INSERT INTO `wp_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(10290, 1, '2017-10-28 05:48:39', '2017-10-28 10:48:39', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nLast week’s title for my blog was: -\r\n\r\n<strong>WILL THE ECB PULL IT OFF?</strong>\r\n\r\nThe answer was a resounding “Yes” ….\r\n\r\nDespite the odds stacked against him Mario Draghi did a modern-day Houdini act. He delivered a “THUNDERBOLT” to the markets and silenced EURO bulls inside a minute.\r\n\r\nI will comment more about this later.\r\n\r\nLast week was like the week before lots of pips and $$$ being generated, primarily on the back of NZD weakness across the board.\r\n\r\nI cleared my 4 x HEDGED trades (2 x EUR/NZD, GBP/NZD and GBP/AUD) with net profits, only to enter three more on the back of the BOC last Wednesday. I am still a believer that the USD/CAD will be going lower than 1.2000 and that the BOC will surprise hike once again. Having not hedged trades for over two years to jump in with 7 in the same month is a bit of a nose-bleed situation.\r\n\r\nI personally view HEDGING as a trading tool to effectively “park” trades that you are in, that are moving sideways or against you but FUNDAMENTALLY you believe that you are directionally correct.\r\n\r\nOn many occasions, you can be focused on trades that are “up in your face” and let other trades go by. HEDGING removes this. I hedged last Wednesday, and I am still waiting to activate my exit strategy.\r\n\r\nMoving on.\r\n\r\nThe PREMIUM SERVICE has now achieved its annual target of net 10,000 pips.\r\n\r\n<strong>The total for 2017 now stands at 10,702 pips</strong>\r\n\r\nI am delighted with this because I have achieved this despite the fact that I moved home this year, trekking 13 hours across Canada out of Quebec into Nova Scotia, which took up a lot of my time. Plus, the move was followed by a 25-day trip to Australia and New Zealand, moving to a new house, with all the planning and scheduling with the trip as well, certainly placed an additional stress on trading. Remote trading is at the best of time very stressful. It was when all said and done about a three-month event, therefore to hit target with over two months of the year left is pleasing.\r\n\r\nAs my good friend, Roger would say “Happy Days”, I would add “Fecking” into the middle of his little saying.\r\n\r\nThe following section was in last week’s blog and I am leaving it unchanged (except for Italics) again this week, with the added couple of comments: -\r\n<ul>\r\n 	<li>As we enter the final couple of months in 2017, If you are thinking about FX trading as an additional income stream, why not get on board now? Get used to the way I do things, get familiar with the PREMIUM SERVICE system and get ready for blast off in 2018.</li>\r\n 	<li>Between now and the end of 2017 there are still pips to be gathered and $$$ to make!</li>\r\n</ul>\r\n<em>My annual target of 10,000 pips is in sight</em><em>, however, nothing can be taken for granted and given that my position sizing this year has been smaller due to the markets having greater RISK attached, my income from trading will be lower this year… but, there should be an income barring any disasters in the run up to the year end.</em>\r\n\r\n<em>My point here as I mention every year is that those of you who trade with smaller account sizes can still make some money from trading Forex.</em>\r\n\r\n<em>Single MINI LOT trades                                 = USD$1.00 each\r\nPREMIUM SERVICE Annual target               = 10,000 pips</em>\r\n\r\n<em>Anticipated Gross Income                            = USD$10,000 (10,000 pips x USD$1)</em>\r\n\r\n<em>Less PREMIUM SERVICE</em>\r\n\r\n<em>Annual subscription                                       = USD$1,000 (equivalent)</em><em>\r\nNET TRADING INCOME                               = USD$9,000</em>\r\n\r\n<em>Working on the 50% rule\r\nShould you can only capture:\r\n</em><em>50% of my suggested trades\r\n</em><em>50% of my entries on time\r\n</em><em>50% of my exits on time\r\n</em><em>You could still generate a NET INCOME\r\n</em><em>after subscription                                            of USD$4,0000</em>\r\n\r\n<em> </em><em>Obviously, you would need in the first year to open and adequately fund a broker account to meet the trading criteria you have set yourself. I would say to trade MINI LOT trades you would require a minimum of a USD$6,000 account for you first year after one year you should be able to trade and operate your account on trading income and then as the year’s progress increase your trading size to say 2 or 3 MINI LOTS but at the same time you must remember increased POSITION SIZES = INCREASED RISK.</em>\r\n\r\n<em>RISK MANAGEMENT is crucial to FX trading. Without it you fail.</em>\r\n\r\n<strong> </strong>\r\n\r\n<strong>2. THE FX MARKET PLACE:\r\n\r\n\r\n</strong><u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u>\r\n\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n&nbsp;\r\n\r\n<strong><u>BOC</u></strong><u>: INTEREST RATE DECISION.\r\n\r\n</u>\r\n\r\nThe Bank of Canada left interest rates unchanged last week. This was not a complete surprise as recent financial data had been sliding away.\r\n\r\nStephen Poloz, BOC Governor, was quite dovish, but now that I understand him a little better he was really being nothing other than “matter of fact” with his language. Nevertheless, the CAD weakened like crazy, moving the USD/CAD about 150 pips higher to 1.2800. Potentially there is the chance of a 1.3000 re-test especially if you add in USD strength.\r\n\r\nWhilst, I think he sounded dovish, Poloz also amended forward forecasting quite a bit. Both the 2017 growth was revised up and the same for 2018, he also was very clear stating that less monetary stimulus would be required into the Canadian Economy.\r\n\r\nThe old chestnuts about Inflation risks to the downside, excess capacity in the Labour Market, softness in wage growth and elevated household debt all featured vis-a-vis the effects on these from higher interest rates.\r\n\r\nPoloz focused a great deal on lower inflation so reading between the lines the chances of another hike in 2017 look a little optimistic at this stage. We should not get too carried away here as 4 weeks ago we were expecting another hike this year, it could all turn around again in the next 2/3 weeks and a December move once again becomes a possibility.\r\n\r\nOne thing I have learned in trading FX for 10 years is never say never; even with a Central Bank.\r\n\r\nMy bias with the CAD, referring to USD/CAD is short-term Canadian weakness to be replaced at the turn of next year at the latest with CAD strength and the USD/CAD moving back lower towards 1.2000 once again.\r\n\r\n&nbsp;\r\n\r\n<strong><u>EUR:</u></strong><u> ECB INTEREST RATE &amp; PRESS CONFERENCE.</u>\r\n\r\n<u>THE DRAGHI THUNDERBOLT:</u>\r\n\r\nFair play the Pizza Boy pulled it off!\r\n\r\nAs mentioned last week the forward guidance provided was pretty much in line with what Draghi regurgitated to the assembled unsullied in Frankfurt.\r\n\r\nThe key takeaway was that the asset purchases would fall from the current €60 billion per month to €30 billion per month with effect from January 2018 and run at least until September 2018 or beyond. Expiring maturing securities that the ECB currently owns will be re-invested.\r\n\r\nThe key phrase from Draghi that was used on a number of occasions was “Extended period of time”, I was looking out for a well-used FED term “Transitory” and at times I was a little distracted but I do not recall a “Transitory” being used. However, “Extended period of time” for as long as necessary featured quite a bit.\r\n\r\nDraghi stated that there would be NO interest rate increase until the end of the Asset Purchases (QE) that means October 2018 at the earliest. That was like a knife straight through the middle of all the aspiring Euro bull’s hearts.\r\n\r\nBasically, Draghi was as dovish as he could be highlighting the only thing that he could highlight as an area of concern that was keeping the ECB accommodative moving forward, that was inflation, or rather the lack of it. He could not focus on other economic data as generally speaking all EUROZONE data has been improving of late. The only blemish is inflation. This was his focus.\r\n\r\nThe EUR/USD fell on his prepared statement and subsequent Q &amp; A through his press conference just a few pips shy of 200 pips. I would say that if I still lived in Marbella, Spain I would be able to hear the “Draghi” champagne corks popping all the way from Frankfurt.\r\n\r\n<strong><u>\r\nEUR:</u></strong><u> CATALONIA.</u>\r\n\r\nThis is going to be made into a Christmas pantomime.\r\n\r\nPuidgemont was going to announce independence then he wasn\'t … wait 30 minutes longer and he was definitely going to announce it.\r\n\r\nWell…\r\n\r\nHe didn’t and the best that I can make out is that he wants more elections that Madrid won’t agree to!\r\n\r\nI think that we are back at square one.\r\n\r\nThere are meetings scheduled and discussions within the Catalan parliament but with Madrid holding all the keys now it all seems rather old news to me now.\r\n\r\nThe funniest piece of news last Friday, was that at the same time as the Catalonian government were voting on declaring independence the Madrid parliament was voting through Article 155 to take away all the powers of Catalonia.\r\n\r\nLate Friday, I noticed on the wires that Puidgemont could get a jail sentence of up to 30 years for his recent actions.\r\n\r\nYou couldn’t make this stuff up.\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD</u></strong><u>: JANET YELLEN’S REPLACEMENT.</u>\r\n\r\nWho is it going to be?\r\n\r\nTake your pick.\r\n\r\nJANET YELLEN\r\nGARY COHN\r\nJEROME POWELL\r\nKEVIN WARSH\r\nJOHN TAYLOR\r\n\r\nThat was last week’s list….\r\n\r\nHere is this week’s list….\r\n\r\nJEROME POWELL\r\nJOHN TAYLOR\r\n\r\nAs far as I can gather it’s an either-or decision for the president who believes his key roles under his job description as leader of the free world are: -\r\n\r\nKeep the Stock Market going up at all costs.\r\nKeep interest rates low.\r\nArgue on twitter with as many people as possible.\r\n\r\nInsult families of service people who have made the ultimate sacrifice for their country.\r\n\r\nSlag off the press. Unless he likes the reporting its “FAKE NEWS”\r\n\r\nLast Friday an unnamed White House source said that THE DONALD was leaning towards POWELL. Is this FAKE NEWS? Rule nothing out at all. Just because BLOOMBERG who delivered the news believes that they were given an exclusive means nothing vis-à-vis this administration.\r\n\r\nThe bookies still have POWELL &amp; TAYLOR as the dream ticket possibly filling the CHAIR and VICE CHAIR roles. It could be more like a fecking nightmare for them with TRUMP as President if this is true and plays out.\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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/ECONOMIC-DATA-29102017.png\"><img class=\"aligncenter size-large wp-image-10267\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/ECONOMIC-DATA-29102017-1024x934.png\" alt=\"\" width=\"1024\" height=\"934\" /></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&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/T-CHART-29102017.png\"><img class=\"aligncenter size-large wp-image-10268\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/T-CHART-29102017-1024x844.png\" alt=\"\" width=\"1024\" height=\"844\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/EURUSD-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10282\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/EURUSD-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/GBPUSD-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10283\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/GBPUSD-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/AUDUSD-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10281\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/AUDUSD-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/NZDUSD-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10284\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/NZDUSD-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCAD-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10285\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCAD-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCHF-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10286\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCHF-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDJPY-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10287\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDJPY-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>This week is packed and will be volatile, there are key events dotted throughout the week. The following are the pick from my perspective and the ones that interest me the most.\r\n\r\n<strong><u>CAD:</u></strong><u> GDP &amp; EMPLOYMENT DATA</u>.\r\n\r\nGDP is on Tuesday and the jobs data is released the same as NFP on Friday.\r\n\r\nThe CAD$ is weak following some poor data and then a very dovish BOC policy statement last week. Positioning for the CAD was very heavily based on CAD strength, I am one of those traders, in fact I have hedged my CAD short positions for the shorter term. I have NOT ruled out a hike before the end of 2017 and the data that the market feeds off has little impact on how the BOC thinks. The last interest rate hike for example was a surprise.\r\n\r\nCAD banks have re-positioned themselves, vis-à-vis their thoughts on interest rate increases and whilst in the main they see hikes early into 2018 only a couple are still believing that December 2017 should NOT be ruled out.\r\n\r\nThe data this week will either place what many would call the final nail in the coffin on no rate hikes in 2017, or if data is good maybe positioning will change.\r\n\r\nThe previous reading on GDP was 0%\r\nThis month the expectation is for 0.1%\r\nEmployment last month was +10,000\r\nThis Month the market is expecting +13,600\r\n\r\n<strong><u>GBP:</u></strong><u> MANUFACTURING, CONSTRUCTION &amp; SERVICES PMi.</u>\r\n\r\nMy God that was a quick month…\r\n\r\nIt only seems a week or so ago I was predicting and got right, what I am about to predict again.\r\n\r\nLast month: -\r\n\r\nManufacturing 55.1\r\nConstruction 48.1\r\nServices 53.6\r\n\r\nThis month the market expects: -\r\n\r\nManufacturing 55.9\r\nConstruction 48.9\r\nServices 53.3\r\n\r\nThis month I expect to see more of the same. Manufacturing and Construction to miss estimates and Services in line.\r\n\r\nThis information although backward looking is good from a BREXIT position, although PMi data is rather over-shadowed this week by the clatter of BOE data, none more important than the eagerly awaited interest rate decision.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP:</u></strong><u> INFLATION REPORT, INTEREST RATE, MPC VOTES &amp; CARNEY.</u>\r\n\r\nThis is it; Carneys biggest meeting so far. For me this is bigger than his 2 “mile” walk down the BOE corridor the day after the BREXIT vote, to announce more QE and a rate cut.\r\n\r\nHe is now on the brink of raising rates solely because inflation is a 3% above the 2% objective. Everything else in the UK is up in the air both politically and economically.\r\n\r\nThe GBP/USD has strengthened of late on the back of the expected rate increase, although USD strength is pulling it back towards 1.3000 again.\r\n\r\nBREXIT is still a shambles and the chances of a “NO DEAL” is quickly becoming what many believe will be the outcome. I have always said that the two-year time scale to tie up the loose ends to exit was challenging. Leave it to politicians and we have what can only be expected… a huge fu*k up.\r\n\r\nMany people have argued in the media that a 0.25% basis point increase will do nothing to stop inflation rising as it is “transitory”, if that\'s the case DO NOT raise rates!\r\n\r\nWage growth is a full 1% behind inflation and the proposed 0.25% rate increase will no doubt be passed on in full to households, increasing household debt and further pressures on family budgets will be felt.\r\n\r\nI make no apologies for raising this point again. BREXIT negotiations have NOT got past how much the divorce will cost, never mind the actual issues to address. WE haven’t even heard the word TRADE much of late. The trade deal will be so complex to manage and agree upon.\r\n\r\nCarney must see this. He must see the timetable for BREXIT = better than 50% chance of a NO DEAL. To raise interest rates with this backdrop could go down in the history books as foolish and seriously lacking of any vision.\r\n\r\nIt will be a very interesting announcement this Thursday. The market is anticipating a 0.25% rate increase and 9-0 on the MPC votes in favour of the increase.\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD:</u></strong><u> TRADE BALANCE &amp; RETAIL SALES.</u>\r\n\r\nPolitical calamities appear all over the globe. The Malcolm Turnbull government has now lost control of parliament following a legal intervention precluding dual nationality citizens living in Australia the ability to represent in parliament.\r\n\r\nThe High court ruled that Deputy Prime Minister Barnaby Joyce is ineligible to remain in Parliament as he has both Aussie and Kiwi citizenships. A bi-election now takes place and Turnbull is now looking for support from minorities to vote with his party to keep the government in play.\r\n\r\nThis political development over hangs the economic data with the view to sentiment moving forward as rallies will probably be sold into should data releases be good for the economy. The political uncertainty will trump economic data and therefore I would use rallies as selling opportunities.\r\n\r\nThe numbers expected are:\r\n\r\nRetail Sales 0.6% last month was a dreadful -0.5%\r\nTrade balance AUD$1.20 Billion versus last month AUD$0.99 Billion\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong><u> ADP, NON-FARM EMPLOYMENT DATA &amp; AVERAGE EARNINGS.</u>\r\n\r\nThe TRUMP circus continues, with the next round of U.S. employment data. The focus will be on average hourly earnings to see if the economy can generate some inflation.\r\n\r\nJanet Yellen’s “transitory” beliefs will be put to the test as we hit the next round of Inflation and jobs data.\r\n\r\nWe all wait with baited breath.\r\n\r\nBottom line, she is raising rates in December come hell or very high water.\r\n\r\nADP Expected 191,000, last month it was 135,000.\r\nNFP Expected 311,000, last month it was -33,000.\r\nAverage Hourly Earnings this month 0.2% last month it was 0.5%\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\nWe are jam packed with news events this coming week so you will probably not be too surprised with my thoughts for the coming week\r\n<ol>\r\n 	<li>The EUR/USD has triggered a Head and Shoulders pattern. It will NOT be a straightforward drop lower to its measured move target. At the same time the DXY (USD Index) has an inverted Head and Shoulders pattern in play (see chart below). This will NOT be a fast move higher either.\r\n\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/DXY-29102017.png\"><img class=\"aligncenter size-large wp-image-10269\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/DXY-29102017-1024x493.png\" alt=\"\" width=\"1024\" height=\"493\" /></a></li>\r\n 	<li>The appointment of the FED CHAIR / VICE CHAIR rumoured to be POWELL / TAYLOR, the “dream team” ticket is being viewed widely as USD positive.\r\n\r\nThis news if released this week should therefore support the Inverted Head and Shoulders move with the DXY.</li>\r\n 	<li>For good measure, we have an FOMC Statement this week. How many “transitory’s” will there be this time around. Yellen will probably announce at this release that she is NOT extending her stay at the FED beyond February 2018.\r\n\r\nWill the FOMC be USD positive? I would say YES. She cannot suddenly turn dovish after her last Oscar winning performance… or can she?</li>\r\n 	<li>S. employment is always a bit of a lottery and last month the adverse weather was used in advance to say that the numbers should be treated basically as meaningless.\r\n\r\nThis month however a more usual number is expected. The question is will it be USD positive or negative?\r\n\r\nIf I knew the answer to that question, I would not be writing this blog!</li>\r\n 	<li>We have a major BOE announcement on Thursday. How Carney deals with the peripherals not as much the rate decision is of greater importance to me moving forward.\r\n\r\nNevertheless; this is the MAJOR piece of data this week. However, GBP moves should remain very focused to GBP related pairs.</li>\r\n 	<li>We have CAD jobs at the same time as NFP, the opportunity for a double whammy exists with the CAD should the Cad jobs data be weak and the US data strong.\r\n\r\nMoves with antipodean currencies on NZD and AUD should just affect local crosses as well.\r\n\r\nI would view any “RIPS” with AUD and NZD opportunities to sell into and obtain good shorting prices.</li>\r\n</ol>\r\nSUMMARY:\r\n\r\nWhen you look at my bullet points I am giving a very USD positive (strength) viewpoint and for the time being I am biased that way. However, DO NOT LEAP in with full sized positions and here is why.\r\n\r\nTRUMP is on a goodwill mission to Asia at the end of the week, heaping TRUMP LOVE all over Asia.\r\n\r\nTRUMP is full of himself, full of shite and full of bravado, he is a Mr. Magoo character, leaving chaos and disorder behind wherever he treads. He cannot help himself. The TWEETS will be flowing. Before he leaves, the TWEETS about how great he is will be flowing.\r\n\r\nTrade smaller positions, stay on your toes. TRUMP has a FED announcement before he goes on his “goodwill Trip” and nothing ever passes off smoothly.\r\n\r\nIn my opinion, as time has moved forward his true colours are being displayed and having given him the benefit of the doubt for so long, my opinion of him is just that he is no more than at best a walking, talking, tweeting hemorrhoid. I am sure he must have great qualities somewhere, but I can’t see them.\r\n\r\nMoving on…\r\n\r\nLook at cross-rate pairs to trade and stay away from currencies that will be directly affected by TRUMP fuck ups… USD, JPY and CHF.\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<p style=\"padding-left: 120px;\"><u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\nLAST WEEKS PIP TOTAL:             +1,543 net pips\r\nOCTOBER 2017 TO DATE:           +2,655 net pips\r\nYEAR TO DATE 2017:                    +10,702 net pips\r\n</p>\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\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</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(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1: TRADING REVIEW:</u>\r\n\r\n10,702 pips for 2017 to date…\r\n\r\nHappy fecking days…\r\n\r\nI still must work off the USD/CAD hedges, which will not be easy as I am still bullish the CAD medium / longer-term and believe that I should have added more long trades in on the BOC Rate decision day as it was telegraphed what was going to happen. I was a little stupid when that was happening. I played that news poorly.\r\n\r\nIt was a great couple of weeks with the cross rates really delivering. We are in consolidation mode at the moment and are waiting for the next move.\r\n\r\nCable will be of interest this week. I have read that many commentators and analysts believe that the 0.25% hike is already baked into the GBP/USD. My arse it is. I want to be ready on Thursday to capture pips on GBP cross rates.\r\n\r\nIf Carney does NOT hike the GBP should be decimated. You can have a negative outcome on a rate hike, rare, but possible. I am not expecting this as things stand at the moment with cable.\r\n\r\nIt is a busy week this coming week and we enter the week lighter than usual with LIVE trades.\r\n\r\nI mentioned on several occasions recently, and, I know some of you thought that I was leaving the party early, that my reasons for exiting many of the open trades early last week were based upon the fact that we had reached over bought and over sold conditions. Plus, we had a Draghi moment to consider.\r\n\r\nI DID NOT participate on ECB day, I could not get 20-30 pip pullbacks with the EUR/USD, in particular, to let me in and also the crosses were suffering across the board. I decided to do something else and be a voyeur trader from time to time during the day.\r\n\r\nFriday was a crap shoot. It was nothing more than a Las Vegas day in Forex. I will NO LONGER participate in those days any more. Even NFP has more sentiment and direction, for me to write that is huge.<u>\r\n\r\n</u><u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n\r\n</u>\r\n\r\nSo, the last two weeks were “Win-Win” situations vis-à-vis the NZD. Now we move forward.\r\n\r\nMy focus remains with the NZD and now the GBP as well.\r\n\r\nNZD: I expect a pullback before we head lower towards 0.6500 in NZD/USD. We can and probably will go even lower. Nothing from the media news in New Zealand suggests anything remotely positive for the NZD currency, “RALLIES” “SPIKES” and “RIPS” are to be sold into.\r\n\r\nI will be adding but I will try my best to be as selective as possible and not be a NZD slut trader!!\r\n\r\nGBP: There are opportunities here this week. Thursday is Carney’s biggest moment. As stated earlier in the blog it’s not about the hike it\'s the statement and how the BOE view matters moving forward.\r\n\r\nDO NOT think because it’s an interest rate increase that the only way is up! It can be a GBP negative hike… stranger things have happened. I am not expecting this result but it has NOT been ruled out.\r\n\r\nI intend to be ready and loaded…\r\n\r\nWithout stating the bloody obvious the market loves the USD at the moment. Sentiment is most definitely skewed towards buying the USD. As mentioned in several places I believe this to be a short to medium term shift, probably until the end of 2017.\r\n\r\nAfter that I see USD weakness being driven through the markets through Presidential intervention via jaw-boning and interference.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/SENTIMENT-29102017.png\"><img class=\"aligncenter size-large wp-image-10280\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/SENTIMENT-29102017-775x1024.png\" alt=\"\" width=\"775\" height=\"1024\" /></a>\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am STILL bearish the CAD and NZD currencies.\r\n\r\nThe CAD is on the back burner for now. I have three HEDGED trades to work through. I have just the one HEDGED TRADE with an “OUT” trade in play. I am to coin a phrase “HEDGING my approach to my HEDGES” if that makes sense.\r\n\r\nThe NZD I am waiting for a pullback to use that opportunity to read.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\n3 x live short USD/CAD trades. All three are HEDGED and one has an “OUT” trade attached.\r\n\r\nMY PLAN: These trades will remain on the back burner this week unless there is an opportunity to try and steal 100 pips here or there to offset the HEDGED amounts. I do not see these HEDGES in the same light as the GBP/NZD, EUR/NZD and GBP/AUD hedges. They were far more straightforward to exit without too much thought and strategy planning. These CAD HEDGES could be around for some time.\r\n\r\nI have no plans currently to place CAD related trades against other pairs. This may change soon, but for now nada!!\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 3 x live long AUD/NZD trades and a NZD/JPY short trade.\r\n\r\nPlus: - I have 2 x AUD/NZD trades and a GBP/NZD and NZD/USD limit order trades in position.\r\n\r\nMY PLAN: I will be looking to add NZD trades across the board as soon as I see a meaningful pullback to provide beneficial pricing.\r\n\r\n&nbsp;\r\n\r\n<u>4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u><u>\r\n\r\n</u>\r\n\r\nCURRENT LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/LIVE-29102017.png\"><img class=\"aligncenter size-large wp-image-10271\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/LIVE-29102017-889x1024.png\" alt=\"\" width=\"889\" height=\"1024\" /></a>\r\n\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/LIMIT-29102017.png\"><img class=\"aligncenter size-large wp-image-10270\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/LIMIT-29102017-1024x1018.png\" alt=\"\" width=\"1024\" height=\"1018\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nI heard from two brokers.\r\n\r\nVolumes from major banks are lower and the recent period of lack of volatility in the market confirms this view.\r\n\r\nThere is absolutely nothing that the brokers can do in this regard. They are suffering through lower retail volumes because the numbers of retail traders have gradually decreased since the EUR/CHF peg removal.\r\n\r\nI am being reminded about the FXCM removal from the US market also being pivotal, as the mistrust of a high-profile broker was huge, never mind all the white label brokers!!\r\n\r\nThere are plenty of cowboys out there, of that there is no doubt.\r\n\r\nI am trading with 5 brokers, 7 separate accounts at the moment and all is well ... touch wood. My two MT4 brokers VANTAGE FX (Australia) and HANTEC MARKETS (UK) continue to provide me with excellent service. My other TRADE STATION brokers are just excellent to work with.\r\n\r\nIf you are looking to open a separate broker account for PREMIUM SERVICE trades in 2018, take a look at VANTAGE FX or HANTEC MARKETS, signing up through my website link gives you fee advantages with VANTAGE FX.\r\n\r\nGoing back…\r\n\r\nWhenever I hear about reduced volumes, I immediately think consolidation….\r\n\r\nLet’s see what happens.\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #153 PREMIUM SERVICE\r\n29th October 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'THE DRAGHI THUNDERBOLT', '', 'inherit', 'closed', 'closed', '', '10289-revision-v1', '', '', '2017-10-28 05:48:39', '2017-10-28 10:48:39', '', 10289, 'https://weeklyfxdrivethru.com/10289-revision-v1/', 0, 'revision', '', 0);
INSERT INTO `wp_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(10297, 1, '2017-10-28 06:52:47', '2017-10-28 11:52:47', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nLast week’s title for my blog was: -\r\n\r\n<strong>WILL THE ECB PULL IT OFF?</strong>\r\n\r\nThe answer was a resounding “Yes” ….\r\n\r\nDespite the odds stacked against him Mario Draghi did a modern-day Houdini act. He delivered a “THUNDERBOLT” to the markets and silenced EURO bulls inside a minute.\r\n\r\nI will comment more about this later.\r\n\r\nLast week was like the week before lots of pips and $$$ being generated, primarily on the back of NZD weakness across the board.\r\n\r\nI cleared my 4 x HEDGED trades (2 x EUR/NZD, GBP/NZD and GBP/AUD) with net profits, only to enter three more on the back of the BOC last Wednesday. I am still a believer that the USD/CAD will be going lower than 1.2000 and that the BOC will surprise hike once again. Having not hedged trades for over two years to jump in with 7 in the same month is a bit of a nose-bleed situation.\r\n\r\nI personally view HEDGING as a trading tool to effectively “park” trades that you are in, that are moving sideways or against you but FUNDAMENTALLY you believe that you are directionally correct.\r\n\r\nOn many occasions, you can be focused on trades that are “up in your face” and let other trades go by. HEDGING removes this. I hedged last Wednesday, and I am still waiting to activate my exit strategy.\r\n\r\nMoving on.\r\n\r\nThe PREMIUM SERVICE has now achieved its annual target of net 10,000 pips.\r\n\r\n<strong>The total for 2017 now stands at 10,702 pips</strong>\r\n\r\nI am delighted with this because I have achieved this despite the fact that I moved home this year, trekking 13 hours across Canada out of Quebec into Nova Scotia, which took up a lot of my time. Plus, the move was followed by a 25-day trip to Australia and New Zealand, moving to a new house, with all the planning and scheduling with the trip as well, certainly placed an additional stress on trading. Remote trading is at the best of time very stressful. It was when all said and done about a three-month event, therefore to hit target with over two months of the year left is pleasing.\r\n\r\nAs my good friend, Roger would say “Happy Days”, I would add “Fecking” into the middle of his little saying.\r\n\r\nThe following section was in last week’s blog and I am leaving it unchanged (except for Italics) again this week, with the added couple of comments: -\r\n<ul>\r\n 	<li>As we enter the final couple of months in 2017, If you are thinking about FX trading as an additional income stream, why not get on board now? Get used to the way I do things, get familiar with the PREMIUM SERVICE system and get ready for blast off in 2018.</li>\r\n 	<li>Between now and the end of 2017 there are still pips to be gathered and $$$ to make!</li>\r\n</ul>\r\n<em>My annual target of 10,000 pips is in sight</em><em>, however, nothing can be taken for granted and given that my position sizing this year has been smaller due to the markets having greater RISK attached, my income from trading will be lower this year… but, there should be an income barring any disasters in the run up to the year end.</em>\r\n\r\n<em>My point here as I mention every year is that those of you who trade with smaller account sizes can still make some money from trading Forex.</em>\r\n\r\n<em>Single MINI LOT trades                                 = USD$1.00 each\r\nPREMIUM SERVICE Annual target               = 10,000 pips</em>\r\n\r\n<em>Anticipated Gross Income                            = USD$10,000 (10,000 pips x USD$1)</em>\r\n\r\n<em>Less PREMIUM SERVICE</em>\r\n\r\n<em>Annual subscription                                       = USD$1,000 (equivalent)</em><em>\r\nNET TRADING INCOME                               = USD$9,000</em>\r\n\r\n<em>Working on the 50% rule\r\nShould you can only capture:\r\n</em><em>50% of my suggested trades\r\n</em><em>50% of my entries on time\r\n</em><em>50% of my exits on time\r\n</em><em>You could still generate a NET INCOME\r\n</em><em>after subscription                                            of USD$4,0000</em>\r\n\r\n<em>Obviously, you would need in the first year to open and adequately fund a broker account to meet the trading criteria you have set yourself. I would say to trade MINI LOT trades you would require a minimum of a USD$6,000 account for you first year after one year you should be able to trade and operate your account on trading income and then as the year’s progress increase your trading size to say 2 or 3 MINI LOTS but at the same time you must remember increased POSITION SIZES = INCREASED RISK.</em>\r\n\r\n<em>RISK MANAGEMENT is crucial to FX trading. Without it you fail.</em>\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n\r\n</strong></li>\r\n</ol>\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u>\r\n\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n&nbsp;\r\n\r\n<strong><u>BOC</u></strong><u>: INTEREST RATE DECISION.\r\n\r\n</u>\r\n\r\nThe Bank of Canada left interest rates unchanged last week. This was not a complete surprise as recent financial data had been sliding away.\r\n\r\nStephen Poloz, BOC Governor, was quite dovish, but now that I understand him a little better he was really being nothing other than “matter of fact” with his language. Nevertheless, the CAD weakened like crazy, moving the USD/CAD about 150 pips higher to 1.2800. Potentially there is the chance of a 1.3000 re-test especially if you add in USD strength.\r\n\r\nWhilst, I think he sounded dovish, Poloz also amended forward forecasting quite a bit. Both the 2017 growth was revised up and the same for 2018, he also was very clear stating that less monetary stimulus would be required into the Canadian Economy.\r\n\r\nThe old chestnuts about Inflation risks to the downside, excess capacity in the Labour Market, softness in wage growth and elevated household debt all featured vis-a-vis the effects on these from higher interest rates.\r\n\r\nPoloz focused a great deal on lower inflation so reading between the lines the chances of another hike in 2017 look a little optimistic at this stage. We should not get too carried away here as 4 weeks ago we were expecting another hike this year, it could all turn around again in the next 2/3 weeks and a December move once again becomes a possibility\r\n\r\nOne thing I have learned in trading FX for 10 years is never say never; even with a Central Bank.\r\n\r\nMy bias with the CAD, referring to USD/CAD is short-term Canadian weakness to be replaced at the turn of next year at the latest with CAD strength and the USD/CAD moving back lower towards 1.2000 once again.\r\n\r\n&nbsp;\r\n\r\n<strong><u>EUR:</u></strong><u> ECB INTEREST RATE &amp; PRESS CONFERENCE.</u>\r\n\r\n<u>THE DRAGHI THUNDERBOLT:</u>\r\n\r\nFair play the Pizza Boy pulled it off!\r\n\r\nAs mentioned last week the forward guidance provided was pretty much in line with what Draghi regurgitated to the assembled unsullied in Frankfurt.\r\n\r\nThe key takeaway was that the asset purchases would fall from the current €60 billion per month to €30 billion per month with effect from January 2018 and run at least until September 2018 or beyond. Expiring maturing securities that the ECB currently owns will be re-invested.\r\n\r\nThe key phrase from Draghi that was used on a number of occasions was “Extended period of time”, I was looking out for a well-used FED term “Transitory” and at times I was a little distracted but I do not recall a “Transitory” being used. However, “Extended period of time” for as long as necessary featured quite a bit.\r\n\r\nDraghi stated that there would be NO interest rate increase until the end of the Asset Purchases (QE) that means October 2018 at the earliest. That was like a knife straight through the middle of all the aspiring Euro bull’s hearts.\r\n\r\nBasically, Draghi was as dovish as he could be highlighting the only thing that he could highlight as an area of concern that was keeping the ECB accommodative moving forward, that was inflation, or rather the lack of it. He could not focus on other economic data as generally speaking all EUROZONE data has been improving of late. The only blemish is inflation. This was his focus.\r\n\r\nThe EUR/USD fell on his prepared statement and subsequent Q &amp; A through his press conference just a few pips shy of 200 pips. I would say that if I still lived in Marbella, Spain I would be able to hear the “Draghi” champagne corks popping all the way from Frankfurt.\r\n\r\n<strong><u>\r\nEUR:</u></strong><u> CATALONIA.</u>\r\n\r\nThis is going to be made into a Christmas pantomime.\r\n\r\nPuidgemont was going to announce independence then he wasn\'t … wait 30 minutes longer and he was definitely going to announce it.\r\n\r\nWell…\r\n\r\nHe didn’t and the best that I can make out is that he wants more elections that Madrid won’t agree to!\r\n\r\nI think that we are back at square one.\r\n\r\nThere are meetings scheduled and discussions within the Catalan parliament but with Madrid holding all the keys now it all seems rather old news to me now.\r\n\r\nThe funniest piece of news last Friday, was that at the same time as the Catalonian government were voting on declaring independence the Madrid parliament was voting through Article 155 to take away all the powers of Catalonia.\r\n\r\nLate Friday, I noticed on the wires that Puidgemont could get a jail sentence of up to 30 years for his recent actions.\r\n\r\nYou couldn’t make this stuff up.\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD</u></strong><u>: JANET YELLEN’S REPLACEMENT.</u>\r\n\r\nWho is it going to be?\r\n\r\nTake your pick.\r\n\r\nJANET YELLEN\r\nGARY COHN\r\nJEROME POWELL\r\nKEVIN WARSH\r\nJOHN TAYLOR\r\n\r\nThat was last week’s list….\r\n\r\nHere is this week’s list….\r\n\r\nJEROME POWELL\r\nJOHN TAYLOR\r\n\r\nAs far as I can gather it’s an either-or decision for the president who believes his key roles under his job description as leader of the free world are: -\r\n\r\nKeep the Stock Market going up at all costs.\r\nKeep interest rates low.\r\nArgue on twitter with as many people as possible.\r\n\r\nInsult families of service people who have made the ultimate sacrifice for their country.\r\n\r\nSlag off the press. Unless he likes the reporting its “FAKE NEWS”\r\n\r\nLast Friday an unnamed White House source said that THE DONALD was leaning towards POWELL. Is this FAKE NEWS? Rule nothing out at all. Just because BLOOMBERG who delivered the news believes that they were given an exclusive means nothing vis-à-vis this administration.\r\n\r\nThe bookies still have POWELL &amp; TAYLOR as the dream ticket possibly filling the CHAIR and VICE CHAIR roles. It could be more like a fecking nightmare for them with TRUMP as President if this is true and plays out.\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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/ECONOMIC-DATA-29102017.png\"><img class=\"aligncenter size-large wp-image-10267\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/ECONOMIC-DATA-29102017-1024x934.png\" alt=\"\" width=\"1024\" height=\"934\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/T-CHART-29102017.png\"><img class=\"aligncenter size-large wp-image-10268\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/T-CHART-29102017-1024x844.png\" alt=\"\" width=\"1024\" height=\"844\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: USD – TRADING CHARTS and COMMENTARIES: </u>\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\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/EURUSD-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10282\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/EURUSD-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/GBPUSD-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10283\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/GBPUSD-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/AUDUSD-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10281\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/AUDUSD-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/NZDUSD-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10284\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/NZDUSD-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCAD-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10285\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCAD-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCHF-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10286\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCHF-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDJPY-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10287\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDJPY-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>This week is packed and will be volatile, there are key events dotted throughout the week. The following are the pick from my perspective and the ones that interest me the most.\r\n\r\n<strong><u>CAD:</u></strong><u> GDP &amp; EMPLOYMENT DATA</u>.\r\n\r\nGDP is on Tuesday and the jobs data is released the same as NFP on Friday.\r\n\r\nThe CAD$ is weak following some poor data and then a very dovish BOC policy statement last week. Positioning for the CAD was very heavily based on CAD strength, I am one of those traders, in fact I have hedged my CAD short positions for the shorter term. I have NOT ruled out a hike before the end of 2017 and the data that the market feeds off has little impact on how the BOC thinks. The last interest rate hike for example was a surprise.\r\n\r\nCAD banks have re-positioned themselves, vis-à-vis their thoughts on interest rate increases and whilst in the main they see hikes early into 2018 only a couple are still believing that December 2017 should NOT be ruled out.\r\n\r\nThe data this week will either place what many would call the final nail in the coffin on no rate hikes in 2017, or if data is good maybe positioning will change.\r\n\r\nThe previous reading on GDP was 0%\r\nThis month the expectation is for 0.1%\r\nEmployment last month was +10,000\r\nThis Month the market is expecting +13,600\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP:</u></strong><u> MANUFACTURING, CONSTRUCTION &amp; SERVICES PMi.</u>\r\n\r\nMy God that was a quick month…\r\n\r\nIt only seems a week or so ago I was predicting and got right, what I am about to predict again.\r\n\r\nLast month: -\r\n\r\nManufacturing 55.1\r\nConstruction 48.1\r\nServices 53.6\r\n\r\nThis month the market expects: -\r\n\r\nManufacturing 55.9\r\nConstruction 48.9\r\nServices 53.3\r\n\r\nThis month I expect to see more of the same. Manufacturing and Construction to miss estimates and Services in line.\r\n\r\nThis information although backward looking is good from a BREXIT position, although PMi data is rather over-shadowed this week by the clatter of BOE data, none more important than the eagerly awaited interest rate decision.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP:</u></strong><u> INFLATION REPORT, INTEREST RATE, MPC VOTES &amp; CARNEY.</u>\r\n\r\nThis is it; Carneys biggest meeting so far. For me this is bigger than his 2 “mile” walk down the BOE corridor the day after the BREXIT vote, to announce more QE and a rate cut.\r\n\r\nHe is now on the brink of raising rates solely because inflation is a 3% above the 2% objective. Everything else in the UK is up in the air both politically and economically.\r\n\r\nThe GBP/USD has strengthened of late on the back of the expected rate increase, although USD strength is pulling it back towards 1.3000 again.\r\n\r\nBREXIT is still a shambles and the chances of a “NO DEAL” is quickly becoming what many believe will be the outcome. I have always said that the two-year time scale to tie up the loose ends to exit was challenging. Leave it to politicians and we have what can only be expected… a huge fu*k up.\r\n\r\nMany people have argued in the media that a 0.25% basis point increase will do nothing to stop inflation rising as it is “transitory”, if that\'s the case DO NOT raise rates!\r\n\r\nWage growth is a full 1% behind inflation and the proposed 0.25% rate increase will no doubt be passed on in full to households, increasing household debt and further pressures on family budgets will be felt.\r\n\r\nI make no apologies for raising this point again. BREXIT negotiations have NOT got past how much the divorce will cost, never mind the actual issues to address. WE haven’t even heard the word TRADE much of late. The trade deal will be so complex to manage and agree upon.\r\n\r\nCarney must see this. He must see the timetable for BREXIT = better than 50% chance of a NO DEAL. To raise interest rates with this backdrop could go down in the history books as foolish and seriously lacking of any vision.\r\n\r\nIt will be a very interesting announcement this Thursday. The market is anticipating a 0.25% rate increase and 9-0 on the MPC votes in favour of the increase.\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD:</u></strong><u> TRADE BALANCE &amp; RETAIL SALES.</u>\r\n\r\nPolitical calamities appear all over the globe. The Malcolm Turnbull government has now lost control of parliament following a legal intervention precluding dual nationality citizens living in Australia the ability to represent in parliament.\r\n\r\nThe High court ruled that Deputy Prime Minister Barnaby Joyce is ineligible to remain in Parliament as he has both Aussie and Kiwi citizenships. A bi-election now takes place and Turnbull is now looking for support from minorities to vote with his party to keep the government in play.\r\n\r\nThis political development over hangs the economic data with the view to sentiment moving forward as rallies will probably be sold into should data releases be good for the economy. The political uncertainty will trump economic data and therefore I would use rallies as selling opportunities.\r\n\r\nThe numbers expected are:\r\n\r\nRetail Sales 0.6% last month was a dreadful -0.5%\r\nTrade balance AUD$1.20 Billion versus last month AUD$0.99 Billion\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong><u> ADP, NON-FARM EMPLOYMENT DATA &amp; AVERAGE EARNINGS.</u>\r\n\r\nThe TRUMP circus continues, with the next round of U.S. employment data. The focus will be on average hourly earnings to see if the economy can generate some inflation.\r\n\r\nJanet Yellen’s “transitory” beliefs will be put to the test as we hit the next round of Inflation and jobs data.\r\n\r\nWe all wait with baited breath.\r\n\r\nBottom line, she is raising rates in December come hell or very high water.\r\n\r\nADP Expected 191,000, last month it was 135,000.\r\nNFP Expected 311,000, last month it was -33,000.\r\nAverage Hourly Earnings this month 0.2% last month it was 0.5%\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\nWe are jam packed with news events this coming week so you will probably not be too surprised with my thoughts for the coming week\r\n<ol>\r\n 	<li>The EUR/USD has triggered a Head and Shoulders pattern. It will NOT be a straightforward drop lower to its measured move target. At the same time the DXY (USD Index) has an inverted Head and Shoulders pattern in play (see chart below). This will NOT be a fast move higher either.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/DXY-29102017.png\"><img class=\"aligncenter size-large wp-image-10269\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/DXY-29102017-1024x493.png\" alt=\"\" width=\"1024\" height=\"493\" /></a></li>\r\n 	<li>The appointment of the FED CHAIR / VICE CHAIR rumoured to be POWELL / TAYLOR, the “dream team” ticket is being viewed widely as USD positive.\r\n\r\nThis news if released this week should therefore support the Inverted Head and Shoulders move with the DXY.</li>\r\n 	<li>For good measure, we have an FOMC Statement this week. How many “transitory’s” will there be this time around. Yellen will probably announce at this release that she is NOT extending her stay at the FED beyond February 2018.\r\n\r\nWill the FOMC be USD positive? I would say YES. She cannot suddenly turn dovish after her last Oscar winning performance… or can she?</li>\r\n 	<li>S. employment is always a bit of a lottery and last month the adverse weather was used in advance to say that the numbers should be treated basically as meaningless.\r\n\r\nThis month however a more usual number is expected. The question is will it be USD positive or negative?\r\n\r\nIf I knew the answer to that question, I would not be writing this blog!</li>\r\n 	<li>We have a major BOE announcement on Thursday. How Carney deals with the peripherals not as much the rate decision is of greater importance to me moving forward.\r\n\r\nNevertheless; this is the MAJOR piece of data this week. However, GBP moves should remain very focused to GBP related pairs.</li>\r\n 	<li>We have CAD jobs at the same time as NFP, the opportunity for a double whammy exists with the CAD should the Cad jobs data be weak and the US data strong.\r\n\r\nMoves with antipodean currencies on NZD and AUD should just affect local crosses as well.\r\n\r\nI would view any “RIPS” with AUD and NZD opportunities to sell into and obtain good shorting prices.</li>\r\n</ol>\r\nSUMMARY:\r\n\r\nWhen you look at my bullet points I am giving a very USD positive (strength) viewpoint and for the time being I am biased that way. However, DO NOT LEAP in with full sized positions and here is why.\r\n\r\nTRUMP is on a goodwill mission to Asia at the end of the week, heaping TRUMP LOVE all over Asia.\r\n\r\nTRUMP is full of himself, full of shite and full of bravado, he is a Mr. Magoo character, leaving chaos and disorder behind wherever he treads. He cannot help himself. The TWEETS will be flowing. Before he leaves, the TWEETS about how great he is will be flowing.\r\n\r\nTrade smaller positions, stay on your toes. TRUMP has a FED announcement before he goes on his “goodwill Trip” and nothing ever passes off smoothly.\r\n\r\nIn my opinion, as time has moved forward his true colours are being displayed and having given him the benefit of the doubt for so long, my opinion of him is just that he is no more than at best a walking, talking, tweeting hemorrhoid. I am sure he must have great qualities somewhere, but I can’t see them.\r\n\r\nMoving on…\r\n\r\nLook at cross-rate pairs to trade and stay away from currencies that will be directly affected by TRUMP fuck ups… USD, JPY and CHF.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n<p style=\"padding-left: 180px;\"><u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\nLAST WEEKS PIP TOTAL:            +1,543 net pips\r\nOCTOBER 2017 TO DATE:           +2,655 net pips\r\nYEAR TO DATE 2017:                    +10,702 net pips\r\n</p>\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\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</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(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1: TRADING REVIEW:</u>\r\n<u>\r\n</u><u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\n<u> </u><u>4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\r\n</a>\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>\r\n5.3: CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\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: #257 FREE NEWSLETTER\r\n29th October 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'THE DRAGHI THUNDERBOLT', '', 'publish', 'open', 'closed', '', 'the-draghi-thunderbolt', '', '', '2017-10-28 06:52:47', '2017-10-28 11:52:47', '', 0, 'https://weeklyfxdrivethru.com/?p=10297', 0, 'post', '', 0);
INSERT INTO `wp_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(10298, 1, '2017-10-28 06:52:47', '2017-10-28 11:52:47', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nLast week’s title for my blog was: -\r\n\r\n<strong>WILL THE ECB PULL IT OFF?</strong>\r\n\r\nThe answer was a resounding “Yes” ….\r\n\r\nDespite the odds stacked against him Mario Draghi did a modern-day Houdini act. He delivered a “THUNDERBOLT” to the markets and silenced EURO bulls inside a minute.\r\n\r\nI will comment more about this later.\r\n\r\nLast week was like the week before lots of pips and $$$ being generated, primarily on the back of NZD weakness across the board.\r\n\r\nI cleared my 4 x HEDGED trades (2 x EUR/NZD, GBP/NZD and GBP/AUD) with net profits, only to enter three more on the back of the BOC last Wednesday. I am still a believer that the USD/CAD will be going lower than 1.2000 and that the BOC will surprise hike once again. Having not hedged trades for over two years to jump in with 7 in the same month is a bit of a nose-bleed situation.\r\n\r\nI personally view HEDGING as a trading tool to effectively “park” trades that you are in, that are moving sideways or against you but FUNDAMENTALLY you believe that you are directionally correct.\r\n\r\nOn many occasions, you can be focused on trades that are “up in your face” and let other trades go by. HEDGING removes this. I hedged last Wednesday, and I am still waiting to activate my exit strategy.\r\n\r\nMoving on.\r\n\r\nThe PREMIUM SERVICE has now achieved its annual target of net 10,000 pips.\r\n\r\n<strong>The total for 2017 now stands at 10,702 pips</strong>\r\n\r\nI am delighted with this because I have achieved this despite the fact that I moved home this year, trekking 13 hours across Canada out of Quebec into Nova Scotia, which took up a lot of my time. Plus, the move was followed by a 25-day trip to Australia and New Zealand, moving to a new house, with all the planning and scheduling with the trip as well, certainly placed an additional stress on trading. Remote trading is at the best of time very stressful. It was when all said and done about a three-month event, therefore to hit target with over two months of the year left is pleasing.\r\n\r\nAs my good friend, Roger would say “Happy Days”, I would add “Fecking” into the middle of his little saying.\r\n\r\nThe following section was in last week’s blog and I am leaving it unchanged (except for Italics) again this week, with the added couple of comments: -\r\n<ul>\r\n 	<li>As we enter the final couple of months in 2017, If you are thinking about FX trading as an additional income stream, why not get on board now? Get used to the way I do things, get familiar with the PREMIUM SERVICE system and get ready for blast off in 2018.</li>\r\n 	<li>Between now and the end of 2017 there are still pips to be gathered and $$$ to make!</li>\r\n</ul>\r\n<em>My annual target of 10,000 pips is in sight</em><em>, however, nothing can be taken for granted and given that my position sizing this year has been smaller due to the markets having greater RISK attached, my income from trading will be lower this year… but, there should be an income barring any disasters in the run up to the year end.</em>\r\n\r\n<em>My point here as I mention every year is that those of you who trade with smaller account sizes can still make some money from trading Forex.</em>\r\n\r\n<em>Single MINI LOT trades                                 = USD$1.00 each\r\nPREMIUM SERVICE Annual target               = 10,000 pips</em>\r\n\r\n<em>Anticipated Gross Income                            = USD$10,000 (10,000 pips x USD$1)</em>\r\n\r\n<em>Less PREMIUM SERVICE</em>\r\n\r\n<em>Annual subscription                                       = USD$1,000 (equivalent)</em><em>\r\nNET TRADING INCOME                               = USD$9,000</em>\r\n\r\n<em>Working on the 50% rule\r\nShould you can only capture:\r\n</em><em>50% of my suggested trades\r\n</em><em>50% of my entries on time\r\n</em><em>50% of my exits on time\r\n</em><em>You could still generate a NET INCOME\r\n</em><em>after subscription                                            of USD$4,0000</em>\r\n\r\n<em>Obviously, you would need in the first year to open and adequately fund a broker account to meet the trading criteria you have set yourself. I would say to trade MINI LOT trades you would require a minimum of a USD$6,000 account for you first year after one year you should be able to trade and operate your account on trading income and then as the year’s progress increase your trading size to say 2 or 3 MINI LOTS but at the same time you must remember increased POSITION SIZES = INCREASED RISK.</em>\r\n\r\n<em>RISK MANAGEMENT is crucial to FX trading. Without it you fail.</em>\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n\r\n</strong></li>\r\n</ol>\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u>\r\n\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n&nbsp;\r\n\r\n<strong><u>BOC</u></strong><u>: INTEREST RATE DECISION.\r\n\r\n</u>\r\n\r\nThe Bank of Canada left interest rates unchanged last week. This was not a complete surprise as recent financial data had been sliding away.\r\n\r\nStephen Poloz, BOC Governor, was quite dovish, but now that I understand him a little better he was really being nothing other than “matter of fact” with his language. Nevertheless, the CAD weakened like crazy, moving the USD/CAD about 150 pips higher to 1.2800. Potentially there is the chance of a 1.3000 re-test especially if you add in USD strength.\r\n\r\nWhilst, I think he sounded dovish, Poloz also amended forward forecasting quite a bit. Both the 2017 growth was revised up and the same for 2018, he also was very clear stating that less monetary stimulus would be required into the Canadian Economy.\r\n\r\nThe old chestnuts about Inflation risks to the downside, excess capacity in the Labour Market, softness in wage growth and elevated household debt all featured vis-a-vis the effects on these from higher interest rates.\r\n\r\nPoloz focused a great deal on lower inflation so reading between the lines the chances of another hike in 2017 look a little optimistic at this stage. We should not get too carried away here as 4 weeks ago we were expecting another hike this year, it could all turn around again in the next 2/3 weeks and a December move once again becomes a possibility\r\n\r\nOne thing I have learned in trading FX for 10 years is never say never; even with a Central Bank.\r\n\r\nMy bias with the CAD, referring to USD/CAD is short-term Canadian weakness to be replaced at the turn of next year at the latest with CAD strength and the USD/CAD moving back lower towards 1.2000 once again.\r\n\r\n&nbsp;\r\n\r\n<strong><u>EUR:</u></strong><u> ECB INTEREST RATE &amp; PRESS CONFERENCE.</u>\r\n\r\n<u>THE DRAGHI THUNDERBOLT:</u>\r\n\r\nFair play the Pizza Boy pulled it off!\r\n\r\nAs mentioned last week the forward guidance provided was pretty much in line with what Draghi regurgitated to the assembled unsullied in Frankfurt.\r\n\r\nThe key takeaway was that the asset purchases would fall from the current €60 billion per month to €30 billion per month with effect from January 2018 and run at least until September 2018 or beyond. Expiring maturing securities that the ECB currently owns will be re-invested.\r\n\r\nThe key phrase from Draghi that was used on a number of occasions was “Extended period of time”, I was looking out for a well-used FED term “Transitory” and at times I was a little distracted but I do not recall a “Transitory” being used. However, “Extended period of time” for as long as necessary featured quite a bit.\r\n\r\nDraghi stated that there would be NO interest rate increase until the end of the Asset Purchases (QE) that means October 2018 at the earliest. That was like a knife straight through the middle of all the aspiring Euro bull’s hearts.\r\n\r\nBasically, Draghi was as dovish as he could be highlighting the only thing that he could highlight as an area of concern that was keeping the ECB accommodative moving forward, that was inflation, or rather the lack of it. He could not focus on other economic data as generally speaking all EUROZONE data has been improving of late. The only blemish is inflation. This was his focus.\r\n\r\nThe EUR/USD fell on his prepared statement and subsequent Q &amp; A through his press conference just a few pips shy of 200 pips. I would say that if I still lived in Marbella, Spain I would be able to hear the “Draghi” champagne corks popping all the way from Frankfurt.\r\n\r\n<strong><u>\r\nEUR:</u></strong><u> CATALONIA.</u>\r\n\r\nThis is going to be made into a Christmas pantomime.\r\n\r\nPuidgemont was going to announce independence then he wasn\'t … wait 30 minutes longer and he was definitely going to announce it.\r\n\r\nWell…\r\n\r\nHe didn’t and the best that I can make out is that he wants more elections that Madrid won’t agree to!\r\n\r\nI think that we are back at square one.\r\n\r\nThere are meetings scheduled and discussions within the Catalan parliament but with Madrid holding all the keys now it all seems rather old news to me now.\r\n\r\nThe funniest piece of news last Friday, was that at the same time as the Catalonian government were voting on declaring independence the Madrid parliament was voting through Article 155 to take away all the powers of Catalonia.\r\n\r\nLate Friday, I noticed on the wires that Puidgemont could get a jail sentence of up to 30 years for his recent actions.\r\n\r\nYou couldn’t make this stuff up.\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD</u></strong><u>: JANET YELLEN’S REPLACEMENT.</u>\r\n\r\nWho is it going to be?\r\n\r\nTake your pick.\r\n\r\nJANET YELLEN\r\nGARY COHN\r\nJEROME POWELL\r\nKEVIN WARSH\r\nJOHN TAYLOR\r\n\r\nThat was last week’s list….\r\n\r\nHere is this week’s list….\r\n\r\nJEROME POWELL\r\nJOHN TAYLOR\r\n\r\nAs far as I can gather it’s an either-or decision for the president who believes his key roles under his job description as leader of the free world are: -\r\n\r\nKeep the Stock Market going up at all costs.\r\nKeep interest rates low.\r\nArgue on twitter with as many people as possible.\r\n\r\nInsult families of service people who have made the ultimate sacrifice for their country.\r\n\r\nSlag off the press. Unless he likes the reporting its “FAKE NEWS”\r\n\r\nLast Friday an unnamed White House source said that THE DONALD was leaning towards POWELL. Is this FAKE NEWS? Rule nothing out at all. Just because BLOOMBERG who delivered the news believes that they were given an exclusive means nothing vis-à-vis this administration.\r\n\r\nThe bookies still have POWELL &amp; TAYLOR as the dream ticket possibly filling the CHAIR and VICE CHAIR roles. It could be more like a fecking nightmare for them with TRUMP as President if this is true and plays out.\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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/ECONOMIC-DATA-29102017.png\"><img class=\"aligncenter size-large wp-image-10267\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/ECONOMIC-DATA-29102017-1024x934.png\" alt=\"\" width=\"1024\" height=\"934\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.2: USD MAJORS – MY SUPPORT &amp; RESISTANCE LEVELS:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/T-CHART-29102017.png\"><img class=\"aligncenter size-large wp-image-10268\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/T-CHART-29102017-1024x844.png\" alt=\"\" width=\"1024\" height=\"844\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: USD – TRADING CHARTS and COMMENTARIES: </u>\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\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/EURUSD-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10282\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/EURUSD-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/GBPUSD-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10283\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/GBPUSD-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/AUDUSD-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10281\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/AUDUSD-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/NZDUSD-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10284\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/NZDUSD-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCAD-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10285\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCAD-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCHF-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10286\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDCHF-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDJPY-D-29102017.png\"><img class=\"aligncenter size-large wp-image-10287\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/USDJPY-D-29102017-1024x422.png\" alt=\"\" width=\"1024\" height=\"422\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>This week is packed and will be volatile, there are key events dotted throughout the week. The following are the pick from my perspective and the ones that interest me the most.\r\n\r\n<strong><u>CAD:</u></strong><u> GDP &amp; EMPLOYMENT DATA</u>.\r\n\r\nGDP is on Tuesday and the jobs data is released the same as NFP on Friday.\r\n\r\nThe CAD$ is weak following some poor data and then a very dovish BOC policy statement last week. Positioning for the CAD was very heavily based on CAD strength, I am one of those traders, in fact I have hedged my CAD short positions for the shorter term. I have NOT ruled out a hike before the end of 2017 and the data that the market feeds off has little impact on how the BOC thinks. The last interest rate hike for example was a surprise.\r\n\r\nCAD banks have re-positioned themselves, vis-à-vis their thoughts on interest rate increases and whilst in the main they see hikes early into 2018 only a couple are still believing that December 2017 should NOT be ruled out.\r\n\r\nThe data this week will either place what many would call the final nail in the coffin on no rate hikes in 2017, or if data is good maybe positioning will change.\r\n\r\nThe previous reading on GDP was 0%\r\nThis month the expectation is for 0.1%\r\nEmployment last month was +10,000\r\nThis Month the market is expecting +13,600\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP:</u></strong><u> MANUFACTURING, CONSTRUCTION &amp; SERVICES PMi.</u>\r\n\r\nMy God that was a quick month…\r\n\r\nIt only seems a week or so ago I was predicting and got right, what I am about to predict again.\r\n\r\nLast month: -\r\n\r\nManufacturing 55.1\r\nConstruction 48.1\r\nServices 53.6\r\n\r\nThis month the market expects: -\r\n\r\nManufacturing 55.9\r\nConstruction 48.9\r\nServices 53.3\r\n\r\nThis month I expect to see more of the same. Manufacturing and Construction to miss estimates and Services in line.\r\n\r\nThis information although backward looking is good from a BREXIT position, although PMi data is rather over-shadowed this week by the clatter of BOE data, none more important than the eagerly awaited interest rate decision.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP:</u></strong><u> INFLATION REPORT, INTEREST RATE, MPC VOTES &amp; CARNEY.</u>\r\n\r\nThis is it; Carneys biggest meeting so far. For me this is bigger than his 2 “mile” walk down the BOE corridor the day after the BREXIT vote, to announce more QE and a rate cut.\r\n\r\nHe is now on the brink of raising rates solely because inflation is a 3% above the 2% objective. Everything else in the UK is up in the air both politically and economically.\r\n\r\nThe GBP/USD has strengthened of late on the back of the expected rate increase, although USD strength is pulling it back towards 1.3000 again.\r\n\r\nBREXIT is still a shambles and the chances of a “NO DEAL” is quickly becoming what many believe will be the outcome. I have always said that the two-year time scale to tie up the loose ends to exit was challenging. Leave it to politicians and we have what can only be expected… a huge fu*k up.\r\n\r\nMany people have argued in the media that a 0.25% basis point increase will do nothing to stop inflation rising as it is “transitory”, if that\'s the case DO NOT raise rates!\r\n\r\nWage growth is a full 1% behind inflation and the proposed 0.25% rate increase will no doubt be passed on in full to households, increasing household debt and further pressures on family budgets will be felt.\r\n\r\nI make no apologies for raising this point again. BREXIT negotiations have NOT got past how much the divorce will cost, never mind the actual issues to address. WE haven’t even heard the word TRADE much of late. The trade deal will be so complex to manage and agree upon.\r\n\r\nCarney must see this. He must see the timetable for BREXIT = better than 50% chance of a NO DEAL. To raise interest rates with this backdrop could go down in the history books as foolish and seriously lacking of any vision.\r\n\r\nIt will be a very interesting announcement this Thursday. The market is anticipating a 0.25% rate increase and 9-0 on the MPC votes in favour of the increase.\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD:</u></strong><u> TRADE BALANCE &amp; RETAIL SALES.</u>\r\n\r\nPolitical calamities appear all over the globe. The Malcolm Turnbull government has now lost control of parliament following a legal intervention precluding dual nationality citizens living in Australia the ability to represent in parliament.\r\n\r\nThe High court ruled that Deputy Prime Minister Barnaby Joyce is ineligible to remain in Parliament as he has both Aussie and Kiwi citizenships. A bi-election now takes place and Turnbull is now looking for support from minorities to vote with his party to keep the government in play.\r\n\r\nThis political development over hangs the economic data with the view to sentiment moving forward as rallies will probably be sold into should data releases be good for the economy. The political uncertainty will trump economic data and therefore I would use rallies as selling opportunities.\r\n\r\nThe numbers expected are:\r\n\r\nRetail Sales 0.6% last month was a dreadful -0.5%\r\nTrade balance AUD$1.20 Billion versus last month AUD$0.99 Billion\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong><u> ADP, NON-FARM EMPLOYMENT DATA &amp; AVERAGE EARNINGS.</u>\r\n\r\nThe TRUMP circus continues, with the next round of U.S. employment data. The focus will be on average hourly earnings to see if the economy can generate some inflation.\r\n\r\nJanet Yellen’s “transitory” beliefs will be put to the test as we hit the next round of Inflation and jobs data.\r\n\r\nWe all wait with baited breath.\r\n\r\nBottom line, she is raising rates in December come hell or very high water.\r\n\r\nADP Expected 191,000, last month it was 135,000.\r\nNFP Expected 311,000, last month it was -33,000.\r\nAverage Hourly Earnings this month 0.2% last month it was 0.5%\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\nWe are jam packed with news events this coming week so you will probably not be too surprised with my thoughts for the coming week\r\n<ol>\r\n 	<li>The EUR/USD has triggered a Head and Shoulders pattern. It will NOT be a straightforward drop lower to its measured move target. At the same time the DXY (USD Index) has an inverted Head and Shoulders pattern in play (see chart below). This will NOT be a fast move higher either.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/DXY-29102017.png\"><img class=\"aligncenter size-large wp-image-10269\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/DXY-29102017-1024x493.png\" alt=\"\" width=\"1024\" height=\"493\" /></a></li>\r\n 	<li>The appointment of the FED CHAIR / VICE CHAIR rumoured to be POWELL / TAYLOR, the “dream team” ticket is being viewed widely as USD positive.\r\n\r\nThis news if released this week should therefore support the Inverted Head and Shoulders move with the DXY.</li>\r\n 	<li>For good measure, we have an FOMC Statement this week. How many “transitory’s” will there be this time around. Yellen will probably announce at this release that she is NOT extending her stay at the FED beyond February 2018.\r\n\r\nWill the FOMC be USD positive? I would say YES. She cannot suddenly turn dovish after her last Oscar winning performance… or can she?</li>\r\n 	<li>S. employment is always a bit of a lottery and last month the adverse weather was used in advance to say that the numbers should be treated basically as meaningless.\r\n\r\nThis month however a more usual number is expected. The question is will it be USD positive or negative?\r\n\r\nIf I knew the answer to that question, I would not be writing this blog!</li>\r\n 	<li>We have a major BOE announcement on Thursday. How Carney deals with the peripherals not as much the rate decision is of greater importance to me moving forward.\r\n\r\nNevertheless; this is the MAJOR piece of data this week. However, GBP moves should remain very focused to GBP related pairs.</li>\r\n 	<li>We have CAD jobs at the same time as NFP, the opportunity for a double whammy exists with the CAD should the Cad jobs data be weak and the US data strong.\r\n\r\nMoves with antipodean currencies on NZD and AUD should just affect local crosses as well.\r\n\r\nI would view any “RIPS” with AUD and NZD opportunities to sell into and obtain good shorting prices.</li>\r\n</ol>\r\nSUMMARY:\r\n\r\nWhen you look at my bullet points I am giving a very USD positive (strength) viewpoint and for the time being I am biased that way. However, DO NOT LEAP in with full sized positions and here is why.\r\n\r\nTRUMP is on a goodwill mission to Asia at the end of the week, heaping TRUMP LOVE all over Asia.\r\n\r\nTRUMP is full of himself, full of shite and full of bravado, he is a Mr. Magoo character, leaving chaos and disorder behind wherever he treads. He cannot help himself. The TWEETS will be flowing. Before he leaves, the TWEETS about how great he is will be flowing.\r\n\r\nTrade smaller positions, stay on your toes. TRUMP has a FED announcement before he goes on his “goodwill Trip” and nothing ever passes off smoothly.\r\n\r\nIn my opinion, as time has moved forward his true colours are being displayed and having given him the benefit of the doubt for so long, my opinion of him is just that he is no more than at best a walking, talking, tweeting hemorrhoid. I am sure he must have great qualities somewhere, but I can’t see them.\r\n\r\nMoving on…\r\n\r\nLook at cross-rate pairs to trade and stay away from currencies that will be directly affected by TRUMP fuck ups… USD, JPY and CHF.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n<p style=\"padding-left: 180px;\"><u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\nLAST WEEKS PIP TOTAL:            +1,543 net pips\r\nOCTOBER 2017 TO DATE:           +2,655 net pips\r\nYEAR TO DATE 2017:                    +10,702 net pips\r\n</p>\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\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</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(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1: TRADING REVIEW:</u>\r\n<u>\r\n</u><u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\n<u> </u><u>4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\r\n</a>\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>\r\n5.3: CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\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: #257 FREE NEWSLETTER\r\n29th October 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'THE DRAGHI THUNDERBOLT', '', 'inherit', 'closed', 'closed', '', '10297-revision-v1', '', '', '2017-10-28 06:52:47', '2017-10-28 11:52:47', '', 10297, 'https://weeklyfxdrivethru.com/10297-revision-v1/', 0, 'revision', '', 0),
(10305, 1, '2017-10-30 09:16:39', '2017-10-30 14:16:39', '&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>AN INTRODUCTION TO THE PREMIUM SERVICE - WEBINAR:</strong>\r\n<p style=\"text-align: center;\">Clicking the link below will take you to my webinar presentation, which tells you all about how the PREMIUM SERVICE evolved and what it can do for you as a subscriber.<strong>\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a></strong></p>\r\n<strong>\r\nPRESENTATIONS and SEMINARS:</strong>\r\n\r\nNothing scheduled. When plans are being formulated details will appear here.\r\n\r\n<strong>\r\nLIVE WEBINARS:</strong>\r\n\r\nIt was my plan to re-launch these in the autumn / fall of 2017. I have decided to leave this to one side for now as I am planning a re-vamp for 2018 of my website, the PREMIUM SERVICE  and my format of the WEEKLY FX DRIVE THRU blog.\r\n\r\nMy thoughts are to bring all four revised items (WEBINAR, THE PREMIUM SERVICE, the DRIVE THRU BLOG and WEBSITE) to the market at the same time early 2018.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n1st October 2017', 'UPCOMING LIVE EVENTS (WEBINARS / PRESENTATIONS and SEMINARS)', '', 'inherit', 'closed', 'closed', '', '4239-revision-v1', '', '', '2017-10-30 09:16:39', '2017-10-30 14:16:39', '', 4239, 'https://weeklyfxdrivethru.com/4239-revision-v1/', 0, 'revision', '', 0),
(10306, 1, '2017-10-30 09:17:16', '2017-10-30 14:17:16', '&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong>AN INTRODUCTION TO THE PREMIUM SERVICE - WEBINAR:</strong>\r\n<p style=\"text-align: left;\">Clicking the link below will take you to my webinar presentation, which tells you all about how the PREMIUM SERVICE evolved and what it can do for you as a subscriber.<strong>\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a></strong></p>\r\n<strong>\r\nPRESENTATIONS and SEMINARS:</strong>\r\n\r\nNothing scheduled. When plans are being formulated details will appear here.\r\n\r\n<strong>\r\nLIVE WEBINARS:</strong>\r\n\r\nIt was my plan to re-launch these in the autumn / fall of 2017. I have decided to leave this to one side for now as I am planning a re-vamp for 2018 of my website, the PREMIUM SERVICE  and my format of the WEEKLY FX DRIVE THRU blog.\r\n\r\nMy thoughts are to bring all four revised items (WEBINAR, THE PREMIUM SERVICE, the DRIVE THRU BLOG and WEBSITE) to the market at the same time early 2018.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n1st October 2017', 'UPCOMING LIVE EVENTS (WEBINARS / PRESENTATIONS and SEMINARS)', '', 'inherit', 'closed', 'closed', '', '4239-revision-v1', '', '', '2017-10-30 09:17:16', '2017-10-30 14:17:16', '', 4239, 'https://weeklyfxdrivethru.com/4239-revision-v1/', 0, 'revision', '', 0),
(10324, 1, '2017-10-31 16:01:17', '2017-10-31 21:01:17', '', 'PREM SERV CONSOLIDATED OCT2017', '', 'inherit', 'open', 'closed', '', 'prem-serv-consolidated-oct2017', '', '', '2017-10-31 16:15:02', '2017-10-31 21:15:02', '', 5002, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/PREM-SERV-CONSOLIDATED-OCT2017.png', 0, 'attachment', 'image/png', 0),
(10325, 1, '2017-10-31 16:01:21', '2017-10-31 21:01:21', '', 'PIP COMPARISON OCT2017', '', 'inherit', 'open', 'closed', '', 'pip-comparison-oct2017', '', '', '2017-10-31 16:15:56', '2017-10-31 21:15:56', '', 6869, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/PIP-COMPARISON-OCT2017.png', 0, 'attachment', 'image/png', 0),
(10335, 1, '2017-10-31 16:19:13', '2017-10-31 21:19:13', '', 'PS NET PROFITABILITY OCT2017', '', 'inherit', 'open', 'closed', '', 'ps-net-profitability-oct2017', '', '', '2017-10-31 16:20:21', '2017-10-31 21:20:21', '', 5000, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/PS-NET-PROFITABILITY-OCT2017.png', 0, 'attachment', 'image/png', 0),
(10338, 1, '2017-11-03 16:03:26', '2017-11-03 21:03:26', '', 'ECON DATA 0512017', '', 'inherit', 'open', 'closed', '', 'econ-data-0512017', '', '', '2017-11-04 04:22:58', '2017-11-04 09:22:58', '', 10355, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-0512017.png', 0, 'attachment', 'image/png', 0),
(10339, 1, '2017-11-03 16:03:30', '2017-11-03 21:03:30', '', 'TCHART 05112017', '', 'inherit', 'open', 'closed', '', 'tchart-05112017', '', '', '2017-11-04 04:23:27', '2017-11-04 09:23:27', '', 10355, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-05112017.png', 0, 'attachment', 'image/png', 0),
(10340, 1, '2017-11-03 16:03:35', '2017-11-03 21:03:35', '', 'DXY 05112017', '', 'inherit', 'open', 'closed', '', 'dxy-05112017', '', '', '2017-11-04 04:25:44', '2017-11-04 09:25:44', '', 10355, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/DXY-05112017.png', 0, 'attachment', 'image/png', 0),
(10343, 1, '2017-11-03 16:03:53', '2017-11-03 21:03:53', '', 'MARKET SENTIMENT 05112017', '', 'inherit', 'open', 'closed', '', 'market-sentiment-05112017', '', '', '2017-11-04 04:28:42', '2017-11-04 09:28:42', '', 10355, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/MARKET-SENTIMENT-05112017.png', 0, 'attachment', 'image/png', 0),
(10348, 1, '2017-11-03 16:06:33', '2017-11-03 21:06:33', '', 'AUDUSD D 05112017', '', 'inherit', 'open', 'closed', '', 'audusd-d-05112017', '', '', '2017-11-04 04:24:06', '2017-11-04 09:24:06', '', 10355, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-05112017.png', 0, 'attachment', 'image/png', 0),
(10349, 1, '2017-11-03 16:06:38', '2017-11-03 21:06:38', '', 'EURUSD D 05112017', '', 'inherit', 'open', 'closed', '', 'eurusd-d-05112017', '', '', '2017-11-04 04:23:44', '2017-11-04 09:23:44', '', 10355, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-05112017.png', 0, 'attachment', 'image/png', 0),
(10350, 1, '2017-11-03 16:06:41', '2017-11-03 21:06:41', '', 'GBPUSD D 05112017', '', 'inherit', 'open', 'closed', '', 'gbpusd-d-05112017', '', '', '2017-11-04 04:23:53', '2017-11-04 09:23:53', '', 10355, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-05112017.png', 0, 'attachment', 'image/png', 0),
(10351, 1, '2017-11-03 16:06:43', '2017-11-03 21:06:43', '', 'NZDUSD D 05112017', '', 'inherit', 'open', 'closed', '', 'nzdusd-d-05112017', '', '', '2017-11-04 04:24:18', '2017-11-04 09:24:18', '', 10355, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-05112017.png', 0, 'attachment', 'image/png', 0),
(10352, 1, '2017-11-03 16:06:46', '2017-11-03 21:06:46', '', 'USDCAD D 05112017', '', 'inherit', 'open', 'closed', '', 'usdcad-d-05112017', '', '', '2017-11-04 04:24:27', '2017-11-04 09:24:27', '', 10355, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-05112017.png', 0, 'attachment', 'image/png', 0),
(10353, 1, '2017-11-03 16:06:48', '2017-11-03 21:06:48', '', 'USDCHF D 05112017', '', 'inherit', 'open', 'closed', '', 'usdchf-d-05112017', '', '', '2017-11-04 04:24:39', '2017-11-04 09:24:39', '', 10355, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-05112017.png', 0, 'attachment', 'image/png', 0),
(10354, 1, '2017-11-03 16:06:53', '2017-11-03 21:06:53', '', 'USDJPY D 05112017', '', 'inherit', 'open', 'closed', '', 'usdjpy-d-05112017', '', '', '2017-11-04 04:24:52', '2017-11-04 09:24:52', '', 10355, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-05112017.png', 0, 'attachment', 'image/png', 0);
INSERT INTO `wp_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(10355, 1, '2017-11-04 04:32:57', '2017-11-04 09:32:57', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nThe previous week it was a DRAGHI THUNDERBOLT that hit the FX market and last week it was Mark Carney’s turn. Carney is seen as a bit of a DOVE more so than a HAWK by the market; I see him as a “Flip-Flopper” more than anything else, however last Thursday with the precision of one of Daenerys Targaryen’s dragons SPAT FIRE over the assembled and eagerly listening cable bulls.\r\n\r\nWe saw moves of 200 pips lower with GBP/USD and the crosses which are monsters at the best of times moved considerably more, GBP/AUD and GBP/NZD circa. 400 pips range on the day.\r\n\r\nFrom my own perspective, I did NOT play the BOE Super Thursday very well. I was expecting a rally on the announcement into which as I had written to PREMIUM SERVICE subscribers during the week I was looking to fade as I was expecting a DOVISH HIKE.\r\n\r\nWe had a DOVISH HIKE but the selloff started in the late Asian session from the prior day and continued through the European session. As the announcement came basically the selloff intensified.\r\n\r\nI was set up mentally for cable to fail, but not in the way it happened.\r\n\r\nI talk a great deal about RISK MANAGEMENT, TRADE MANAGEMENT and TRADING PSYCHOLOGY, which I am now calling MIND MANAGEMENT. I never had my MIND MANAGEMENT in the correct place.\r\n\r\nI only partially participated in the GBP move and made poor selections of trading pairs on the day. I banked small losses. Privately, I made reasonable $$$ scalping the market. Overall, however, I was very disappointed with my Super Thursday performance.\r\n\r\nWe move on…\r\n\r\nTHE PREMIUM SERVICE as at 31st October 2017, has now beaten its annual net pip target of 10,000 pips. To the end of October 2017, the pip total stands at 10,402 pips.\r\n\r\nI am delighted… Happy Days.\r\n\r\nThe 2016 total was a record at 13,575 pips. Whilst I have always beaten the 10,000-pip target since the PREMIUM SERVICE started in 2014, last year’s total will a tall order. But as it is often said… “Onwards and Upwards”.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong></strong><strong> THE FX MARKET PLACE:</strong>&nbsp;</li>\r\n</ol>\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.\r\n</u>\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n<strong><u>BOE</u></strong><u>: SUPER THURSDAY &amp; PMi DATA.</u>\r\n\r\nA few weeks ago, when Mark Carney announced that UK interest rates could be rising earlier than previously thought to fight off inflation which was running at an annual rate of c.3%, I wrote saying that “CARNEY COMES OUT OF THE CLOSET”.\r\n\r\nThis move from DOVE to HAWK meant that the cable which previously had been under pressure from BREXIT leapt up like a rat up a drainpipe and sped towards 1.3300. There was talk of a re-test of 52W highs around 1.3650.\r\n\r\nLast Thursday Carney announced basically a DOVISH 0.25% rate hike… a one and done event. His commentary was as DOVISH as it comes and the cable fell like a lead balloon.\r\n\r\nThe unwinding of cable longs started hours earlier as the realism of a DOVISH HIKE came more and more into the reality and traders of all sizes squared off positions.\r\n\r\nThe MPC vote was 7-2 in favour of the hike. The two dissenters being Jon Cunliffe and David Ramsden.\r\n\r\nThe main takeaways from Carney’s press conference were in my opinion: -\r\n<ul>\r\n 	<li>MPC sees wage growth picking up in 2018</li>\r\n 	<li>MPC believes that the tighter labour market will boost wages.</li>\r\n 	<li>BREXIT deal will affect the exchange rates</li>\r\n 	<li>Rates will be adjusted either up or down on a BREXIT resolution.</li>\r\n 	<li>MPC wants to use the Bank rate as an instrument of BOE policy rather than QE.</li>\r\n 	<li>Rates must be higher before reversing QE.</li>\r\n 	<li>Inflation back at 2% will help make BREXIT a success\r\n(God knows what the feck they were smoking to come up with this line!!</li>\r\n 	<li>UK rate decision not driven by the exchange rate….\r\n(My arse!!)</li>\r\n</ul>\r\nMy thoughts are that it was a mistake to raise rates. Asked by the press did he think it was a mistake, Mark Carney responded with it was a “nimble response” to an unprecedented set of circumstances. The fact that cable sold off only adds fuel to UK inflation. It was cables devaluation that is basically what has fueled the inflation position. Ironic that a rate hike caused cable to devalue again, the irony of that fact should not be lost on the MPC!\r\n\r\nUK interest rates are to remain low for an extended period well into 2019.\r\n\r\nWith the rate hike out of the way we can now concentrate on the main event… BREXIT\r\n\r\nUK PMi data last week was stronger than expected, and took me by surprise I only expected a beat with service PMi:\r\n\r\nConstruction              50.8 versus 48.3\r\nManufacturing           56.3 versus 55.8\r\nServices                      55.6 versus 53.3\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> FOMC, FED CHAIR, GOP TAX PLAN, ADP &amp; NFP.</u>\r\n\r\nA huge amount of economic and political data last week from the U.S. All this and not even a mention of TWITTER.\r\n\r\nThe FED CHAIR announcement went off without incident. JEROME POWELL, subject to senate approval will replace Janet Yellen next February. When the announcement was made, I had to hold my head back to stop the blood from my nose bleed dripping all over my apple keyboard. It was such a shock to my body to have a TRUMP announcement without drama attached… total shock to my system.\r\n\r\nA couple of points for dinner table conversation about Janet Yellen’s tenure at the FED.\r\n<ul>\r\n 	<li>When she became FED CHAIR the USD (DXY) was at 81.00.</li>\r\n 	<li>The DXY has been falling since TRUMPS inauguration 101.00.</li>\r\n 	<li>Today after 10 months of falling it still stands at 94.00.</li>\r\n</ul>\r\nMy point here is that after the GFC when the DXY stood at 70.00, following on from Ben Bernanke she guided the DXY to about the mid-point given that in 2000 the DXY was at 120.00. Personally, without TRUMP the DXY would be well into triple digits by now.\r\n\r\nThe FOMC statement a day earlier passed us by without incident.  The FX market did its usual thing by the odd flexing here and there but to be honest it was an all “fur coat and no knickers” event.\r\n\r\nThe TAX PLAN release was for me, mixed into the background as the BOE press conference fall out was still in full swing. The previous day there was a rumour in the Asian session that reductions in the corporate tax rate would either be phased in or phased out, or both…. From what I can gather this was a bullsh*t rumour.\r\n\r\nWith regards to the jobs data; ADP was a nice bear 235k against an expectation of 202k. NFP missed at 261k versus 312k. The unemployment rate dipped from 4.2% to 4.1%. Hourly earnings 0.0% versus 0.2% expected.\r\n\r\nJobs data was poor so the USD strengthened go figure.\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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-0512017.png\"><img class=\"aligncenter size-large wp-image-10338\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-0512017-1024x705.png\" alt=\"\" width=\"1024\" height=\"705\" /></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/2017/11/TCHART-05112017.png\"><img class=\"aligncenter size-large wp-image-10339\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-05112017-1024x844.png\" alt=\"\" width=\"1024\" height=\"844\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10349\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10350\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10348\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10351\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10352\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10353\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10354\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThe Antipodean currencies rule this week!\r\n\r\n<strong><u>NZD:</u></strong><u> RBNZ RATE STATEMENT &amp; PRESS CONFERENCE</u>.\r\n\r\nI am NOT expecting any fireworks this week. Grant aka “Frank” Spencer has already stated no change and dovish for an extended period.\r\n\r\nI will be looking to see what, if anything, is said vis-à-vis the new Labour Party coalition governments intentions to expand the role of the RBNZ.\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD:</u></strong><u> RBA RATE STATEMENT &amp; MONETARY POLICY STATEMENT.</u>\r\n\r\nI am not expecting any move on interest rates. Philip Lowe has been very straightforward since becoming governor. He is clear and unambiguous and his is his own man. He has been happy of late to remain neutral and is in no rush to increase interest rates, far from it.\r\n\r\nAs with most monetary policy and rate statements the “verbal’s” give us the clues. I am expecting more of the same. No fireworks just a status quo report.\r\n\r\nThis may change in 2018, but for now it is only the FED that has an open normalization policy on interest rates. This suits other currencies like the AUD because the result with FED policy should be that the USD strengthens based upon interest rate differentiation causing other currencies to weaken.\r\n\r\nA weaker currency is always preferred and this can be achieved by the likes of the RBA with no work. It’s all in theory done for them by the FED.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\nThere was a lot jammed into last week that made me believe that caution was the best route forward. Trading FX always has RISK involved and at the end of the day it’s all about MANAGING RISK in conjunction with both TRADE MANAGEMENT and MIND MANAGEMENT.\r\n\r\nLast week finished with USD strength returning and I see this renewed USD strength remaining with the markets into the early part of this week, if not more than that.\r\n\r\nGeopolitical factors such as “THE TRUMP GOODWILL TOUR OF ASIA”, which was given a good old dose U.S. hospitality with nuclear weapons loaded bombers flying up and down the Korean coast. It doesn’t bear thinking about.\r\n\r\nBREXIT and poor old Theresa May will hit the headlines this week now that Carney’s BOE super Thursday event is behind us. However, we should remember that moves in cable are still just one UK negative BREXIT announcement from a fall, or one positive announcement away from a spike higher.\r\n\r\nOIL appears to be settling around the USD$60.00 level. Anything higher will get the U.S. shale production lifting off which will drive prices back towards USD$50.00 per barrel.\r\n\r\nSo…\r\n\r\nWith that as my back drop how will I be approaching the FX market this week.\r\n\r\nWithout much economic data, this week and with the “RED” FX data emanating from mainly AUD and NZD, one would think I had a pretty clear plan in place. Unfortunately, with all the geopolitical nonsense around and with TRUMP off home soil the potential for gaffs is heightened.\r\n\r\nThe USD is news driven at the moment, and, if the USD is news driven almost everything else currency wise falls victim.\r\n\r\nI have cross rates that interest me and they are a great option away from the USD.  The JPY crosses are of interest but I never seem to personally have great success with them. Recently, the NZD/JPY has been good and the AUD/JPY is back on my RADAR once again after closing it just ahead of NFP last week. But with TRUMP in Asia maybe the JPY should not be such a focus. However, the parabolic rise in the NIKKEI does have me alert to JPY shorts.\r\n\r\nHaving written all that, I still see being long the USD as the immediate route. I do not think it will last for long as I see this USD strength technical and I expect the move higher to stop and then USD weakness will come back and force the DXY lower. (See the DXY chart below)\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/DXY-05112017.png\"><img class=\"aligncenter size-large wp-image-10340\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/DXY-05112017-1024x520.png\" alt=\"\" width=\"1024\" height=\"520\" /></a>\r\n\r\n&nbsp;\r\n\r\nOverall, I would be looking to establish positions in cross rates. GBP crosses may need some time to wash out oversold conditions. EUR crosses long in the medium term excite me, but not quite yet.\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 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\nPIPS ADDED LAST WEEK:           = +122 pips\r\nPIPS MONTH TO DATE:                = +122 pips\r\nYEAR TO DATE:                              = +10,524 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\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</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(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1: TRADING REVIEW:</u>\r\n\r\nOCTOBER 2017:\r\nMonthly total = 2,896 pips\r\nTOTAL to 31.10.2017 = 10,402 pips\r\n\r\nNOTE: I have a contingent liability of 700 pips sitting with 3 x USD/CAD hedges, which may be deducted from YTD total.\r\n\r\nIt goes without saying that October was a great month.\r\n\r\nThe hedges and heavy trading with cross rates has stretched the drawdowns which whilst I am not happy with as a purist it is a by-product of hedging and cross rate trading when you need wider stops in play to cover volatility. This obviously increases RISK.\r\n\r\nAll that to one side; you trade with your eyes wide open and with RISK MANAGEMENT in play.\r\n\r\nRISK to loss trades for the last month was 79% / 21% and year to date I am now finally in line with my objective of 75% / 25%.\r\n\r\nThe pip total for the year is now just 1,289 pips behind the 2016 record of 13,575. I do not see last year’s total being beaten this year and frankly given everything that has gone by this year so far, to be close to 10,000 at this time of the year is frankly incredible.\r\n\r\nThe split of trade styles continues to consolidate:\r\n\r\n497 Total trades to 31.12.2017.\r\n\r\nFLASH                       = 47 trades    = 9.5%\r\nRADAR                      = 57 trades     =11.5%\r\nFUNDAMENTAL      = 158 trades    = 32%\r\nPOSITION                 = 235 trades   = 47%\r\n\r\nI am not too sure how to add more commentary to this other than since the middle of 2015, and nothing has fundamentally changed in my opinion, day trading to swing trading, which was what I was when I started trading has become a thing of rarity to obtain what I determine a trading consistency. Since mid 2015 my reliance on shorter term trades via FLASH &amp; RADAR trades has lessened and my definitions of these trade styles need to be updated for 2018.\r\n\r\nThe markets this year have resulted in another fundamental change in the sense that the timed length of my trades has lessened. The market volatility and swings in sentiment and direction have created on many occasions trades with longer term horizons being closed early or being heavily modified. It is frustrating and annoying to trade and to follow I get that, but the market is what it is.\r\n\r\nWhen I re-define the trade style definitions for 2018, I will try to get a set of working parameters in place.\r\n\r\nI am looking at linking the ATR to the stop on trades somehow to avoid having to do a trade amendment. This reduces administration time but increases the contingent liability of your broker account when it may not be required. It is not easy.\r\n\r\nI am working on ideas for 2018 to add more value and to MANAGE RISK.\r\n\r\n&nbsp;\r\n\r\n<u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\nI struggled last week and played the “Super Thursday” like a bloody numpty. I have beaten myself up about it and now I am ready to move forward.\r\n\r\nWe have USD strength back in the market, but I think a lot of USD long traders will get caught out in the medium term. Should they ramp up position sizes / I am still a believer in trading nimble. Call me chicken, call me what you like but in a news driven trading environment in which we operate at the moment, it is very difficult to be strategic and it is virtually impossible to let trades mature and add.\r\n\r\nMy exception but it may NOT be your favourite…\r\n\r\nI have been long the AUD/NZD for about two years. It has been a great $$$ earner but you must take the rough with the smooth. At time I sit out huge loss positions and add to my overall position on a regular basis. Not everyone can trade like this and not everyone wants to. I could NOT and nor would I dream of this style of trading for USD or JPY related currencies. We are in a massive unwinding pattern and bit by bit, piece by piece, this pair is unfolding back to about 1.2000 – 1.2500 in my opinion. I thought that we would have been there by now to be honest.\r\n\r\nWe have a Labour led collation with NZ First in power. They have a strong mandate politically and economically which when pushed through is a game changer. Personally, I have no problem being long AUD/NZD back at 1.0540. Fundamentally, I know where fair value sits and we are a long way away.\r\n\r\nThis pair gives me between 10%-15% of my annual pip return, maybe a little more.\r\n\r\nIn a news driven environment I am trying to look away from USD, JPY and CHF which are very responsive to news.\r\n\r\nFundamentally, the EUR and GBP cross rates are excellent options to look at. These have been what can only be described this year as “great little earners” but…. Because of their volatility, I have suffered bigger percentage draw down losses on cross rate trades. Striking the balance is hard.\r\n\r\nMoving on and looking into the future…\r\n\r\nHumour me…\r\n\r\nLet’s assume the leader of the “FREE WORLD” has a great “GOODWILL TRIP” with no fuck ups and delivers a blueprint for lasting peace in the region.\r\n\r\nWhen this happens, I am short CHF across the board. This pair is being held back because of geopolitical tensions and the GOLD flight to safety trade.\r\n\r\nIn the background negotiations between Rex and Mathis and representatives of little rocket man are taking place when an agreement is tied it won’t be rockets that soar but the CHF. I will be getting long a combination of GBP/CHF, EUR/CHF, AUD/CHF, CAD/CHF, NZD/CHF and USD/CHF or short CHF/JPY.\r\n\r\nIn the interim however its cross rates for now. I have to let the recent moves flush out. I have levels in mind.\r\n\r\nI want to mention the GBP.\r\n\r\nThis currency is a pain in the arse. We are at all times a news headline away from a breakdown or a spike. However, very soon, probably faster than I think the BREXIT deal is either going to start to come together or fall flat on its arse. One way or another we are going to have the move of all moves in the GBP because the uncertainty will be over. We will be dealing with facts only.\r\n\r\nI want to be long GBP/USD, GBP/NZD, GBP/CAD, GBP/AUD and GBP/CHF and short EUR/GBP… bigly. I am very close to taking extremely long term trades and placing them in a separately funded account allowing for growth based upon Monthly ATR levels plus!\r\n\r\nLook at current levels and the pre-BREXIT levels, there are about 10,000 pips coming back into play in my opinion, and that is to only take us back to the time of the vote. Take away the uncertainty at the time of the vote and there are more.\r\n\r\nGBP/USD      now 1.3100   pre-BREXIT  1.4500\r\nGBP/AUD      now 1.7100   pre-BREXIT  2.0000\r\nGBP/CAD      now 1.6700   pre-BREXIT  1.7200\r\nGBP/NZD      now 1.8900   pre-BREXIT  2.1500\r\nGBP/CHF      now 1.3100   pre-BREXIT  1.4500\r\n\r\nBasically, there is a great opportunity here and whilst I cannot see 10,000 pips being grabbed it would be great to be able to capture maybe 5,000 -6,000 pips.\r\n\r\nThe RISK / REWARD is what is on my action item list next. We have moved quite away from the extreme lows so I have levels to work with and establish absolute RISK.\r\n\r\nI will provide an update on this very soon.\r\n\r\nWith regards to MARKET SENTIMENT its looking consistent this week. USD strength is almost across the board. This should bode well into early trading this week. (Do NOT forget TRUMP)\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/MARKET-SENTIMENT-05112017.png\"><img class=\"aligncenter size-large wp-image-10343\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/MARKET-SENTIMENT-05112017-780x1024.png\" alt=\"\" width=\"780\" height=\"1024\" />\r\n</a>\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am STILL bearish the CAD and NZD currencies.\r\n\r\nThe CAD is on the back burner for now. I STILL have three HEDGED trades to work through.\r\n\r\nThe NZD I am waiting for a pullback to use the opportunity to re-load again across the board.\r\n\r\nThe market itself at the moment is range bound and daily moves are for the most part quite limiting. Obviously, days such as “Super Thursday”, which combined with the TRUMP TAX PLAN and FED CHAIR announcement are few and far between. We even had a short squeeze thrown into the same day for good measure.\r\n\r\nThe market needs to re-balance before we move forward once again. With the week being a great deal quieter, I have a feeling that it could be a slow week which, will allow of stretched conditions to work through charts etc.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\n3 x live short USD/CAD trades. All three are HEDGED. No OUT trades are placed yet.\r\n\r\nMY PLAN: My belief is still that the USD/CAD is a short trade. I was waiting for 1.3000 to establish 3 x “OUT” trades for my HEDGED trades.  That looks like a bit of a dream level today. The recent highs have topped out around 1.2915 on two or three occasions. That level is someway away at the moment. I am expecting USD strength to continues for some time and at the moment there is a disconnect between the CAD and WTi, I want to use the USD strength to sell into this week or next week if possible and establish my “OUT” trades for these HEDGES.\r\n\r\nI have no plans currently to place / related trades against other pairs.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 4 x live AUD/NZD and a GBP/NZD long trades and NZD/JPY and NZD/CHF short trades.\r\n\r\nPlus: - I have 2 x AUD/NZD and a NZD/USD, NZD/JPY and NZD/CAD limit order trades in position.\r\n\r\nMY PLAN: I will be looking to add NZD trades across the board as soon as I see a meaningful pullback to provide beneficial pricing.\r\n\r\n&nbsp;\r\n\r\n<u>4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\nCURRENT LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE-05112017.png\"><img class=\"aligncenter size-large wp-image-10342\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE-05112017-862x1024.png\" alt=\"\" width=\"862\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-05112017.png\"><img class=\"aligncenter size-large wp-image-10341\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-05112017-1024x943.png\" alt=\"\" width=\"1024\" height=\"943\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nNothing new this week.\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to 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&nbsp;\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n&nbsp;\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\n\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>\r\n\r\nBLOG VERSION: #154 PREMIUM SERVICE\r\n5th November 2017', 'CARNEY SPITS FIRE AT CABLE BULLS', '', 'publish', 'open', 'closed', '', 'carney-spits-fire-cable-bulls', '', '', '2018-01-18 13:59:05', '2018-01-18 18:59:05', '', 0, 'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=10355', 0, 'member_posts', '', 0);
INSERT INTO `wp_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(10356, 1, '2017-11-04 04:32:57', '2017-11-04 09:32:57', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nThe previous week it was a DRAGHI THUNDERBOLT that hit the FX market and last week it was Mark Carney’s turn. Carney is seen as a bit of a DOVE more so than a HAWK by the market; I see him as a “Flip-Flopper” more than anything else, however last Thursday with the precision of one of Daenerys Targaryen’s dragons SPAT FIRE over the assembled and eagerly listening cable bulls.\r\n\r\nWe saw moves of 200 pips lower with GBP/USD and the crosses which are monsters at the best of times moved considerably more, GBP/AUD and GBP/NZD circa. 400 pips range on the day.\r\n\r\nFrom my own perspective, I did NOT play the BOE Super Thursday very well. I was expecting a rally on the announcement into which as I had written to PREMIUM SERVICE subscribers during the week I was looking to fade as I was expecting a DOVISH HIKE.\r\n\r\nWe had a DOVISH HIKE but the selloff started in the late Asian session from the prior day and continued through the European session. As the announcement came basically the selloff intensified.\r\n\r\nI was set up mentally for cable to fail, but not in the way it happened.\r\n\r\nI talk a great deal about RISK MANAGEMENT, TRADE MANAGEMENT and TRADING PSYCHOLOGY, which I am now calling MIND MANAGEMENT. I never had my MIND MANAGEMENT in the correct place.\r\n\r\nI only partially participated in the GBP move and made poor selections of trading pairs on the day. I banked small losses. Privately, I made reasonable $$$ scalping the market. Overall, however, I was very disappointed with my Super Thursday performance.\r\n\r\nWe move on…\r\n\r\nTHE PREMIUM SERVICE as at 31st October 2017, has now beaten its annual net pip target of 10,000 pips. To the end of October 2017, the pip total stands at 10,402 pips.\r\n\r\nI am delighted… Happy Days.\r\n\r\nThe 2016 total was a record at 13,575 pips. Whilst I have always beaten the 10,000-pip target since the PREMIUM SERVICE started in 2014, last year’s total will a tall order. But as it is often said… “Onwards and Upwards”.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n\r\n</strong></li>\r\n</ol>\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.\r\n</u>\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n<strong><u>BOE</u></strong><u>: SUPER THURSDAY &amp; PMi DATA.\r\n\r\n</u>A few weeks ago, when Mark Carney announced that UK interest rates could be rising earlier than previously thought to fight off inflation which was running at an annual rate of c.3%, I wrote saying that “CARNEY COMES OUT OF THE CLOSET”.\r\n\r\nThis move from DOVE to HAWK meant that the cable which previously had been under pressure from BREXIT leapt up like a rat up a drainpipe and sped towards 1.3300. There was talk of a re-test of 52W highs around 1.3650.\r\n\r\nLast Thursday Carney announced basically a DOVISH 0.25% rate hike… a one and done event. His commentary was as DOVISH as it comes and the cable fell like a lead balloon.\r\n\r\nThe unwinding of cable longs started hours earlier as the realism of a DOVISH HIKE came more and more into the reality and traders of all sizes squared off positions.\r\n\r\nThe MPC vote was 7-2 in favour of the hike. The two dissenters being Jon Cunliffe and David Ramsden.\r\n\r\nThe main takeaways from Carney’s press conference were in my opinion: -\r\n<ul>\r\n 	<li>MPC sees wage growth picking up in 2018</li>\r\n 	<li>MPC believes that the tighter labour market will boost wages.</li>\r\n 	<li>BREXIT deal will affect the exchange rates</li>\r\n 	<li>Rates will be adjusted either up or down on a BREXIT resolution.</li>\r\n 	<li>MPC wants to use the Bank rate as an instrument of BOE policy rather than QE.</li>\r\n 	<li>Rates must be higher before reversing QE.</li>\r\n 	<li>Inflation back at 2% will help make BREXIT a success\r\n(God knows what the feck they were smoking to come up with this line!!</li>\r\n 	<li>UK rate decision not driven by the exchange rate….\r\n(My arse!!)</li>\r\n</ul>\r\nMy thoughts are that it was a mistake to raise rates. Asked by the press did he think it was a mistake, Mark Carney responded with it was a “nimble response” to an unprecedented set of circumstances. The fact that cable sold off only adds fuel to UK inflation. It was cables devaluation that is basically what has fueled the inflation position. Ironic that a rate hike caused cable to devalue again, the irony of that fact should not be lost on the MPC!\r\n\r\nUK interest rates are to remain low for an extended period well into 2019.\r\n\r\nWith the rate hike out of the way we can now concentrate on the main event… BREXIT\r\n\r\nUK PMi data last week was stronger than expected, and took me by surprise I only expected a beat with service PMi:\r\n\r\nConstruction              50.8 versus 48.3\r\nManufacturing           56.3 versus 55.8\r\nServices                      55.6 versus 53.3\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> FOMC, FED CHAIR, GOP TAX PLAN, ADP &amp; NFP.</u>\r\n\r\nA huge amount of economic and political data last week from the U.S. All this and not even a mention of TWITTER.\r\n\r\nThe FED CHAIR announcement went off without incident. JEROME POWELL, subject to senate approval will replace Janet Yellen next February. When the announcement was made, I had to hold my head back to stop the blood from my nose bleed dripping all over my apple keyboard. It was such a shock to my body to have a TRUMP announcement without drama attached… total shock to my system.\r\n\r\nA couple of points for dinner table conversation about Janet Yellen’s tenure at the FED.\r\n<ul>\r\n 	<li>When she became FED CHAIR the USD (DXY) was at 81.00.</li>\r\n 	<li>The DXY has been falling since TRUMPS inauguration 101.00.</li>\r\n 	<li>Today after 10 months of falling it still stands at 94.00.</li>\r\n</ul>\r\nMy point here is that after the GFC when the DXY stood at 70.00, following on from Ben Bernanke she guided the DXY to about the mid-point given that in 2000 the DXY was at 120.00. Personally, without TRUMP the DXY would be well into triple digits by now.\r\n\r\nThe FOMC statement a day earlier passed us by without incident.  The FX market did its usual thing by the odd flexing here and there but to be honest it was an all “fur coat and no knickers” event.\r\n\r\nThe TAX PLAN release was for me, mixed into the background as the BOE press conference fall out was still in full swing. The previous day there was a rumour in the Asian session that reductions in the corporate tax rate would either be phased in or phased out, or both…. From what I can gather this was a bullsh*t rumour.\r\n\r\nWith regards to the jobs data; ADP was a nice bear 235k against an expectation of 202k. NFP missed at 261k versus 312k. The unemployment rate dipped from 4.2% to 4.1%. Hourly earnings 0.0% versus 0.2% expected.\r\n\r\nJobs data was poor so the USD strengthened go figure.\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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-0512017.png\"><img class=\"aligncenter size-large wp-image-10338\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-0512017-1024x705.png\" alt=\"\" width=\"1024\" height=\"705\" /></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/2017/11/TCHART-05112017.png\"><img class=\"aligncenter size-large wp-image-10339\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-05112017-1024x844.png\" alt=\"\" width=\"1024\" height=\"844\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10349\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10350\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10348\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10351\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10352\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10353\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10354\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>The Antipodean currencies rule this week!\r\n\r\n<strong><u>NZD:</u></strong><u> RBNZ RATE STATEMENT &amp; PRESS CONFERENCE</u>.\r\n\r\nI am NOT expecting any fireworks this week. Grant aka “Frank” Spencer has already stated no change and dovish for an extended period.\r\n\r\nI will be looking to see what, if anything, is said vis-à-vis the new Labour Party coalition governments intentions to expand the role of the RBNZ.\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD:</u></strong><u> RBA RATE STATEMENT &amp; MONETARY POLICY STATEMENT.</u>\r\n\r\nI am not expecting any move on interest rates. Philip Lowe has been very straightforward since becoming governor. He is clear and unambiguous and his is his own man. He has been happy of late to remain neutral and is in no rush to increase interest rates, far from it.\r\n\r\nAs with most monetary policy and rate statements the “verbal’s” give us the clues. I am expecting more of the same. No fireworks just a status quo report.\r\n\r\nThis may change in 2018, but for now it is only the FED that has an open normalization policy on interest rates. This suits other currencies like the AUD because the result with FED policy should be that the USD strengthens based upon interest rate differentiation causing other currencies to weaken.\r\n\r\nA weaker currency is always preferred and this can be achieved by the likes of the RBA with no work. It’s all in theory done for them by the FED.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\nThere was a lot jammed into last week that made me believe that caution was the best route forward. Trading FX always has RISK involved and at the end of the day it’s all about MANAGING RISK in conjunction with both TRADE MANAGEMENT and MIND MANAGEMENT.\r\n\r\nLast week finished with USD strength returning and I see this renewed USD strength remaining with the markets into the early part of this week, if not more than that.\r\n\r\nGeopolitical factors such as “THE TRUMP GOODWILL TOUR OF ASIA”, which was given a good old dose U.S. hospitality with nuclear weapons loaded bombers flying up and down the Korean coast. It doesn’t bear thinking about.\r\n\r\nBREXIT and poor old Theresa May will hit the headlines this week now that Carney’s BOE super Thursday event is behind us. However, we should remember that moves in cable are still just one UK negative BREXIT announcement from a fall, or one positive announcement away from a spike higher.\r\n\r\nOIL appears to be settling around the USD$60.00 level. Anything higher will get the U.S. shale production lifting off which will drive prices back towards USD$50.00 per barrel.\r\n\r\nSo…\r\n\r\nWith that as my back drop how will I be approaching the FX market this week.\r\n\r\nWithout much economic data, this week and with the “RED” FX data emanating from mainly AUD and NZD, one would think I had a pretty clear plan in place. Unfortunately, with all the geopolitical nonsense around and with TRUMP off home soil the potential for gaffs is heightened.\r\n\r\nThe USD is news driven at the moment, and, if the USD is news driven almost everything else currency wise falls victim.\r\n\r\nI have cross rates that interest me and they are a great option away from the USD.  The JPY crosses are of interest but I never seem to personally have great success with them. Recently, the NZD/JPY has been good and the AUD/JPY is back on my RADAR once again after closing it just ahead of NFP last week. But with TRUMP in Asia maybe the JPY should not be such a focus. However, the parabolic rise in the NIKKEI does have me alert to JPY shorts.\r\n\r\nHaving written all that, I still see being long the USD as the immediate route. I do not think it will last for long as I see this USD strength technical and I expect the move higher to stop and then USD weakness will come back and force the DXY lower. (See the DXY chart below)\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/DXY-05112017.png\"><img class=\"aligncenter size-large wp-image-10340\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/DXY-05112017-1024x520.png\" alt=\"\" width=\"1024\" height=\"520\" /></a>\r\n\r\n&nbsp;\r\n\r\nOverall, I would be looking to establish positions in cross rates. GBP crosses may need some time to wash out oversold conditions. EUR crosses long in the medium term excite me, but not quite yet.\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 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\nPIPS ADDED LAST WEEK:           = +122 pips\r\nPIPS MONTH TO DATE:                = +122 pips\r\nYEAR TO DATE:                              = +10,524 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\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</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(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1: TRADING REVIEW:</u>\r\n\r\nOCTOBER 2017:\r\nMonthly total = 2,896 pips\r\nTOTAL to 31.10.2017 = 10,402 pips\r\n\r\nNOTE: I have a contingent liability of 700 pips sitting with 3 x USD/CAD hedges, which may be deducted from YTD total.\r\n\r\nIt goes without saying that October was a great month.\r\n\r\nThe hedges and heavy trading with cross rates has stretched the drawdowns which whilst I am not happy with as a purist it is a by-product of hedging and cross rate trading when you need wider stops in play to cover volatility. This obviously increases RISK.\r\n\r\nAll that to one side; you trade with your eyes wide open and with RISK MANAGEMENT in play.\r\n\r\nRISK to loss trades for the last month was 79% / 21% and year to date I am now finally in line with my objective of 75% / 25%.\r\n\r\nThe pip total for the year is now just 1,289 pips behind the 2016 record of 13,575. I do not see last year’s total being beaten this year and frankly given everything that has gone by this year so far, to be close to 10,000 at this time of the year is frankly incredible.\r\n\r\nThe split of trade styles continues to consolidate:\r\n\r\n497 Total trades to 31.12.2017.\r\n\r\nFLASH                       = 47 trades    = 9.5%\r\nRADAR                      = 57 trades     =11.5%\r\nFUNDAMENTAL      = 158 trades    = 32%\r\nPOSITION                 = 235 trades   = 47%\r\n\r\nI am not too sure how to add more commentary to this other than since the middle of 2015, and nothing has fundamentally changed in my opinion, day trading to swing trading, which was what I was when I started trading has become a thing of rarity to obtain what I determine a trading consistency. Since mid 2015 my reliance on shorter term trades via FLASH &amp; RADAR trades has lessened and my definitions of these trade styles need to be updated for 2018.\r\n\r\nThe markets this year have resulted in another fundamental change in the sense that the timed length of my trades has lessened. The market volatility and swings in sentiment and direction have created on many occasions trades with longer term horizons being closed early or being heavily modified. It is frustrating and annoying to trade and to follow I get that, but the market is what it is.\r\n\r\nWhen I re-define the trade style definitions for 2018, I will try to get a set of working parameters in place.\r\n\r\nI am looking at linking the ATR to the stop on trades somehow to avoid having to do a trade amendment. This reduces administration time but increases the contingent liability of your broker account when it may not be required. It is not easy.\r\n\r\nI am working on ideas for 2018 to add more value and to MANAGE RISK.\r\n\r\n<u>\r\n\r\n</u><u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n\r\n</u>\r\n\r\nI struggled last week and played the “Super Thursday” like a bloody numpty. I have beaten myself up about it and now I am ready to move forward.\r\n\r\nWe have USD strength back in the market, but I think a lot of USD long traders will get caught out in the medium term. Should they ramp up position sizes / I am still a believer in trading nimble. Call me chicken, call me what you like but in a news driven trading environment in which we operate at the moment, it is very difficult to be strategic and it is virtually impossible to let trades mature and add.\r\n\r\nMy exception but it may NOT be your favourite…\r\n\r\nI have been long the AUD/NZD for about two years. It has been a great $$$ earner but you must take the rough with the smooth. At time I sit out huge loss positions and add to my overall position on a regular basis. Not everyone can trade like this and not everyone wants to. I could NOT and nor would I dream of this style of trading for USD or JPY related currencies. We are in a massive unwinding pattern and bit by bit, piece by piece, this pair is unfolding back to about 1.2000 – 1.2500 in my opinion. I thought that we would have been there by now to be honest.\r\n\r\nWe have a Labour led collation with NZ First in power. They have a strong mandate politically and economically which when pushed through is a game changer. Personally, I have no problem being long AUD/NZD back at 1.0540. Fundamentally, I know where fair value sits and we are a long way away.\r\n\r\nThis pair gives me between 10%-15% of my annual pip return, maybe a little more.\r\n\r\nIn a news driven environment I am trying to look away from USD, JPY and CHF which are very responsive to news.\r\n\r\nFundamentally, the EUR and GBP cross rates are excellent options to look at. These have been what can only be described this year as “great little earners” but…. Because of their volatility, I have suffered bigger percentage draw down losses on cross rate trades. Striking the balance is hard.\r\n\r\nMoving on and looking into the future…\r\n\r\nHumour me…\r\n\r\nLet’s assume the leader of the “FREE WORLD” has a great “GOODWILL TRIP” with no fuck ups and delivers a blueprint for lasting peace in the region.\r\n\r\nWhen this happens, I am short CHF across the board. This pair is being held back because of geopolitical tensions and the GOLD flight to safety trade.\r\n\r\nIn the background negotiations between Rex and Mathis and representatives of little rocket man are taking place when an agreement is tied it won’t be rockets that soar but the CHF. I will be getting long a combination of GBP/CHF, EUR/CHF, AUD/CHF, CAD/CHF, NZD/CHF and USD/CHF or short CHF/JPY.\r\n\r\nIn the interim however its cross rates for now. I have to let the recent moves flush out. I have levels in mind.\r\n\r\nI want to mention the GBP.\r\n\r\nThis currency is a pain in the arse. We are at all times a news headline away from a breakdown or a spike. However, very soon, probably faster than I think the BREXIT deal is either going to start to come together or fall flat on its arse. One way or another we are going to have the move of all moves in the GBP because the uncertainty will be over. We will be dealing with facts only.\r\n\r\nI want to be long GBP/USD, GBP/NZD, GBP/CAD, GBP/AUD and GBP/CHF and short EUR/GBP… bigly. I am very close to taking extremely long term trades and placing them in a separately funded account allowing for growth based upon Monthly ATR levels plus!\r\n\r\nLook at current levels and the pre-BREXIT levels, there are about 10,000 pips coming back into play in my opinion, and that is to only take us back to the time of the vote. Take away the uncertainty at the time of the vote and there are more.\r\n\r\nGBP/USD      now 1.3100   pre-BREXIT  1.4500\r\nGBP/AUD      now 1.7100   pre-BREXIT  2.0000\r\nGBP/CAD      now 1.6700   pre-BREXIT  1.7200\r\nGBP/NZD      now 1.8900   pre-BREXIT  2.1500\r\nGBP/CHF      now 1.3100   pre-BREXIT  1.4500\r\n\r\nBasically, there is a great opportunity here and whilst I cannot see 10,000 pips being grabbed it would be great to be able to capture maybe 5,000 -6,000 pips.\r\n\r\nThe RISK / REWARD is what is on my action item list next. We have moved quite away from the extreme lows so I have levels to work with and establish absolute RISK.\r\n\r\nI will provide an update on this very soon.\r\n\r\nWith regards to MARKET SENTIMENT its looking consistent this week. USD strength is almost across the board. This should bode well into early trading this week. (Do NOT forget TRUMP)\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/MARKET-SENTIMENT-05112017.png\"><img class=\"aligncenter size-large wp-image-10343\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/MARKET-SENTIMENT-05112017-780x1024.png\" alt=\"\" width=\"780\" height=\"1024\" />\r\n</a>\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am STILL bearish the CAD and NZD currencies.\r\n\r\nThe CAD is on the back burner for now. I STILL have three HEDGED trades to work through.\r\n\r\nThe NZD I am waiting for a pullback to use the opportunity to re-load again across the board.\r\n\r\nThe market itself at the moment is range bound and daily moves are for the most part quite limiting. Obviously, days such as “Super Thursday”, which combined with the TRUMP TAX PLAN and FED CHAIR announcement are few and far between. We even had a short squeeze thrown into the same day for good measure.\r\n\r\nThe market needs to re-balance before we move forward once again. With the week being a great deal quieter, I have a feeling that it could be a slow week which, will allow of stretched conditions to work through charts etc.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\n3 x live short USD/CAD trades. All three are HEDGED. No OUT trades are placed yet.\r\n\r\nMY PLAN: My belief is still that the USD/CAD is a short trade. I was waiting for 1.3000 to establish 3 x “OUT” trades for my HEDGED trades.  That looks like a bit of a dream level today. The recent highs have topped out around 1.2915 on two or three occasions. That level is someway away at the moment. I am expecting USD strength to continues for some time and at the moment there is a disconnect between the CAD and WTi, I want to use the USD strength to sell into this week or next week if possible and establish my “OUT” trades for these HEDGES.\r\n\r\nI have no plans currently to place / related trades against other pairs.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 4 x live AUD/NZD and a GBP/NZD long trades and NZD/JPY and NZD/CHF short trades.\r\n\r\nPlus: - I have 2 x AUD/NZD and a NZD/USD, NZD/JPY and NZD/CAD limit order trades in position.\r\n\r\nMY PLAN: I will be looking to add NZD trades across the board as soon as I see a meaningful pullback to provide beneficial pricing.\r\n\r\n&nbsp;\r\n\r\n<u>4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\nCURRENT LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE-05112017.png\"><img class=\"aligncenter size-large wp-image-10342\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE-05112017-862x1024.png\" alt=\"\" width=\"862\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-05112017.png\"><img class=\"aligncenter size-large wp-image-10341\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-05112017-1024x943.png\" alt=\"\" width=\"1024\" height=\"943\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nNothing new this week.\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to 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&nbsp;\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n&nbsp;\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\n\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>\r\n\r\nBLOG VERSION: #154 PREMIUM SERVICE\r\n5th November 2017', 'CARNEY SPITS FIRE AT CABLE BULLS', '', 'inherit', 'closed', 'closed', '', '10355-revision-v1', '', '', '2017-11-04 04:32:57', '2017-11-04 09:32:57', '', 10355, 'https://weeklyfxdrivethru.com/10355-revision-v1/', 0, 'revision', '', 0),
(10365, 1, '2017-11-04 05:02:54', '2017-11-04 10:02:54', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nThe previous week it was a DRAGHI THUNDERBOLT that hit the FX market and last week it was Mark Carney’s turn. Carney is seen as a bit of a DOVE more so than a HAWK by the market; I see him as a “Flip-Flopper” more than anything else, however last Thursday with the precision of one of Daenerys Targaryen’s dragons SPAT FIRE over the assembled and eagerly listening cable bulls.\r\n\r\nWe saw moves of 200 pips lower with GBP/USD and the crosses which are monsters at the best of times moved considerably more, GBP/AUD and GBP/NZD circa. 400 pips range on the day.\r\n\r\nFrom my own perspective, I did NOT play the BOE Super Thursday very well. I was expecting a rally on the announcement into which as I had written to PREMIUM SERVICE subscribers during the week I was looking to fade as I was expecting a DOVISH HIKE.\r\n\r\nWe had a DOVISH HIKE but the selloff started in the late Asian session from the prior day and continued through the European session. As the announcement came basically the selloff intensified.\r\n\r\nI was set up mentally for cable to fail, but not in the way it happened.\r\n\r\nI talk a great deal about RISK MANAGEMENT, TRADE MANAGEMENT and TRADING PSYCHOLOGY, which I am now calling MIND MANAGEMENT. I never had my MIND MANAGEMENT in the correct place.\r\n\r\nI only partially participated in the GBP move and made poor selections of trading pairs on the day. I banked small losses. Privately, I made reasonable $$$ scalping the market. Overall, however, I was very disappointed with my Super Thursday performance.\r\n\r\nWe move on…\r\n\r\nTHE PREMIUM SERVICE as at 31st October 2017, has now beaten its annual net pip target of 10,000 pips. To the end of October 2017, the pip total stands at 10,402 pips.\r\n\r\nI am delighted… Happy Days.\r\n\r\nThe 2016 total was a record at 13,575 pips. Whilst I have always beaten the 10,000-pip target since the PREMIUM SERVICE started in 2014, last year’s total will a tall order. But as it is often said… “Onwards and Upwards”.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong></strong><strong> THE FX MARKET PLACE:</strong>&nbsp;</li>\r\n</ol>\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u>\r\n\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n&nbsp;\r\n\r\n<strong><u>BOE</u></strong><u>: SUPER THURSDAY &amp; PMi DATA.</u>\r\n\r\n&nbsp;\r\n\r\nA few weeks ago, when Mark Carney announced that UK interest rates could be rising earlier than previously thought to fight off inflation which was running at an annual rate of c.3%, I wrote saying that “CARNEY COMES OUT OF THE CLOSET”.\r\n\r\nThis move from DOVE to HAWK meant that the cable which previously had been under pressure from BREXIT leapt up like a rat up a drainpipe and sped towards 1.3300. There was talk of a re-test of 52W highs around 1.3650.\r\n\r\nLast Thursday Carney announced basically a DOVISH 0.25% rate hike… a one and done event. His commentary was as DOVISH as it comes and the cable fell like a lead balloon.\r\n\r\nThe unwinding of cable longs started hours earlier as the realism of a DOVISH HIKE came more and more into the reality and traders of all sizes squared off positions.\r\n\r\nThe MPC vote was 7-2 in favour of the hike. The two dissenters being Jon Cunliffe and David Ramsden.\r\n\r\nThe main takeaways from Carney’s press conference were in my opinion: -\r\n<ul>\r\n 	<li>MPC sees wage growth picking up in 2018</li>\r\n 	<li>MPC believes that the tighter labour market will boost wages.</li>\r\n 	<li>BREXIT deal will affect the exchange rates</li>\r\n 	<li>Rates will be adjusted either up or down on a BREXIT resolution.</li>\r\n 	<li>MPC wants to use the Bank rate as an instrument of BOE policy rather than QE.</li>\r\n 	<li>Rates must be higher before reversing QE.</li>\r\n 	<li>Inflation back at 2% will help make BREXIT a success\r\n(God knows what the feck they were smoking to come up with this line!!</li>\r\n 	<li>UK rate decision not driven by the exchange rate….\r\n(My arse!!)</li>\r\n</ul>\r\nMy thoughts are that it was a mistake to raise rates. Asked by the press did he think it was a mistake, Mark Carney responded with it was a “nimble response” to an unprecedented set of circumstances. The fact that cable sold off only adds fuel to UK inflation. It was cables devaluation that is basically what has fueled the inflation position. Ironic that a rate hike caused cable to devalue again, the irony of that fact should not be lost on the MPC!\r\n\r\nUK interest rates are to remain low for an extended period well into 2019.\r\n\r\nWith the rate hike out of the way we can now concentrate on the main event… BREXIT\r\n\r\nUK PMi data last week was stronger than expected, and took me by surprise I only expected a beat with service PMi:\r\n\r\nConstruction              50.8 versus 48.3\r\nManufacturing           56.3 versus 55.8\r\nServices                      55.6 versus 53.3\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong><u> FOMC, FED CHAIR, GOP TAX PLAN, ADP &amp; NFP.</u>\r\n\r\nA huge amount of economic and political data last week from the U.S. All this and not even a mention of TWITTER.\r\n\r\nThe FED CHAIR announcement went off without incident. JEROME POWELL, subject to senate approval will replace Janet Yellen next February. When the announcement was made, I had to hold my head back to stop the blood from my nose bleed dripping all over my apple keyboard. It was such a shock to my body to have a TRUMP announcement without drama attached… total shock to my system.\r\n\r\nA couple of points for dinner table conversation about Janet Yellen’s tenure at the FED.\r\n<ul>\r\n 	<li>When she became FED CHAIR the USD (DXY) was at 81.00.</li>\r\n 	<li>The DXY has been falling since TRUMPS inauguration 101.00.</li>\r\n 	<li>Today after 10 months of falling it still stands at 94.00.</li>\r\n</ul>\r\nMy point here is that after the GFC when the DXY stood at 70.00, following on from Ben Bernanke she guided the DXY to about the mid-point given that in 2000 the DXY was at 120.00. Personally, without TRUMP the DXY would be well into triple digits by now.\r\n\r\nThe FOMC statement a day earlier passed us by without incident.  The FX market did its usual thing by the odd flexing here and there but to be honest it was an all “fur coat and no knickers” event.\r\n\r\nThe TAX PLAN release was for me, mixed into the background as the BOE press conference fall out was still in full swing. The previous day there was a rumour in the Asian session that reductions in the corporate tax rate would either be phased in or phased out, or both…. From what I can gather this was a bullsh*t rumour.\r\n\r\nWith regards to the jobs data; ADP was a nice bear 235k against an expectation of 202k. NFP missed at 261k versus 312k. The unemployment rate dipped from 4.2% to 4.1%. Hourly earnings 0.0% versus 0.2% expected.\r\n\r\nJobs data was poor so the USD strengthened go figure.\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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-0512017.png\"><img class=\"aligncenter size-large wp-image-10338\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-0512017-1024x705.png\" alt=\"\" width=\"1024\" height=\"705\" /></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/2017/11/TCHART-05112017.png\"><img class=\"aligncenter size-large wp-image-10339\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-05112017-1024x844.png\" alt=\"\" width=\"1024\" height=\"844\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10349\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10350\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10348\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10351\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10352\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10353\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10354\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nThe Antipodean currencies rule this week!\r\n\r\n<strong><u>NZD:</u></strong><u> RBNZ RATE STATEMENT &amp; PRESS CONFERENCE</u>.\r\n\r\nI am NOT expecting any fireworks this week. Grant aka “Frank” Spencer has already stated no change and dovish for an extended period.\r\n\r\nI will be looking to see what, if anything, is said vis-à-vis the new Labour Party coalition governments intentions to expand the role of the RBNZ.\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD:</u></strong><u> RBA RATE STATEMENT &amp; MONETARY POLICY STATEMENT.</u>\r\n\r\nI am not expecting any move on interest rates. Philip Lowe has been very straightforward since becoming governor. He is clear and unambiguous and his is his own man. He has been happy of late to remain neutral and is in no rush to increase interest rates, far from it.\r\n\r\nAs with most monetary policy and rate statements the “verbal’s” give us the clues. I am expecting more of the same. No fireworks just a status quo report.\r\n\r\nThis may change in 2018, but for now it is only the FED that has an open normalization policy on interest rates. This suits other currencies like the AUD because the result with FED policy should be that the USD strengthens based upon interest rate differentiation causing other currencies to weaken.\r\n\r\nA weaker currency is always preferred and this can be achieved by the likes of the RBA with no work. It’s all in theory done for them by the FED.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\nThere was a lot jammed into last week that made me believe that caution was the best route forward. Trading FX always has RISK involved and at the end of the day it’s all about MANAGING RISK in conjunction with both TRADE MANAGEMENT and MIND MANAGEMENT.\r\n\r\nLast week finished with USD strength returning and I see this renewed USD strength remaining with the markets into the early part of this week, if not more than that.\r\n\r\nGeopolitical factors such as “THE TRUMP GOODWILL TOUR OF ASIA”, which was given a good old dose U.S. hospitality with nuclear weapons loaded bombers flying up and down the Korean coast. It doesn’t bear thinking about.\r\n\r\nBREXIT and poor old Theresa May will hit the headlines this week now that Carney’s BOE super Thursday event is behind us. However, we should remember that moves in cable are still just one UK negative BREXIT announcement from a fall, or one positive announcement away from a spike higher.\r\n\r\nOIL appears to be settling around the USD$60.00 level. Anything higher will get the U.S. shale production lifting off which will drive prices back towards USD$50.00 per barrel.\r\n\r\nSo…\r\n\r\nWith that as my back drop how will I be approaching the FX market this week.\r\n\r\nWithout much economic data, this week and with the “RED” FX data emanating from mainly AUD and NZD, one would think I had a pretty clear plan in place. Unfortunately, with all the geopolitical nonsense around and with TRUMP off home soil the potential for gaffs is heightened.\r\n\r\nThe USD is news driven at the moment, and, if the USD is news driven almost everything else currency wise falls victim.\r\n\r\nI have cross rates that interest me and they are a great option away from the USD.  The JPY crosses are of interest but I never seem to personally have great success with them. Recently, the NZD/JPY has been good and the AUD/JPY is back on my RADAR once again after closing it just ahead of NFP last week. But with TRUMP in Asia maybe the JPY should not be such a focus. However, the parabolic rise in the NIKKEI does have me alert to JPY shorts.\r\n\r\nHaving written all that, I still see being long the USD as the immediate route. I do not think it will last for long as I see this USD strength technical and I expect the move higher to stop and then USD weakness will come back and force the DXY lower. (See the DXY chart below)\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/DXY-05112017.png\"><img class=\"aligncenter size-large wp-image-10340\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/DXY-05112017-1024x520.png\" alt=\"\" width=\"1024\" height=\"520\" /></a>\r\n\r\n&nbsp;\r\n\r\nOverall, I would be looking to establish positions in cross rates. GBP crosses may need some time to wash out oversold conditions. EUR crosses long in the medium term excite me, but not quite yet.\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 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS ADDED LAST WEEK:           = +122 pips\r\nPIPS MONTH TO DATE:                = +122 pips\r\nYEAR TO DATE:                              = +10,524 pips\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/PS-NET-PROFITABILITY-OCT2017.png\"><img class=\"aligncenter size-large wp-image-10335\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/PS-NET-PROFITABILITY-OCT2017-968x1024.png\" alt=\"\" width=\"968\" height=\"1024\" /></a>\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\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</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(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1: TRADING REVIEW:</u>\r\n\r\n<u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\n<u>4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\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: #258 FREE NEWSLETTER\r\n5th November 2017', 'CARNEY SPITS FIRE AT CABLE BULLS', '', 'publish', 'open', 'closed', '', 'carney-spits-fire-cable-bulls', '', '', '2018-02-15 07:09:47', '2018-02-15 12:09:47', '', 0, 'https://weeklyfxdrivethru.com/?p=10365', 0, 'post', '', 0);
INSERT INTO `wp_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(10366, 1, '2017-11-04 05:02:54', '2017-11-04 10:02:54', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nThe previous week it was a DRAGHI THUNDERBOLT that hit the FX market and last week it was Mark Carney’s turn. Carney is seen as a bit of a DOVE more so than a HAWK by the market; I see him as a “Flip-Flopper” more than anything else, however last Thursday with the precision of one of Daenerys Targaryen’s dragons SPAT FIRE over the assembled and eagerly listening cable bulls.\r\n\r\nWe saw moves of 200 pips lower with GBP/USD and the crosses which are monsters at the best of times moved considerably more, GBP/AUD and GBP/NZD circa. 400 pips range on the day.\r\n\r\nFrom my own perspective, I did NOT play the BOE Super Thursday very well. I was expecting a rally on the announcement into which as I had written to PREMIUM SERVICE subscribers during the week I was looking to fade as I was expecting a DOVISH HIKE.\r\n\r\nWe had a DOVISH HIKE but the selloff started in the late Asian session from the prior day and continued through the European session. As the announcement came basically the selloff intensified.\r\n\r\nI was set up mentally for cable to fail, but not in the way it happened.\r\n\r\nI talk a great deal about RISK MANAGEMENT, TRADE MANAGEMENT and TRADING PSYCHOLOGY, which I am now calling MIND MANAGEMENT. I never had my MIND MANAGEMENT in the correct place.\r\n\r\nI only partially participated in the GBP move and made poor selections of trading pairs on the day. I banked small losses. Privately, I made reasonable $$$ scalping the market. Overall, however, I was very disappointed with my Super Thursday performance.\r\n\r\nWe move on…\r\n\r\nTHE PREMIUM SERVICE as at 31st October 2017, has now beaten its annual net pip target of 10,000 pips. To the end of October 2017, the pip total stands at 10,402 pips.\r\n\r\nI am delighted… Happy Days.\r\n\r\nThe 2016 total was a record at 13,575 pips. Whilst I have always beaten the 10,000-pip target since the PREMIUM SERVICE started in 2014, last year’s total will a tall order. But as it is often said… “Onwards and Upwards”.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n\r\n</strong></li>\r\n</ol>\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u>\r\n\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n&nbsp;\r\n\r\n<strong><u>BOE</u></strong><u>: SUPER THURSDAY &amp; PMi DATA.\r\n\r\n</u>\r\n\r\nA few weeks ago, when Mark Carney announced that UK interest rates could be rising earlier than previously thought to fight off inflation which was running at an annual rate of c.3%, I wrote saying that “CARNEY COMES OUT OF THE CLOSET”.\r\n\r\nThis move from DOVE to HAWK meant that the cable which previously had been under pressure from BREXIT leapt up like a rat up a drainpipe and sped towards 1.3300. There was talk of a re-test of 52W highs around 1.3650.\r\n\r\nLast Thursday Carney announced basically a DOVISH 0.25% rate hike… a one and done event. His commentary was as DOVISH as it comes and the cable fell like a lead balloon.\r\n\r\nThe unwinding of cable longs started hours earlier as the realism of a DOVISH HIKE came more and more into the reality and traders of all sizes squared off positions.\r\n\r\nThe MPC vote was 7-2 in favour of the hike. The two dissenters being Jon Cunliffe and David Ramsden.\r\n\r\nThe main takeaways from Carney’s press conference were in my opinion: -\r\n<ul>\r\n 	<li>MPC sees wage growth picking up in 2018</li>\r\n 	<li>MPC believes that the tighter labour market will boost wages.</li>\r\n 	<li>BREXIT deal will affect the exchange rates</li>\r\n 	<li>Rates will be adjusted either up or down on a BREXIT resolution.</li>\r\n 	<li>MPC wants to use the Bank rate as an instrument of BOE policy rather than QE.</li>\r\n 	<li>Rates must be higher before reversing QE.</li>\r\n 	<li>Inflation back at 2% will help make BREXIT a success\r\n(God knows what the feck they were smoking to come up with this line!!</li>\r\n 	<li>UK rate decision not driven by the exchange rate….\r\n(My arse!!)</li>\r\n</ul>\r\nMy thoughts are that it was a mistake to raise rates. Asked by the press did he think it was a mistake, Mark Carney responded with it was a “nimble response” to an unprecedented set of circumstances. The fact that cable sold off only adds fuel to UK inflation. It was cables devaluation that is basically what has fueled the inflation position. Ironic that a rate hike caused cable to devalue again, the irony of that fact should not be lost on the MPC!\r\n\r\nUK interest rates are to remain low for an extended period well into 2019.\r\n\r\nWith the rate hike out of the way we can now concentrate on the main event… BREXIT\r\n\r\nUK PMi data last week was stronger than expected, and took me by surprise I only expected a beat with service PMi:\r\n\r\nConstruction              50.8 versus 48.3\r\nManufacturing           56.3 versus 55.8\r\nServices                      55.6 versus 53.3\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong><u> FOMC, FED CHAIR, GOP TAX PLAN, ADP &amp; NFP.</u>\r\n\r\nA huge amount of economic and political data last week from the U.S. All this and not even a mention of TWITTER.\r\n\r\nThe FED CHAIR announcement went off without incident. JEROME POWELL, subject to senate approval will replace Janet Yellen next February. When the announcement was made, I had to hold my head back to stop the blood from my nose bleed dripping all over my apple keyboard. It was such a shock to my body to have a TRUMP announcement without drama attached… total shock to my system.\r\n\r\nA couple of points for dinner table conversation about Janet Yellen’s tenure at the FED.\r\n<ul>\r\n 	<li>When she became FED CHAIR the USD (DXY) was at 81.00.</li>\r\n 	<li>The DXY has been falling since TRUMPS inauguration 101.00.</li>\r\n 	<li>Today after 10 months of falling it still stands at 94.00.</li>\r\n</ul>\r\nMy point here is that after the GFC when the DXY stood at 70.00, following on from Ben Bernanke she guided the DXY to about the mid-point given that in 2000 the DXY was at 120.00. Personally, without TRUMP the DXY would be well into triple digits by now.\r\n\r\nThe FOMC statement a day earlier passed us by without incident.  The FX market did its usual thing by the odd flexing here and there but to be honest it was an all “fur coat and no knickers” event.\r\n\r\nThe TAX PLAN release was for me, mixed into the background as the BOE press conference fall out was still in full swing. The previous day there was a rumour in the Asian session that reductions in the corporate tax rate would either be phased in or phased out, or both…. From what I can gather this was a bullsh*t rumour.\r\n\r\nWith regards to the jobs data; ADP was a nice bear 235k against an expectation of 202k. NFP missed at 261k versus 312k. The unemployment rate dipped from 4.2% to 4.1%. Hourly earnings 0.0% versus 0.2% expected.\r\n\r\nJobs data was poor so the USD strengthened go figure.\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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-0512017.png\"><img class=\"aligncenter size-large wp-image-10338\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-0512017-1024x705.png\" alt=\"\" width=\"1024\" height=\"705\" /></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/2017/11/TCHART-05112017.png\"><img class=\"aligncenter size-large wp-image-10339\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-05112017-1024x844.png\" alt=\"\" width=\"1024\" height=\"844\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10349\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10350\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10348\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10351\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10352\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10353\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-05112017.png\"><img class=\"aligncenter size-large wp-image-10354\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-05112017-1024x411.png\" alt=\"\" width=\"1024\" height=\"411\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>The Antipodean currencies rule this week!\r\n\r\n<strong><u>NZD:</u></strong><u> RBNZ RATE STATEMENT &amp; PRESS CONFERENCE</u>.\r\n\r\nI am NOT expecting any fireworks this week. Grant aka “Frank” Spencer has already stated no change and dovish for an extended period.\r\n\r\nI will be looking to see what, if anything, is said vis-à-vis the new Labour Party coalition governments intentions to expand the role of the RBNZ.\r\n\r\n&nbsp;\r\n\r\n<strong><u>AUD:</u></strong><u> RBA RATE STATEMENT &amp; MONETARY POLICY STATEMENT.</u>\r\n\r\nI am not expecting any move on interest rates. Philip Lowe has been very straightforward since becoming governor. He is clear and unambiguous and his is his own man. He has been happy of late to remain neutral and is in no rush to increase interest rates, far from it.\r\n\r\nAs with most monetary policy and rate statements the “verbal’s” give us the clues. I am expecting more of the same. No fireworks just a status quo report.\r\n\r\nThis may change in 2018, but for now it is only the FED that has an open normalization policy on interest rates. This suits other currencies like the AUD because the result with FED policy should be that the USD strengthens based upon interest rate differentiation causing other currencies to weaken.\r\n\r\nA weaker currency is always preferred and this can be achieved by the likes of the RBA with no work. It’s all in theory done for them by the FED.\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\nThere was a lot jammed into last week that made me believe that caution was the best route forward. Trading FX always has RISK involved and at the end of the day it’s all about MANAGING RISK in conjunction with both TRADE MANAGEMENT and MIND MANAGEMENT.\r\n\r\nLast week finished with USD strength returning and I see this renewed USD strength remaining with the markets into the early part of this week, if not more than that.\r\n\r\nGeopolitical factors such as “THE TRUMP GOODWILL TOUR OF ASIA”, which was given a good old dose U.S. hospitality with nuclear weapons loaded bombers flying up and down the Korean coast. It doesn’t bear thinking about.\r\n\r\nBREXIT and poor old Theresa May will hit the headlines this week now that Carney’s BOE super Thursday event is behind us. However, we should remember that moves in cable are still just one UK negative BREXIT announcement from a fall, or one positive announcement away from a spike higher.\r\n\r\nOIL appears to be settling around the USD$60.00 level. Anything higher will get the U.S. shale production lifting off which will drive prices back towards USD$50.00 per barrel.\r\n\r\nSo…\r\n\r\nWith that as my back drop how will I be approaching the FX market this week.\r\n\r\nWithout much economic data, this week and with the “RED” FX data emanating from mainly AUD and NZD, one would think I had a pretty clear plan in place. Unfortunately, with all the geopolitical nonsense around and with TRUMP off home soil the potential for gaffs is heightened.\r\n\r\nThe USD is news driven at the moment, and, if the USD is news driven almost everything else currency wise falls victim.\r\n\r\nI have cross rates that interest me and they are a great option away from the USD.  The JPY crosses are of interest but I never seem to personally have great success with them. Recently, the NZD/JPY has been good and the AUD/JPY is back on my RADAR once again after closing it just ahead of NFP last week. But with TRUMP in Asia maybe the JPY should not be such a focus. However, the parabolic rise in the NIKKEI does have me alert to JPY shorts.\r\n\r\nHaving written all that, I still see being long the USD as the immediate route. I do not think it will last for long as I see this USD strength technical and I expect the move higher to stop and then USD weakness will come back and force the DXY lower. (See the DXY chart below)\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/DXY-05112017.png\"><img class=\"aligncenter size-large wp-image-10340\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/DXY-05112017-1024x520.png\" alt=\"\" width=\"1024\" height=\"520\" /></a>\r\n\r\n&nbsp;\r\n\r\nOverall, I would be looking to establish positions in cross rates. GBP crosses may need some time to wash out oversold conditions. EUR crosses long in the medium term excite me, but not quite yet.\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 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS ADDED LAST WEEK:           = +122 pips\r\nPIPS MONTH TO DATE:                = +122 pips\r\nYEAR TO DATE:                              = +10,524 pips\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/PS-NET-PROFITABILITY-OCT2017.png\"><img class=\"aligncenter size-large wp-image-10335\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/10/PS-NET-PROFITABILITY-OCT2017-968x1024.png\" alt=\"\" width=\"968\" height=\"1024\" /></a>\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\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</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(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1: TRADING REVIEW:</u>\r\n\r\n<u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\n<u>4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\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: #258 FREE NEWSLETTER\r\n5th November 2017', 'CARNEY SPITS FIRE AT CABLE BULLS', '', 'inherit', 'closed', 'closed', '', '10365-revision-v1', '', '', '2017-11-04 05:02:54', '2017-11-04 10:02:54', '', 10365, 'https://weeklyfxdrivethru.com/10365-revision-v1/', 0, 'revision', '', 0),
(10369, 1, '2017-11-10 17:01:47', '2017-11-10 22:01:47', '', 'TCHART 12112017', '', 'inherit', 'open', 'closed', '', 'tchart-12112017', '', '', '2017-11-11 08:01:46', '2017-11-11 13:01:46', '', 10388, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-12112017.png', 0, 'attachment', 'image/png', 0),
(10373, 1, '2017-11-10 17:02:09', '2017-11-10 22:02:09', '', 'MKT SENTIMENT 12112017', '', 'inherit', 'open', 'closed', '', 'mkt-sentiment-12112017', '', '', '2017-11-11 08:05:50', '2017-11-11 13:05:50', '', 10388, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/MKT-SENTIMENT-12112017.png', 0, 'attachment', 'image/png', 0),
(10380, 1, '2017-11-10 17:10:19', '2017-11-10 22:10:19', '', 'AUDUSD D 12112017', '', 'inherit', 'open', 'closed', '', 'audusd-d-12112017', '', '', '2017-11-11 08:02:26', '2017-11-11 13:02:26', '', 10388, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-12112017.png', 0, 'attachment', 'image/png', 0),
(10381, 1, '2017-11-10 17:10:28', '2017-11-10 22:10:28', '', 'EURUSD D 12112017', '', 'inherit', 'open', 'closed', '', 'eurusd-d-12112017', '', '', '2017-11-11 08:02:09', '2017-11-11 13:02:09', '', 10388, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-12112017.png', 0, 'attachment', 'image/png', 0),
(10382, 1, '2017-11-10 17:10:32', '2017-11-10 22:10:32', '', 'GBPUSD D 12112017', '', 'inherit', 'open', 'closed', '', 'gbpusd-d-12112017', '', '', '2017-11-11 08:02:18', '2017-11-11 13:02:18', '', 10388, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-12112017.png', 0, 'attachment', 'image/png', 0),
(10383, 1, '2017-11-10 17:10:34', '2017-11-10 22:10:34', '', 'JPN225 - USDJPY 12112017', '', 'inherit', 'open', 'closed', '', 'jpn225-usdjpy-12112017', '', '', '2017-11-11 08:04:25', '2017-11-11 13:04:25', '', 10388, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/JPN225-USDJPY-12112017.png', 0, 'attachment', 'image/png', 0),
(10384, 1, '2017-11-10 17:10:36', '2017-11-10 22:10:36', '', 'NZDUSD D 12112017', '', 'inherit', 'open', 'closed', '', 'nzdusd-d-12112017', '', '', '2017-11-11 08:02:36', '2017-11-11 13:02:36', '', 10388, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-12112017.png', 0, 'attachment', 'image/png', 0),
(10385, 1, '2017-11-10 17:10:39', '2017-11-10 22:10:39', '', 'USDCAD D 12112017', '', 'inherit', 'open', 'closed', '', 'usdcad-d-12112017', '', '', '2017-11-11 08:02:45', '2017-11-11 13:02:45', '', 10388, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-12112017.png', 0, 'attachment', 'image/png', 0),
(10386, 1, '2017-11-10 17:10:45', '2017-11-10 22:10:45', '', 'USDCHF D 12112017', '', 'inherit', 'open', 'closed', '', 'usdchf-d-12112017', '', '', '2017-11-11 08:02:53', '2017-11-11 13:02:53', '', 10388, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-12112017.png', 0, 'attachment', 'image/png', 0),
(10387, 1, '2017-11-10 17:10:49', '2017-11-10 22:10:49', '', 'USDJPY D 12112017', '', 'inherit', 'open', 'closed', '', 'usdjpy-d-12112017', '', '', '2017-11-11 08:03:01', '2017-11-11 13:03:01', '', 10388, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-12112017.png', 0, 'attachment', 'image/png', 0);
INSERT INTO `wp_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(10388, 1, '2017-11-11 08:11:29', '2017-11-11 13:11:29', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nIs it just me, or am I missing something?\r\n\r\nI find this current FX market very hard. The equity investor approach of “BUY THE DIP” is literally driving me insane. I think a lot of this stuff as I said last week, is MIND MANAGEMENT that I need to deal with, but with no major economic data to support moves, trying to trade in a news driven orientated marketplace is damn hard.\r\n\r\nTRUMP on his goodwill trip in Asia, the GOP screwing up yet another campaign promise, this time the TAX BILL in the U.S. and to a lesser extent, Theresa May’s government problems in the UK with cabinet sackings and scandals have been at the forefront of all the news. Add in an ascending OIL price, multiple corruption arrests in Riyadh, Saudi Arabia and an attempted missile strike on Riyadh International Airport. Plus, not forgetting a parabolic rise and then blow off top in the NIKKEi index, it was a strange week.\r\n\r\nThe two main news events on my list last week were Central Bank policy announcements from the RBA and RBNZ. These were boring and frankly a snooze fest.\r\n\r\nFor the entire week, I felt like a pork pie at a Jewish wedding… sitting and waiting. Hindsight is a beautiful thing, had I known that last week was going to be what it was, it would have been an ideal week away from charts and screens.\r\n\r\nI think that the main reason for my masterly inactivity was due the fact that my CORE TRADES were in transition and CROSS RATE trading is in a consolidation mode and until fresh ranges are established I have learned through experience to stay away.\r\n\r\nMoving on…\r\n\r\nReality check…\r\n\r\nOne aspect about trading that I will always to stay true to, is to remain truthful about my trading performance especially with the responsibility to the PREMIUM SERVICE.\r\n\r\nIf I am having a bad week, if I am uncertain with what to do I will tell you.\r\n\r\nSuffice to say with what I have just written the PREMIUM SERVICE did not motor through pips like it had been doing on the weeks previous. It was a poor yielding week. There were a few losing trades and few profitable trades that netted a whopping +47 pips in the week. Having said that most open trades are just reading water.\r\n\r\nNaturally, with the benefit of hindsight, the ”pip return” could have been 5 or 6 times what it was but we all know this.\r\n\r\nI live to battle for another week!!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u>\r\n\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n<strong><u>ECONOMIC NEWS:</u></strong>\r\n\r\n<strong><u>AUD: </u></strong><u>RBA RATE STATEMENT &amp; MONETARY POLICY STATEMENTS.</u>\r\n\r\nThe rate statement was the biggest snooze fest I have set the alarm to wake up for. Absolutely nothing happened.\r\n\r\nGuess what? The Monetary Policy Statement was a no change snooze fest as well.\r\n\r\nFrom an external viewpoint Philip Lowe has achieved the ultimate stability. It is very rare that two announcements from a major Central Bank in the same week pass by with little or no real reaction.\r\n\r\nA key goal of market stability without any uncertainties to create a clear understanding of policy has been achieved.\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD:</u></strong><u> RBNZ RATE STATEMENT &amp; PRESS CONFERENCE.</u>\r\n\r\n<u>CHAPS OR CHUMPS? </u>\r\n\r\nMaybe I am just getting intolerant of incompetence, but that Press Conference by stand-in RBNZ Governor, Grant Spencer was the biggest time-wasting event I have ever witnessed from a Central Bank.\r\n\r\nI used to criticize his predecessor Graeme Wheeler because the press conferences were so laid back that instead of chairs behind tables they should have been on psychiatrist’s loungers. At his very worst, Wheeler was never this bad.\r\n\r\nThe NZD economy is in a state of flux right now on the basis that there is a new government coalition between the Liberal and NZ First parties.\r\n\r\nThere is uncertainty over the new government’s policies and the final draft of how the new mandate for the RBNZ will look has still not been finalized. Basically, since the last meeting Grant Spencer has seen growth with employment and a pullback in housing prices.\r\n\r\nSpencer was generally upbeat, which surprised me a great deal, given the uncertainties that we all know lie ahead. These were brushed aside as non-consequential. I strongly suspect Spencer is now re-living these fucks ups in delivery.\r\n\r\nWe know from the Finance Minister (Robinson) that there will be a two-phase review of the RBNZ mandate. The first phase to focus on employment and the second to review the board make up and role. The government wants minutes of the RBNZ board meetings to be published, and also that the RBNZ will have employment maximization as a goal as well the existing inflation target. These changes were brushed off as easy to integrate.\r\n\r\nHowever, the press conference took a move sideways when Spencer was asked questions with regards to the future makeup of the board of the RBNZ. The new government wants to extend the banks mandate and increase the diversity of opinion on the board through adding outside members to the board of the RBNZ. When asked would he be in favour of external members on the board he was anti this idea. He cited examples of other boards such as the FED and ECB where board members commented openly against majority decisions. He was anti minutes and publicizing how board members had voted.\r\n\r\nBasically, I got the very strong feeling that he is a “I love and embrace change and I am a change manager <u>BUT</u>” type of person.\r\n\r\nSpencer talked about consistency of message. He said in the press conference that the current NZD/USD exchange rate was “in the vicinity” of where he saw fair value. Hmmn… about 90 minutes later his deputy was on the wires saying the NZD/USD exchange rate should be a few cents lower from current levels.\r\n\r\nMr. Spencer please tell me how is this different from the FED or ECB?\r\n\r\nThe bottom line was that the RBNZ moved their expectations of the next interest rate hike from Q3 2019 to Q2 2019…. Give me a fecking break; are you kidding?\r\n\r\nThen little more than 2 hours later to contradict everything Spencer stated about the new RBNZ mandate. Grant Robertson the Finance Minister was back on the wires stating that the new mandate could mean a looser policy from the RBNZ.\r\n\r\nThen 24 hours later NZ Finance Minister Grant Robertson not happy with statement one, came back on the wires again this time stating that the RBNZ inflation objective may not be a hard rule moving forward, again pointing to a looser policy.\r\n\r\nYou could NOT make this stuff up. Left hand versus right hand - no coordination complete lack of professionalism. I cannot believe a damn thing Spencer waffled on about. Thank God, he’s gone next March. This is shambolic for a Central Bank.\r\n\r\nAs I have said on several occasions, the New Zealand economy is going through and will continue to go through huge change over the coming months which will keep the NZD currency pressured to the downside. We are one headline away from a 50-pip drop. This week we have two examples of the “Headline drop”. I have absolutely no doubt that there will lots more ahead.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GEOPOLITICAL NEWS:</u></strong>\r\n\r\nIf the economic data could be best described as non-events and snooze fests, that could NOT be said about the geopolitical news.\r\n\r\nLet me try to keep this brief…\r\n\r\n<strong><u>SAUDI ARABIA:</u></strong>\r\n\r\nThere was a mass arrest under the banner of an anti-corruption sweep related to various levels of fraud, money laundering and other corrupt business practices. Over 200 people have now been arrested and still detained. Notably, 11 Royal Family Princes including billionaire Prince Alwaleed bin Talal have been detained. This list of detainees also includes prominent businessmen and former government ministers and officials.\r\n\r\nThis crossed the wires around the same time as it was reported a missile from Yemen was intercepted with its target being Riyadh’s international airport.\r\n\r\nIf this were not enough, a dispute with Lebanon also erupted. The Lebanese Prime Minister resigned whilst in Riyadh last weekend. Saudi Arabia wants change in Lebanon following Iran’s increasing influence in the middle east. The fact that Iran has close ties with Hizbollah who have power with the Lebanese government is pissing off the Saudis. This has now escalated to the point that all Saudi passport holders have been advised to leave Lebanon and a travel ban has been imposed.\r\n\r\nThere is a power shift in the region and Saudi Arabia is flexing and power games are at play in the region.\r\n\r\nWhat was the effect of this on the FX market…. I noticed nothing…. Nada.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THERESA MAY’s GOVERNMENT / CABINET SCANDALS &amp; BREXIT: </u></strong>\r\n\r\nThere is nothing like a good old sex scandal or corrupt politician in Westminster.  Priti Patel, International Development Secretary had been naughty, she had several unauthorized meetings with Israeli Politicians including Prime Minister Benjamin Netanyahu. Boris Johnson her boss as Foreign Secretary knew nothing of the meetings.\r\n\r\nThis followed the other resignation earlier in the week of Defense Secretary Michael Fallon who has allegedly done a “Weinstein”. There are also accusations of a few touchy / feely rumours and predator text messages going on with Junior Ministers.\r\n\r\nHappy Days the UK press this weekend will be in overdrive.\r\n\r\nThen there was BREXIT…. no change still a fuck up, no noticeable progress. On Friday, last week there was a joint Press Conference by Michel Barnier (Chief EU negotiator) and David Davis (UK Cabinet BREXIT negotiator), I think it was very easy to see straightaway that these two just do not get on.\r\n\r\nThe progress was nonspecific and cable jumped higher on the back of that… incredible. It was all hot air from my perspective the usual posturing. A journalist from the Guardian newspaper in London asked a couple of questions of Barnier basically to see if he was a puppet of the French and German governments or was he in control of the negotiations. Just when it was going to get interesting “TIME OUT” was called. The questions were not answered.\r\n\r\nI am now getting more and more of the opinion that a NO DEAL will be the outcome and a walk away.\r\n\r\nCable is always in my opinion one news headline away from a 100-pip spike or drop, as seen Friday these moves can be based on nothing. Eventually Cable will be a mega buy… but not yet, I think we have another big shot lower first.\r\n\r\n&nbsp;\r\n\r\n<strong><u>DONALD TRUMPS ASIAN “GOODWILL” TRIP:</u></strong>\r\n\r\nMelania’s outfits were striking, a lot of money spend there no doubt. As for yer man… it’s just a nonsense and embarrassing to watch and listen to him. I think world leaders give him more respect than he gets back in the U.S. from his own people but I do think that they are playing and just humouring him.\r\n\r\n<strong><u>GOP TAX PLAN:</u></strong>\r\n\r\nFor a political party to be in opposition for eight years, one would have expected that they would hit the road running on their campaign pledges. Not in the U.S., a failure with the affordable care act (Obamacare) and now at the heart of every Republican Party the promise of lower taxes.\r\n\r\nIt must be embarrassing to be a representative in Washington, yet I don\'t see it in any dialogue. U.S. systems are set up on a pedestal for the rest of the world to be envious of.\r\n\r\nI don\'t see it and I don\'t get it. This is a shamble.\r\n\r\nI know the GOP did not think they would have a majority, never mind win the presidential election, TRUMP did that basically on his own. But the fact that in opposition, elected representatives DID NOTHING to prepare for government must sadden so many Americans, whether you are Republican or Democrat.\r\n\r\nAway on his GOODWILL TRIP spreading the love around Asia, THE DONALD jumped in on the Tax Bill reform and seemed to side with the senate version of the bill which delays the Corporate Tax cuts until 2019. Previously being a decisive leader and great deal maker his was onboard with the “HOUSE” version of the bill. THE DONALD has once again gone for a watered down limp version of reform.\r\n\r\nThe DOW, S&amp;P, NASDAQ and RUSSELL all went “bigly” RED on the news that Corporate Tax cuts would likely be delayed. A nice sell-off took place Thursday but by the close with the “BUY THE DIP” mentality in place 2/3rds of the losses across the DOW and S&amp;P were paired back. 24 hours later the market after absorbing the news consolidates sideways as it was a Friday. It is quite predictable at times.\r\n\r\n<u>\r\n2.2: 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/2017/11/ECON-DATA-12112017.png\"><img class=\"aligncenter size-large wp-image-10389\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-12112017-1024x748.png\" alt=\"\" width=\"1024\" height=\"748\" /></a>\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/2017/11/TCHART-12112017.png\"><img class=\"aligncenter size-large wp-image-10369\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-12112017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n<u>2.2.3: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10381\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10382\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10380\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10384\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10385\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10386\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10387\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP:</u></strong><u> CPi, AVERAGE EARNINGS INDEX &amp; RETAIL SALES</u>.\r\n\r\nThese figures will be interesting to note based on whether the UK economy is moving forward or not. They mean nothing vis-a-vis future BOE policy as we have just had the dovish rate hike.\r\n\r\nConsumer Prices last time around were at 3%, with wages rising at only 2.2% and Retail sales were disappointing at -0.8%\r\n\r\nIt is the differential gap between CPI (Inflation) and Average Earnings which will attract 99.999999999% of the attention. Will it have narrowed?\r\n\r\nFrom a Retail Sales numbers perspective if this cannot start to pick up in the run up to Christmas it will never move higher. The issue of course will then be the Credit Card spending numbers if families have decided to go for it at Christmas, put the expense on the plastic and then worry about trying to clear the debt in the new year. At higher interest rates, of course thanks to the recent interest rate increase, the early Mark Carney Christmas present from the BOE!\r\n\r\n<strong><u>\r\nAUD:</u></strong><u> JOBS DATA.</u>\r\n\r\nI have a feeling that the jobs data this time around could really surprise to the upside. There tends to be cycles with AUD jobs data. Good numbers, then lower, then blowout.  Last month the number was 19.8k.\r\n\r\nAs long as last month’s number is beaten and growth can be seen, I think given the recent RBA down playing of the Australian economy this will be viewed positively by the markets.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> CPi &amp; CORE RETAIL SALES.</u>\r\n\r\nI have no doubt that Stephen Poloz, BOC governor will be expecting CPI greater than 0.2% and a positive reading on Retail Sales after last month’s miserable negative 0.7% reading<u>.</u>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong><u> PPI, CPI &amp; RETAIL SALES.</u>\r\n\r\nLike the UK. These numbers probably mean very little vis-à-vis the FED monetary policy action that is widely expected next month, when it is expected that the annual Christmas present of a 0.25% interest rate increase is actioned.\r\n\r\nObviously, it goes without saying that good numbers, significant beats over the previous set are expected, especially as the storm season has been blamed for a lot of the recent mixed U.S. data.\r\n\r\nObviously good numbers across the board will have the TV networks frothing at the mouth over the December FED meeting and future policy with a new FED chair in place next year. Conversely, the same could be said if the numbers are a bloody disaster!\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\n<u>GEOPOLITICAL ISSUES TO CONSIDER:</u>\r\n\r\nBREXIT\r\n\r\nSAUDI ARABIA\r\n\r\nTRUMPS GOODWILL TRIP TO ASIA\r\n\r\n&nbsp;\r\n\r\nLast week was a very strange week to trade. There was very little economic data to get your teeth into and the news that was there, was basically a snooze fest. This coming week offers a plethora of options.\r\n\r\nI have not been very active in the FX market the past 5/6 days. I was waiting for the momentum indicators to re-set and for a lot of the cross rate overbought / oversold conditions to settle down.\r\n\r\nThis coming week the JPY interests me a great deal.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/JPN225-USDJPY-12112017.png\"><img class=\"aligncenter size-large wp-image-10383\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/JPN225-USDJPY-12112017-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the chart above it is clear to see that the once very consistent correlation between the NIKKEI index and the USD/JPY is over. I have been referring to this over the past week or two.\r\n\r\nAs long time readers will know I place a lot of faith in correlations as they give a security of consistency and confidence when placing trades. When they are not aligned, they can create opportunities.\r\n\r\nWe have such an opportunity with the JPY. The chart above shows a quite remarkable move higher with the NIKKEI that was not traced by the USD/JPY, in fact quite the opposite on occasion. With the NIKKEI busting higher and the DOW, S&amp;P and NASDAQ pumping new highs, one would have expected the USD/JPY close to 130.00 maybe 140.00… instead quite the opposite.\r\n\r\nWhen the NIKKEI retraces and the U.S. equities finally give up the relentless push higher, the USD/JPY that failed to rally will be prime to accelerate its move lower as equities retrace lower.\r\n\r\nI am currently short through the PREMIUM SERVICE short AUD/JPY, EUR/JPY, GBP/JPY and NZD/JPY. The Antipodean pairs are positive but the European pairs spiked against me last Friday. My intention is to remain short for the foreseeable future to see how this plays out.\r\n\r\nThe USD/JPY, has critical support around 113.10 and then should that level give way there could be 200-300 pips in the move lower. Hopefully my 4 x JPY trades will move lower as well. At the moment, the USD/JPY is hovering about 50 pips above the key support.\r\n\r\nAdditionally…\r\n\r\nI am trying to look around not be as reliant on the USD for trades. I have very mixed feelings about trading reliance on the USD when we operate in a news driven market. Great positions can be upside down in minutes for no real reason.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS ADDED LAST WEEK:           = +47 pips\r\nPIPS MONTH TO DATE:                = +169 pips\r\nYEAR TO DATE:                              = +10,571 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\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1: TRADING REVIEW:</u>\r\nI did NOT like last week at all. I think MIND MANAGEMENT had a lot to play with it. I do NOT like news driven markets as its not directional, it is reactionary and impulsive which can have you upside down in trades in a matter of minutes.\r\n\r\nCombine this with the nonsense of the RBA and RBNZ last week and I felt like I would have been better employed elsewhere. The markets were slow and I could not see a trade that suited me.\r\n\r\nThe consolidation of the cross rates has taken a few days longer than I expected given the tight ranges that the USD majors are operating within.\r\n\r\nAll of these factors made me not a very happy bunny last week. I think the fact I was focusing on JPY trades says it all. Usually I stay well away, although there was a compelling reason to be involved with the JPY as already discussed.\r\n\r\nI found myself most of the time last week sitting in trades waiting for 50 pips of profit to place a protective stop behind.  I do not think I had one of those trades all week, and because we have been basically range bound I do not think it’s prudent to close existing LIVE trades. It is all down to patience, at least that is what I am hoping is the key. The mere fact that we have more economic data this week and some crucial inflation data to get one’s teeth into it should help get sentiment and momentum shifting.\r\n\r\n<u>\r\n</u><u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\nAfter the calamity of my performance around Super Thursday the week prior, last week was full of quite masterly inactivity!\r\n\r\nLooking forward…\r\n\r\nSentiment is mixed. That has not helped me. My FUNDAMENTALS and MACRO THOUGHTS however remain intact. It is a consolidation period that may still have another week or two left.\r\n\r\nHaving just been through the RBNZ Press Conference and Rate Statement, all I can say is bollocks... and lots of them. That meeting last week was a damn fiasco. Everything that Grant Spencer, stand-in governor said, was basically poo-pooed by Grant Robertson the Finance Minister over the ensuing 24 hours.\r\n\r\nFor the start of this week. Be prepared on Sunday evening at the open, based upon some weekly chart analysis I have about 4/5 trades ready to post within the first couple of hours or so of the start of the week.\r\n\r\nIn a nutshell, here is my action plan for this week: -\r\n<ol>\r\n 	<li>USD sentiment all over the place.</li>\r\n 	<li>More concentration on JPY pairs vis-à-vis the NIKKEI pullback.</li>\r\n 	<li>Re-establish some cross-rate trades. EUR/AUD and GBP/AUD interest me the most at the moment.</li>\r\n 	<li>Focus on more AUD short trades. The RBA is without doubt the most consistent with its views on remaining neutral.</li>\r\n 	<li>CAD HEDGES. I am looking for over 1.2800 to enter shorts. I may not get this price at the moment. I expect USD strength to come through the markets soon as the reality of Central Bank divergence sets in a bit more than it has so far. This should push this pair higher if it behaves well. It is all about the timing of the “OUT” trade.</li>\r\n</ol>\r\nI have completed my GBP trade analysis for ARMEGEDDON TRADES and next are my CHF trades which I will release first, hopefully within the next week or so after THE DONALD has completed his GOODWILL TRIP.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/MKT-SENTIMENT-12112017.png\"><img class=\"aligncenter size-large wp-image-10373\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/MKT-SENTIMENT-12112017-782x1024.png\" alt=\"\" width=\"782\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am STILL bearish the CAD and NZD currencies. I am now going to add AUD trades as well sooner rather than later.\r\n\r\nAs mentioned last week, the CAD is on the back burner for now. I STILL have three HEDGED trades to work through.\r\n\r\nThe NZD I am patiently waiting for a pullback to use the opportunity to re-load again across the board. Now that the RBNZ is out the way it is 100% apparent to me that huge changes and uncertainties lie ahead for this currency.\r\n\r\nThe market itself is still very range bound and daily moves are for the most part quite limiting.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\n3 x live short USD/CAD trades. All three are HEDGED. No OUT trades are placed yet.\r\n\r\nMY PLAN: My belief is still that the USD/CAD is a short trade. I was waiting for 1.2850-1.2910 to establish 3 x “OUT” trades for my HEDGED trades.  That looks like a bit of a dream level today. The recent highs have topped out around 1.2915 on two or three occasions. That level is someway away at the moment. I am expecting USD strength to filter back through the market which will help my target entry levels. I want to use the USD strength to sell into this week or next week if possible and establish my “OUT” trades for these HEDGES.\r\n\r\nBe prepared, I could be waiting several weeks here until the market conditions are right.\r\n\r\nI have no plans currently to place / related trades against other pairs.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 5 x live long AUD/NZD trades, 2 x NZD/CAD short trades, a GBP/NZD long trade and NZD/JPY and NZD/CHF short trades.\r\n\r\nPlus: - I have 2 x AUD/NZD and a EUR/NZD long trade in position. Plus, on the short side, 2 x NZD/USD, a NZD/JPY and NZD/CHF limit order trades in position.\r\n\r\nMY PLAN: I will be looking to add NZD trades across the board as soon as I see a meaningful pullback to provide beneficial pricing.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE AUD:</u></strong>\r\n\r\nCurrently live I have both AUD/USD and AUD/JPY shorts.\r\n\r\nMY PLAN: - To add trades across the board at the start of this coming week.\r\n\r\n&nbsp;\r\n\r\n4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:\r\n\r\nCURRENT LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE1-12112017.png\"><img class=\"aligncenter size-large wp-image-10371\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE1-12112017-1024x948.png\" alt=\"\" width=\"1024\" height=\"948\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE2-12112017.png\"><img class=\"aligncenter size-large wp-image-10372\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE2-12112017-991x1024.png\" alt=\"\" width=\"991\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-12112017.png\"><img class=\"aligncenter size-large wp-image-10370\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-12112017-1024x976.png\" alt=\"\" width=\"1024\" height=\"976\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nNothing new this week.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #155 PREMIUM SERVICE\r\n12th November 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'RBNZ CHAPS OR CHUMPS?', '', 'publish', 'open', 'closed', '', 'rbnz-chaps-chumps', '', '', '2018-01-18 13:58:39', '2018-01-18 18:58:39', '', 0, 'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=10388', 0, 'member_posts', '', 0),
(10389, 1, '2017-11-11 07:58:03', '2017-11-11 12:58:03', '', 'ECON DATA 12112017', '', 'inherit', 'open', 'closed', '', 'econ-data-12112017', '', '', '2017-11-11 08:01:20', '2017-11-11 13:01:20', '', 10388, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-12112017.png', 0, 'attachment', 'image/png', 0);
INSERT INTO `wp_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(10390, 1, '2017-11-11 08:08:17', '2017-11-11 13:08:17', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nIs it just me, or am I missing something?\r\n\r\nI find this current FX market very hard. The equity investor approach of “BUY THE DIP” is literally driving me insane. I think a lot of this stuff as I said last week, is MIND MANAGEMENT that I need to deal with, but with no major economic data to support moves, trying to trade in a news driven orientated marketplace is damn hard.\r\n\r\nTRUMP on his goodwill trip in Asia, the GOP screwing up yet another campaign promise, this time the TAX BILL in the U.S. and to a lesser extent, Theresa May’s government problems in the UK with cabinet sackings and scandals have been at the forefront of all the news. Add in an ascending OIL price, multiple corruption arrests in Riyadh, Saudi Arabia and an attempted missile strike on Riyadh International Airport. Plus, not forgetting a parabolic rise and then blow off top in the NIKKEi index, it was a strange week.\r\n\r\nThe two main news events on my list last week were Central Bank policy announcements from the RBA and RBNZ. These were boring and frankly a snooze fest.\r\n\r\nFor the entire week, I felt like a pork pie at a Jewish wedding… sitting and waiting. Hindsight is a beautiful thing, had I known that last week was going to be what it was, it would have been an ideal week away from charts and screens.\r\n\r\nI think that the main reason for my masterly inactivity was due the fact that my CORE TRADES were in transition and CROSS RATE trading is in a consolidation mode and until fresh ranges are established I have learned through experience to stay away.\r\n\r\nMoving on…\r\n\r\nReality check…\r\n\r\nOne aspect about trading that I will always to stay true to, is to remain truthful about my trading performance especially with the responsibility to the PREMIUM SERVICE.\r\n\r\nIf I am having a bad week, if I am uncertain with what to do I will tell you.\r\n\r\nSuffice to say with what I have just written the PREMIUM SERVICE did not motor through pips like it had been doing on the weeks previous. It was a poor yielding week. There were a few losing trades and few profitable trades that netted a whopping +47 pips in the week. Having said that most open trades are just reading water.\r\n\r\nNaturally, with the benefit of hindsight, the ”pip return” could have been 5 or 6 times what it was but we all know this.\r\n\r\nI live to battle for another week!!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong></strong><strong> THE FX MARKET PLACE:</strong>&nbsp;</li>\r\n</ol>\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u>\r\n\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n<strong><u>ECONOMIC NEWS:</u></strong>\r\n\r\n<strong><u>AUD: </u></strong><u>RBA RATE STATEMENT &amp; MONETARY POLICY STATEMENTS.</u>\r\n\r\nThe rate statement was the biggest snooze fest I have set the alarm to wake up for. Absolutely nothing happened.\r\n\r\nGuess what? The Monetary Policy Statement was a no change snooze fest as well.\r\n\r\nFrom an external viewpoint Philip Lowe has achieved the ultimate stability. It is very rare that two announcements from a major Central Bank in the same week pass by with little or no real reaction.\r\n\r\nA key goal of market stability without any uncertainties to create a clear understanding of policy has been achieved.\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD:</u></strong><u> RBNZ RATE STATEMENT &amp; PRESS CONFERENCE.</u>\r\n\r\n<u>CHAPS OR CHUMPS? </u>\r\n\r\nMaybe I am just getting intolerant of incompetence, but that Press Conference by stand-in RBNZ Governor, Grant Spencer was the biggest time-wasting event I have ever witnessed from a Central Bank.\r\n\r\nI used to criticize his predecessor Graeme Wheeler because the press conferences were so laid back that instead of chairs behind tables they should have been on psychiatrist’s loungers. At his very worst, Wheeler was never this bad.\r\n\r\nThe NZD economy is in a state of flux right now on the basis that there is a new government coalition between the Liberal and NZ First parties.\r\n\r\nThere is uncertainty over the new government’s policies and the final draft of how the new mandate for the RBNZ will look has still not been finalized. Basically, since the last meeting Grant Spencer has seen growth with employment and a pullback in housing prices.\r\n\r\nSpencer was generally upbeat, which surprised me a great deal, given the uncertainties that we all know lie ahead. These were brushed aside as non-consequential. I strongly suspect Spencer is now re-living these fucks ups in delivery.\r\n\r\nWe know from the Finance Minister (Robinson) that there will be a two-phase review of the RBNZ mandate. The first phase to focus on employment and the second to review the board make up and role. The government wants minutes of the RBNZ board meetings to be published, and also that the RBNZ will have employment maximization as a goal as well the existing inflation target. These changes were brushed off as easy to integrate.\r\n\r\nHowever, the press conference took a move sideways when Spencer was asked questions with regards to the future makeup of the board of the RBNZ. The new government wants to extend the banks mandate and increase the diversity of opinion on the board through adding outside members to the board of the RBNZ. When asked would he be in favour of external members on the board he was anti this idea. He cited examples of other boards such as the FED and ECB where board members commented openly against majority decisions. He was anti minutes and publicizing how board members had voted.\r\n\r\nBasically, I got the very strong feeling that he is a “I love and embrace change and I am a change manager <u>BUT</u>” type of person.\r\n\r\nSpencer talked about consistency of message. He said in the press conference that the current NZD/USD exchange rate was “in the vicinity” of where he saw fair value. Hmmn… about 90 minutes later his deputy was on the wires saying the NZD/USD exchange rate should be a few cents lower from current levels.\r\n\r\nMr. Spencer please tell me how is this different from the FED or ECB?\r\n\r\nThe bottom line was that the RBNZ moved their expectations of the next interest rate hike from Q3 2019 to Q2 2019…. Give me a fecking break; are you kidding?\r\n\r\nThen little more than 2 hours later to contradict everything Spencer stated about the new RBNZ mandate. Grant Robertson the Finance Minister was back on the wires stating that the new mandate could mean a looser policy from the RBNZ.\r\n\r\nThen 24 hours later NZ Finance Minister Grant Robertson not happy with statement one, came back on the wires again this time stating that the RBNZ inflation objective may not be a hard rule moving forward, again pointing to a looser policy.\r\n\r\nYou could NOT make this stuff up. Left hand versus right hand - no coordination -complete lack of professionalism. I cannot believe a damn thing Spencer waffled on about. Thank God, he’s gone next March. This is shambolic for a Central Bank.\r\n\r\nAs I have said on several occasions, the New Zealand economy is going through and will continue to go through huge change over the coming months which will keep the NZD currency pressured to the downside. We are one headline away from a 50-pip drop. This week we have two examples of the “Headline drop”. I have absolutely no doubt that there will lots more ahead.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GEOPOLITICAL NEWS:</u></strong>\r\n\r\nIf the economic data could be best described as non-events and snooze fests, that could NOT be said about the geopolitical news.\r\n\r\nLet me try to keep this brief…\r\n\r\n<strong><u>SAUDI ARABIA:</u></strong>\r\n\r\nThere was a mass arrest under the banner of an anti-corruption sweep related to various levels of fraud, money laundering and other corrupt business practices. Over 200 people have now been arrested and still detained. Notably, 11 Royal Family Princes including billionaire Prince Alwaleed bin Talal have been detained. This list of detainees also includes prominent businessmen and former government ministers and officials.\r\n\r\nThis crossed the wires around the same time as it was reported a missile from Yemen was intercepted with its target being Riyadh’s international airport.\r\n\r\nIf this were not enough, a dispute with Lebanon also erupted. The Lebanese Prime Minister resigned whilst in Riyadh last weekend. Saudi Arabia wants change in Lebanon following Iran’s increasing influence in the middle east. The fact that Iran has close ties with Hizbollah who have power with the Lebanese government is pissing off the Saudis. This has now escalated to the point that all Saudi passport holders have been advised to leave Lebanon and a travel ban has been imposed.\r\n\r\nThere is a power shift in the region and Saudi Arabia is flexing and power games are at play in the region.\r\n\r\nWhat was the effect of this on the FX market…. I noticed nothing…. Nada.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THERESA MAY’s GOVERNMENT / CABINET SCANDALS &amp; BREXIT: </u></strong>\r\n\r\nThere is nothing like a good old sex scandal or corrupt politician in Westminster.  Priti Patel, International Development Secretary had been naughty, she had several unauthorized meetings with Israeli Politicians including Prime Minister Benjamin Netanyahu. Boris Johnson her boss as Foreign Secretary knew nothing of the meetings.\r\n\r\nThis followed the other resignation earlier in the week of Defense Secretary Michael Fallon who has allegedly done a “Weinstein”. There are also accusations of a few touchy / feely rumours and predator text messages going on with Junior Ministers.\r\n\r\nHappy Days the UK press this weekend will be in overdrive.\r\n\r\nThen there was BREXIT…. no change still a fuck up, no noticeable progress. On Friday, last week there was a joint Press Conference by Michel Barnier (Chief EU negotiator) and David Davis (UK Cabinet BREXIT negotiator), I think it was very easy to see straightaway that these two just do not get on.\r\n\r\nThe progress was nonspecific and cable jumped higher on the back of that… incredible. It was all hot air from my perspective the usual posturing. A journalist from the Guardian newspaper in London asked a couple of questions of Barnier basically to see if he was a puppet of the French and German governments or was he in control of the negotiations. Just when it was going to get interesting “TIME OUT” was called. The questions were not answered.\r\n\r\nI am now getting more and more of the opinion that a NO DEAL will be the outcome and a walk away.\r\n\r\nCable is always in my opinion one news headline away from a 100-pip spike or drop, as seen Friday these moves can be based on nothing. Eventually Cable will be a mega buy… but not yet, I think we have another big shot lower first.\r\n\r\n&nbsp;\r\n\r\n<strong><u>DONALD TRUMPS ASIAN “GOODWILL” TRIP:</u></strong>\r\n\r\nMelania’s outfits were striking, a lot of money spend there no doubt. As for yer man… it’s just a nonsense and embarrassing to watch and listen to him. I think world leaders give him more respect than he gets back in the U.S. from his own people but I do think that they are playing and just humouring him.\r\n\r\n<strong><u>GOP TAX PLAN:</u></strong>\r\n\r\nFor a political party to be in opposition for eight years, one would have expected that they would hit the road running on their campaign pledges. Not in the U.S., a failure with the affordable care act (Obamacare) and now at the heart of every Republican Party the promise of lower taxes.\r\n\r\nIt must be embarrassing to be a representative in Washington, yet I don\'t see it in any dialogue. U.S. systems are set up on a pedestal for the rest of the world to be envious of.\r\n\r\nI don\'t see it and I don\'t get it. This is a shamble.\r\n\r\nI know the GOP did not think they would have a majority, never mind win the presidential election, TRUMP did that basically on his own. But the fact that in opposition, elected representatives DID NOTHING to prepare for government must sadden so many Americans, whether you are Republican or Democrat.\r\n\r\nAway on his GOODWILL TRIP spreading the love around Asia, THE DONALD jumped in on the Tax Bill reform and seemed to side with the senate version of the bill which delays the Corporate Tax cuts until 2019. Previously being a decisive leader and great deal maker his was onboard with the “HOUSE” version of the bill. THE DONALD has once again gone for a watered down limp version of reform.\r\n\r\nThe DOW, S&amp;P, NASQAQ and RUSSEL all went “bigly” RED on the news that Corporate Tax cuts would likely be delayed. A nice sell-off took place Thursday but by the close with the “BUY THE DIP” mentality in place 2/3rds of the losses across the DOW and S&amp;P were paired back. 24 hours later the market after absorbing the news consolidates sideways as it was a Friday. It is quite predictable at times.\r\n\r\n<u>\r\n2.2: 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/2017/11/ECON-DATA-12112017.png\"><img class=\"aligncenter size-large wp-image-10389\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-12112017-1024x748.png\" alt=\"\" width=\"1024\" height=\"748\" /></a>\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/2017/11/TCHART-12112017.png\"><img class=\"aligncenter size-large wp-image-10369\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-12112017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n<u>2.2.3: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10381\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10382\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10380\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10384\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10385\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10386\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10387\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:\r\n\r\n</u>\r\n\r\n<strong><u>GBP:</u></strong><u> CPi, AVERAGE EARNINGS INDEX &amp; RETAIL SALES</u>.\r\n\r\nThese figures will be interesting to note based on whether the UK economy is moving forward or not. They mean nothing vis-a-vis future BOE policy as we have just had the dovish rate hike.\r\n\r\nConsumer Prices last time around were at 3%, with wages rising at only 2.2% and Retail sales were disappointing at -0.8%\r\n\r\nIt is the differential gap between CPI (Inflation) and Average Earnings which will attract 99.999999999% of the attention. Will it have narrowed?\r\n\r\nFrom a Retail Sales numbers perspective if this cannot start to pick up in the run up to Christmas it will never move higher. The issue of course will then be the Credit Card spending numbers if families have decided to go for it at Christmas, put the expense on the plastic and then worry about trying to clear the debt in the new year. At higher interest rates, of course thanks to the recent interest rate increase, the early Mark Carney Christmas present from the BOE!\r\n\r\n<strong><u>\r\nAUD:</u></strong><u> JOBS DATA.</u>\r\n\r\nI have a feeling that the jobs data this time around could really surprise to the upside. There tends to be cycles with AUD jobs data. Good numbers, then lower, then blowout.  Last month the number was 19.8k.\r\n\r\nAs long as last month’s number is beaten and growth can be seen, I think given the recent RBA down playing of the Australian economy this will be viewed positively by the markets.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> CPi &amp; CORE RETAIL SALES.</u>\r\n\r\nI have no doubt that Stephen Poloz, BOC governor will be expecting CPI greater than 0.2% and a positive reading on Retail Sales after last month’s miserable negative 0.7% reading<u>.</u>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong><u> PPI, CPI &amp; RETAIL SALES.</u>\r\n\r\nLike the UK. These numbers probably mean very little vis-à-vis the FED monetary policy action that is widely expected next month, when it is expected that the annual Christmas present of a 0.25% interest rate increase is actioned.\r\n\r\nObviously, it goes without saying that good numbers, significant beats over the previous set are expected, especially as the storm season has been blamed for a lot of the recent mixed U.S. data.\r\n\r\nObviously good numbers across the board will have the TV networks frothing at the mouth over the December FED meeting and future policy with a new FED chair in place next year. Conversely, the same could be said if the numbers are a bloody disaster!\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\n<u>GEOPOLITICAL ISSUES TO CONSIDER:</u>\r\n\r\nBREXIT\r\n\r\nSAUDI ARABIA\r\n\r\nTRUMPS GOODWILL TRIP TO ASIA\r\n\r\n&nbsp;\r\n\r\nLast week was a very strange week to trade. There was very little economic data to get your teeth into and the news that was there, was basically a snooze fest. This coming week offers a plethora of options.\r\n\r\nI have not been very active in the FX market the past 5/6 days. I was waiting for the momentum indicators to re-set and for a lot of the cross rate overbought / oversold conditions to settle down.\r\n\r\nThis coming week the JPY interests me a great deal.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/JPN225-USDJPY-12112017.png\"><img class=\"aligncenter size-large wp-image-10383\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/JPN225-USDJPY-12112017-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the chart above it is clear to see that the once very consistent correlation between the NIKKEI index and the USD/JPY is over. I have been referring to this over the past week or two.\r\n\r\nAs long time readers will know I place a lot of faith in correlations as they give a security of consistency and confidence when placing trades. When they are not aligned, they can create opportunities.\r\n\r\nWe have such an opportunity with the JPY. The chart above shows a quite remarkable move higher with the NIKKEI that was not traced by the USD/JPY, in fact quite the opposite on occasion. With the NIKKEI busting higher and the DOW, S&amp;P and NASDAQ pumping new highs, one would have expected the USD/JPY close to 130.00 maybe 140.00… instead quite the opposite.\r\n\r\nWhen the NIKKEI retraces and the U.S. equities finally give up the relentless push higher, the USD/JPY that failed to rally will be prime to accelerate its move lower as equities retrace lower.\r\n\r\nI am currently short through the PREMIUM SERVICE short AUD/JPY, EUR/JPY, GBP/JPY and NZD/JPY. The Antipodean pairs are positive but the European pairs spiked against me last Friday. My intention is to remain short for the foreseeable future to see how this plays out.\r\n\r\nThe USD/JPY, has critical support around 113.10 and then should that level give way there could be 200-300 pips in the move lower. Hopefully my 4 x JPY trades will move lower as well. At the moment, the USD/JPY is hovering about 50 pips above the key support.\r\n\r\nAdditionally…\r\n\r\nI am trying to look around not be as reliant on the USD for trades. I have very mixed feelings about trading reliance on the USD when we operate in a news driven market. Great positions can be upside down in minutes for no real reason.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS ADDED LAST WEEK:           = +47 pips\r\nPIPS MONTH TO DATE:                = +169 pips\r\nYEAR TO DATE:                              = +10,571 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\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1: TRADING REVIEW:</u>\r\nI did NOT like last week at all. I think MIND MANAGEMENT had a lot to play with it. I do NOT like news driven markets as its not directional, it is reactionary and impulsive which can have you upside down in trades in a matter of minutes.\r\n\r\nCombine this with the nonsense of the RBA and RBNZ last week and I felt like I would have been better employed elsewhere. The markets were slow and I could not see a trade that suited me.\r\n\r\nThe consolidation of the cross rates has taken a few days longer than I expected given the tight ranges that the USD majors are operating within.\r\n\r\nAll of these factors made me not a very happy bunny last week. I think the fact I was focusing on JPY trades says it all. Usually I stay well away, although there was a compelling reason to be involved with the JPY as already discussed.\r\n\r\nI found myself most of the time last week sitting in trades waiting for 50 pips of profit to place a protective stop behind.  I do not think I had one of those trades all week, and because we have been basically range bound I do not think it’s prudent to close existing LIVE trades. It is all down to patience, at least that is what I am hoping is the key. The mere fact that we have more economic data this week and some crucial inflation data to get one’s teeth into it should help get sentiment and momentum shifting.\r\n\r\n<u>\r\n</u><u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\nAfter the calamity of my performance around Super Thursday the week prior, last week was full of quite masterly inactivity!\r\n\r\nLooking forward…\r\n\r\nSentiment is mixed. That has not helped me. My FUNDAMENTALS and MACRO THOUGHTS however remain intact. It is a consolidation period that may still have another week or two left.\r\n\r\nHaving just been through the RBNZ Press Conference and Rate Statement, all I can say is bollocks... and lots of them. That meeting last week was a damn fiasco. Everything that Grant Spencer, stand-in governor said, was basically poo-pooed by Grant Robertson the Finance Minister over the ensuing 24 hours.\r\n\r\nFor the start of this week. Be prepared on Sunday evening at the open, based upon some weekly chart analysis I have about 4/5 trades ready to post within the first couple of hours or so of the start of the week.\r\n\r\nIn a nutshell, here is my action plan for this week: -\r\n<ol>\r\n 	<li>USD sentiment all over the place.</li>\r\n 	<li>More concentration on JPY pairs vis-à-vis the NIKKEI pullback.</li>\r\n 	<li>Re-establish some cross-rate trades. EUR/AUD and GBP/AUD interest me the most at the moment.</li>\r\n 	<li>Focus on more AUD short trades. The RBA is without doubt the most consistent with its views on remaining neutral.</li>\r\n 	<li>CAD HEDGES. I am looking for over 1.2800 to enter shorts. I may not get this price at the moment. I expect USD strength to come through the markets soon as the reality of Central Bank divergence sets in a bit more than it has so far. This should push this pair higher if it behaves well. It is all about the timing of the “OUT” trade.</li>\r\n</ol>\r\nI have completed my GBP trade analysis for ARMEGEDDON TRADES and next are my CHF trades which I will release first, hopefully within the next week or so after THE DONALD has completed his GOODWILL TRIP.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/MKT-SENTIMENT-12112017.png\"><img class=\"aligncenter size-large wp-image-10373\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/MKT-SENTIMENT-12112017-782x1024.png\" alt=\"\" width=\"782\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am STILL bearish the CAD and NZD currencies. I am now going to add AUD trades as well sooner rather than later.\r\n\r\nAs mentioned last week, the CAD is on the back burner for now. I STILL have three HEDGED trades to work through.\r\n\r\nThe NZD I am patiently waiting for a pullback to use the opportunity to re-load again across the board. Now that the RBNZ is out the way it is 100% apparent to me that huge changes and uncertainties lie ahead for this currency.\r\n\r\nThe market itself is still very range bound and daily moves are for the most part quite limiting.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\n3 x live short USD/CAD trades. All three are HEDGED. No OUT trades are placed yet.\r\n\r\nMY PLAN: My belief is still that the USD/CAD is a short trade. I was waiting for 1.2850-1.2910 to establish 3 x “OUT” trades for my HEDGED trades.  That looks like a bit of a dream level today. The recent highs have topped out around 1.2915 on two or three occasions. That level is someway away at the moment. I am expecting USD strength to filter back through the market which will help my target entry levels. I want to use the USD strength to sell into this week or next week if possible and establish my “OUT” trades for these HEDGES.\r\n\r\nBe prepared, I could be waiting several weeks here until the market conditions are right.\r\n\r\nI have no plans currently to place / related trades against other pairs.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 5 x live long AUD/NZD trades, 2 x NZD/CAD short trades, a GBP/NZD long trade and NZD/JPY and NZD/CHF short trades.\r\n\r\nPlus: - I have 2 x AUD/NZD and a EUR/NZD long trade in position. Plus, on the short side, 2 x NZD/USD, a NZD/JPY and NZD/CHF limit order trades in position.\r\n\r\nMY PLAN: I will be looking to add NZD trades across the board as soon as I see a meaningful pullback to provide beneficial pricing.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE AUD:</u></strong>\r\n\r\nCurrently live I have both AUD/USD and AUD/JPY shorts.\r\n\r\nMY PLAN: - To add trades across the board at the start of this coming week.\r\n\r\n<u>\r\n\r\n4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\nCURRENT LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE1-12112017.png\"><img class=\"aligncenter size-large wp-image-10371\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE1-12112017-1024x948.png\" alt=\"\" width=\"1024\" height=\"948\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE2-12112017.png\"><img class=\"aligncenter size-large wp-image-10372\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE2-12112017-991x1024.png\" alt=\"\" width=\"991\" height=\"1024\" /></a>\r\n\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-12112017.png\"><img class=\"aligncenter size-large wp-image-10370\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-12112017-1024x976.png\" alt=\"\" width=\"1024\" height=\"976\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nNothing new this week.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #155 PREMIUM SERVICE\r\n12th November 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'RBNZ CHAPS OR CHUMPS?', '', 'inherit', 'closed', 'closed', '', '10388-revision-v1', '', '', '2017-11-11 08:08:17', '2017-11-11 13:08:17', '', 10388, 'https://weeklyfxdrivethru.com/10388-revision-v1/', 0, 'revision', '', 0);
INSERT INTO `wp_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(10391, 1, '2017-11-11 08:11:29', '2017-11-11 13:11:29', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nIs it just me, or am I missing something?\r\n\r\nI find this current FX market very hard. The equity investor approach of “BUY THE DIP” is literally driving me insane. I think a lot of this stuff as I said last week, is MIND MANAGEMENT that I need to deal with, but with no major economic data to support moves, trying to trade in a news driven orientated marketplace is damn hard.\r\n\r\nTRUMP on his goodwill trip in Asia, the GOP screwing up yet another campaign promise, this time the TAX BILL in the U.S. and to a lesser extent, Theresa May’s government problems in the UK with cabinet sackings and scandals have been at the forefront of all the news. Add in an ascending OIL price, multiple corruption arrests in Riyadh, Saudi Arabia and an attempted missile strike on Riyadh International Airport. Plus, not forgetting a parabolic rise and then blow off top in the NIKKEi index, it was a strange week.\r\n\r\nThe two main news events on my list last week were Central Bank policy announcements from the RBA and RBNZ. These were boring and frankly a snooze fest.\r\n\r\nFor the entire week, I felt like a pork pie at a Jewish wedding… sitting and waiting. Hindsight is a beautiful thing, had I known that last week was going to be what it was, it would have been an ideal week away from charts and screens.\r\n\r\nI think that the main reason for my masterly inactivity was due the fact that my CORE TRADES were in transition and CROSS RATE trading is in a consolidation mode and until fresh ranges are established I have learned through experience to stay away.\r\n\r\nMoving on…\r\n\r\nReality check…\r\n\r\nOne aspect about trading that I will always to stay true to, is to remain truthful about my trading performance especially with the responsibility to the PREMIUM SERVICE.\r\n\r\nIf I am having a bad week, if I am uncertain with what to do I will tell you.\r\n\r\nSuffice to say with what I have just written the PREMIUM SERVICE did not motor through pips like it had been doing on the weeks previous. It was a poor yielding week. There were a few losing trades and few profitable trades that netted a whopping +47 pips in the week. Having said that most open trades are just reading water.\r\n\r\nNaturally, with the benefit of hindsight, the ”pip return” could have been 5 or 6 times what it was but we all know this.\r\n\r\nI live to battle for another week!!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.</u>\r\n\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n<strong><u>ECONOMIC NEWS:</u></strong>\r\n\r\n<strong><u>AUD: </u></strong><u>RBA RATE STATEMENT &amp; MONETARY POLICY STATEMENTS.</u>\r\n\r\nThe rate statement was the biggest snooze fest I have set the alarm to wake up for. Absolutely nothing happened.\r\n\r\nGuess what? The Monetary Policy Statement was a no change snooze fest as well.\r\n\r\nFrom an external viewpoint Philip Lowe has achieved the ultimate stability. It is very rare that two announcements from a major Central Bank in the same week pass by with little or no real reaction.\r\n\r\nA key goal of market stability without any uncertainties to create a clear understanding of policy has been achieved.\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD:</u></strong><u> RBNZ RATE STATEMENT &amp; PRESS CONFERENCE.</u>\r\n\r\n<u>CHAPS OR CHUMPS? </u>\r\n\r\nMaybe I am just getting intolerant of incompetence, but that Press Conference by stand-in RBNZ Governor, Grant Spencer was the biggest time-wasting event I have ever witnessed from a Central Bank.\r\n\r\nI used to criticize his predecessor Graeme Wheeler because the press conferences were so laid back that instead of chairs behind tables they should have been on psychiatrist’s loungers. At his very worst, Wheeler was never this bad.\r\n\r\nThe NZD economy is in a state of flux right now on the basis that there is a new government coalition between the Liberal and NZ First parties.\r\n\r\nThere is uncertainty over the new government’s policies and the final draft of how the new mandate for the RBNZ will look has still not been finalized. Basically, since the last meeting Grant Spencer has seen growth with employment and a pullback in housing prices.\r\n\r\nSpencer was generally upbeat, which surprised me a great deal, given the uncertainties that we all know lie ahead. These were brushed aside as non-consequential. I strongly suspect Spencer is now re-living these fucks ups in delivery.\r\n\r\nWe know from the Finance Minister (Robinson) that there will be a two-phase review of the RBNZ mandate. The first phase to focus on employment and the second to review the board make up and role. The government wants minutes of the RBNZ board meetings to be published, and also that the RBNZ will have employment maximization as a goal as well the existing inflation target. These changes were brushed off as easy to integrate.\r\n\r\nHowever, the press conference took a move sideways when Spencer was asked questions with regards to the future makeup of the board of the RBNZ. The new government wants to extend the banks mandate and increase the diversity of opinion on the board through adding outside members to the board of the RBNZ. When asked would he be in favour of external members on the board he was anti this idea. He cited examples of other boards such as the FED and ECB where board members commented openly against majority decisions. He was anti minutes and publicizing how board members had voted.\r\n\r\nBasically, I got the very strong feeling that he is a “I love and embrace change and I am a change manager <u>BUT</u>” type of person.\r\n\r\nSpencer talked about consistency of message. He said in the press conference that the current NZD/USD exchange rate was “in the vicinity” of where he saw fair value. Hmmn… about 90 minutes later his deputy was on the wires saying the NZD/USD exchange rate should be a few cents lower from current levels.\r\n\r\nMr. Spencer please tell me how is this different from the FED or ECB?\r\n\r\nThe bottom line was that the RBNZ moved their expectations of the next interest rate hike from Q3 2019 to Q2 2019…. Give me a fecking break; are you kidding?\r\n\r\nThen little more than 2 hours later to contradict everything Spencer stated about the new RBNZ mandate. Grant Robertson the Finance Minister was back on the wires stating that the new mandate could mean a looser policy from the RBNZ.\r\n\r\nThen 24 hours later NZ Finance Minister Grant Robertson not happy with statement one, came back on the wires again this time stating that the RBNZ inflation objective may not be a hard rule moving forward, again pointing to a looser policy.\r\n\r\nYou could NOT make this stuff up. Left hand versus right hand - no coordination complete lack of professionalism. I cannot believe a damn thing Spencer waffled on about. Thank God, he’s gone next March. This is shambolic for a Central Bank.\r\n\r\nAs I have said on several occasions, the New Zealand economy is going through and will continue to go through huge change over the coming months which will keep the NZD currency pressured to the downside. We are one headline away from a 50-pip drop. This week we have two examples of the “Headline drop”. I have absolutely no doubt that there will lots more ahead.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GEOPOLITICAL NEWS:</u></strong>\r\n\r\nIf the economic data could be best described as non-events and snooze fests, that could NOT be said about the geopolitical news.\r\n\r\nLet me try to keep this brief…\r\n\r\n<strong><u>SAUDI ARABIA:</u></strong>\r\n\r\nThere was a mass arrest under the banner of an anti-corruption sweep related to various levels of fraud, money laundering and other corrupt business practices. Over 200 people have now been arrested and still detained. Notably, 11 Royal Family Princes including billionaire Prince Alwaleed bin Talal have been detained. This list of detainees also includes prominent businessmen and former government ministers and officials.\r\n\r\nThis crossed the wires around the same time as it was reported a missile from Yemen was intercepted with its target being Riyadh’s international airport.\r\n\r\nIf this were not enough, a dispute with Lebanon also erupted. The Lebanese Prime Minister resigned whilst in Riyadh last weekend. Saudi Arabia wants change in Lebanon following Iran’s increasing influence in the middle east. The fact that Iran has close ties with Hizbollah who have power with the Lebanese government is pissing off the Saudis. This has now escalated to the point that all Saudi passport holders have been advised to leave Lebanon and a travel ban has been imposed.\r\n\r\nThere is a power shift in the region and Saudi Arabia is flexing and power games are at play in the region.\r\n\r\nWhat was the effect of this on the FX market…. I noticed nothing…. Nada.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THERESA MAY’s GOVERNMENT / CABINET SCANDALS &amp; BREXIT: </u></strong>\r\n\r\nThere is nothing like a good old sex scandal or corrupt politician in Westminster.  Priti Patel, International Development Secretary had been naughty, she had several unauthorized meetings with Israeli Politicians including Prime Minister Benjamin Netanyahu. Boris Johnson her boss as Foreign Secretary knew nothing of the meetings.\r\n\r\nThis followed the other resignation earlier in the week of Defense Secretary Michael Fallon who has allegedly done a “Weinstein”. There are also accusations of a few touchy / feely rumours and predator text messages going on with Junior Ministers.\r\n\r\nHappy Days the UK press this weekend will be in overdrive.\r\n\r\nThen there was BREXIT…. no change still a fuck up, no noticeable progress. On Friday, last week there was a joint Press Conference by Michel Barnier (Chief EU negotiator) and David Davis (UK Cabinet BREXIT negotiator), I think it was very easy to see straightaway that these two just do not get on.\r\n\r\nThe progress was nonspecific and cable jumped higher on the back of that… incredible. It was all hot air from my perspective the usual posturing. A journalist from the Guardian newspaper in London asked a couple of questions of Barnier basically to see if he was a puppet of the French and German governments or was he in control of the negotiations. Just when it was going to get interesting “TIME OUT” was called. The questions were not answered.\r\n\r\nI am now getting more and more of the opinion that a NO DEAL will be the outcome and a walk away.\r\n\r\nCable is always in my opinion one news headline away from a 100-pip spike or drop, as seen Friday these moves can be based on nothing. Eventually Cable will be a mega buy… but not yet, I think we have another big shot lower first.\r\n\r\n&nbsp;\r\n\r\n<strong><u>DONALD TRUMPS ASIAN “GOODWILL” TRIP:</u></strong>\r\n\r\nMelania’s outfits were striking, a lot of money spend there no doubt. As for yer man… it’s just a nonsense and embarrassing to watch and listen to him. I think world leaders give him more respect than he gets back in the U.S. from his own people but I do think that they are playing and just humouring him.\r\n\r\n<strong><u>GOP TAX PLAN:</u></strong>\r\n\r\nFor a political party to be in opposition for eight years, one would have expected that they would hit the road running on their campaign pledges. Not in the U.S., a failure with the affordable care act (Obamacare) and now at the heart of every Republican Party the promise of lower taxes.\r\n\r\nIt must be embarrassing to be a representative in Washington, yet I don\'t see it in any dialogue. U.S. systems are set up on a pedestal for the rest of the world to be envious of.\r\n\r\nI don\'t see it and I don\'t get it. This is a shamble.\r\n\r\nI know the GOP did not think they would have a majority, never mind win the presidential election, TRUMP did that basically on his own. But the fact that in opposition, elected representatives DID NOTHING to prepare for government must sadden so many Americans, whether you are Republican or Democrat.\r\n\r\nAway on his GOODWILL TRIP spreading the love around Asia, THE DONALD jumped in on the Tax Bill reform and seemed to side with the senate version of the bill which delays the Corporate Tax cuts until 2019. Previously being a decisive leader and great deal maker his was onboard with the “HOUSE” version of the bill. THE DONALD has once again gone for a watered down limp version of reform.\r\n\r\nThe DOW, S&amp;P, NASDAQ and RUSSELL all went “bigly” RED on the news that Corporate Tax cuts would likely be delayed. A nice sell-off took place Thursday but by the close with the “BUY THE DIP” mentality in place 2/3rds of the losses across the DOW and S&amp;P were paired back. 24 hours later the market after absorbing the news consolidates sideways as it was a Friday. It is quite predictable at times.\r\n\r\n<u>\r\n2.2: 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/2017/11/ECON-DATA-12112017.png\"><img class=\"aligncenter size-large wp-image-10389\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-12112017-1024x748.png\" alt=\"\" width=\"1024\" height=\"748\" /></a>\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/2017/11/TCHART-12112017.png\"><img class=\"aligncenter size-large wp-image-10369\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-12112017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n<u>2.2.3: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10381\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10382\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10380\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10384\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10385\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10386\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10387\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\n&nbsp;\r\n\r\n<strong><u>GBP:</u></strong><u> CPi, AVERAGE EARNINGS INDEX &amp; RETAIL SALES</u>.\r\n\r\nThese figures will be interesting to note based on whether the UK economy is moving forward or not. They mean nothing vis-a-vis future BOE policy as we have just had the dovish rate hike.\r\n\r\nConsumer Prices last time around were at 3%, with wages rising at only 2.2% and Retail sales were disappointing at -0.8%\r\n\r\nIt is the differential gap between CPI (Inflation) and Average Earnings which will attract 99.999999999% of the attention. Will it have narrowed?\r\n\r\nFrom a Retail Sales numbers perspective if this cannot start to pick up in the run up to Christmas it will never move higher. The issue of course will then be the Credit Card spending numbers if families have decided to go for it at Christmas, put the expense on the plastic and then worry about trying to clear the debt in the new year. At higher interest rates, of course thanks to the recent interest rate increase, the early Mark Carney Christmas present from the BOE!\r\n\r\n<strong><u>\r\nAUD:</u></strong><u> JOBS DATA.</u>\r\n\r\nI have a feeling that the jobs data this time around could really surprise to the upside. There tends to be cycles with AUD jobs data. Good numbers, then lower, then blowout.  Last month the number was 19.8k.\r\n\r\nAs long as last month’s number is beaten and growth can be seen, I think given the recent RBA down playing of the Australian economy this will be viewed positively by the markets.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> CPi &amp; CORE RETAIL SALES.</u>\r\n\r\nI have no doubt that Stephen Poloz, BOC governor will be expecting CPI greater than 0.2% and a positive reading on Retail Sales after last month’s miserable negative 0.7% reading<u>.</u>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong><u> PPI, CPI &amp; RETAIL SALES.</u>\r\n\r\nLike the UK. These numbers probably mean very little vis-à-vis the FED monetary policy action that is widely expected next month, when it is expected that the annual Christmas present of a 0.25% interest rate increase is actioned.\r\n\r\nObviously, it goes without saying that good numbers, significant beats over the previous set are expected, especially as the storm season has been blamed for a lot of the recent mixed U.S. data.\r\n\r\nObviously good numbers across the board will have the TV networks frothing at the mouth over the December FED meeting and future policy with a new FED chair in place next year. Conversely, the same could be said if the numbers are a bloody disaster!\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\n<u>GEOPOLITICAL ISSUES TO CONSIDER:</u>\r\n\r\nBREXIT\r\n\r\nSAUDI ARABIA\r\n\r\nTRUMPS GOODWILL TRIP TO ASIA\r\n\r\n&nbsp;\r\n\r\nLast week was a very strange week to trade. There was very little economic data to get your teeth into and the news that was there, was basically a snooze fest. This coming week offers a plethora of options.\r\n\r\nI have not been very active in the FX market the past 5/6 days. I was waiting for the momentum indicators to re-set and for a lot of the cross rate overbought / oversold conditions to settle down.\r\n\r\nThis coming week the JPY interests me a great deal.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/JPN225-USDJPY-12112017.png\"><img class=\"aligncenter size-large wp-image-10383\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/JPN225-USDJPY-12112017-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the chart above it is clear to see that the once very consistent correlation between the NIKKEI index and the USD/JPY is over. I have been referring to this over the past week or two.\r\n\r\nAs long time readers will know I place a lot of faith in correlations as they give a security of consistency and confidence when placing trades. When they are not aligned, they can create opportunities.\r\n\r\nWe have such an opportunity with the JPY. The chart above shows a quite remarkable move higher with the NIKKEI that was not traced by the USD/JPY, in fact quite the opposite on occasion. With the NIKKEI busting higher and the DOW, S&amp;P and NASDAQ pumping new highs, one would have expected the USD/JPY close to 130.00 maybe 140.00… instead quite the opposite.\r\n\r\nWhen the NIKKEI retraces and the U.S. equities finally give up the relentless push higher, the USD/JPY that failed to rally will be prime to accelerate its move lower as equities retrace lower.\r\n\r\nI am currently short through the PREMIUM SERVICE short AUD/JPY, EUR/JPY, GBP/JPY and NZD/JPY. The Antipodean pairs are positive but the European pairs spiked against me last Friday. My intention is to remain short for the foreseeable future to see how this plays out.\r\n\r\nThe USD/JPY, has critical support around 113.10 and then should that level give way there could be 200-300 pips in the move lower. Hopefully my 4 x JPY trades will move lower as well. At the moment, the USD/JPY is hovering about 50 pips above the key support.\r\n\r\nAdditionally…\r\n\r\nI am trying to look around not be as reliant on the USD for trades. I have very mixed feelings about trading reliance on the USD when we operate in a news driven market. Great positions can be upside down in minutes for no real reason.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS ADDED LAST WEEK:           = +47 pips\r\nPIPS MONTH TO DATE:                = +169 pips\r\nYEAR TO DATE:                              = +10,571 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\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1: TRADING REVIEW:</u>\r\nI did NOT like last week at all. I think MIND MANAGEMENT had a lot to play with it. I do NOT like news driven markets as its not directional, it is reactionary and impulsive which can have you upside down in trades in a matter of minutes.\r\n\r\nCombine this with the nonsense of the RBA and RBNZ last week and I felt like I would have been better employed elsewhere. The markets were slow and I could not see a trade that suited me.\r\n\r\nThe consolidation of the cross rates has taken a few days longer than I expected given the tight ranges that the USD majors are operating within.\r\n\r\nAll of these factors made me not a very happy bunny last week. I think the fact I was focusing on JPY trades says it all. Usually I stay well away, although there was a compelling reason to be involved with the JPY as already discussed.\r\n\r\nI found myself most of the time last week sitting in trades waiting for 50 pips of profit to place a protective stop behind.  I do not think I had one of those trades all week, and because we have been basically range bound I do not think it’s prudent to close existing LIVE trades. It is all down to patience, at least that is what I am hoping is the key. The mere fact that we have more economic data this week and some crucial inflation data to get one’s teeth into it should help get sentiment and momentum shifting.\r\n\r\n<u>\r\n</u><u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\nAfter the calamity of my performance around Super Thursday the week prior, last week was full of quite masterly inactivity!\r\n\r\nLooking forward…\r\n\r\nSentiment is mixed. That has not helped me. My FUNDAMENTALS and MACRO THOUGHTS however remain intact. It is a consolidation period that may still have another week or two left.\r\n\r\nHaving just been through the RBNZ Press Conference and Rate Statement, all I can say is bollocks... and lots of them. That meeting last week was a damn fiasco. Everything that Grant Spencer, stand-in governor said, was basically poo-pooed by Grant Robertson the Finance Minister over the ensuing 24 hours.\r\n\r\nFor the start of this week. Be prepared on Sunday evening at the open, based upon some weekly chart analysis I have about 4/5 trades ready to post within the first couple of hours or so of the start of the week.\r\n\r\nIn a nutshell, here is my action plan for this week: -\r\n<ol>\r\n 	<li>USD sentiment all over the place.</li>\r\n 	<li>More concentration on JPY pairs vis-à-vis the NIKKEI pullback.</li>\r\n 	<li>Re-establish some cross-rate trades. EUR/AUD and GBP/AUD interest me the most at the moment.</li>\r\n 	<li>Focus on more AUD short trades. The RBA is without doubt the most consistent with its views on remaining neutral.</li>\r\n 	<li>CAD HEDGES. I am looking for over 1.2800 to enter shorts. I may not get this price at the moment. I expect USD strength to come through the markets soon as the reality of Central Bank divergence sets in a bit more than it has so far. This should push this pair higher if it behaves well. It is all about the timing of the “OUT” trade.</li>\r\n</ol>\r\nI have completed my GBP trade analysis for ARMEGEDDON TRADES and next are my CHF trades which I will release first, hopefully within the next week or so after THE DONALD has completed his GOODWILL TRIP.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/MKT-SENTIMENT-12112017.png\"><img class=\"aligncenter size-large wp-image-10373\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/MKT-SENTIMENT-12112017-782x1024.png\" alt=\"\" width=\"782\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am STILL bearish the CAD and NZD currencies. I am now going to add AUD trades as well sooner rather than later.\r\n\r\nAs mentioned last week, the CAD is on the back burner for now. I STILL have three HEDGED trades to work through.\r\n\r\nThe NZD I am patiently waiting for a pullback to use the opportunity to re-load again across the board. Now that the RBNZ is out the way it is 100% apparent to me that huge changes and uncertainties lie ahead for this currency.\r\n\r\nThe market itself is still very range bound and daily moves are for the most part quite limiting.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\n3 x live short USD/CAD trades. All three are HEDGED. No OUT trades are placed yet.\r\n\r\nMY PLAN: My belief is still that the USD/CAD is a short trade. I was waiting for 1.2850-1.2910 to establish 3 x “OUT” trades for my HEDGED trades.  That looks like a bit of a dream level today. The recent highs have topped out around 1.2915 on two or three occasions. That level is someway away at the moment. I am expecting USD strength to filter back through the market which will help my target entry levels. I want to use the USD strength to sell into this week or next week if possible and establish my “OUT” trades for these HEDGES.\r\n\r\nBe prepared, I could be waiting several weeks here until the market conditions are right.\r\n\r\nI have no plans currently to place / related trades against other pairs.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 5 x live long AUD/NZD trades, 2 x NZD/CAD short trades, a GBP/NZD long trade and NZD/JPY and NZD/CHF short trades.\r\n\r\nPlus: - I have 2 x AUD/NZD and a EUR/NZD long trade in position. Plus, on the short side, 2 x NZD/USD, a NZD/JPY and NZD/CHF limit order trades in position.\r\n\r\nMY PLAN: I will be looking to add NZD trades across the board as soon as I see a meaningful pullback to provide beneficial pricing.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE AUD:</u></strong>\r\n\r\nCurrently live I have both AUD/USD and AUD/JPY shorts.\r\n\r\nMY PLAN: - To add trades across the board at the start of this coming week.\r\n\r\n&nbsp;\r\n\r\n4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:\r\n\r\nCURRENT LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE1-12112017.png\"><img class=\"aligncenter size-large wp-image-10371\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE1-12112017-1024x948.png\" alt=\"\" width=\"1024\" height=\"948\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE2-12112017.png\"><img class=\"aligncenter size-large wp-image-10372\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE2-12112017-991x1024.png\" alt=\"\" width=\"991\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-12112017.png\"><img class=\"aligncenter size-large wp-image-10370\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-12112017-1024x976.png\" alt=\"\" width=\"1024\" height=\"976\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nNothing new this week.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>5.3: CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #155 PREMIUM SERVICE\r\n12th November 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'RBNZ CHAPS OR CHUMPS?', '', 'inherit', 'closed', 'closed', '', '10388-revision-v1', '', '', '2017-11-11 08:11:29', '2017-11-11 13:11:29', '', 10388, 'https://weeklyfxdrivethru.com/10388-revision-v1/', 0, 'revision', '', 0);
INSERT INTO `wp_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(10398, 1, '2017-11-11 08:40:00', '2017-11-11 13:40:00', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nIs it just me, or am I missing something?\r\n\r\nI find this current FX market very hard. The equity investor approach of “BUY THE DIP” is literally driving me insane. I think a lot of this stuff as I said last week, is MIND MANAGEMENT that I need to deal with, but with no major economic data to support moves, trying to trade in a news driven orientated marketplace is damn hard.\r\n\r\nTRUMP on his goodwill trip in Asia, the GOP screwing up yet another campaign promise, this time the TAX BILL in the U.S. and to a lesser extent, Theresa May’s government problems in the UK with cabinet sackings and scandals have been at the forefront of all the news. Add in an ascending OIL price, multiple corruption arrests in Riyadh, Saudi Arabia and an attempted missile strike on Riyadh International Airport. Plus, not forgetting a parabolic rise and then blow off top in the NIKKEi index, it was a strange week.\r\n\r\nThe two main news events on my list last week were Central Bank policy announcements from the RBA and RBNZ. These were boring and frankly a snooze fest.\r\n\r\nFor the entire week, I felt like a pork pie at a Jewish wedding… sitting and waiting. Hindsight is a beautiful thing, had I known that last week was going to be what it was, it would have been an ideal week away from charts and screens.\r\n\r\nI think that the main reason for my masterly inactivity was due the fact that my CORE TRADES were in transition and CROSS RATE trading is in a consolidation mode and until fresh ranges are established I have learned through experience to stay away.\r\n\r\nMoving on…\r\n\r\nReality check…\r\n\r\nOne aspect about trading that I will always to stay true to, is to remain truthful about my trading performance especially with the responsibility to the PREMIUM SERVICE.\r\n\r\nIf I am having a bad week, if I am uncertain with what to do I will tell you.\r\n\r\nSuffice to say with what I have just written the PREMIUM SERVICE did not motor through pips like it had been doing on the weeks previous. It was a poor yielding week. There were a few losing trades and few profitable trades that netted a whopping +47 pips in the week. Having said that most open trades are just reading water.\r\n\r\nNaturally, with the benefit of hindsight, the ”pip return” could have been 5 or 6 times what it was but we all know this.\r\n\r\nI live to battle for another week!!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n</strong></li>\r\n</ol>\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.\r\n</u>\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n<strong><u>ECONOMIC NEWS:</u></strong>\r\n\r\n<strong><u>AUD: </u></strong><u>RBA RATE STATEMENT &amp; MONETARY POLICY STATEMENTS.\r\n</u>\r\n\r\nThe rate statement was the biggest snooze fest I have set the alarm to wake up for. Absolutely nothing happened.\r\n\r\nGuess what? The Monetary Policy Statement was a no change snooze fest as well.\r\n\r\nFrom an external viewpoint Philip Lowe has achieved the ultimate stability. It is very rare that two announcements from a major Central Bank in the same week pass by with little or no real reaction.\r\n\r\nA key goal of market stability without any uncertainties to create a clear understanding of policy has been achieved.\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD:</u></strong><u> RBNZ RATE STATEMENT &amp; PRESS CONFERENCE.</u>\r\n\r\n<u>CHAPS OR CHUMPS? </u>\r\n\r\nMaybe I am just getting intolerant of incompetence, but that Press Conference by stand-in RBNZ Governor, Grant Spencer was the biggest time-wasting event I have ever witnessed from a Central Bank.\r\n\r\nI used to criticize his predecessor Graeme Wheeler because the press conferences were so laid back that instead of chairs behind tables they should have been on psychiatrist’s loungers. At his very worst, Wheeler was never this bad.\r\n\r\nThe NZD economy is in a state of flux right now on the basis that there is a new government coalition between the Liberal and NZ First parties.\r\n\r\nThere is uncertainty over the new government’s policies and the final draft of how the new mandate for the RBNZ will look has still not been finalized. Basically, since the last meeting Grant Spencer has seen growth with employment and a pullback in housing prices.\r\n\r\nSpencer was generally upbeat, which surprised me a great deal, given the uncertainties that we all know lie ahead. These were brushed aside as non-consequential. I strongly suspect Spencer is now re-living these fucks ups in delivery.\r\n\r\nWe know from the Finance Minister (Robinson) that there will be a two-phase review of the RBNZ mandate. The first phase to focus on employment and the second to review the board make up and role. The government wants minutes of the RBNZ board meetings to be published, and also that the RBNZ will have employment maximization as a goal as well the existing inflation target. These changes were brushed off as easy to integrate.\r\n\r\nHowever, the press conference took a move sideways when Spencer was asked questions with regards to the future makeup of the board of the RBNZ. The new government wants to extend the banks mandate and increase the diversity of opinion on the board through adding outside members to the board of the RBNZ. When asked would he be in favour of external members on the board he was anti this idea. He cited examples of other boards such as the FED and ECB where board members commented openly against majority decisions. He was anti minutes and publicizing how board members had voted.\r\n\r\nBasically, I got the very strong feeling that he is a “I love and embrace change and I am a change manager <u>BUT</u>” type of person.\r\n\r\nSpencer talked about consistency of message. He said in the press conference that the current NZD/USD exchange rate was “in the vicinity” of where he saw fair value. Hmmn… about 90 minutes later his deputy was on the wires saying the NZD/USD exchange rate should be a few cents lower from current levels.\r\n\r\nMr. Spencer please tell me how is this different from the FED or ECB?\r\n\r\nThe bottom line was that the RBNZ moved their expectations of the next interest rate hike from Q3 2019 to Q2 2019…. Give me a fecking break; are you kidding?\r\n\r\nThen little more than 2 hours later to contradict everything Spencer stated about the new RBNZ mandate. Grant Robertson the Finance Minister was back on the wires stating that the new mandate could mean a looser policy from the RBNZ.\r\n\r\nThen 24 hours later NZ Finance Minister Grant Robertson not happy with statement one, came back on the wires again this time stating that the RBNZ inflation objective may not be a hard rule moving forward, again pointing to a looser policy.\r\n\r\nYou could NOT make this stuff up. Left hand versus right hand - no coordination -complete lack of professionalism. I cannot believe a damn thing Spencer waffled on about. Thank God, he’s gone next March. This is shambolic for a Central Bank.\r\n\r\nAs I have said on several occasions, the New Zealand economy is going through and will continue to go through huge change over the coming months which will keep the NZD currency pressured to the downside. We are one headline away from a 50-pip drop. This week we have two examples of the “Headline drop”. I have absolutely no doubt that there will lots more ahead.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GEOPOLITICAL NEWS:</u></strong>\r\n\r\nIf the economic data could be best described as non-events and snooze fests, that could NOT be said about the geopolitical news.\r\n\r\nLet me try to keep this brief…\r\n\r\n&nbsp;\r\n\r\n<strong><u>SAUDI ARABIA:</u></strong>\r\n\r\nThere was a mass arrest under the banner of an anti-corruption sweep related to various levels of fraud, money laundering and other corrupt business practices. Over 200 people have now been arrested and still detained. Notably, 11 Royal Family Princes including billionaire Prince Alwaleed bin Talal have been detained. This list of detainees also includes prominent businessmen and former government ministers and officials.\r\n\r\nThis crossed the wires around the same time as it was reported a missile from Yemen was intercepted with its target being Riyadh’s international airport.\r\n\r\nIf this were not enough, a dispute with Lebanon also erupted. The Lebanese Prime Minister resigned whilst in Riyadh last weekend. Saudi Arabia wants change in Lebanon following Iran’s increasing influence in the middle east. The fact that Iran has close ties with Hizbollah who have power with the Lebanese government is pissing off the Saudis. This has now escalated to the point that all Saudi passport holders have been advised to leave Lebanon and a travel ban has been imposed.\r\n\r\nThere is a power shift in the region and Saudi Arabia is flexing and power games are at play in the region.\r\n\r\nWhat was the effect of this on the FX market…. I noticed nothing…. Nada.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THERESA MAY’s GOVERNMENT / CABINET SCANDALS &amp; BREXIT: </u></strong>\r\n\r\nThere is nothing like a good old sex scandal or corrupt politician in Westminster.  Priti Patel, International Development Secretary had been naughty, she had several unauthorized meetings with Israeli Politicians including Prime Minister Benjamin Netanyahu. Boris Johnson her boss as Foreign Secretary knew nothing of the meetings.\r\n\r\nThis followed the other resignation earlier in the week of Defense Secretary Michael Fallon who has allegedly done a “Weinstein”. There are also accusations of a few touchy / feely rumours and predator text messages going on with Junior Ministers.\r\n\r\nHappy Days the UK press this weekend will be in overdrive.\r\n\r\nThen there was BREXIT…. no change still a fuck up, no noticeable progress. On Friday, last week there was a joint Press Conference by Michel Barnier (Chief EU negotiator) and David Davis (UK Cabinet BREXIT negotiator), I think it was very easy to see straightaway that these two just do not get on.\r\n\r\nThe progress was nonspecific and cable jumped higher on the back of that… incredible. It was all hot air from my perspective the usual posturing. A journalist from the Guardian newspaper in London asked a couple of questions of Barnier basically to see if he was a puppet of the French and German governments or was he in control of the negotiations. Just when it was going to get interesting “TIME OUT” was called. The questions were not answered.\r\n\r\nI am now getting more and more of the opinion that a NO DEAL will be the outcome and a walk away.\r\n\r\nCable is always in my opinion one news headline away from a 100-pip spike or drop, as seen Friday these moves can be based on nothing. Eventually Cable will be a mega buy… but not yet, I think we have another big shot lower first.\r\n\r\n<strong><u>\r\nDONALD TRUMPS ASIAN “GOODWILL” TRIP:</u></strong>\r\n\r\nMelania’s outfits were striking, a lot of money spend there no doubt. As for yer man… it’s just a nonsense and embarrassing to watch and listen to him. I think world leaders give him more respect than he gets back in the U.S. from his own people but I do think that they are playing and just humouring him.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GOP TAX PLAN:</u></strong>\r\n\r\nFor a political party to be in opposition for eight years, one would have expected that they would hit the road running on their campaign pledges. Not in the U.S., a failure with the affordable care act (Obamacare) and now at the heart of every Republican Party the promise of lower taxes.\r\n\r\nIt must be embarrassing to be a representative in Washington, yet I don\'t see it in any dialogue. U.S. systems are set up on a pedestal for the rest of the world to be envious of.\r\n\r\nI don\'t see it and I don\'t get it. This is a shamble.\r\n\r\nI know the GOP did not think they would have a majority, never mind win the presidential election, TRUMP did that basically on his own. But the fact that in opposition, elected representatives DID NOTHING to prepare for government must sadden so many Americans, whether you are Republican or Democrat.\r\n\r\nAway on his GOODWILL TRIP spreading the love around Asia, THE DONALD jumped in on the Tax Bill reform and seemed to side with the senate version of the bill which delays the Corporate Tax cuts until 2019. Previously being a decisive leader and great deal maker his was onboard with the “HOUSE” version of the bill. THE DONALD has once again gone for a watered down limp version of reform.\r\n\r\nThe DOW, S&amp;P, NASDAQ and RUSSELL all went “bigly” RED on the news that Corporate Tax cuts would likely be delayed. A nice sell-off took place Thursday but by the close with the “BUY THE DIP” mentality in place 2/3rds of the losses across the DOW and S&amp;P were paired back. 24 hours later the market after absorbing the news consolidates sideways as it was a Friday. It is quite predictable at times.\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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-12112017.png\"><img class=\"aligncenter size-large wp-image-10389\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-12112017-1024x748.png\" alt=\"\" width=\"1024\" height=\"748\" /></a>\r\n\r\n&nbsp;\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&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-12112017.png\"><img class=\"aligncenter size-large wp-image-10369\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-12112017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10381\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10382\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10380\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10384\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10385\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10386\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10387\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\n<strong><u>GBP:</u></strong><u> CPi, AVERAGE EARNINGS INDEX &amp; RETAIL SALES</u>.\r\n\r\nThese figures will be interesting to note based on whether the UK economy is moving forward or not. They mean nothing vis-a-vis future BOE policy as we have just had the dovish rate hike.\r\n\r\nConsumer Prices last time around were at 3%, with wages rising at only 2.2% and Retail sales were disappointing at -0.8%\r\n\r\nIt is the differential gap between CPI (Inflation) and Average Earnings which will attract 99.999999999% of the attention. Will it have narrowed?\r\n\r\nFrom a Retail Sales numbers perspective if this cannot start to pick up in the run up to Christmas it will never move higher. The issue of course will then be the Credit Card spending numbers if families have decided to go for it at Christmas, put the expense on the plastic and then worry about trying to clear the debt in the new year. At higher interest rates, of course thanks to the recent interest rate increase, the early Mark Carney Christmas present from the BOE!\r\n\r\n<strong><u>\r\nAUD:</u></strong><u> JOBS DATA.</u>\r\n\r\nI have a feeling that the jobs data this time around could really surprise to the upside. There tends to be cycles with AUD jobs data. Good numbers, then lower, then blowout.  Last month the number was 19.8k.\r\n\r\nAs long as last month’s number is beaten and growth can be seen, I think given the recent RBA down playing of the Australian economy this will be viewed positively by the markets.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> CPi &amp; CORE RETAIL SALES.</u>\r\n\r\nI have no doubt that Stephen Poloz, BOC governor will be expecting CPI greater than 0.2% and a positive reading on Retail Sales after last month’s miserable negative 0.7% reading<u>.</u>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong><u> PPI, CPI &amp; RETAIL SALES.</u>\r\n\r\nLike the UK. These numbers probably mean very little vis-à-vis the FED monetary policy action that is widely expected next month, when it is expected that the annual Christmas present of a 0.25% interest rate increase is actioned.\r\n\r\nObviously, it goes without saying that good numbers, significant beats over the previous set are expected, especially as the storm season has been blamed for a lot of the recent mixed U.S. data.\r\n\r\nObviously good numbers across the board will have the TV networks frothing at the mouth over the December FED meeting and future policy with a new FED chair in place next year. Conversely, the same could be said if the numbers are a bloody disaster!\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\n<u>GEOPOLITICAL ISSUES TO CONSIDER:</u>\r\n\r\nBREXIT\r\n\r\nSAUDI ARABIA\r\n\r\nTRUMPS GOODWILL TRIP TO ASIA\r\n\r\n&nbsp;\r\n\r\nLast week was a very strange week to trade. There was very little economic data to get your teeth into and the news that was there, was basically a snooze fest. This coming week offers a plethora of options.\r\n\r\nI have not been very active in the FX market the past 5/6 days. I was waiting for the momentum indicators to re-set and for a lot of the cross rate overbought / oversold conditions to settle down.\r\n\r\nThis coming week the JPY interests me a great deal.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/JPN225-USDJPY-12112017.png\"><img class=\"aligncenter size-large wp-image-10383\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/JPN225-USDJPY-12112017-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the chart above it is clear to see that the once very consistent correlation between the NIKKEI index and the USD/JPY is over. I have been referring to this over the past week or two.\r\n\r\nAs long time readers will know I place a lot of faith in correlations as they give a security of consistency and confidence when placing trades. When they are not aligned, they can create opportunities.\r\n\r\nWe have such an opportunity with the JPY. The chart above shows a quite remarkable move higher with the NIKKEI that was not traced by the USD/JPY, in fact quite the opposite on occasion. With the NIKKEI busting higher and the DOW, S&amp;P and NASDAQ pumping new highs, one would have expected the USD/JPY close to 130.00 maybe 140.00… instead quite the opposite.\r\n\r\nWhen the NIKKEI retraces and the U.S. equities finally give up the relentless push higher, the USD/JPY that failed to rally will be prime to accelerate its move lower as equities retrace lower.\r\n\r\nI am currently short through the PREMIUM SERVICE short AUD/JPY, EUR/JPY, GBP/JPY and NZD/JPY. The Antipodean pairs are positive but the European pairs spiked against me last Friday. My intention is to remain short for the foreseeable future to see how this plays out.\r\n\r\nThe USD/JPY, has critical support around 113.10 and then should that level give way there could be 200-300 pips in the move lower. Hopefully my 4 x JPY trades will move lower as well. At the moment, the USD/JPY is hovering about 50 pips above the key support.\r\n\r\nAdditionally…\r\n\r\nI am trying to look around not be as reliant on the USD for trades. I have very mixed feelings about trading reliance on the USD when we operate in a news driven market. Great positions can be upside down in minutes for no real reason.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS ADDED LAST WEEK:           = +47 pips\r\nPIPS MONTH TO DATE:                = +169 pips\r\nYEAR TO DATE:                              = +10,571 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\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</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(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1: TRADING REVIEW:\r\n</u><u>\r\n</u><u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\n<u>4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>\r\n5.3: CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\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: #259 FREE NEWSLETTER\r\n12th November 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'RBNZ CHAPS OR CHUMPS?', '', 'publish', 'open', 'closed', '', 'rbnz-chaps-chumps', '', '', '2017-11-11 08:40:00', '2017-11-11 13:40:00', '', 0, 'https://weeklyfxdrivethru.com/?p=10398', 0, 'post', '', 0);
INSERT INTO `wp_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(10399, 1, '2017-11-11 08:40:00', '2017-11-11 13:40:00', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nIs it just me, or am I missing something?\r\n\r\nI find this current FX market very hard. The equity investor approach of “BUY THE DIP” is literally driving me insane. I think a lot of this stuff as I said last week, is MIND MANAGEMENT that I need to deal with, but with no major economic data to support moves, trying to trade in a news driven orientated marketplace is damn hard.\r\n\r\nTRUMP on his goodwill trip in Asia, the GOP screwing up yet another campaign promise, this time the TAX BILL in the U.S. and to a lesser extent, Theresa May’s government problems in the UK with cabinet sackings and scandals have been at the forefront of all the news. Add in an ascending OIL price, multiple corruption arrests in Riyadh, Saudi Arabia and an attempted missile strike on Riyadh International Airport. Plus, not forgetting a parabolic rise and then blow off top in the NIKKEi index, it was a strange week.\r\n\r\nThe two main news events on my list last week were Central Bank policy announcements from the RBA and RBNZ. These were boring and frankly a snooze fest.\r\n\r\nFor the entire week, I felt like a pork pie at a Jewish wedding… sitting and waiting. Hindsight is a beautiful thing, had I known that last week was going to be what it was, it would have been an ideal week away from charts and screens.\r\n\r\nI think that the main reason for my masterly inactivity was due the fact that my CORE TRADES were in transition and CROSS RATE trading is in a consolidation mode and until fresh ranges are established I have learned through experience to stay away.\r\n\r\nMoving on…\r\n\r\nReality check…\r\n\r\nOne aspect about trading that I will always to stay true to, is to remain truthful about my trading performance especially with the responsibility to the PREMIUM SERVICE.\r\n\r\nIf I am having a bad week, if I am uncertain with what to do I will tell you.\r\n\r\nSuffice to say with what I have just written the PREMIUM SERVICE did not motor through pips like it had been doing on the weeks previous. It was a poor yielding week. There were a few losing trades and few profitable trades that netted a whopping +47 pips in the week. Having said that most open trades are just reading water.\r\n\r\nNaturally, with the benefit of hindsight, the ”pip return” could have been 5 or 6 times what it was but we all know this.\r\n\r\nI live to battle for another week!!\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n</strong></li>\r\n</ol>\r\n<u>2.1: LOOKING BACK AT LAST WEEK’S NEWS.\r\n</u>\r\nHere is what tickled my fancy in the news last week as a currency trader.\r\n\r\n<strong><u>ECONOMIC NEWS:</u></strong>\r\n\r\n<strong><u>AUD: </u></strong><u>RBA RATE STATEMENT &amp; MONETARY POLICY STATEMENTS.\r\n</u>\r\n\r\nThe rate statement was the biggest snooze fest I have set the alarm to wake up for. Absolutely nothing happened.\r\n\r\nGuess what? The Monetary Policy Statement was a no change snooze fest as well.\r\n\r\nFrom an external viewpoint Philip Lowe has achieved the ultimate stability. It is very rare that two announcements from a major Central Bank in the same week pass by with little or no real reaction.\r\n\r\nA key goal of market stability without any uncertainties to create a clear understanding of policy has been achieved.\r\n\r\n&nbsp;\r\n\r\n<strong><u>NZD:</u></strong><u> RBNZ RATE STATEMENT &amp; PRESS CONFERENCE.</u>\r\n\r\n<u>CHAPS OR CHUMPS? </u>\r\n\r\nMaybe I am just getting intolerant of incompetence, but that Press Conference by stand-in RBNZ Governor, Grant Spencer was the biggest time-wasting event I have ever witnessed from a Central Bank.\r\n\r\nI used to criticize his predecessor Graeme Wheeler because the press conferences were so laid back that instead of chairs behind tables they should have been on psychiatrist’s loungers. At his very worst, Wheeler was never this bad.\r\n\r\nThe NZD economy is in a state of flux right now on the basis that there is a new government coalition between the Liberal and NZ First parties.\r\n\r\nThere is uncertainty over the new government’s policies and the final draft of how the new mandate for the RBNZ will look has still not been finalized. Basically, since the last meeting Grant Spencer has seen growth with employment and a pullback in housing prices.\r\n\r\nSpencer was generally upbeat, which surprised me a great deal, given the uncertainties that we all know lie ahead. These were brushed aside as non-consequential. I strongly suspect Spencer is now re-living these fucks ups in delivery.\r\n\r\nWe know from the Finance Minister (Robinson) that there will be a two-phase review of the RBNZ mandate. The first phase to focus on employment and the second to review the board make up and role. The government wants minutes of the RBNZ board meetings to be published, and also that the RBNZ will have employment maximization as a goal as well the existing inflation target. These changes were brushed off as easy to integrate.\r\n\r\nHowever, the press conference took a move sideways when Spencer was asked questions with regards to the future makeup of the board of the RBNZ. The new government wants to extend the banks mandate and increase the diversity of opinion on the board through adding outside members to the board of the RBNZ. When asked would he be in favour of external members on the board he was anti this idea. He cited examples of other boards such as the FED and ECB where board members commented openly against majority decisions. He was anti minutes and publicizing how board members had voted.\r\n\r\nBasically, I got the very strong feeling that he is a “I love and embrace change and I am a change manager <u>BUT</u>” type of person.\r\n\r\nSpencer talked about consistency of message. He said in the press conference that the current NZD/USD exchange rate was “in the vicinity” of where he saw fair value. Hmmn… about 90 minutes later his deputy was on the wires saying the NZD/USD exchange rate should be a few cents lower from current levels.\r\n\r\nMr. Spencer please tell me how is this different from the FED or ECB?\r\n\r\nThe bottom line was that the RBNZ moved their expectations of the next interest rate hike from Q3 2019 to Q2 2019…. Give me a fecking break; are you kidding?\r\n\r\nThen little more than 2 hours later to contradict everything Spencer stated about the new RBNZ mandate. Grant Robertson the Finance Minister was back on the wires stating that the new mandate could mean a looser policy from the RBNZ.\r\n\r\nThen 24 hours later NZ Finance Minister Grant Robertson not happy with statement one, came back on the wires again this time stating that the RBNZ inflation objective may not be a hard rule moving forward, again pointing to a looser policy.\r\n\r\nYou could NOT make this stuff up. Left hand versus right hand - no coordination -complete lack of professionalism. I cannot believe a damn thing Spencer waffled on about. Thank God, he’s gone next March. This is shambolic for a Central Bank.\r\n\r\nAs I have said on several occasions, the New Zealand economy is going through and will continue to go through huge change over the coming months which will keep the NZD currency pressured to the downside. We are one headline away from a 50-pip drop. This week we have two examples of the “Headline drop”. I have absolutely no doubt that there will lots more ahead.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GEOPOLITICAL NEWS:</u></strong>\r\n\r\nIf the economic data could be best described as non-events and snooze fests, that could NOT be said about the geopolitical news.\r\n\r\nLet me try to keep this brief…\r\n\r\n&nbsp;\r\n\r\n<strong><u>SAUDI ARABIA:</u></strong>\r\n\r\nThere was a mass arrest under the banner of an anti-corruption sweep related to various levels of fraud, money laundering and other corrupt business practices. Over 200 people have now been arrested and still detained. Notably, 11 Royal Family Princes including billionaire Prince Alwaleed bin Talal have been detained. This list of detainees also includes prominent businessmen and former government ministers and officials.\r\n\r\nThis crossed the wires around the same time as it was reported a missile from Yemen was intercepted with its target being Riyadh’s international airport.\r\n\r\nIf this were not enough, a dispute with Lebanon also erupted. The Lebanese Prime Minister resigned whilst in Riyadh last weekend. Saudi Arabia wants change in Lebanon following Iran’s increasing influence in the middle east. The fact that Iran has close ties with Hizbollah who have power with the Lebanese government is pissing off the Saudis. This has now escalated to the point that all Saudi passport holders have been advised to leave Lebanon and a travel ban has been imposed.\r\n\r\nThere is a power shift in the region and Saudi Arabia is flexing and power games are at play in the region.\r\n\r\nWhat was the effect of this on the FX market…. I noticed nothing…. Nada.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THERESA MAY’s GOVERNMENT / CABINET SCANDALS &amp; BREXIT: </u></strong>\r\n\r\nThere is nothing like a good old sex scandal or corrupt politician in Westminster.  Priti Patel, International Development Secretary had been naughty, she had several unauthorized meetings with Israeli Politicians including Prime Minister Benjamin Netanyahu. Boris Johnson her boss as Foreign Secretary knew nothing of the meetings.\r\n\r\nThis followed the other resignation earlier in the week of Defense Secretary Michael Fallon who has allegedly done a “Weinstein”. There are also accusations of a few touchy / feely rumours and predator text messages going on with Junior Ministers.\r\n\r\nHappy Days the UK press this weekend will be in overdrive.\r\n\r\nThen there was BREXIT…. no change still a fuck up, no noticeable progress. On Friday, last week there was a joint Press Conference by Michel Barnier (Chief EU negotiator) and David Davis (UK Cabinet BREXIT negotiator), I think it was very easy to see straightaway that these two just do not get on.\r\n\r\nThe progress was nonspecific and cable jumped higher on the back of that… incredible. It was all hot air from my perspective the usual posturing. A journalist from the Guardian newspaper in London asked a couple of questions of Barnier basically to see if he was a puppet of the French and German governments or was he in control of the negotiations. Just when it was going to get interesting “TIME OUT” was called. The questions were not answered.\r\n\r\nI am now getting more and more of the opinion that a NO DEAL will be the outcome and a walk away.\r\n\r\nCable is always in my opinion one news headline away from a 100-pip spike or drop, as seen Friday these moves can be based on nothing. Eventually Cable will be a mega buy… but not yet, I think we have another big shot lower first.\r\n\r\n<strong><u>\r\nDONALD TRUMPS ASIAN “GOODWILL” TRIP:</u></strong>\r\n\r\nMelania’s outfits were striking, a lot of money spend there no doubt. As for yer man… it’s just a nonsense and embarrassing to watch and listen to him. I think world leaders give him more respect than he gets back in the U.S. from his own people but I do think that they are playing and just humouring him.\r\n\r\n&nbsp;\r\n\r\n<strong><u>GOP TAX PLAN:</u></strong>\r\n\r\nFor a political party to be in opposition for eight years, one would have expected that they would hit the road running on their campaign pledges. Not in the U.S., a failure with the affordable care act (Obamacare) and now at the heart of every Republican Party the promise of lower taxes.\r\n\r\nIt must be embarrassing to be a representative in Washington, yet I don\'t see it in any dialogue. U.S. systems are set up on a pedestal for the rest of the world to be envious of.\r\n\r\nI don\'t see it and I don\'t get it. This is a shamble.\r\n\r\nI know the GOP did not think they would have a majority, never mind win the presidential election, TRUMP did that basically on his own. But the fact that in opposition, elected representatives DID NOTHING to prepare for government must sadden so many Americans, whether you are Republican or Democrat.\r\n\r\nAway on his GOODWILL TRIP spreading the love around Asia, THE DONALD jumped in on the Tax Bill reform and seemed to side with the senate version of the bill which delays the Corporate Tax cuts until 2019. Previously being a decisive leader and great deal maker his was onboard with the “HOUSE” version of the bill. THE DONALD has once again gone for a watered down limp version of reform.\r\n\r\nThe DOW, S&amp;P, NASDAQ and RUSSELL all went “bigly” RED on the news that Corporate Tax cuts would likely be delayed. A nice sell-off took place Thursday but by the close with the “BUY THE DIP” mentality in place 2/3rds of the losses across the DOW and S&amp;P were paired back. 24 hours later the market after absorbing the news consolidates sideways as it was a Friday. It is quite predictable at times.\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<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-12112017.png\"><img class=\"aligncenter size-large wp-image-10389\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-12112017-1024x748.png\" alt=\"\" width=\"1024\" height=\"748\" /></a>\r\n\r\n&nbsp;\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&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-12112017.png\"><img class=\"aligncenter size-large wp-image-10369\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-12112017-1024x852.png\" alt=\"\" width=\"1024\" height=\"852\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.3: USD – TRADING CHARTS and COMMENTARIES: </u>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10381\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10382\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10380\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10384\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10385\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10386\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-12112017.png\"><img class=\"aligncenter size-large wp-image-10387\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-12112017-1024x462.png\" alt=\"\" width=\"1024\" height=\"462\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>2.2.4: MY THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\n<strong><u>GBP:</u></strong><u> CPi, AVERAGE EARNINGS INDEX &amp; RETAIL SALES</u>.\r\n\r\nThese figures will be interesting to note based on whether the UK economy is moving forward or not. They mean nothing vis-a-vis future BOE policy as we have just had the dovish rate hike.\r\n\r\nConsumer Prices last time around were at 3%, with wages rising at only 2.2% and Retail sales were disappointing at -0.8%\r\n\r\nIt is the differential gap between CPI (Inflation) and Average Earnings which will attract 99.999999999% of the attention. Will it have narrowed?\r\n\r\nFrom a Retail Sales numbers perspective if this cannot start to pick up in the run up to Christmas it will never move higher. The issue of course will then be the Credit Card spending numbers if families have decided to go for it at Christmas, put the expense on the plastic and then worry about trying to clear the debt in the new year. At higher interest rates, of course thanks to the recent interest rate increase, the early Mark Carney Christmas present from the BOE!\r\n\r\n<strong><u>\r\nAUD:</u></strong><u> JOBS DATA.</u>\r\n\r\nI have a feeling that the jobs data this time around could really surprise to the upside. There tends to be cycles with AUD jobs data. Good numbers, then lower, then blowout.  Last month the number was 19.8k.\r\n\r\nAs long as last month’s number is beaten and growth can be seen, I think given the recent RBA down playing of the Australian economy this will be viewed positively by the markets.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> CPi &amp; CORE RETAIL SALES.</u>\r\n\r\nI have no doubt that Stephen Poloz, BOC governor will be expecting CPI greater than 0.2% and a positive reading on Retail Sales after last month’s miserable negative 0.7% reading<u>.</u>\r\n\r\n&nbsp;\r\n\r\n<strong><u>USD:</u></strong><u> PPI, CPI &amp; RETAIL SALES.</u>\r\n\r\nLike the UK. These numbers probably mean very little vis-à-vis the FED monetary policy action that is widely expected next month, when it is expected that the annual Christmas present of a 0.25% interest rate increase is actioned.\r\n\r\nObviously, it goes without saying that good numbers, significant beats over the previous set are expected, especially as the storm season has been blamed for a lot of the recent mixed U.S. data.\r\n\r\nObviously good numbers across the board will have the TV networks frothing at the mouth over the December FED meeting and future policy with a new FED chair in place next year. Conversely, the same could be said if the numbers are a bloody disaster!\r\n\r\n&nbsp;\r\n\r\n<u>2.2.5: HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\n<u>GEOPOLITICAL ISSUES TO CONSIDER:</u>\r\n\r\nBREXIT\r\n\r\nSAUDI ARABIA\r\n\r\nTRUMPS GOODWILL TRIP TO ASIA\r\n\r\n&nbsp;\r\n\r\nLast week was a very strange week to trade. There was very little economic data to get your teeth into and the news that was there, was basically a snooze fest. This coming week offers a plethora of options.\r\n\r\nI have not been very active in the FX market the past 5/6 days. I was waiting for the momentum indicators to re-set and for a lot of the cross rate overbought / oversold conditions to settle down.\r\n\r\nThis coming week the JPY interests me a great deal.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/JPN225-USDJPY-12112017.png\"><img class=\"aligncenter size-large wp-image-10383\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/JPN225-USDJPY-12112017-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nFrom the chart above it is clear to see that the once very consistent correlation between the NIKKEI index and the USD/JPY is over. I have been referring to this over the past week or two.\r\n\r\nAs long time readers will know I place a lot of faith in correlations as they give a security of consistency and confidence when placing trades. When they are not aligned, they can create opportunities.\r\n\r\nWe have such an opportunity with the JPY. The chart above shows a quite remarkable move higher with the NIKKEI that was not traced by the USD/JPY, in fact quite the opposite on occasion. With the NIKKEI busting higher and the DOW, S&amp;P and NASDAQ pumping new highs, one would have expected the USD/JPY close to 130.00 maybe 140.00… instead quite the opposite.\r\n\r\nWhen the NIKKEI retraces and the U.S. equities finally give up the relentless push higher, the USD/JPY that failed to rally will be prime to accelerate its move lower as equities retrace lower.\r\n\r\nI am currently short through the PREMIUM SERVICE short AUD/JPY, EUR/JPY, GBP/JPY and NZD/JPY. The Antipodean pairs are positive but the European pairs spiked against me last Friday. My intention is to remain short for the foreseeable future to see how this plays out.\r\n\r\nThe USD/JPY, has critical support around 113.10 and then should that level give way there could be 200-300 pips in the move lower. Hopefully my 4 x JPY trades will move lower as well. At the moment, the USD/JPY is hovering about 50 pips above the key support.\r\n\r\nAdditionally…\r\n\r\nI am trying to look around not be as reliant on the USD for trades. I have very mixed feelings about trading reliance on the USD when we operate in a news driven market. Great positions can be upside down in minutes for no real reason.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS ADDED LAST WEEK:           = +47 pips\r\nPIPS MONTH TO DATE:                = +169 pips\r\nYEAR TO DATE:                              = +10,571 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\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</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(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4.1: TRADING REVIEW:\r\n</u><u>\r\n</u><u>4.2: SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n</u>\r\n\r\n<u>4.3: EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\n<u>4.4: CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.5: FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE FINISHING LINE:</strong></li>\r\n</ol>\r\n<u>5.1: WANT A FREE PREMIUM SERVICE SUBSCRIPTION:</u>\r\n\r\nIf you like what you have read in this blog and would like the chance to win a FREE SUBSCRIPTION valued at CAD$150.00, all you need to do is subscribe to my FREE NEWSLETTER (this blog), by adding your email address on my welcome page just below my cube logo at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\n<u>5.2: PREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>\r\n5.3: CLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\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: #259 FREE NEWSLETTER\r\n12th November 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'RBNZ CHAPS OR CHUMPS?', '', 'inherit', 'closed', 'closed', '', '10398-revision-v1', '', '', '2017-11-11 08:40:00', '2017-11-11 13:40:00', '', 10398, 'https://weeklyfxdrivethru.com/10398-revision-v1/', 0, 'revision', '', 0),
(10401, 1, '2017-11-17 17:07:29', '2017-11-17 22:07:29', '', 'ECON DATA 19112017', '', 'inherit', 'open', 'closed', '', 'econ-data-19112017', '', '', '2017-11-18 05:39:45', '2017-11-18 10:39:45', '', 10420, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-19112017.png', 0, 'attachment', 'image/png', 0),
(10402, 1, '2017-11-17 17:07:34', '2017-11-17 22:07:34', '', 'TCHART 19112017', '', 'inherit', 'open', 'closed', '', 'tchart-19112017', '', '', '2017-11-18 05:40:12', '2017-11-18 10:40:12', '', 10420, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-19112017.png', 0, 'attachment', 'image/png', 0),
(10403, 1, '2017-11-17 17:07:38', '2017-11-17 22:07:38', '', 'SENTIMENT 19112017', '', 'inherit', 'open', 'closed', '', 'sentiment-19112017', '', '', '2017-11-18 05:46:06', '2017-11-18 10:46:06', '', 10420, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/SENTIMENT-19112017.png', 0, 'attachment', 'image/png', 0),
(10413, 1, '2017-11-17 17:10:42', '2017-11-17 22:10:42', '', 'AUDUSD D 19112017', '', 'inherit', 'open', 'closed', '', 'audusd-d-19112017', '', '', '2017-11-18 05:41:51', '2017-11-18 10:41:51', '', 10420, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-19112017.png', 0, 'attachment', 'image/png', 0),
(10414, 1, '2017-11-17 17:10:50', '2017-11-17 22:10:50', '', 'EURUSD D 19112017', '', 'inherit', 'open', 'closed', '', 'eurusd-d-19112017', '', '', '2017-11-18 05:41:06', '2017-11-18 10:41:06', '', 10420, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-19112017.png', 0, 'attachment', 'image/png', 0),
(10415, 1, '2017-11-17 17:10:52', '2017-11-17 22:10:52', '', 'GBPUSD D 19112017', '', 'inherit', 'open', 'closed', '', 'gbpusd-d-19112017', '', '', '2017-11-18 05:41:27', '2017-11-18 10:41:27', '', 10420, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-19112017.png', 0, 'attachment', 'image/png', 0),
(10416, 1, '2017-11-17 17:10:55', '2017-11-17 22:10:55', '', 'NZDUSD D 19112017', '', 'inherit', 'open', 'closed', '', 'nzdusd-d-19112017', '', '', '2017-11-18 05:42:17', '2017-11-18 10:42:17', '', 10420, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-19112017.png', 0, 'attachment', 'image/png', 0),
(10417, 1, '2017-11-17 17:10:58', '2017-11-17 22:10:58', '', 'USDCAD D 19112017', '', 'inherit', 'open', 'closed', '', 'usdcad-d-19112017', '', '', '2017-11-18 05:42:43', '2017-11-18 10:42:43', '', 10420, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-19112017.png', 0, 'attachment', 'image/png', 0),
(10418, 1, '2017-11-17 17:11:00', '2017-11-17 22:11:00', '', 'USDCHF D 19112017', '', 'inherit', 'open', 'closed', '', 'usdchf-d-19112017', '', '', '2017-11-18 05:43:04', '2017-11-18 10:43:04', '', 10420, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-19112017.png', 0, 'attachment', 'image/png', 0),
(10419, 1, '2017-11-17 17:11:03', '2017-11-17 22:11:03', '', 'USDJPY D 19112017', '', 'inherit', 'open', 'closed', '', 'usdjpy-d-19112017', '', '', '2017-11-18 05:43:28', '2017-11-18 10:43:28', '', 10420, 'https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-19112017.png', 0, 'attachment', 'image/png', 0);
INSERT INTO `wp_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(10420, 1, '2017-11-18 05:49:16', '2017-11-18 10:49:16', '<strong>\r\n</strong>\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nWelcome.\r\n\r\nThis week’s DRIVE THRU takes on a new format. I am not changing for changing sake, I am responding to comments. The main purpose of this blog is to formally communicate with my PREMIUM SERVICE subscribers, but it does have a dual purpose. The second purpose is to inform and hopefully attract serious FX traders to become new PREMIUM SERVICE subscribers. It is always a balance and for about 4 years now, I keep tweaking the content. I hope that you like this revision. Given my history in this regard it will NOT be the last.\r\n\r\nMoving on…\r\n\r\nLast week had it all; boredom, excitement, annoyance, frustration, surprise plus profits and losses and several shots of Jack Daniels… that was just Tuesday. I think I read somewhere that it was the strongest / biggest single day rally in the USD for years.\r\n\r\nIt certainly shook the markets for those playing the EUR/USD (Head and Shoulders) / DXY (Inverted Head and Shoulders). Money flows at the moment are driving these huge moves. The NIKKEI had a 20% move higher in a couple of months. Fund managers are looking for value as we head into the year end, monies are moving to Europe away from Japan etc.… there is a lot going on and currencies are being used in huge volumes to facilitate a lot of these moves.\r\n\r\nOvernight last Thursday into Friday morning the PREMIUM SERVICE was blasted with over 750 pips of profit when my core short positions across the AUD and NZD drilled home pips across several trades.\r\n\r\nFor me last week was a two-day trading week… All that wasted time for the other days sitting in front of screens!!\r\n\r\nIt has been quite some time since I have written “RISK OFF” in my blog but we are sort of there as we are bouncing around in the US equity markets. It is a battle between the “BUY THE DIP” mentality and market bears. Is the most hated rally ever finally being sold? Not sure but a pullback of sorts, and its minimal in the grand scheme of things is happening.\r\n\r\nEnough of that…\r\n\r\nOver the past month or so I have been sampling my competition to the PREMIUM SERVICE.\r\n\r\nThere are so many chart analysts out there, but that is all they do. They look backwards and tell what patterns were formed and why, but there is very little out there who look forward and trade, in fact I doubt very many of them have skin in the market.\r\n\r\nI have looked across the spectrum; costly to cheap and well-known to unknown.\r\nI followed big names who have tens of thousands of followers on twitter, as well as specific trade set up providers and analysts from brokers. In total about 10 names/ businesses, here is a sample of what I came across. It’s not totally inclusive as some were just not worth the print!\r\n\r\n<strong><u>TV ANAYLST WITH OWN FX SUPPORT BUSINESS (UK BASED)</u></strong>: Is a regular guest on BNN, CNBC and BLOOMBERG, huge on Twitter. In my opinion, he is a gambler. He puts trades up a minute or two before high beta news events. It\'s a 50-50 guess. You hear about the good ones on Twitter and the failures disappear. The service covers all markets, I am just Forex, so a lot of what I received was great for correlations but nothing revolutionary.  I made money but the cost was double what I charge. Lots of supporting information, not sure where its cut and pasted from. Response time to questions poor.\r\n\r\nIt was a high cost, I made money but the gambling trades are stupid in my opinion.\r\n\r\n<strong><u>TV ANAYLST WITH OWN FX SUPPORT BUSINESS (US BASED): </u></strong>Another, is so fast and impossible to follow on a webinar and the amount of assumptions made are incredible. This service provider is a regular on CNBC. All the trades lost money. Analysis is good but the implementation of trades a joke. It was all over the map for me, no discipline, no structure. The chat room was frankly dangerous, no management, inexperienced traders being exposed to all sorts of crap. Is it any wonder FX gets a bad name? I would close that down right now.\r\n\r\nThere are so many cost options, so much to take in, maybe something I did NOT buy worked but I doubt it. I am confused about the whole package options and I blame this service for my migraine during the week. Response time to questions excellent.\r\n\r\nCannot possibly trade LIVE trades. Very well-known must live off huge fee incomes from webinars, on-line books, algorithm sales (they don\'t work either) and TV appearance fees.\r\n\r\n<strong><u>BROKER ANALYST (UK BASED):</u></strong> This person from a large Broker, also on Business TV a fair bit, I respect as a chart analyst, but the LIVE trading is a fecking joke. He simply never trades. It’s all theory. No skin in the game.\r\n\r\n<strong><u>TRADES SERVICE PROVIDER (HONG KONG BASED):</u></strong><strong>  </strong>Four times more expensive than the PREMIUM SERVICE no supporting information for trades, poor response times and trades were all 10 or 15 pip scalps that would NOT cover the cost of the subscription unless you were trading 4/5 standard lots a time. Not my target audience and too high RISK for most people. I just about broke even. Not my cup of tea. Now they are SPAMMING me… Jesus, Mary and Joseph!!\r\n\r\n<strong><u>SUMMARY:</u></strong>\r\n\r\nI have faults, just ask my wife! Trading in the FX market I always have real skin in the market. I feel the trades. I trade without emotion (most times) because I manage RISK. I do not have hundreds of subscribers, no way near. I have a solid group of serious FX traders from around the globe and two syndicates through spokespeople that adds about 20 additional traders into the mix. I keep it simple and I try my best to provide a personal and prompt service. I, the PREMIUM SERVICE am looking for serious traders who want to trade, not have to trade, I hope that makes sense.\r\n\r\nTo do what I do, I can’t have more than 50 subscribers. There are still a few spaces left.\r\n\r\nI may chop ‘n change trades around to fit the market conditions, which can be difficult to follow with everyone being in different time zones, but that is trading. I trade to make $$$ not to lose $$$.\r\n\r\nI was up at 3.30AM on a couple of mornings last week playing with trades. That is the reality of trading in the FX market, its open from Sunday at 5PM EST and closes the following Friday at 5PM EST. I am NOT interested in “that trade was closed whilst I was asleep!” If you are a serious trader you have little sleep between Sunday and Friday each week.\r\n\r\nBack on track…\r\n\r\nAt the end of the day from my research, did I find anything I want to add to the PREMIUM SERVICE?\r\n\r\nThere are a couple of things I will introduce moving forward but overall, I feel good about the research I provide it is mostly brief and to the point. Those services that provide lots of commentary, I strongly suspect DO NOT TRADE. I struggle for hours as it is now and I consider myself damn good at time management.\r\n\r\nFinally,\r\n\r\nThere will be no blog next weekend, we have friends flying in from the UK. The opportunities to trade will be slim. Plus, zero time for completing research and finding the 10 hours or so required to complete the blog from start to finish will just not be there. So, it is a see you in two weeks after this week’s review.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>LOOKING AHEAD THIS COMING WEEK:</u>\r\n\r\n<u>\r\nTHIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-19112017.png\"><img class=\"aligncenter size-large wp-image-10401\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-19112017-1024x884.png\" alt=\"\" width=\"1024\" height=\"884\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS with BIAS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-19112017.png\"><img class=\"aligncenter size-full wp-image-10402\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-19112017.png\" alt=\"\" width=\"1014\" height=\"898\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>USD MAJORS – TRADING CHARTS: </u>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis.\r\n\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\nOverall recent data from the EUROZONE has been good. We have seen a pullback from the recent 1.1860 highs. RSi (Relative Strength Indicator) is moving higher and given the better data, the bulls are trying to regain control once again. I think that we need to see a break higher above 1.1880 (BLACK LINE) for the bulls to be back in control.\r\n\r\nSupport is good circa. 1.1660 and on the chart below (PURPLE LINE) and more recently at 1.1750 (BURGUNDY LINE).\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10414\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\nThe recent weakening USD has pulled cable higher. I am however always thinking that this pair is one news item away from a 100-pip fall and it could happen at any time.\r\n\r\nThe chart below shows a bullish set of candles, which completely goes against my FUNDAMENTAL views regarding this pair. Price was rejected very strongly at 1.3260 last Friday. That rejection stopped me out of GBP/NZD and GBP/AUD longs at the time… bugger.\r\n\r\nI think that we range trade with this pair between the two Fibonacci levels of 23.6% at 1.3170 and 38% at 1.3260.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10415\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\nThis pair is under pressure as you can clearly see from the chart below. We were held up at 61.8% Fibonacci level last Friday. The spike from this low will allow traders such as me through the PREMIUM SERVICE to re-load short trades this week. The bigger the spike the better… bring it on.\r\n\r\nWe are getting close to 30 level on the RSi therefore, a couple of re-set trading sessions would suit me fine!!\r\n\r\nThere are several potential trading patterns one can use on the pair, for now I am running with a channel set up as this pair seems to like channels.\r\n\r\nAs long as the RBA remains neutral I cannot see this pair moving higher in the near term.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10413\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\nWe are getting closer to a 30 reading on the RSi. We can of course drop below but I am hoping for a spike to allow me to re-load PREMIUM SERVICE short trades.\r\n\r\nThe political uncertainty in New Zealand is driving this pair lower and for the foreseeable future I see no change in this connection.\r\n\r\nPREMIUM SERVICE subscribers know what my target is to the downside with this pair, the candlestick pattern does look very bearish to me.\r\n\r\nBulls if there are any, will not be back in control of this pair unless we break back above 0.7000, which, seems an awfully long way away at the moment when one looks at current pricing.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10416\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\nBugger…\r\n\r\nI really want this pair above 1.2900 to short. After last Friday’s in line inflation print, the pair spiked to the 61.8% Fibonacci level and then pulled back.\r\n\r\nThe upward sloping channel is basically still intact on the chart below, so I still have some hope for now. Who am I kidding? This pair is bound to about turn and break through the trend line support and leave me behind!!\r\n\r\nWe have Retail Sales data this week. Does this mean that I may have to wait another week for my short entry?\r\n\r\nBelow 1.2725 would make me have to re-think my PLAN.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10417\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\nAm I dreaming with the pennant / flag patterns on the cart below? It is rather an awkward shape. The measured moves play to 1.0460 (BURGUNDY) and 1.0175 (BLACK).\r\n\r\nI am struggling to know what to do with this pair. The PREMIUM SERVICE has a small long trade, which is out of the money at the moment. I am not sure what to do with this pair, but I do know that longer-term I want to be long.\r\n\r\nI am working on the fact we are in a range of 0.9840 to a.0040.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10418\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\nBecause I am stupid I let 60 pips of profit disappear with this pair last Friday… argh!!\r\n\r\nRISK sentiment is ruling this pair at the moment as the NIKKEI sells off and uncertainty persists in Washington. Add into the mix treasury yields. Now ask me why did I give up my short so cheaply? Because I am stupid!!\r\n\r\nThis pair has 108.00 written all over it in my opinion. The 200 DAY SMA comes in around 111.80, which was original take profit level, but a break below here would NOT surprise me and a test of 110.00, the 61.8% Fibonacci level would seem reasonable to me for the shorter term.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10419\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nMost of the economic data releases this week are related to speeches by Central Bank leaders. Therefore, it is reactionary news, which of late I have not enjoyed much as it has been lacking conviction or momentum. The recent exceptions being the BOE Super Thursday and Draghi’s ECB Press Conference. There was certainly direction following these, but the rest… not my cup of tea.\r\n\r\nOf what remains, the following short list interests me: -\r\n\r\n<strong><u>AUD:</u></strong><u> MONETARY POLICY MEETING MINUTES</u>.\r\n\r\nThese minutes surely to God cannot be as much of a snooze fest as the original statement release. It passed basically without a flicker. Philip Lowe also speaks about 12 hours after the minutes are published.\r\n\r\nThe RBA are neutral. It will be interesting to see if any timescales on policy were discussed plus any inklings vis-a-vis housing prices in the Australian market.\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> FOMC MEETING MINUTES.</u>\r\n\r\nIt’s not about this year, 2017 that has me including this item in this section, it is about future discussions into 2018. At the end of the day with a new FED chair moving in early next year, I am not expecting future policies to be changed or placed on hold. Central Banks are well oiled dinosaurs that move so slowly and like massive oil tankers when a change of policy is made in the sense that it takes oil tankers 5/6 miles to turnabout.\r\n\r\nRate hikes into 2018 is what will catch the eye in this release.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> CORE RETAIL SALES.</u>\r\n\r\nI am looking to short the USD/CAD and add to my CORE SHORT POSITION. Therefore, I want the poor data to continue to give me the best entry level possible. The closer to 1.3000 the better…. I am waiting.\r\n\r\nBeing realistic however, last month’s reading was a dismal negative 0.7%. I would be astonished if a negative print was repeated in the run up months to Christmas.\r\n\r\n&nbsp;\r\n\r\n<u>HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\nPersonally, I believe that we are in a consolidation period once again. Last week the USD was whacked and the commodity currencies were taken to the woodshed.\r\n\r\nThe majors and the cross rates in my opinion need to re-set. There were some massive moves over the past week. EUR/USD +800 pips, GBP/NZD about +600 pips or so and GBP/AUD about +500 pips.\r\n\r\nThe Monthly ATR (Average True Range) GBP/AUD is just under 1,000 pips so when you consider that 500 pips was the range last week, we need to consolidate the moves. Not that we have to consolidate with the cross-rate pairs, they are very volatile but you have to be aware of these facts into this week.\r\n\r\nWe are light on true economic data this week and therefore we will be at the will of the news wires… oh shit I can hear you saying.\r\n\r\nYes regretfully, it will be the Senate and the numbers of GOP senate members that will either vote yes or no on the TRUMP TAX REFUND. From what I can see it’s no longer tax reform, that is far too radical for dysfunctional politicians to stomach.\r\n\r\nBREXIT will feature as progress really needs to be established prior to the end of the year. We are soon into the season of lavish Christmas Parties in Brussels. The expense accounts will be out in full and the hospitality industry will move up from yellow to red alert as the cha ching of cash and need for extra credit card swipe machines intensifies.\r\n\r\nIf David Davis (UK Chief negotiator) doesn’t get some UK BREXIT positives on paper pre-Christmas, I can see a Tory party revolt and a new leader in place for early 2018. I write this and I am fully aware that no one with any grey matter in their heads would want the poison chalice of dealing with BREXIT, unless you do not mind shoving two fingers in the air to the EU and taking the no deal option…. enter Boris Johnson.\r\n\r\nI think therefore that trading USD majors especially the EUR/USD and USD/JPY will be very reactionary to US data and BREXIT will keep anything GBP tied up.\r\n\r\nTherefore, the commodity currencies should offer us option. The AUD and NZD currencies in particular are weak and trading very heavily. Whilst I believe we have to allow for resetting pullbacks to enter these currencies remain the best option for trading pairs with liquidity.\r\n\r\nThe NZD is especially under pressure politically and moves lower should continue as long as political uncertainties continue. The AUD is being pushed lower by the RBA. Hats off to Philip Lowe this is being done professionally and the move is to a large extent given what usually happens being conducted under the radar.\r\n\r\nI have already said we should wait for the commodity cross rates to reset so that leaves the smaller currencies and exotic pairs.\r\n\r\nI closed a number of trades last Friday pre-weekend on the failure of the AUD and NZD currencies. I still think that pairs like the AUD/JPY, NZD/JPY, AUD/NZD, NZD/CAD etc. are still viable until the market reset is completed.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nPIPS ADDED LAST WEEK:           = +1,276 pips\r\n\r\nPIPS MONTH TO DATE:                = +1,445 pips\r\n\r\nYEAR TO DATE:                              = +11,847 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\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE SUBSCRIBERS ONLY:</strong></li>\r\n</ol>\r\n(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4:1. TRADING REVIEW:</u>\r\n\r\nHoly crap a two-day trading week, give me more of that.\r\n\r\nI hope that you guys caught some of the moves. I know a couple of the newbie traders are copying most trade set-ups and I have heard from them vis-à-vis their delight.\r\n\r\nI still think we have a little more to go with the AUD and NZD weakness trades. As I have written in the blog already we need to see a reset of overbought and oversold conditions.\r\n\r\nThe cross rates have really been kind to me this past month or so. As I have mentioned on several occasions this year, we need to see sentiment and momentum. We had “RISK OFF” and the commodity currencies responded true to form. This type of trade has literally been out the market for two years.\r\n\r\nI am still however, not letting trades run beyond the 50 – 100 pip levels. I still do NOT trust this market.\r\n\r\nI am making a few changes for 2018.\r\n\r\nI have been checking out my competition, and whilst I have some issues to iron out basically I feel comfortable with what I have going with just a couple of changes here and there. It’s all about time. I am still a trader and need time to reflect and research. I cannot blast out 15 trades a day with 10 pip goals, that is just NOT me. But it is also very hard to try and trade SWING TRADING, in fact, I think it’s very much impossible of late and if it happens its pure fluke. But I am still trying as it is my core.\r\n\r\nFUNDAMENTAL TRADING still wins out in my opinion and trading with Central Bank Monetary Policy is the core still for next year.\r\n\r\nI am looking at bringing back the LIVE “DRIVE THRU” webinar, but I need a software package that is good and works with Safari.\r\n\r\nSubscriptions will not increase in 2018.\r\n\r\nI am toying with adding another TRADING STYLE that I have been testing out recently. More about this early December once 90 days worthy of results are in.\r\n\r\n<u>\r\n</u><u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\nInto the year-end I think that I will get another shot at AUD and NZD weakness.\r\n\r\nThis SHOULD continue into 2018 as I am of the opinion that Central Bank divergence will become the trade moving forward.\r\n\r\nI am not 100% because of the uncertainty surrounding TRUMP. He wants a weak USD and he will talk down the USD but this will in no way be deemed to be intervention in the markets. It will be spun.\r\n\r\nI am still looking to get long GBP pairs across the board, but as mentioned recently I still believe that there is another substantial move lower in cable. The Theresa May situation and that added uncertainty makes me continue to believe that every day we trade GBP long we are risking a 100+ pip drop on the back of political fallout in the UK or a negative news item regarding BREXIT.\r\n\r\nI have my ARMAGGEDON GBP TRADES on a spreadsheet ready and armed to go!\r\n\r\nI am still looking to also get long the CHF across the board. This has to wait though until little rocket man is sorted out.\r\n\r\nLooking near term…\r\n\r\nSentiment is still mixed.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/SENTIMENT-19112017.png\"><img class=\"aligncenter size-large wp-image-10403\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/SENTIMENT-19112017-768x1024.png\" alt=\"\" width=\"768\" height=\"1024\" /></a><u> </u>\r\n\r\n<u>4:3. TRADING PLANS:</u>\r\n\r\n<u>4:3.1. TRADING PLAN OVERVIEW THIS WEEK:</u>\r\n\r\nIt will probably be a slow start to trading next week. We will be news driven so I would prefer to see a European session out of the way first.\r\n\r\nMy action plan for the week is: -\r\n<ol>\r\n 	<li>USD sentiment is still all over the place. Therefore, I will stay away as much as possible from the majors.</li>\r\n 	<li>Re-establish some cross-rate trades after the consolidation reset has taken place.</li>\r\n 	<li>Focus on re-establishing AUD and NZD short trades.</li>\r\n 	<li>CAD HEDGES. I am looking for over 1.2850 to enter shorts. I am close to getting this following last Friday’s data. Hopefully some follow through early in the week will give me an entry level that I will be happy with.</li>\r\n</ol>\r\n<u>4:3.2.  EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am STILL bearish the CAD, AUD and NZD currencies. Last Friday I had a huge clear-out and I am now in re-build mode on suitable pullbacks.\r\n\r\nAs mentioned last week, the CAD is on the back burner for now. I STILL have three HEDGED trades to work through. There is no rush, but I will freely admit I am sick of looking at them blocking up my broker account live trades data area!\r\n\r\nThe AUD and NZD I am patiently waiting for pullbacks to use the opportunity to re-load again across the board.\r\n\r\nThe market itself is still broadly range bound and daily moves on most days are for the most part quite limiting.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\n3 x live short USD/CAD trades. All three are HEDGED. No OUT trades are placed yet.\r\n\r\nPlus, I have a long CAD/JPY LIMIT ORDER in place but it is currently over 300 pips from the current market pricing.\r\n\r\nMY PLAN: My belief is still that the USD/CAD is a short trade. I am waiting for 1.2850-1.2910 to establish 3 x “OUT” trades for my HEDGED trades.  I have my “OUT” trade LIMIT ORDERS in place at 1.2910. The question is whether I will be able to get my preferred entry level or not.\r\n\r\nThe recent highs have topped out around 1.2915 on two or three occasions. I am expecting USD strength to filter back through the market which will help my target entry levels. I want to use the USD strength to sell into this week or next week if possible and establish my “OUT” trades for these HEDGES.\r\n\r\nBe prepared, I could be waiting several weeks here until the market conditions are right.\r\n\r\nI have no plans currently to place / related trades against other pairs.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 3 x live long AUD/NZD trades.\r\n\r\nPlus: - I have 2 more AUD/NZD long trades in position as LIMIT ORDERS&gt;\r\n\r\nMY PLAN: I will be looking to add NZD trades across the board as soon as I see a meaningful pullback to provide beneficial pricing.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE AUD:</u></strong>\r\n\r\nCurrently live I have a AUD/JPY short.\r\n\r\nMY PLAN: - To add back trades across the board at the start of this coming week that I removed at the end of last week.\r\n\r\n&nbsp;\r\n\r\n<u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u><u> </u>\r\n\r\nCURRENT LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE-19112017.png\"><img class=\"aligncenter size-large wp-image-10405\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE-19112017-919x1024.png\" alt=\"\" width=\"919\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-ORDERS-19112017.png\"><img class=\"aligncenter size-large wp-image-10404\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-ORDERS-19112017-1024x991.png\" alt=\"\" width=\"1024\" height=\"991\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4:5. FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nHave you guys noticed the analysts to most brokers have been booted out into doing LIVE WEBINARS in an attempt to increase retail trader numbers for the year end and into 2018?\r\n\r\nGood Lord some of them I swear to God have never seen an actual trading platform before, they are so used to working off a BLOOMBERG terminal. If you want a giggle scout twitter, they will be there this week and probably every week through to Christmas.\r\n\r\nSo, the brokers intentions are clear. BONUS $$$ and FREE WEBINARS. Be very careful on the offers there are NO free lunches in FX.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> INTO THE CLOSE:</strong></li>\r\n</ol>\r\n<u>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 need to 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>\r\nPREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>\r\nCLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #156 PREMIUM SERVICE\r\n19th November 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'KIWI WILL REMAIN UNDER PRESSURE', '', 'publish', 'open', 'closed', '', 'kiwi-will-remain-pressure', '', '', '2018-01-18 13:58:16', '2018-01-18 18:58:16', '', 0, 'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=10420', 0, 'member_posts', '', 0);
INSERT INTO `wp_posts` (`ID`, `post_author`, `post_date`, `post_date_gmt`, `post_content`, `post_title`, `post_excerpt`, `post_status`, `comment_status`, `ping_status`, `post_password`, `post_name`, `to_ping`, `pinged`, `post_modified`, `post_modified_gmt`, `post_content_filtered`, `post_parent`, `guid`, `menu_order`, `post_type`, `post_mime_type`, `comment_count`) VALUES
(10421, 1, '2017-11-18 05:49:16', '2017-11-18 10:49:16', '<strong>\r\n</strong>\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nWelcome.\r\n\r\nThis week’s DRIVE THRU takes on a new format. I am not changing for changing sake, I am responding to comments. The main purpose of this blog is to formally communicate with my PREMIUM SERVICE subscribers, but it does have a dual purpose. The second purpose is to inform and hopefully attract serious FX traders to become new PREMIUM SERVICE subscribers. It is always a balance and for about 4 years now, I keep tweaking the content. I hope that you like this revision. Given my history in this regard it will NOT be the last.\r\n\r\nMoving on…\r\n\r\nLast week had it all; boredom, excitement, annoyance, frustration, surprise plus profits and losses and several shots of Jack Daniels… that was just Tuesday. I think I read somewhere that it was the strongest / biggest single day rally in the USD for years.\r\n\r\nIt certainly shook the markets for those playing the EUR/USD (Head and Shoulders) / DXY (Inverted Head and Shoulders). Money flows at the moment are driving these huge moves. The NIKKEI had a 20% move higher in a couple of months. Fund managers are looking for value as we head into the year end, monies are moving to Europe away from Japan etc.… there is a lot going on and currencies are being used in huge volumes to facilitate a lot of these moves.\r\n\r\nOvernight last Thursday into Friday morning the PREMIUM SERVICE was blasted with over 750 pips of profit when my core short positions across the AUD and NZD drilled home pips across several trades.\r\n\r\nFor me last week was a two-day trading week… All that wasted time for the other days sitting in front of screens!!\r\n\r\nIt has been quite some time since I have written “RISK OFF” in my blog but we are sort of there as we are bouncing around in the US equity markets. It is a battle between the “BUY THE DIP” mentality and market bears. Is the most hated rally ever finally being sold? Not sure but a pullback of sorts, and its minimal in the grand scheme of things is happening.\r\n\r\nEnough of that…\r\n\r\nOver the past month or so I have been sampling my competition to the PREMIUM SERVICE.\r\n\r\nThere are so many chart analysts out there, but that is all they do. They look backwards and tell what patterns were formed and why, but there is very little out there who look forward and trade, in fact I doubt very many of them have skin in the market.\r\n\r\nI have looked across the spectrum; costly to cheap and well-known to unknown.\r\nI followed big names who have tens of thousands of followers on twitter, as well as specific trade set up providers and analysts from brokers. In total about 10 names/ businesses, here is a sample of what I came across. It’s not totally inclusive as some were just not worth the print!\r\n\r\n<strong><u>TV ANAYLST WITH OWN FX SUPPORT BUSINESS (UK BASED)</u></strong>: Is a regular guest on BNN, CNBC and BLOOMBERG, huge on Twitter. In my opinion, he is a gambler. He puts trades up a minute or two before high beta news events. It\'s a 50-50 guess. You hear about the good ones on Twitter and the failures disappear. The service covers all markets, I am just Forex, so a lot of what I received was great for correlations but nothing revolutionary.  I made money but the cost was double what I charge. Lots of supporting information, not sure where its cut and pasted from. Response time to questions poor.\r\n\r\nIt was a high cost, I made money but the gambling trades are stupid in my opinion.\r\n\r\n<strong><u>TV ANAYLST WITH OWN FX SUPPORT BUSINESS (US BASED): </u></strong>Another, is so fast and impossible to follow on a webinar and the amount of assumptions made are incredible. This service provider is a regular on CNBC. All the trades lost money. Analysis is good but the implementation of trades a joke. It was all over the map for me, no discipline, no structure. The chat room was frankly dangerous, no management, inexperienced traders being exposed to all sorts of crap. Is it any wonder FX gets a bad name? I would close that down right now.\r\n\r\nThere are so many cost options, so much to take in, maybe something I did NOT buy worked but I doubt it. I am confused about the whole package options and I blame this service for my migraine during the week. Response time to questions excellent.\r\n\r\nCannot possibly trade LIVE trades. Very well-known must live off huge fee incomes from webinars, on-line books, algorithm sales (they don\'t work either) and TV appearance fees.\r\n\r\n<strong><u>BROKER ANALYST (UK BASED):</u></strong> This person from a large Broker, also on Business TV a fair bit, I respect as a chart analyst, but the LIVE trading is a fecking joke. He simply never trades. It’s all theory. No skin in the game.\r\n\r\n<strong><u>TRADES SERVICE PROVIDER (HONG KONG BASED):</u></strong><strong>  </strong>Four times more expensive than the PREMIUM SERVICE no supporting information for trades, poor response times and trades were all 10 or 15 pip scalps that would NOT cover the cost of the subscription unless you were trading 4/5 standard lots a time. Not my target audience and too high RISK for most people. I just about broke even. Not my cup of tea. Now they are SPAMMING me… Jesus, Mary and Joseph!!\r\n\r\n<strong><u>SUMMARY:\r\n\r\n</u></strong>I have faults, just ask my wife! Trading in the FX market I always have real skin in the market. I feel the trades. I trade without emotion (most times) because I manage RISK. I do not have hundreds of subscribers, no way near. I have a solid group of serious FX traders from around the globe and two syndicates through spokespeople that adds about 20 additional traders into the mix. I keep it simple and I try my best to provide a personal and prompt service. I, the PREMIUM SERVICE am looking for serious traders who want to trade, not have to trade, I hope that makes sense.\r\n\r\nTo do what I do, I can’t have more than 50 subscribers. There are still a few spaces left.\r\n\r\nI may chop ‘n change trades around to fit the market conditions, which can be difficult to follow with everyone being in different time zones, but that is trading. I trade to make $$$ not to lose $$$.\r\n\r\nI was up at 3.30AM on a couple of mornings last week playing with trades. That is the reality of trading in the FX market, its open from Sunday at 5PM EST and closes the following Friday at 5PM EST. I am NOT interested in “that trade was closed whilst I was asleep!” If you are a serious trader you have little sleep between Sunday and Friday each week.\r\n\r\nBack on track…\r\n\r\nAt the end of the day from my research, did I find anything I want to add to the PREMIUM SERVICE?\r\n\r\nThere are a couple of things I will introduce moving forward but overall, I feel good about the research I provide it is mostly brief and to the point. Those services that provide lots of commentary, I strongly suspect DO NOT TRADE. I struggle for hours as it is now and I consider myself damn good at time management.\r\n\r\nFinally,\r\n\r\nThere will be no blog next weekend, we have friends flying in from the UK. The opportunities to trade will be slim. Plus, zero time for completing research and finding the 10 hours or so required to complete the blog from start to finish will just not be there. So, it is a see you in two weeks after this week’s review.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE:\r\n\r\n</strong></li>\r\n</ol>\r\n<u>LOOKING AHEAD THIS COMING WEEK:</u>\r\n\r\n<u>\r\nTHIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-19112017.png\"><img class=\"aligncenter size-large wp-image-10401\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/ECON-DATA-19112017-1024x884.png\" alt=\"\" width=\"1024\" height=\"884\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS with BIAS:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-19112017.png\"><img class=\"aligncenter size-full wp-image-10402\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/TCHART-19112017.png\" alt=\"\" width=\"1014\" height=\"898\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>USD MAJORS – TRADING CHARTS: </u>\r\n\r\nMore often than not I will use DAILY CHARTS for my analysis.\r\n\r\n<strong>\r\n</strong>EUR/USD:\r\n\r\nOverall recent data from the EUROZONE has been good. We have seen a pullback from the recent 1.1860 highs. RSi (Relative Strength Indicator) is moving higher and given the better data, the bulls are trying to regain control once again. I think that we need to see a break higher above 1.1880 (BLACK LINE) for the bulls to be back in control.\r\n\r\nSupport is good circa. 1.1660 and on the chart below (PURPLE LINE) and more recently at 1.1750 (BURGUNDY LINE).\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10414\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/EURUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\nThe recent weakening USD has pulled cable higher. I am however always thinking that this pair is one news item away from a 100-pip fall and it could happen at any time.\r\n\r\nThe chart below shows a bullish set of candles, which completely goes against my FUNDAMENTAL views regarding this pair. Price was rejected very strongly at 1.3260 last Friday. That rejection stopped me out of GBP/NZD and GBP/AUD longs at the time… bugger.\r\n\r\nI think that we range trade with this pair between the two Fibonacci levels of 23.6% at 1.3170 and 38% at 1.3260.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10415\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/GBPUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\nThis pair is under pressure as you can clearly see from the chart below. We were held up at 61.8% Fibonacci level last Friday. The spike from this low will allow traders such as me through the PREMIUM SERVICE to re-load short trades this week. The bigger the spike the better… bring it on.\r\n\r\nWe are getting close to 30 level on the RSi therefore, a couple of re-set trading sessions would suit me fine!!\r\n\r\nThere are several potential trading patterns one can use on the pair, for now I am running with a channel set up as this pair seems to like channels.\r\n\r\nAs long as the RBA remains neutral I cannot see this pair moving higher in the near term.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10413\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/AUDUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\nWe are getting closer to a 30 reading on the RSi. We can of course drop below but I am hoping for a spike to allow me to re-load PREMIUM SERVICE short trades.\r\n\r\nThe political uncertainty in New Zealand is driving this pair lower and for the foreseeable future I see no change in this connection.\r\n\r\nPREMIUM SERVICE subscribers know what my target is to the downside with this pair, the candlestick pattern does look very bearish to me.\r\n\r\nBulls if there are any, will not be back in control of this pair unless we break back above 0.7000, which, seems an awfully long way away at the moment when one looks at current pricing.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10416\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/NZDUSD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\nBugger…\r\n\r\nI really want this pair above 1.2900 to short. After last Friday’s in line inflation print, the pair spiked to the 61.8% Fibonacci level and then pulled back.\r\n\r\nThe upward sloping channel is basically still intact on the chart below, so I still have some hope for now. Who am I kidding? This pair is bound to about turn and break through the trend line support and leave me behind!!\r\n\r\nWe have Retail Sales data this week. Does this mean that I may have to wait another week for my short entry?\r\n\r\nBelow 1.2725 would make me have to re-think my PLAN.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10417\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCAD-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\nAm I dreaming with the pennant / flag patterns on the cart below? It is rather an awkward shape. The measured moves play to 1.0460 (BURGUNDY) and 1.0175 (BLACK).\r\n\r\nI am struggling to know what to do with this pair. The PREMIUM SERVICE has a small long trade, which is out of the money at the moment. I am not sure what to do with this pair, but I do know that longer-term I want to be long.\r\n\r\nI am working on the fact we are in a range of 0.9840 to a.0040.\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10418\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDCHF-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\nBecause I am stupid I let 60 pips of profit disappear with this pair last Friday… argh!!\r\n\r\nRISK sentiment is ruling this pair at the moment as the NIKKEI sells off and uncertainty persists in Washington. Add into the mix treasury yields. Now ask me why did I give up my short so cheaply? Because I am stupid!!\r\n\r\nThis pair has 108.00 written all over it in my opinion. The 200 DAY SMA comes in around 111.80, which was original take profit level, but a break below here would NOT surprise me and a test of 110.00, the 61.8% Fibonacci level would seem reasonable to me for the shorter term.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-19112017.png\"><img class=\"aligncenter size-large wp-image-10419\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/USDJPY-D-19112017-1024x452.png\" alt=\"\" width=\"1024\" height=\"452\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>THOUGHTS ON THIS WEEK’S ECONOMIC DATA:</u>\r\n\r\nMost of the economic data releases this week are related to speeches by Central Bank leaders. Therefore, it is reactionary news, which of late I have not enjoyed much as it has been lacking conviction or momentum. The recent exceptions being the BOE Super Thursday and Draghi’s ECB Press Conference. There was certainly direction following these, but the rest… not my cup of tea.\r\n\r\nOf what remains, the following short list interests me: -\r\n\r\n<strong><u>AUD:</u></strong><u> MONETARY POLICY MEETING MINUTES</u>.\r\n\r\nThese minutes surely to God cannot be as much of a snooze fest as the original statement release. It passed basically without a flicker. Philip Lowe also speaks about 12 hours after the minutes are published.\r\n\r\nThe RBA are neutral. It will be interesting to see if any timescales on policy were discussed plus any inklings vis-a-vis housing prices in the Australian market.\r\n\r\n<strong><u>\r\nUSD:</u></strong><u> FOMC MEETING MINUTES.</u>\r\n\r\nIt’s not about this year, 2017 that has me including this item in this section, it is about future discussions into 2018. At the end of the day with a new FED chair moving in early next year, I am not expecting future policies to be changed or placed on hold. Central Banks are well oiled dinosaurs that move so slowly and like massive oil tankers when a change of policy is made in the sense that it takes oil tankers 5/6 miles to turnabout.\r\n\r\nRate hikes into 2018 is what will catch the eye in this release.\r\n\r\n&nbsp;\r\n\r\n<strong><u>CAD:</u></strong><u> CORE RETAIL SALES.</u>\r\n\r\nI am looking to short the USD/CAD and add to my CORE SHORT POSITION. Therefore, I want the poor data to continue to give me the best entry level possible. The closer to 1.3000 the better…. I am waiting.\r\n\r\nBeing realistic however, last month’s reading was a dismal negative 0.7%. I would be astonished if a negative print was repeated in the run up months to Christmas.\r\n\r\n&nbsp;\r\n\r\n<u>HOW TO PLAY THE MARKET THIS WEEK:</u>\r\n\r\nPersonally, I believe that we are in a consolidation period once again. Last week the USD was whacked and the commodity currencies were taken to the woodshed.\r\n\r\nThe majors and the cross rates in my opinion need to re-set. There were some massive moves over the past week. EUR/USD +800 pips, GBP/NZD about +600 pips or so and GBP/AUD about +500 pips.\r\n\r\nThe Monthly ATR (Average True Range) GBP/AUD is just under 1,000 pips so when you consider that 500 pips was the range last week, we need to consolidate the moves. Not that we have to consolidate with the cross-rate pairs, they are very volatile but you have to be aware of these facts into this week.\r\n\r\nWe are light on true economic data this week and therefore we will be at the will of the news wires… oh shit I can hear you saying.\r\n\r\nYes regretfully, it will be the Senate and the numbers of GOP senate members that will either vote yes or no on the TRUMP TAX REFUND. From what I can see it’s no longer tax reform, that is far too radical for dysfunctional politicians to stomach.\r\n\r\nBREXIT will feature as progress really needs to be established prior to the end of the year. We are soon into the season of lavish Christmas Parties in Brussels. The expense accounts will be out in full and the hospitality industry will move up from yellow to red alert as the cha ching of cash and need for extra credit card swipe machines intensifies.\r\n\r\nIf David Davis (UK Chief negotiator) doesn’t get some UK BREXIT positives on paper pre-Christmas, I can see a Tory party revolt and a new leader in place for early 2018. I write this and I am fully aware that no one with any grey matter in their heads would want the poison chalice of dealing with BREXIT, unless you do not mind shoving two fingers in the air to the EU and taking the no deal option…. enter Boris Johnson.\r\n\r\nI think therefore that trading USD majors especially the EUR/USD and USD/JPY will be very reactionary to US data and BREXIT will keep anything GBP tied up.\r\n\r\nTherefore, the commodity currencies should offer us option. The AUD and NZD currencies in particular are weak and trading very heavily. Whilst I believe we have to allow for resetting pullbacks to enter these currencies remain the best option for trading pairs with liquidity.\r\n\r\nThe NZD is especially under pressure politically and moves lower should continue as long as political uncertainties continue. The AUD is being pushed lower by the RBA. Hats off to Philip Lowe this is being done professionally and the move is to a large extent given what usually happens being conducted under the radar.\r\n\r\nI have already said we should wait for the commodity cross rates to reset so that leaves the smaller currencies and exotic pairs.\r\n\r\nI closed a number of trades last Friday pre-weekend on the failure of the AUD and NZD currencies. I still think that pairs like the AUD/JPY, NZD/JPY, AUD/NZD, NZD/CAD etc. are still viable until the market reset is completed.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\nThe PREMIUM SERVICE is my own subscriber based Forex support service that offers subscribers my suggested trade set-ups and market commentaries.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting the HISTORY &amp; PERFORMANCE tab.\r\n\r\n<u>CURRENT 2017 PREMIUM SERVICE PERFORMANCE:\r\n\r\n</u> PIPS ADDED LAST WEEK:           = +1,276 pips\r\n\r\nPIPS MONTH TO DATE:                = +1,445 pips\r\n\r\nYEAR TO DATE:                              = +11,847 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\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</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(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)\r\n\r\n<u>4:1. TRADING REVIEW:</u>\r\n\r\nHoly crap a two-day trading week, give me more of that.\r\n\r\nI hope that you guys caught some of the moves. I know a couple of the newbie traders are copying most trade set-ups and I have heard from them vis-à-vis their delight.\r\n\r\nI still think we have a little more to go with the AUD and NZD weakness trades. As I have written in the blog already we need to see a reset of overbought and oversold conditions.\r\n\r\nThe cross rates have really been kind to me this past month or so. As I have mentioned on several occasions this year, we need to see sentiment and momentum. We had “RISK OFF” and the commodity currencies responded true to form. This type of trade has literally been out the market for two years.\r\n\r\nI am still however, not letting trades run beyond the 50 – 100 pip levels. I still do NOT trust this market.\r\n\r\nI am making a few changes for 2018.\r\n\r\nI have been checking out my competition, and whilst I have some issues to iron out basically I feel comfortable with what I have going with just a couple of changes here and there. It’s all about time. I am still a trader and need time to reflect and research. I cannot blast out 15 trades a day with 10 pip goals, that is just NOT me. But it is also very hard to try and trade SWING TRADING, in fact, I think it’s very much impossible of late and if it happens its pure fluke. But I am still trying as it is my core.\r\n\r\nFUNDAMENTAL TRADING still wins out in my opinion and trading with Central Bank Monetary Policy is the core still for next year.\r\n\r\nI am looking at bringing back the LIVE “DRIVE THRU” webinar, but I need a software package that is good and works with Safari.\r\n\r\nSubscriptions will not increase in 2018.\r\n\r\nI am toying with adding another TRADING STYLE that I have been testing out recently. More about this early December once 90 days worthy of results are in.\r\n\r\n<u>\r\n</u><u>4:2. SENTIMENT CHART,</u><u> FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:\r\n\r\n</u>\r\n\r\nInto the year-end I think that I will get another shot at AUD and NZD weakness.\r\n\r\nThis SHOULD continue into 2018 as I am of the opinion that Central Bank divergence will become the trade moving forward.\r\n\r\nI am not 100% because of the uncertainty surrounding TRUMP. He wants a weak USD and he will talk down the USD but this will in no way be deemed to be intervention in the markets. It will be spun.\r\n\r\nI am still looking to get long GBP pairs across the board, but as mentioned recently I still believe that there is another substantial move lower in cable. The Theresa May situation and that added uncertainty makes me continue to believe that every day we trade GBP long we are risking a 100+ pip drop on the back of political fallout in the UK or a negative news item regarding BREXIT.\r\n\r\nI have my ARMAGGEDON GBP TRADES on a spreadsheet ready and armed to go!\r\n\r\nI am still looking to also get long the CHF across the board. This has to wait though until little rocket man is sorted out.\r\n\r\nLooking near term…\r\n\r\nSentiment is still mixed.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/SENTIMENT-19112017.png\"><img class=\"aligncenter size-large wp-image-10403\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/SENTIMENT-19112017-768x1024.png\" alt=\"\" width=\"768\" height=\"1024\" /></a><u> </u>\r\n\r\n<u>4:3. TRADING PLANS:</u>\r\n\r\n<u>4:3.1. TRADING PLAN OVERVIEW THIS WEEK:</u>\r\n\r\nIt will probably be a slow start to trading next week. We will be news driven so I would prefer to see a European session out of the way first.\r\n\r\nMy action plan for the week is: -\r\n<ol>\r\n 	<li>USD sentiment is still all over the place. Therefore, I will stay away as much as possible from the majors.</li>\r\n 	<li>Re-establish some cross-rate trades after the consolidation reset has taken place.</li>\r\n 	<li>Focus on re-establishing AUD and NZD short trades.</li>\r\n 	<li>CAD HEDGES. I am looking for over 1.2850 to enter shorts. I am close to getting this following last Friday’s data. Hopefully some follow through early in the week will give me an entry level that I will be happy with.</li>\r\n</ol>\r\n<u>4:3.2.  EXISTING CORE TRADES (PLANS &amp; STRATEGIES):</u>\r\n\r\nI am STILL bearish the CAD, AUD and NZD currencies. Last Friday I had a huge clear-out and I am now in re-build mode on suitable pullbacks.\r\n\r\nAs mentioned last week, the CAD is on the back burner for now. I STILL have three HEDGED trades to work through. There is no rush, but I will freely admit I am sick of looking at them blocking up my broker account live trades data area!\r\n\r\nThe AUD and NZD I am patiently waiting for pullbacks to use the opportunity to re-load again across the board.\r\n\r\nThe market itself is still broadly range bound and daily moves on most days are for the most part quite limiting.\r\n\r\n<strong><u>THE CAD:</u></strong>\r\n\r\nCurrently, I am live the following: -\r\n\r\n3 x live short USD/CAD trades. All three are HEDGED. No OUT trades are placed yet.\r\n\r\nPlus, I have a long CAD/JPY LIMIT ORDER in place but it is currently over 300 pips from the current market pricing.\r\n\r\nMY PLAN: My belief is still that the USD/CAD is a short trade. I am waiting for 1.2850-1.2910 to establish 3 x “OUT” trades for my HEDGED trades.  I have my “OUT” trade LIMIT ORDERS in place at 1.2910. The question is whether I will be able to get my preferred entry level or not.\r\n\r\nThe recent highs have topped out around 1.2915 on two or three occasions. I am expecting USD strength to filter back through the market which will help my target entry levels. I want to use the USD strength to sell into this week or next week if possible and establish my “OUT” trades for these HEDGES.\r\n\r\nBe prepared, I could be waiting several weeks here until the market conditions are right.\r\n\r\nI have no plans currently to place / related trades against other pairs.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE NZD</u></strong>:\r\n\r\nCurrently I have 3 x live long AUD/NZD trades.\r\n\r\nPlus: - I have 2 more AUD/NZD long trades in position as LIMIT ORDERS&gt;\r\n\r\nMY PLAN: I will be looking to add NZD trades across the board as soon as I see a meaningful pullback to provide beneficial pricing.\r\n\r\n&nbsp;\r\n\r\n<strong><u>THE AUD:</u></strong>\r\n\r\nCurrently live I have a AUD/JPY short.\r\n\r\nMY PLAN: - To add back trades across the board at the start of this coming week that I removed at the end of last week.\r\n\r\n&nbsp;\r\n\r\n<u>4:4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u><u> </u>\r\n\r\nCURRENT LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE-19112017.png\"><img class=\"aligncenter size-large wp-image-10405\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIVE-19112017-919x1024.png\" alt=\"\" width=\"919\" height=\"1024\" /></a>\r\n\r\nCURRENT LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-ORDERS-19112017.png\"><img class=\"aligncenter size-large wp-image-10404\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/11/LIMIT-ORDERS-19112017-1024x991.png\" alt=\"\" width=\"1024\" height=\"991\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4:5. FX BROKER NEWS with their MARKET FEEDBACK:</u>\r\n\r\nHave you guys noticed the analysts to most brokers have been booted out into doing LIVE WEBINARS in an attempt to increase retail trader numbers for the year end and into 2018?\r\n\r\nGood Lord some of them I swear to God have never seen an actual trading platform before, they are so used to working off a BLOOMBERG terminal. If you want a giggle scout twitter, they will be there this week and probably every week through to Christmas.\r\n\r\nSo, the brokers intentions are clear. BONUS $$$ and FREE WEBINARS. Be very careful on the offers there are NO free lunches in FX.\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> INTO THE CLOSE:</strong></li>\r\n</ol>\r\n<u>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 need to 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>\r\nPREMIUM SERVICE SUBSCRIPTIONS:</u>\r\n\r\nIf you like what you’ve read in this blog and should you want to go a stage further and subscribe to the PREMIUM SERVICE, this can be done on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> under the Tab SUBSCRIBE HERE.\r\n\r\nSubscribing to the PREMIUM SERVICE is not just about receiving a larger “DRIVE THRU” blog packed with more trading supporting information, my thoughts and ideas. There is much more to a subscription than those things. Check it all out under the tab HISTORY &amp; PERFORMANCE on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nAlternatively, if you prefer to watch a video recording about the PREMIUM SERVICE, click the link below. You will be directed to a 40-minute webinar presentation entitled “AN INTRODUCTION TO THE PREMIUM SERVICE”.\r\n\r\n<a href=\"http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX\">http://screencasts.weeklyfxdrivethru.com/watch/cb6fqiIAZX</a>\r\n\r\nTo subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>\r\nCLOSING THOUGHTS:</u>\r\n\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @ThePremService\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #156 PREMIUM SERVICE\r\n19th November 2017\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'KIWI WILL REMAIN UNDER PRESSURE', '', 'inherit', 'closed', 'closed', '', '10420-revision-v1', '', '', '2017-11-18 05:49:16', '2017-11-18 10:49:16', '', 10420, 'https://weeklyfxdrivethru.com/10420-revision-v1/', 0, 'revision', '', 0);
