nBREXIT negotiations appear to be STILL moving along the lines of a west-end farce.\r\n\r\nI am NOT surprised, and neither should you be, we are watching career politicians at work. They only know how to attribute blame; they are simply NOT negotiators or problem solvers. This hangs over the UK like the “Sword of Damocles”.\r\n\r\nThe shambles continues; last week, Theresa May must have had a late-night party with her hangers on, and some numpty must have suggested writing to the FTSE Top 100 companies to ask them to get on board with Tory plans on BREXIT…. WTF. That goes down in the history books as another seemed like a good idea at the time moments. For God’s sake give me a break, even my Labrador Ozzy has more brains than that. Makes you think… doesn\'t it?\r\n\r\nThis letter comes on the back of a piece I read on BLOOMBERG about the UK negotiators perhaps looking for time to conclude the negotiations. What can I say here that even I could be happy with from a controlled language expletive perspective?\r\n\r\nWhat a f**king load of f**king bollocks, these tossers are paid a s**t load of people’s hard earned cash to do a f**king job. They have known the f**king timetable for f**king months. It’s about time they took their heads out of their arses, grew a pair, man up and get the job done to the best of their ability and let the population decide if they are a load of ineffective wan**rs or not when the f**king negotiations are finished.  The people voted over a year ago and f**k all has been done.\r\n\r\nOne Prozac later…\r\n\r\nThis past week or so UK economic data has been very mixed. Markets being markets, experts being experts and analyst’s being analyst’, they are all looking to be “Billy’s” and pick the bottom. If you pick bottoms all you get are smelly fingers. Manufacturing Production numbers came out last Friday morning, it was a beat at 0.5% versus market expectations of 0.3%. The Cable leaped up like a salmon on the good news and this move was exacerbated by continued USD weakness.\r\n\r\nHowever, as I wrote last week despite the bounce in the GBP/USD, which in my opinion is more about USD weakness than cable strength, I remain bearish cable longer-term and I stand by everything I have written in earlier blogs about timings and FX targets. I am still to this day astonished by the continual reference to “HARD or SOFT BREXIT”. For crying out loud; there is NO SOFT BREXIT. The EUROZONE cannot afford a SOFT BREXIT because it could potentially create a CONTAGION.\r\n\r\nI am STILL in the camp that there is a better than 50% probability that NO BREXIT deal will be achieved.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>3.1: THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-10092017.png\"><img class=\"aligncenter size-large wp-image-9970\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/ECON-DATA-10092017-1024x769.png\" alt=\"\" width=\"1024\" height=\"769\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-10092017.png\"><img class=\"aligncenter size-large wp-image-9971\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-10092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>3.3: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nEconomic data releases this week are a bit thin on the ground but nevertheless I am sure that there will be plenty of fun for those who want to get involved.\r\n\r\nHere are my picks of the upcoming week.\r\n\r\n<strong><u>AUD:</u></strong>  Jobs data this week for the Australian Economy.  This has been a hit and miss number of late. Either a blowout or a bit weird number is produced. I am therefore on the fence here. We have seen big numbers posted for new jobs only to find that the mix of full and part time positions was skewed in favour of part-time.\r\n\r\nLast week on poor data the AUD/USD broke 0.8000 and then 0.8100. So why am I debating the response to good or bad data?\r\n\r\nBasically, the AUD looks a strong currency at the moment and a bigger upside break looks more on the cards than a move lower. This looks on the cards despite the RBA remaining neutral. I must only imagine RBA Governor Lowe is grateful he remained neutral, if he was HAWKISH I think we would be looking closer to 0.8500 at the moment given the way that the DXY has been behaving.\r\n\r\n<strong><u>GBP:</u></strong>  CPi, Retail Sales, Average Earnings Index and the MPC vote with the interest rate announcement. I am in the minority, I know this, but I am still looking at the cable at 1.2000 at the end of 2017. It has spiked higher recently, however, I believe this is more of a move based from the weak USD (DXY) rather than UK economic supporting data.\r\n\r\nBREXIT is a shambolic affair. Theresa May is apparently delivering a major speech on September 21st to parliament on her timetable, negotiating timetable, successes and failures etc. This should be funnier than an episode of Frasier or The Big Bang Theory. The BREXIT successes should have me rolling about on the floor. That will be a short section of the speech if you are in anyway distracted for a second or two you may miss that bit.\r\n\r\nBack to the data dump…\r\n\r\nCPI and Retail Sales will be misses unless tourism boosts these numbers. Disposable incomes have been sharply eaten into with inflation.\r\n\r\nWages have shown signs of life of late but are still not keeping pace with inflation and I expect this to remain the case this Wednesday when the latest numbers are released. This is placing pressure on household disposable income.\r\n\r\nI have heard many rather glib comments from mainly non-UK bodies saying that with UK inflation above the 2% target a 0.25% rate hike won’t make too much of a difference. I hear and I read the comments and my immediate well thought out response is bollocks.\r\n\r\nRate hikes would be passed on at almost double the 0.25% hike onto credit cards, credit lines and overdrafts without any thought by the high-street banks. Much of the already disappearing household disposable income caused by inflation that remains will just be annihilated by an interest rate increase. In my opinion, this would be one of the biggest f**k ups ever by a Central Bank. I just don\'t see it.\r\n\r\nSo, I see Mark Carney, BOE Governor fumbling his way through a no change statement remaining vigilant and accommodative well into 2018.\r\n\r\n<strong><u>USD:</u></strong> We enter another week in the life of a TRUMP administration. Dysfunctional Washington persists and frankly looking at the US data I am becoming less and less interested as reactions are short lived as the USD is more responsive to twitter and headline news than economic data.\r\n\r\nWe have key inflation data this week. PPi, CPi and view of the consumer via Retail Sales. I would normally say these are crucial numbers for the FED to dissect vis-à-vis Monetary Policy normalization.\r\n\r\nMy thoughts, being a cynical fecker is that the ECB and FED have done a deal to both move in December. The FED will raise again regardless and this will help the ECB from rip roaring to 1.3000 in a few weeks.\r\n\r\nWe have been given a curveball by the FED telling us that they are looking more at its Balance Sheet reduction as a priority over interest rate normalization.\r\n\r\nBack to the data…\r\n\r\nAs long as, PPi and CPi are positive, I believe the markets will be happy enough. Retail Sales will have to match the last print at 0.6% as a minimum in my opinion. Anything less than these bare minimums will send the DXY crashing.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>4.1: PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering my suggested trade set-ups and market commentary.\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\nMONTH TO DATE:  +325 net pips\r\nYEAR TO DATE:      +6,656 net pips\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs on my website  <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>4.2: NEW SUBSCRIPTION OPTIONS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017.png\"><img class=\"aligncenter size-large wp-image-9907\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/SUBSCRIPTION-CHANGES-FALL2017-799x1024.png\" alt=\"\" width=\"799\" height=\"1024\" /></a>\r\n\r\n<u>4.3: CURRENT SUBSCRIPTION PROMOTION:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION.png\"><img class=\"aligncenter size-large wp-image-9908\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/08/FALL2017-PROMOTION-788x1024.png\" alt=\"\" width=\"788\" height=\"1024\" /></a>\r\n\r\n<u> </u><u>\r\n4.4: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 30 DAY SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$150.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n\r\n<u>4.5: PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</u><u>\r\n</u>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)<strong> </strong>\r\n\r\n<u>4.5.1: TRADING REVIEW, INSIGHTS and SUMMARY:</u>\r\n\r\nWe are now into the closing straight of 2017.\r\n\r\nSeptember has started with a few nice trades generating some nice pips and $$$, although I have left quite a few pips on the table through poor stop management or closing trades too soon. It is very frustrating, but one cannot look backwards, one must look forward towards goals and objectives.\r\n\r\nI am now in the throws of establishing two core positions with the CAD and NZD. The latter took a bit of a slapping last week as USD weakness really got stuck in. In fact, looking back through trades the NZD/USD has been a loss-making trading pair these past couple of weeks with over 200 pips lost on various trades. I still believe it is a short trade on the back of RBNZ comments. We have parliamentary elections on September 23rd and up to this date the NZD currency could be twitchy.\r\n\r\nWe should also bear in mind, our pal and a really decent chap Graeme Wheeler’s tenure as RBNZ Governor ends on September 27th. He is replaced temporarily by Grant Spencer, who is currently the Deputy Governor and Head of Financial Stability. As long as our Grant is not tea-total, the chaps at the Press Conference will love his bones!\r\n\r\nI notice that Barclays Bank has a sell order up to the election on AUD/NZD. Currently, I have 3 x Live trades and one limit order in place. This should be interesting. I see the AUD going to 0.8500 cents in the coming weeks before being pulled back from anything loftier by the RBA so I feel good being long AUD/NZD for the moment.\r\n\r\nThe cable, I am looking for 1.3300 to look at getting short. That\'s it in a nutshell. Until we get there I am not looking at GBP/USD shorts…famous last words. I believe an entry at that level represents around the best value one could get in my opinion.\r\n\r\nThe EUR/USD is a “BUY THE DIP” trade, I am just biding my time for now.<u></u>\r\n\r\n4.5.2: MARKET SENTIMENT:\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-03092017.png\"><img class=\"aligncenter size-large wp-image-9946\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/SENTIMENT-03092017-690x1024.png\" alt=\"\" width=\"690\" height=\"1024\" /></a>\r\n\r\n<u>\r\n</u><u>4.5.3: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS with TRADING CHARTS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-10092017.png\"><img class=\"aligncenter size-large wp-image-9971\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/TCHART-10092017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-10092017.png\"><img class=\"aligncenter size-large wp-image-9981\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/EURUSD-D-10092017-1024x527.png\" alt=\"\" width=\"1024\" height=\"527\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-10092017.png\"><img class=\"aligncenter size-large wp-image-9982\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/GBPUSD-D-10092017-1024x527.png\" alt=\"\" width=\"1024\" height=\"527\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-10092017.png\"><img class=\"aligncenter size-large wp-image-9980\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/AUDUSD-D-10092017-1024x527.png\" alt=\"\" width=\"1024\" height=\"527\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-10092017.png\"><img class=\"aligncenter size-large wp-image-9983\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/NZDUSD-D-10092017-1024x527.png\" alt=\"\" width=\"1024\" height=\"527\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-10092017.png\"><img class=\"aligncenter size-large wp-image-9984\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCAD-D-10092017-1024x527.png\" alt=\"\" width=\"1024\" height=\"527\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-10092017.png\"><img class=\"aligncenter size-large wp-image-9985\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDCHF-D-10092017-1024x527.png\" alt=\"\" width=\"1024\" height=\"527\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<u><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-10092017.png\"><img class=\"aligncenter size-large wp-image-9986\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/USDJPY-D-10092017-1024x527.png\" alt=\"\" width=\"1024\" height=\"527\" /></a></u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4.5.4: CORE TRADES, ASSOCIATED NEWS and INSIGHTS:</u>\r\n\r\nBasically, I am bearish the CAD and NZD and the two currencies are dominating my thoughts, trades and limit orders at the moment.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\nCAD/JPY – long\r\n\r\nGBP/CAD and NZD/USD – short\r\n\r\nPlus: - I have SELL STOP limit orders and standard limit orders in position for the USD/CAD and EUR/CAD.\r\n\r\nI have documented this repeatedly. I see the USD/CAD going to 1.1700. This move should it play out should drag all the CAD related pairs with it.\r\n\r\nLast Friday, ScotiaBank released its latest batch of currency targets and thoughts vis-à-vis the markets. It has another rate hike in the mix for Q4 2017 and two more in 2018. If they were all 0.25% rate increases, that would make a grand total rate of 1.75% by the end of 2018.\r\n\r\nThat’s what you call a brave shout.\r\n\r\nIt is also a brave shout without any responsibility for being incorrect or way off the mark.\r\n\r\nMY PLAN: Is to add more USD/CAD trades this week and have a CORE SHORT POSITION established that I can add to and take pips and $$$ from trades as the CAD strengthens.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have several live long AUD/NZD trades and a NZD/CAD short trade.\r\n\r\nPlus: - A further long AUD/NZD limit order trade, a NZD/JPY limit order and 2 x EUR/NZD long limit order trades waiting in the wings.\r\n\r\nMY PLAN: Is to wait until the timing is good to re-enter NZD/USD short once again and establish a CORE SHORT POSITION.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE EUR</u></strong>:\r\n\r\nNothing is LIVE yet all limit orders but my goal is to start placing strategic entries across several EUR currency related pairs.\r\n\r\nCurrently, I have EUR/USD and EUR/AUD limit orders in position.\r\n<u>4.5.5: PREMIUM SERVICE – CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>\r\n</u>CURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-TRADES-10092017.png\"><img class=\"aligncenter size-large wp-image-9973\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIVE-TRADES-10092017-869x1024.png\" alt=\"\" width=\"869\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-10092017.png\"><img class=\"aligncenter size-large wp-image-9972\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/LIMIT-ORDERS-10092017-837x1024.png\" alt=\"\" width=\"837\" height=\"1024\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nTIPPING POINTS, STRUCTURAL RE-ALIGNMENTS, </strong><strong>MARKET STABILITY and DXY to 87.50?</strong>\r\n\r\n<strong> </strong>\r\n\r\nThat\'s quite a lot to take in…\r\n\r\nIt seems like a life time ago, but it was in fact only July when I wrote back to back blogs about the TIPPING POINT and a market STRUCTURAL RE-ALIGNMENT.\r\n\r\nAs a macro, FUNDAMENTAL thinker / trader first I am usually either ahead of the market by varying degrees or sometimes just never there at all as my thought process may never play out the way that I had originally thought for one reason or a combination of reasons.\r\n\r\nRecently, trading or attempting to trade the USD to the long side has been like trying to roll a snowball up hill. Yes, there have been opportunities but they are few and far between. Just looking at the USD Index (DXY) chart below shows that basically since “THE DONALD’S” inauguration the DXY has been on a slide lower.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/DXY-10092017.png\"><img class=\"aligncenter size-large wp-image-9979\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/09/DXY-10092017-1024x504.png\" alt=\"\" width=\"1024\" height=\"504\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe simple fact is that the USD could slip below the current 91.00 level of support, break through the 90.00 psychological number and then maybe take a run at 87.50.\r\n\r\nThis potential move lower sits well with the administrations ideology of a weak USD and a low interest rate policy.\r\n\r\nThe potential moves ahead with the single currency should also fuel this decline in the USD as when the ECB announces its path to interest rate normalization the EUR should strengthen creating further USD weakness.\r\n\r\nThe backdrop to all this conjecture is that Central Banks around the globe all have maintaining MARKET STABILITY as a written or in some cases an unwritten rule.\r\n\r\nThere are so many factors influencing movements in price at the moment MARKET STABILITY appears to be somewhat lost, although to his credit Mario Draghi referenced it on a few occasions last Thursday in his ECB Press Conference. The truth is the markets could not give a rat’s hairy ass about STABILITY when FEAR and GREED are dominating the process, which they are for now.\r\n\r\nThe U.S. has two impending massive natural disasters on its plate, and the threat of war from North Korea. A President who is not trusted by his alleged party of allegiance and also but not surprisingly by the opposition party that are only interested in disruption rather than making the U.S. a better place to live and work, is a recipe for continued uncertainly and total instability. The U.S. is so dysfunctional and so far up its own arse it cannot see what it is doing to itself and it is fast becoming a laughing stock for onlookers around the globe.\r\n\r\nYet, with all this going on, the U.S. stock market is close to its highs. Quite staggering and incomprehensible to myself and possibly a few others.\r\n\r\nSo where am I going?\r\n\r\nLet me get there piece by piece….\r\n\r\nI have often said to new traders something along the lines of the following: -\r\n<ul>\r\n 	<li>Trading currencies is essentially routine.</li>\r\n 	<li>Routine can be boring.</li>\r\n 	<li>There are classic market alignments and correlations.</li>\r\n 	<li>First thing in the morning when I go to my screens, I check the following charts, these are my LEAD INDICATORS: - DXY, GOLD, OIL, COPPER, S&amp;P, US10YEARNOTE, USD/CAD, USD/SEK, AUD/JPY and USD/JPY. This looks labour intensive and it can be but from my perspective essential background. It does not even allow for the reading material that I go through with coffee each morning.</li>\r\n 	<li>If my alignments and correlations whether they be inter-market or inter-currency are off, I have a RED FLAG.</li>\r\n 	<li>Having completed what I call my market research I look through trading charts, at the same time as checking open trades and limit orders to verify are they still tradeable entries or not?</li>\r\n 	<li>I watch/listen to BLOOMBERG in the background on my iPAD PRO, to listen out for geopolitical news and events that could influence my trading.</li>\r\n 	<li>All this take’s about an hour, but I have found over the past 10 years of trading it works for me. I trade for the long haul. There is a market 5 days a week. I can miss a day if I do NOT like the way the market looks or performs. Why put yourself at RISK? Is not one of a trader’s key goals and objective to MANAGE RISK?</li>\r\n</ul>\r\n&nbsp;\r\n\r\nThis routine is all well and good karma. However, of late it in my opinion the market has become news driven rather than economically driven. This creates a dysfunctional market where correlations do matter but tend to be skewed… RED FLAG.\r\n\r\nCurrency relationships look awkward and no longer aligned to RISK … RED FLAG.\r\n\r\nAll the research in the world means feck all.\r\n\r\nWe are very quickly approaching the TIPPING POINT I referred to back in July. We are about to see the USD drop like a lead balloon and the EUR rip higher. Just the moves lower in the USD and higher in the EUR would cause a TIPPING POINT and a STRUCTURAL RE-ALIGNMENT in the FX market.\r\n\r\nNever mind what influences the Central Banks have, or believe that they have. Most of the Central Banks around the globe related to G7 countries have credibility issues with the markets. The BOE, BOJ, ECB and even the FED to some extent are classics in recent history. When the news is DOVISH / ACCOMODATIVE it’s easy to communicate. However, when turning HAWKISH as those listed have found to their detriment it is much more difficult to effectively communicate and maintain MARKET STABILITY.\r\n\r\nOnly the BOC under Stephen Poloz has delivered his promise quickly and smoothly. The BOC received so much bang for their buck out of two 0.25% rate increases. I realise it’s much easier for a small economy like Canada but it is still a G7 and G10 country.\r\n\r\nI would add the SNB under Thomas Jordan has also been relatively consistent and Philip Lowe having replaced Glenn Stevens at the RBA appears to be very clear and unambiguous with his commentary.\r\n\r\nBack on track…\r\n\r\nMoving to interest rate normalization around the globe will happen and the fact that U.S. is struggling for a multitude of reasons already mentioned means that at the end of this year we could have both the FED and ECB with major announcements at the same time…fluke or by design?\r\n\r\nI believe that the FED has a deal done with the ECB to raise rates in December when the ECB will announce more details about policy normalization. I think October for ECB is a “can kicking” exercise and that December will be the real deal.\r\n\r\nDecember looks primed to start the FX RE-ALIGNMENT but it will not be as volatile if both Central Banks (FED &amp; ECB) go together. December is a great month for releasing data for obvious reasons, holidays, end of year etc. and both Central Banks have back to back meetings.\r\n\r\n13th December – FOMC (FED)\r\n\r\n14th December – ECB – Press Conference in Frankfurt.\r\n\r\nThe G10 Central Bank leaders do talk to each other. I for one would NOT be surprised if a handshake over a glass of red has taken place over timings.\r\n\r\nGiven the desire and concerns over MARKET STABILITY do NOT rule out a coordinated policy announcement ahead of the dates of these meetings to announce change at the same time. It has been done before.\r\n\r\nIt could happen but maybe not.\r\n\r\nAt the end of the day what would the FX world look like?\r\n\r\nI still believe that no matter what is attempted, the USD is on very rocky ground. Fundamentally I cannot see Washington kissing and making up party to party or President to either party so dysfunctionality will remain in place.\r\n\r\nFair value for the single currency even with another 0.25% on the U.S. rate must still be in the 1.3000 range, but it is not about where fair value lies it’s how it gravitates to the level that is the important consideration.\r\n\r\nAt EUR/USD at 1.3000.\r\n\r\nEUR crosses would all be elevated from current levels and the majors would be elevated and re-aligned as well as a consequence.\r\n\r\nThat is when the real fun starts.\r\n\r\nHow will the RBA and RBNZ feel when their currencies are at 0.9000 and maybe 0.8000 levels once again? Competitiveness would suffer unless it was a balanced increase across the board.\r\n\r\nIt is possible that we enter currency wars 2.0?\r\n\r\nTIPPING POINTS, RE-ALIGNMENTS both have consequences and MARKET STABILITY may suffer despite a great deal of effort and planning being introduced, the DXY at 87.50. I do not like using the phrase nailed on, but I just cant see it not happening in the coming weeks.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #146 PREMIUM SERVICE SUBSCRIBER VERSION\r\nSeptember 10th, 2017\r\n\r\n&nbsp;', 'TIPPING POINTS, STRUCTURAL RE-ALIGNMENTS, MARKET STABILITY and DXY at 87.50?', '', 'inherit', 'closed', 'closed', '', '9987-revision-v1', '', '', '2017-09-27 21:53:50', '2017-09-28 02:53:50', '', 9987, 'https://weeklyfxdrivethru.com/9987-revision-v1/', 0, 'revision', '', 0);
