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(9497, 1, '2017-05-14 12:25:40', '2017-05-14 17:25:40', '&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI usually start off my weekly blog with a personal comment about how I currently feel about trading and the markets in general. Not wanting to be stereotyped I thought I would do something a little different this time.\r\n\r\nHaving made the 13-hour drive / move from Quebec we are now set up in Nova Scotia in Atlantic Canada known as the Maritimes.  I am sitting at my desk with a view of forest to the side and back of our lawns, which are now fenced in to ensure that Ozzy and Aoife (Labradors) do not go a wandering and disappear.\r\n\r\nPREMIUM SERVICE subscribers are aware that I attempted to return to trading last Monday but I quickly realized that was way too ambitious given the ongoing emptying of boxes, arranging of furniture etc., and the needs required based around the general house set up.\r\n\r\nI am now going to be trading for the next two weeks, including the long flight to Auckland via Toronto and Hong Kong and the first week in New Zealand. Then I am on vacation. Trading is a little dis-jointed affair at the moment, I am scheduled back to 100% with a full and total uninterrupted return to trading on Tuesday June 13th.\r\n\r\nDespite all the activity that one has surrounding a house move, I have kept myself somewhat in touch by reading a huge amount of market commentaries. In fact, last week, I was around to see the poor US data being released, comments from Mark Carney and Mario Draghi taking the heat from Dutch MP’s, hence the title of this blog and for my “SOAPBOX” comment later.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#12 this Monday 15th May at 5:30PM.\r\n(After this Monday the next webinar is scheduled for June 19th, 2017)\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there,\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017.png\"><img class=\"aligncenter size-large wp-image-9485\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017-1024x743.png\" alt=\"\" width=\"1024\" height=\"743\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol start=\"2\">\r\n 	<li>GBP: Retail Sales numbers are released on Thursday. This is always going to be an interesting number to follow given the BREXIT process.\r\n\r\nConsumer Prices are out on Tuesday and Average Earnings on Wednesday. The UK data is always a biggie given the BOE position on inflation and interest rates. Given the household budgets squeeze with inflation on the move higher, is the UK at the beginning of a slowdown?\r\n\r\nAt the moment, I am long GBP/USD and I have let +140 pips positions fall away to +8 pips and then watch cable bounce back up again. The GBP/USD has simply just not motored higher through 1.3000 towards 1.3500 which many commentators were convinced that it would do. What does not go up only has one way to go!</li>\r\n 	<li>NZD: This pair looks to me as if it is dangling on the edge of a cliff ready to jump off.\r\n\r\nThis week we see Retail Sales, Dairy Auction prices and Producer Prices data all being released. This could be a make or break week for the Kiwi dollar.\r\n\r\nI do not want to sound over dramatic but the NZD move lower wanted by the RBNZ could gather some real momentum and once again head towards 0.6500, which was the target level indicated by previous Prime Minister John Key, I am probably correct in assuming the current Prime Minister Bill English would not object to the same level.</li>\r\n 	<li>OIL, TRUMP, BREXIT and THE EUROZONE: Always remember we are continually just seconds away from a TRUMP TWEET, an OPEC member comment on production cuts, a Theresa May comment on a HARD BREXIT or a “jotter blotter” from Brussels making a 30 seconds of fame style media comment that can all rock the markets.\r\n\r\nTrading Forex is so susceptible to these factors, this is the main reason that I now trade smaller with wider stops to accommodate the unexpected.</li>\r\n</ol>\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017.png\"><img class=\"aligncenter size-large wp-image-9486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9490\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9491\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9489\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9492\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017.png\"><img class=\"aligncenter size-large wp-image-9493\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9494\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9495\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nMONTH TO DATE: +100 pips\r\nYEAR TO DATE:      +1,382 pips\r\n\r\nI am still a little way behind my target. But trading is gathering momentum once again and I am still very confident of achieving my year-end target of 10,000 net profitable pips.\r\n\r\n<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI know it’s very bitty at the moment and not until June 13th will it alter.\r\n\r\nI had my “BUTT” handed to me surrounding Theresa May’s snap election announcement which seems ages ago. It was all but a 2,000-pip hit which hurt from a pip gathering perspective but not so much from a cash point of view although it did register.\r\n\r\nI am still confident of achieving the 10,000-pip annual goal so be prepared for a wild run through to the end of the year.\r\n\r\nThere are 5 x LIVE trades and 3 X LIMIT ORDERS in place at the moment. I have several potential trade set ups that I have been following over the past few days which should be ready to place Monday and Tuesday.\r\n\r\nTechnically many charts show some great opportunities coming into view and if both the technical’s and fundamental’s hold we could reap quite a few pips and finally make some decent $$$ this year.\r\n\r\nFundamentally, the RBA and RBNZ have made their pictures very clear. The BOJ have not altered and the FED shows great consistency despite all that surrounds them from a TRUMP administration that lacks clarity and cohesion. It is the ECB that causes me a little concern, on the basis that commentary from peripherals is believed and can screw up a trade direction. However, any shifts in policy should only be believed if it comes from Mario Draghi himself. Any shorter-term fluctuations should be used as either a buying or selling opportunity.\r\n\r\n<u>CORE TRADES:\r\n\r\n</u>This section will re-fill commencing June 13th, 2017.<u>\r\n\r\n</u>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017.png\"><img class=\"aligncenter size-large wp-image-9488\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017-814x1024.png\" alt=\"\" width=\"814\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017.png\"><img class=\"aligncenter size-large wp-image-9487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017-768x1024.png\" alt=\"\" width=\"768\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>IS IT A PULLBACK OPPORTUNITY?  - </strong><strong>MAYBE, MAYBE NOT</strong>\r\n\r\nSo; the big questions for me are: -\r\n<ul>\r\n 	<li>Following the poor US Retail Sales and Consumer Prices data from last week the question is, was that the top or are we seeing the opportunity to buy the DXY dip?</li>\r\n 	<li>The GBP/USD has failed to pass the psychological 1.3000 level. Are we capped or pulling back as BREXIT uncertainty will dominate once again once the June 8th election is out of the way?</li>\r\n 	<li>The EUR/USD is popping on news that the EUROZONE economy is showing continual improvements, the two initial geopolitical news events (Dutch and French elections) have now passed without populist victories and we are now in a rumour zone about how the ECB will taper QE and normalize interest rates once again. Can Draghi hold back the bullish market intent?</li>\r\n</ul>\r\n&nbsp;\r\n\r\nHaving been basically observing prices rather than the intraday movement my views and thoughts are really at the moment viewed from a very high macro level.\r\n\r\nVery briefly this is my take on the tree currencies moving forwards\r\nUSD: - The FED seems determined to raise interest rates regardless and one month’s poor data will NOT deter them from the goal of the rate normalization process. Interest rate expectations of a rise in June are still around 90%. Labour data is strong and the economy cannot just straight line, it is a marathon not a sprint. Therefore, expect the DXY to rise on a rate hike.\r\n\r\nBuying the USD makes sense to me on this pullback which may continue into the Asian session as the week starts up once again.\r\n\r\nWe will have greater central bank interest rate divergence of a result of another 0.25% rise in June - do NOT underestimate this point.\r\n\r\n\r\nGBP: - At the moment, I am long GBP/USD. Will we see a short-term pullback? The pair held at 1.3000 and realistically the bulls were at fever pitch claiming that the bottom was in.\r\n\r\nIn my opinion an election was called to confirm and extend Theresa May’s position as Prime Minister but fundamentally nothing has changed. We are still heading into unchartered waters with the BREXIT, and the UK economy is starting to slow down as the inflation pinch starts to hit home.\r\n\r\nI cannot see Carney wanting to rock the boat and raise rates. I believe he will have his back to the wall until something tangible can change his medium-term views.\r\n\r\nMy thoughts are that, up to the election cable stands a chance of re-testing 1.3000 again and we may rally beyond 1.3000 if Theresa May pummels the Labour Party at the general election, but I then expect cable to move lower once again as BREXIT uncertainty then becomes the major news event.\r\n\r\nLong cable and then short cable after the election are my thoughts. Shorting cable should coincide with the FED raising interest rates.\r\n\r\n&nbsp;\r\n\r\nEUR: - This is the hardest to call. I can see every argument for going long EUR/USD, in fact it is what I am going to do but I do fear the FED rate hike could scupper that move. At the same time, I do believe that the threats to the single currency have somewhat subsided.\r\n\r\nDraghi will not want the currency to run too high as this will affect his plans. The FED rate hike could help him, but the EUR/USD is very cheap at the moment all things considered and ultimately, I believe this will override all matters and the EUR/USD around 1.1400 should not be ruled out. Having written that, we need to read and digest all the commentaries from Mario Draghi and Janet Yellen.\r\n\r\nThis call is the hardest and most difficult of all three currencies. I will say that I would leave the EUR/USD alone and buy the EUR crosses for a long EUR trade.\r\n\r\nGood luck.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week and see you next on May 14th, 2017\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #136 PREMIUM SERVICE\r\nDATE: 14th May 2017.\r\n\r\n&nbsp;', 'IS IT A PULLBACK OPPORTUNITY?  MAYBE, MAYBE NOT?', '', 'inherit', 'closed', 'closed', '', '9496-revision-v1', '', '', '2017-05-14 12:25:40', '2017-05-14 17:25:40', '', 9496, 'https://weeklyfxdrivethru.com/9496-revision-v1/', 0, 'revision', '', 0),
(9498, 1, '2017-05-14 12:26:47', '2017-05-14 17:26:47', '&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI usually start off my weekly blog with a personal comment about how I currently feel about trading and the markets in general. Not wanting to be stereotyped I thought I would do something a little different this time.\r\n\r\nHaving made the 13-hour drive / move from Quebec we are now set up in Nova Scotia in Atlantic Canada known as the Maritimes.  I am sitting at my desk with a view of forest to the side and back of our lawns, which are now fenced in to ensure that Ozzy and Aoife (Labradors) do not go a wandering and disappear.\r\n\r\nPREMIUM SERVICE subscribers are aware that I attempted to return to trading last Monday but I quickly realized that was way too ambitious given the ongoing emptying of boxes, arranging of furniture etc., and the needs required based around the general house set up.\r\n\r\nI am now going to be trading for the next two weeks, including the long flight to Auckland via Toronto and Hong Kong and the first week in New Zealand. Then I am on vacation. Trading is a little dis-jointed affair at the moment, I am scheduled back to 100% with a full and total uninterrupted return to trading on Tuesday June 13th.\r\n\r\nDespite all the activity that one has surrounding a house move, I have kept myself somewhat in touch by reading a huge amount of market commentaries. In fact, last week, I was around to see the poor US data being released, comments from Mark Carney and Mario Draghi taking the heat from Dutch MP’s, hence the title of this blog and for my “SOAPBOX” comment later.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#12 this Monday 15th May at 5:30PM.\r\n(After this Monday the next webinar is scheduled for June 19th, 2017)\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there,\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017.png\"><img class=\"aligncenter size-large wp-image-9485\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017-1024x743.png\" alt=\"\" width=\"1024\" height=\"743\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol start=\"2\">\r\n 	<li>GBP: Retail Sales numbers are released on Thursday. This is always going to be an interesting number to follow given the BREXIT process.Consumer Prices are out on Tuesday and Average Earnings on Wednesday. The UK data is always a biggie given the BOE position on inflation and interest rates. Given the household budgets squeeze with inflation on the move higher, is the UK at the beginning of a slowdown?\r\n\r\nAt the moment, I am long GBP/USD and I have let +140 pips positions fall away to +8 pips and then watch cable bounce back up again. The GBP/USD has simply just not motored higher through 1.3000 towards 1.3500 which many commentators were convinced that it would do. What does not go up only has one way to go!</li>\r\n 	<li>NZD: This pair looks to me as if it is dangling on the edge of a cliff ready to jump off.This week we see Retail Sales, Dairy Auction prices and Producer Prices data all being released. This could be a make or break week for the Kiwi dollar.\r\n\r\nI do not want to sound over dramatic but the NZD move lower wanted by the RBNZ could gather some real momentum and once again head towards 0.6500, which was the target level indicated by previous Prime Minister John Key, I am probably correct in assuming the current Prime Minister Bill English would not object to the same level.</li>\r\n 	<li>OIL, TRUMP, BREXIT and THE EUROZONE: Always remember we are continually just seconds away from a TRUMP TWEET, an OPEC member comment on production cuts, a Theresa May comment on a HARD BREXIT or a “jotter blotter” from Brussels making a 30 seconds of fame style media comment that can all rock the markets.Trading Forex is so susceptible to these factors, this is the main reason that I now trade smaller with wider stops to accommodate the unexpected.</li>\r\n</ol>\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017.png\"><img class=\"aligncenter size-large wp-image-9486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9490\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9491\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9489\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9492\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017.png\"><img class=\"aligncenter size-large wp-image-9493\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9494\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9495\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nMONTH TO DATE: +100 pips\r\nYEAR TO DATE:      +1,382 pips\r\n\r\nI am still a little way behind my target. But trading is gathering momentum once again and I am still very confident of achieving my year-end target of 10,000 net profitable pips.\r\n\r\n<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI know it’s very bitty at the moment and not until June 13th will it alter.\r\n\r\nI had my “BUTT” handed to me surrounding Theresa May’s snap election announcement which seems ages ago. It was all but a 2,000-pip hit which hurt from a pip gathering perspective but not so much from a cash point of view although it did register.\r\n\r\nI am still confident of achieving the 10,000-pip annual goal so be prepared for a wild run through to the end of the year.\r\n\r\nThere are 5 x LIVE trades and 3 X LIMIT ORDERS in place at the moment. I have several potential trade set ups that I have been following over the past few days which should be ready to place Monday and Tuesday.\r\n\r\nTechnically many charts show some great opportunities coming into view and if both the technical’s and fundamental’s hold we could reap quite a few pips and finally make some decent $$$ this year.\r\n\r\nFundamentally, the RBA and RBNZ have made their pictures very clear. The BOJ have not altered and the FED shows great consistency despite all that surrounds them from a TRUMP administration that lacks clarity and cohesion. It is the ECB that causes me a little concern, on the basis that commentary from peripherals is believed and can screw up a trade direction. However, any shifts in policy should only be believed if it comes from Mario Draghi himself. Any shorter-term fluctuations should be used as either a buying or selling opportunity.\r\n\r\n<u>CORE TRADES:</u>\r\n\r\nThis section will re-fill commencing June 13th, 2017.<u></u>\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017.png\"><img class=\"aligncenter size-large wp-image-9488\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017-814x1024.png\" alt=\"\" width=\"814\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017.png\"><img class=\"aligncenter size-large wp-image-9487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017-768x1024.png\" alt=\"\" width=\"768\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>IS IT A PULLBACK OPPORTUNITY?  - </strong><strong>MAYBE, MAYBE NOT</strong>\r\n\r\nSo; the big questions for me are: -\r\n<ul>\r\n 	<li>Following the poor US Retail Sales and Consumer Prices data from last week the question is, was that the top or are we seeing the opportunity to buy the DXY dip?</li>\r\n 	<li>The GBP/USD has failed to pass the psychological 1.3000 level. Are we capped or pulling back as BREXIT uncertainty will dominate once again once the June 8th election is out of the way?</li>\r\n 	<li>The EUR/USD is popping on news that the EUROZONE economy is showing continual improvements, the two initial geopolitical news events (Dutch and French elections) have now passed without populist victories and we are now in a rumour zone about how the ECB will taper QE and normalize interest rates once again. Can Draghi hold back the bullish market intent?</li>\r\n</ul>\r\n&nbsp;\r\n\r\nHaving been basically observing prices rather than the intraday movement my views and thoughts are really at the moment viewed from a very high macro level.\r\n\r\nVery briefly this is my take on the tree currencies moving forwards\r\nUSD: - The FED seems determined to raise interest rates regardless and one month’s poor data will NOT deter them from the goal of the rate normalization process. Interest rate expectations of a rise in June are still around 90%. Labour data is strong and the economy cannot just straight line, it is a marathon not a sprint. Therefore, expect the DXY to rise on a rate hike.\r\n\r\nBuying the USD makes sense to me on this pullback which may continue into the Asian session as the week starts up once again.\r\n\r\nWe will have greater central bank interest rate divergence of a result of another 0.25% rise in June - do NOT underestimate this point.\r\n\r\nGBP: - At the moment, I am long GBP/USD. Will we see a short-term pullback? The pair held at 1.3000 and realistically the bulls were at fever pitch claiming that the bottom was in.\r\n\r\nIn my opinion an election was called to confirm and extend Theresa May’s position as Prime Minister but fundamentally nothing has changed. We are still heading into unchartered waters with the BREXIT, and the UK economy is starting to slow down as the inflation pinch starts to hit home.\r\n\r\nI cannot see Carney wanting to rock the boat and raise rates. I believe he will have his back to the wall until something tangible can change his medium-term views.\r\n\r\nMy thoughts are that, up to the election cable stands a chance of re-testing 1.3000 again and we may rally beyond 1.3000 if Theresa May pummels the Labour Party at the general election, but I then expect cable to move lower once again as BREXIT uncertainty then becomes the major news event.\r\n\r\nLong cable and then short cable after the election are my thoughts. Shorting cable should coincide with the FED raising interest rates.\r\n\r\n&nbsp;\r\n\r\nEUR: - This is the hardest to call. I can see every argument for going long EUR/USD, in fact it is what I am going to do but I do fear the FED rate hike could scupper that move. At the same time, I do believe that the threats to the single currency have somewhat subsided.\r\n\r\nDraghi will not want the currency to run too high as this will affect his plans. The FED rate hike could help him, but the EUR/USD is very cheap at the moment all things considered and ultimately, I believe this will override all matters and the EUR/USD around 1.1400 should not be ruled out. Having written that, we need to read and digest all the commentaries from Mario Draghi and Janet Yellen.\r\n\r\nThis call is the hardest and most difficult of all three currencies. I will say that I would leave the EUR/USD alone and buy the EUR crosses for a long EUR trade.\r\n\r\nGood luck.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week and see you next on May 14th, 2017\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #136 PREMIUM SERVICE\r\nDATE: 14th May 2017.\r\n\r\n&nbsp;', 'IS IT A PULLBACK OPPORTUNITY?  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(9499, 1, '2017-05-14 12:27:04', '2017-05-14 17:27:04', '&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI usually start off my weekly blog with a personal comment about how I currently feel about trading and the markets in general. Not wanting to be stereotyped I thought I would do something a little different this time.\r\n\r\nHaving made the 13-hour drive / move from Quebec we are now set up in Nova Scotia in Atlantic Canada known as the Maritimes.  I am sitting at my desk with a view of forest to the side and back of our lawns, which are now fenced in to ensure that Ozzy and Aoife (Labradors) do not go a wandering and disappear.\r\n\r\nPREMIUM SERVICE subscribers are aware that I attempted to return to trading last Monday but I quickly realized that was way too ambitious given the ongoing emptying of boxes, arranging of furniture etc., and the needs required based around the general house set up.\r\n\r\nI am now going to be trading for the next two weeks, including the long flight to Auckland via Toronto and Hong Kong and the first week in New Zealand. Then I am on vacation. Trading is a little dis-jointed affair at the moment, I am scheduled back to 100% with a full and total uninterrupted return to trading on Tuesday June 13th.\r\n\r\nDespite all the activity that one has surrounding a house move, I have kept myself somewhat in touch by reading a huge amount of market commentaries. In fact, last week, I was around to see the poor US data being released, comments from Mark Carney and Mario Draghi taking the heat from Dutch MP’s, hence the title of this blog and for my “SOAPBOX” comment later.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#12 this Monday 15th May at 5:30PM.\r\n(After this Monday the next webinar is scheduled for June 19th, 2017)\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there,\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017.png\"><img class=\"aligncenter size-large wp-image-9485\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017-1024x743.png\" alt=\"\" width=\"1024\" height=\"743\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol start=\"2\">\r\n 	<li>GBP: Retail Sales numbers are released on Thursday. This is always going to be an interesting number to follow given the BREXIT process.Consumer Prices are out on Tuesday and Average Earnings on Wednesday. The UK data is always a biggie given the BOE position on inflation and interest rates. Given the household budgets squeeze with inflation on the move higher, is the UK at the beginning of a slowdown?At the moment, I am long GBP/USD and I have let +140 pips positions fall away to +8 pips and then watch cable bounce back up again. The GBP/USD has simply just not motored higher through 1.3000 towards 1.3500 which many commentators were convinced that it would do. What does not go up only has one way to go!</li>\r\n 	<li>NZD: This pair looks to me as if it is dangling on the edge of a cliff ready to jump off.This week we see Retail Sales, Dairy Auction prices and Producer Prices data all being released. This could be a make or break week for the Kiwi dollar.I do not want to sound over dramatic but the NZD move lower wanted by the RBNZ could gather some real momentum and once again head towards 0.6500, which was the target level indicated by previous Prime Minister John Key, I am probably correct in assuming the current Prime Minister Bill English would not object to the same level.</li>\r\n 	<li>OIL, TRUMP, BREXIT and THE EUROZONE: Always remember we are continually just seconds away from a TRUMP TWEET, an OPEC member comment on production cuts, a Theresa May comment on a HARD BREXIT or a “jotter blotter” from Brussels making a 30 seconds of fame style media comment that can all rock the markets.Trading Forex is so susceptible to these factors, this is the main reason that I now trade smaller with wider stops to accommodate the unexpected.</li>\r\n</ol>\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017.png\"><img class=\"aligncenter size-large wp-image-9486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9490\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9491\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9489\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9492\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017.png\"><img class=\"aligncenter size-large wp-image-9493\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9494\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9495\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nMONTH TO DATE: +100 pips\r\nYEAR TO DATE:      +1,382 pips\r\n\r\nI am still a little way behind my target. But trading is gathering momentum once again and I am still very confident of achieving my year-end target of 10,000 net profitable pips.\r\n\r\n<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI know it’s very bitty at the moment and not until June 13th will it alter.\r\n\r\nI had my “BUTT” handed to me surrounding Theresa May’s snap election announcement which seems ages ago. It was all but a 2,000-pip hit which hurt from a pip gathering perspective but not so much from a cash point of view although it did register.\r\n\r\nI am still confident of achieving the 10,000-pip annual goal so be prepared for a wild run through to the end of the year.\r\n\r\nThere are 5 x LIVE trades and 3 X LIMIT ORDERS in place at the moment. I have several potential trade set ups that I have been following over the past few days which should be ready to place Monday and Tuesday.\r\n\r\nTechnically many charts show some great opportunities coming into view and if both the technical’s and fundamental’s hold we could reap quite a few pips and finally make some decent $$$ this year.\r\n\r\nFundamentally, the RBA and RBNZ have made their pictures very clear. The BOJ have not altered and the FED shows great consistency despite all that surrounds them from a TRUMP administration that lacks clarity and cohesion. It is the ECB that causes me a little concern, on the basis that commentary from peripherals is believed and can screw up a trade direction. However, any shifts in policy should only be believed if it comes from Mario Draghi himself. Any shorter-term fluctuations should be used as either a buying or selling opportunity.\r\n\r\n<u>CORE TRADES:</u>\r\n\r\nThis section will re-fill commencing June 13th, 2017.<u></u>\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017.png\"><img class=\"aligncenter size-large wp-image-9488\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017-814x1024.png\" alt=\"\" width=\"814\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017.png\"><img class=\"aligncenter size-large wp-image-9487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017-768x1024.png\" alt=\"\" width=\"768\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>IS IT A PULLBACK OPPORTUNITY?  - </strong><strong>MAYBE, MAYBE NOT</strong>\r\n\r\nSo; the big questions for me are: -\r\n<ul>\r\n 	<li>Following the poor US Retail Sales and Consumer Prices data from last week the question is, was that the top or are we seeing the opportunity to buy the DXY dip?</li>\r\n 	<li>The GBP/USD has failed to pass the psychological 1.3000 level. Are we capped or pulling back as BREXIT uncertainty will dominate once again once the June 8th election is out of the way?</li>\r\n 	<li>The EUR/USD is popping on news that the EUROZONE economy is showing continual improvements, the two initial geopolitical news events (Dutch and French elections) have now passed without populist victories and we are now in a rumour zone about how the ECB will taper QE and normalize interest rates once again. Can Draghi hold back the bullish market intent?</li>\r\n</ul>\r\n&nbsp;\r\n\r\nHaving been basically observing prices rather than the intraday movement my views and thoughts are really at the moment viewed from a very high macro level.\r\n\r\nVery briefly this is my take on the tree currencies moving forwards\r\nUSD: - The FED seems determined to raise interest rates regardless and one month’s poor data will NOT deter them from the goal of the rate normalization process. Interest rate expectations of a rise in June are still around 90%. Labour data is strong and the economy cannot just straight line, it is a marathon not a sprint. Therefore, expect the DXY to rise on a rate hike.\r\n\r\nBuying the USD makes sense to me on this pullback which may continue into the Asian session as the week starts up once again.\r\n\r\nWe will have greater central bank interest rate divergence of a result of another 0.25% rise in June - do NOT underestimate this point.\r\n\r\nGBP: - At the moment, I am long GBP/USD. Will we see a short-term pullback? The pair held at 1.3000 and realistically the bulls were at fever pitch claiming that the bottom was in.\r\n\r\nIn my opinion an election was called to confirm and extend Theresa May’s position as Prime Minister but fundamentally nothing has changed. We are still heading into unchartered waters with the BREXIT, and the UK economy is starting to slow down as the inflation pinch starts to hit home.\r\n\r\nI cannot see Carney wanting to rock the boat and raise rates. I believe he will have his back to the wall until something tangible can change his medium-term views.\r\n\r\nMy thoughts are that, up to the election cable stands a chance of re-testing 1.3000 again and we may rally beyond 1.3000 if Theresa May pummels the Labour Party at the general election, but I then expect cable to move lower once again as BREXIT uncertainty then becomes the major news event.\r\n\r\nLong cable and then short cable after the election are my thoughts. Shorting cable should coincide with the FED raising interest rates.\r\n\r\n&nbsp;\r\n\r\nEUR: - This is the hardest to call. I can see every argument for going long EUR/USD, in fact it is what I am going to do but I do fear the FED rate hike could scupper that move. At the same time, I do believe that the threats to the single currency have somewhat subsided.\r\n\r\nDraghi will not want the currency to run too high as this will affect his plans. The FED rate hike could help him, but the EUR/USD is very cheap at the moment all things considered and ultimately, I believe this will override all matters and the EUR/USD around 1.1400 should not be ruled out. Having written that, we need to read and digest all the commentaries from Mario Draghi and Janet Yellen.\r\n\r\nThis call is the hardest and most difficult of all three currencies. I will say that I would leave the EUR/USD alone and buy the EUR crosses for a long EUR trade.\r\n\r\nGood luck.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week and see you next on May 14th, 2017\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #136 PREMIUM SERVICE\r\nDATE: 14th May 2017.\r\n\r\n&nbsp;', 'IS IT A PULLBACK OPPORTUNITY?  MAYBE, MAYBE NOT?', '', 'inherit', 'closed', 'closed', '', '9496-revision-v1', '', '', '2017-05-14 12:27:04', '2017-05-14 17:27:04', '', 9496, 'https://weeklyfxdrivethru.com/9496-revision-v1/', 0, 'revision', '', 0),
(9500, 1, '2017-05-14 12:28:29', '2017-05-14 17:28:29', '&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI usually start off my weekly blog with a personal comment about how I currently feel about trading and the markets in general. Not wanting to be stereotyped I thought I would do something a little different this time.\r\n\r\nHaving made the 13-hour drive / move from Quebec we are now set up in Nova Scotia in Atlantic Canada known as the Maritimes.  I am sitting at my desk with a view of forest to the side and back of our lawns, which are now fenced in to ensure that Ozzy and Aoife (Labradors) do not go a wandering and disappear.\r\n\r\nPREMIUM SERVICE subscribers are aware that I attempted to return to trading last Monday but I quickly realized that was way too ambitious given the ongoing emptying of boxes, arranging of furniture etc., and the needs required based around the general house set up.\r\n\r\nI am now going to be trading for the next two weeks, including the long flight to Auckland via Toronto and Hong Kong and the first week in New Zealand. Then I am on vacation. Trading is a little dis-jointed affair at the moment, I am scheduled back to 100% with a full and total uninterrupted return to trading on Tuesday June 13th.\r\n\r\nDespite all the activity that one has surrounding a house move, I have kept myself somewhat in touch by reading a huge amount of market commentaries. In fact, last week, I was around to see the poor US data being released, comments from Mark Carney and Mario Draghi taking the heat from Dutch MP’s, hence the title of this blog and for my “SOAPBOX” comment later.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#12 this Monday 15th May at 5:30PM.\r\n(After this Monday the next webinar is scheduled for June 19th, 2017)\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there,\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017.png\"><img class=\"aligncenter size-large wp-image-9485\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017-1024x743.png\" alt=\"\" width=\"1024\" height=\"743\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>GBP: Retail Sales numbers are released on Thursday. This is always going to be an interesting number to follow given the BREXIT process.Consumer Prices are out on Tuesday and Average Earnings on Wednesday. The UK data is always a biggie given the BOE position on inflation and interest rates. Given the household budgets squeeze with inflation on the move higher, is the UK at the beginning of a slowdown?At the moment, I am long GBP/USD and I have let +140 pips positions fall away to +8 pips and then watch cable bounce back up again. The GBP/USD has simply just not motored higher through 1.3000 towards 1.3500 which many commentators were convinced that it would do. What does not go up only has one way to go!</li>\r\n 	<li>NZD: This pair looks to me as if it is dangling on the edge of a cliff ready to jump off.This week we see Retail Sales, Dairy Auction prices and Producer Prices data all being released. This could be a make or break week for the Kiwi dollar.I do not want to sound over dramatic but the NZD move lower wanted by the RBNZ could gather some real momentum and once again head towards 0.6500, which was the target level indicated by previous Prime Minister John Key, I am probably correct in assuming the current Prime Minister Bill English would not object to the same level.</li>\r\n 	<li>OIL, TRUMP, BREXIT and THE EUROZONE: Always remember we are continually just seconds away from a TRUMP TWEET, an OPEC member comment on production cuts, a Theresa May comment on a HARD BREXIT or a “jotter blotter” from Brussels making a 30 seconds of fame style media comment that can all rock the markets.Trading Forex is so susceptible to these factors, this is the main reason that I now trade smaller with wider stops to accommodate the unexpected.</li>\r\n</ol>\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017.png\"><img class=\"aligncenter size-large wp-image-9486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9490\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9491\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9489\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9492\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017.png\"><img class=\"aligncenter size-large wp-image-9493\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9494\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9495\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nMONTH TO DATE: +100 pips\r\nYEAR TO DATE:      +1,382 pips\r\n\r\nI am still a little way behind my target. But trading is gathering momentum once again and I am still very confident of achieving my year-end target of 10,000 net profitable pips.\r\n\r\n<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI know it’s very bitty at the moment and not until June 13th will it alter.\r\n\r\nI had my “BUTT” handed to me surrounding Theresa May’s snap election announcement which seems ages ago. It was all but a 2,000-pip hit which hurt from a pip gathering perspective but not so much from a cash point of view although it did register.\r\n\r\nI am still confident of achieving the 10,000-pip annual goal so be prepared for a wild run through to the end of the year.\r\n\r\nThere are 5 x LIVE trades and 3 X LIMIT ORDERS in place at the moment. I have several potential trade set ups that I have been following over the past few days which should be ready to place Monday and Tuesday.\r\n\r\nTechnically many charts show some great opportunities coming into view and if both the technical’s and fundamental’s hold we could reap quite a few pips and finally make some decent $$$ this year.\r\n\r\nFundamentally, the RBA and RBNZ have made their pictures very clear. The BOJ have not altered and the FED shows great consistency despite all that surrounds them from a TRUMP administration that lacks clarity and cohesion. It is the ECB that causes me a little concern, on the basis that commentary from peripherals is believed and can screw up a trade direction. However, any shifts in policy should only be believed if it comes from Mario Draghi himself. Any shorter-term fluctuations should be used as either a buying or selling opportunity.\r\n\r\n<u>CORE TRADES:</u>\r\n\r\nThis section will re-fill commencing June 13th, 2017.<u></u>\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017.png\"><img class=\"aligncenter size-large wp-image-9488\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIVE-TRADES-14052017-814x1024.png\" alt=\"\" width=\"814\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017.png\"><img class=\"aligncenter size-large wp-image-9487\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/LIMIT-ORDERS-14052017-768x1024.png\" alt=\"\" width=\"768\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>IS IT A PULLBACK OPPORTUNITY?  - </strong><strong>MAYBE, MAYBE NOT</strong>\r\n\r\nSo; the big questions for me are: -\r\n<ul>\r\n 	<li>Following the poor US Retail Sales and Consumer Prices data from last week the question is, was that the top or are we seeing the opportunity to buy the DXY dip?</li>\r\n 	<li>The GBP/USD has failed to pass the psychological 1.3000 level. Are we capped or pulling back as BREXIT uncertainty will dominate once again once the June 8th election is out of the way?</li>\r\n 	<li>The EUR/USD is popping on news that the EUROZONE economy is showing continual improvements, the two initial geopolitical news events (Dutch and French elections) have now passed without populist victories and we are now in a rumour zone about how the ECB will taper QE and normalize interest rates once again. Can Draghi hold back the bullish market intent?</li>\r\n</ul>\r\n&nbsp;\r\n\r\nHaving been basically observing prices rather than the intraday movement my views and thoughts are really at the moment viewed from a very high macro level.\r\n\r\nVery briefly this is my take on the tree currencies moving forwards\r\nUSD: - The FED seems determined to raise interest rates regardless and one month’s poor data will NOT deter them from the goal of the rate normalization process. Interest rate expectations of a rise in June are still around 90%. Labour data is strong and the economy cannot just straight line, it is a marathon not a sprint. Therefore, expect the DXY to rise on a rate hike.\r\n\r\nBuying the USD makes sense to me on this pullback which may continue into the Asian session as the week starts up once again.\r\n\r\nWe will have greater central bank interest rate divergence of a result of another 0.25% rise in June - do NOT underestimate this point.\r\n\r\nGBP: - At the moment, I am long GBP/USD. Will we see a short-term pullback? The pair held at 1.3000 and realistically the bulls were at fever pitch claiming that the bottom was in.\r\n\r\nIn my opinion an election was called to confirm and extend Theresa May’s position as Prime Minister but fundamentally nothing has changed. We are still heading into unchartered waters with the BREXIT, and the UK economy is starting to slow down as the inflation pinch starts to hit home.\r\n\r\nI cannot see Carney wanting to rock the boat and raise rates. I believe he will have his back to the wall until something tangible can change his medium-term views.\r\n\r\nMy thoughts are that, up to the election cable stands a chance of re-testing 1.3000 again and we may rally beyond 1.3000 if Theresa May pummels the Labour Party at the general election, but I then expect cable to move lower once again as BREXIT uncertainty then becomes the major news event.\r\n\r\nLong cable and then short cable after the election are my thoughts. Shorting cable should coincide with the FED raising interest rates.\r\n\r\n&nbsp;\r\n\r\nEUR: - This is the hardest to call. I can see every argument for going long EUR/USD, in fact it is what I am going to do but I do fear the FED rate hike could scupper that move. At the same time, I do believe that the threats to the single currency have somewhat subsided.\r\n\r\nDraghi will not want the currency to run too high as this will affect his plans. The FED rate hike could help him, but the EUR/USD is very cheap at the moment all things considered and ultimately, I believe this will override all matters and the EUR/USD around 1.1400 should not be ruled out. Having written that, we need to read and digest all the commentaries from Mario Draghi and Janet Yellen.\r\n\r\nThis call is the hardest and most difficult of all three currencies. I will say that I would leave the EUR/USD alone and buy the EUR crosses for a long EUR trade.\r\n\r\nGood luck.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week and see you next on May 14th, 2017\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #136 PREMIUM SERVICE\r\nDATE: 14th May 2017.\r\n\r\n&nbsp;', 'IS IT A PULLBACK OPPORTUNITY?  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(9501, 1, '2017-05-14 12:51:32', '2017-05-14 17:51:32', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI usually start off my weekly blog with a personal comment about how I currently feel about trading and the markets in general. Not wanting to be stereotyped I thought I would do something a little different this time.\r\n\r\nHaving made the 13-hour drive / move from Quebec we are now set up in Nova Scotia in Atlantic Canada known as the Maritimes.  I am sitting at my desk with a view of forest to the side and back of our lawns, which are now fenced in to ensure that Ozzy and Aoife (Labradors) do not go a wandering and disappear.\r\n\r\nPREMIUM SERVICE subscribers are aware that I attempted to return to trading last Monday but I quickly realized that was way too ambitious given the ongoing emptying of boxes, arranging of furniture etc., and the needs required based around the general house set up.\r\n\r\nI am now going to be trading for the next two weeks, including the long flight to Auckland via Toronto and Hong Kong and the first week in New Zealand. Then I am on vacation. Trading is a little dis-jointed affair at the moment, I am scheduled back to 100% with a full and total uninterrupted return to trading on Tuesday June 13th.\r\n\r\nDespite all the activity that one has surrounding a house move, I have kept myself somewhat in touch by reading a huge amount of market commentaries. In fact, last week, I was around to see the poor US data being released, comments from Mark Carney and Mario Draghi taking the heat from Dutch MP’s, hence the title of this blog and for my “SOAPBOX” comment later.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#12 this Monday 15th May at 5:30PM.\r\n(After this Monday the next webinar is scheduled for June 19th, 2017)\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017.png\"><img class=\"aligncenter size-large wp-image-9485\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017-1024x743.png\" alt=\"\" width=\"1024\" height=\"743\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>GBP: Retail Sales numbers are released on Thursday. This is always going to be an interesting number to follow given the BREXIT process.Consumer Prices are out on Tuesday and Average Earnings on Wednesday. The UK data is always a biggie given the BOE position on inflation and interest rates. Given the household budgets squeeze with inflation on the move higher, is the UK at the beginning of a slowdown?\r\n\r\nAt the moment, I am long GBP/USD and I have let +140 pips positions fall away to +8 pips and then watch cable bounce back up again. The GBP/USD has simply just not motored higher through 1.3000 towards 1.3500 which many commentators were convinced that it would do. What does not go up only has one way to go!</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li>NZD: This pair looks to me as if it is dangling on the edge of a cliff ready to jump off.This week we see Retail Sales, Dairy Auction prices and Producer Prices data all being released. This could be a make or break week for the Kiwi dollar.\r\n\r\nI do not want to sound over dramatic but the NZD move lower wanted by the RBNZ could gather some real momentum and once again head towards 0.6500, which was the target level indicated by previous Prime Minister John Key, I am probably correct in assuming the current Prime Minister Bill English would not object to the same level.</li>\r\n 	<li>OIL, TRUMP, BREXIT and THE EUROZONE: Always remember we are continually just seconds away from a TRUMP TWEET, an OPEC member comment on production cuts, a Theresa May comment on a HARD BREXIT or a “jotter blotter” from Brussels making a 30 seconds of fame style media comment that can all rock the markets.Trading Forex is so susceptible to these factors, this is the main reason that I now trade smaller with wider stops to accommodate the unexpected.</li>\r\n</ol>\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017.png\"><img class=\"aligncenter size-large wp-image-9486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n&nbsp;\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9490\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9491\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9489\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9492\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017.png\"><img class=\"aligncenter size-large wp-image-9493\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9494\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9495\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nMONTH TO DATE: +100 pips\r\nYEAR TO DATE:      +1,382 pips\r\n\r\nI am still a little way behind my target. But trading is gathering momentum once again and I am still very confident of achieving my year-end target of 10,000 net profitable pips.\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Content not available with this version of the blog)</li>\r\n</ol>\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>IS IT A PULLBACK OPPORTUNITY? - </strong><strong>MAYBE, MAYBE NOT</strong>\r\n\r\nSo; the big questions for me are: -\r\n<ul>\r\n 	<li>Following the poor US Retail Sales and Consumer Prices data from last week the question is, was that the top or are we seeing the opportunity to buy the DXY dip?</li>\r\n 	<li>The GBP/USD has failed to pass the psychological 1.3000 level. Are we capped or pulling back as BREXIT uncertainty will dominate once again once the June 8th election is out of the way?</li>\r\n 	<li>The EUR/USD is popping on news that the EUROZONE economy is showing continual improvements, the two initial geopolitical news events (Dutch and French elections) have now passed without populist victories and we are now in a rumour zone about how the ECB will taper QE and normalize interest rates once again. Can Draghi hold back the bullish market intent?</li>\r\n</ul>\r\n&nbsp;\r\n\r\nHaving been basically observing prices rather than the intraday movement my views and thoughts are really at the moment viewed from a very high macro level.\r\n\r\nVery briefly this is my take on the tree currencies moving forwards:\r\n\r\nUSD: - The FED seems determined to raise interest rates regardless and one month’s poor data will NOT deter them from the goal of the rate normalization process. Interest rate expectations of a rise in June are still around 90%. Labour data is strong and the economy cannot just straight line, it is a marathon not a sprint. Therefore, expect the DXY to rise on a rate hike.\r\n\r\nBuying the USD makes sense to me on this pullback which may continue into the Asian session as the week starts up once again.\r\n\r\nWe will have greater central bank interest rate divergence of a result of another 0.25% rise in June - do NOT underestimate this point.\r\n\r\nGBP: - At the moment, I am long GBP/USD. Will we see a short-term pullback? The pair held at 1.3000 and realistically the bulls were at fever pitch claiming that the bottom was in.\r\n\r\nIn my opinion an election was called to confirm and extend Theresa May’s position as Prime Minister but fundamentally nothing has changed. We are still heading into unchartered waters with the BREXIT, and the UK economy is starting to slow down as the inflation pinch starts to hit home.\r\n\r\nI cannot see Carney wanting to rock the boat and raise rates. I believe he will have his back to the wall until something tangible can change his medium-term views.\r\n\r\nMy thoughts are that, up to the election cable stands a chance of re-testing 1.3000 again and we may rally beyond 1.3000 if Theresa May pummels the Labour Party at the general election, but I then expect cable to move lower once again as BREXIT uncertainty then becomes the major news event.\r\n\r\nLong cable and then short cable after the election are my thoughts. Shorting cable should coincide with the FED raising interest rates.\r\n\r\n&nbsp;\r\n\r\nEUR: - This is the hardest to call. I can see every argument for going long EUR/USD, in fact it is what I am going to do but I do fear the FED rate hike could scupper that move. At the same time, I do believe that the threats to the single currency have somewhat subsided.\r\n\r\nDraghi will not want the currency to run too high as this will affect his plans. The FED rate hike could help him, but the EUR/USD is very cheap at the moment all things considered and ultimately, I believe this will override all matters and the EUR/USD around 1.1400 should not be ruled out. Having written that, we need to read and digest all the commentaries from Mario Draghi and Janet Yellen.\r\n\r\nThis call is the hardest and most difficult of all three currencies. I will say that I would leave the EUR/USD alone and buy the EUR crosses for a long EUR trade.\r\n\r\nGood luck.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week and see you next on May 14th, 2017\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #240 FREE NEWSLETTER\r\nDATE: 14th May 2017.', 'IS IT A PULLBACK OPPORTUNITY?  MAYBE, MAYBE NOT?', '', 'publish', 'open', 'closed', '', 'pullback-opportunity-maybe-maybe-not', '', '', '2017-05-14 12:51:32', '2017-05-14 17:51:32', '', 0, 'https://weeklyfxdrivethru.com/?p=9501', 0, 'post', '', 0),
(9502, 1, '2017-05-14 12:49:02', '2017-05-14 17:49:02', '&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI usually start off my weekly blog with a personal comment about how I currently feel about trading and the markets in general. Not wanting to be stereotyped I thought I would do something a little different this time.\r\n\r\nHaving made the 13-hour drive / move from Quebec we are now set up in Nova Scotia in Atlantic Canada known as the Maritimes.  I am sitting at my desk with a view of forest to the side and back of our lawns, which are now fenced in to ensure that Ozzy and Aoife (Labradors) do not go a wandering and disappear.\r\n\r\nPREMIUM SERVICE subscribers are aware that I attempted to return to trading last Monday but I quickly realized that was way too ambitious given the ongoing emptying of boxes, arranging of furniture etc., and the needs required based around the general house set up.\r\n\r\nI am now going to be trading for the next two weeks, including the long flight to Auckland via Toronto and Hong Kong and the first week in New Zealand. Then I am on vacation. Trading is a little dis-jointed affair at the moment, I am scheduled back to 100% with a full and total uninterrupted return to trading on Tuesday June 13th.\r\n\r\nDespite all the activity that one has surrounding a house move, I have kept myself somewhat in touch by reading a huge amount of market commentaries. In fact, last week, I was around to see the poor US data being released, comments from Mark Carney and Mario Draghi taking the heat from Dutch MP’s, hence the title of this blog and for my “SOAPBOX” comment later.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#12 this Monday 15th May at 5:30PM.\r\n(After this Monday the next webinar is scheduled for June 19th, 2017)\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017.png\"><img class=\"aligncenter size-large wp-image-9485\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017-1024x743.png\" alt=\"\" width=\"1024\" height=\"743\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>GBP: Retail Sales numbers are released on Thursday. This is always going to be an interesting number to follow given the BREXIT process.\r\n\r\nConsumer Prices are out on Tuesday and Average Earnings on Wednesday. The UK data is always a biggie given the BOE position on inflation and interest rates. Given the household budgets squeeze with inflation on the move higher, is the UK at the beginning of a slowdown?\r\n\r\nAt the moment, I am long GBP/USD and I have let +140 pips positions fall away to +8 pips and then watch cable bounce back up again. The GBP/USD has simply just not motored higher through 1.3000 towards 1.3500 which many commentators were convinced that it would do. What does not go up only has one way to go!</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li>NZD: This pair looks to me as if it is dangling on the edge of a cliff ready to jump off.\r\n\r\nThis week we see Retail Sales, Dairy Auction prices and Producer Prices data all being released. This could be a make or break week for the Kiwi dollar.\r\n\r\nI do not want to sound over dramatic but the NZD move lower wanted by the RBNZ could gather some real momentum and once again head towards 0.6500, which was the target level indicated by previous Prime Minister John Key, I am probably correct in assuming the current Prime Minister Bill English would not object to the same level.</li>\r\n 	<li>OIL, TRUMP, BREXIT and THE EUROZONE: Always remember we are continually just seconds away from a TRUMP TWEET, an OPEC member comment on production cuts, a Theresa May comment on a HARD BREXIT or a “jotter blotter” from Brussels making a 30 seconds of fame style media comment that can all rock the markets.\r\n\r\nTrading Forex is so susceptible to these factors, this is the main reason that I now trade smaller with wider stops to accommodate the unexpected.</li>\r\n</ol>\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017.png\"><img class=\"aligncenter size-large wp-image-9486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n&nbsp;\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9490\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9491\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9489\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9492\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017.png\"><img class=\"aligncenter size-large wp-image-9493\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9494\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9495\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nMONTH TO DATE: +100 pips\r\nYEAR TO DATE:      +1,382 pips\r\n\r\nI am still a little way behind my target. But trading is gathering momentum once again and I am still very confident of achieving my year-end target of 10,000 net profitable pips.\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.<strong>\r\n\r\n</strong>\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Content not available with this version of the blog)</li>\r\n</ol>\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>IS IT A PULLBACK OPPORTUNITY? - </strong><strong>MAYBE, MAYBE NOT</strong>\r\n\r\nSo; the big questions for me are: -\r\n<ul>\r\n 	<li>Following the poor US Retail Sales and Consumer Prices data from last week the question is, was that the top or are we seeing the opportunity to buy the DXY dip?</li>\r\n 	<li>The GBP/USD has failed to pass the psychological 1.3000 level. Are we capped or pulling back as BREXIT uncertainty will dominate once again once the June 8th election is out of the way?</li>\r\n 	<li>The EUR/USD is popping on news that the EUROZONE economy is showing continual improvements, the two initial geopolitical news events (Dutch and French elections) have now passed without populist victories and we are now in a rumour zone about how the ECB will taper QE and normalize interest rates once again. Can Draghi hold back the bullish market intent?</li>\r\n</ul>\r\n&nbsp;\r\n\r\nHaving been basically observing prices rather than the intraday movement my views and thoughts are really at the moment viewed from a very high macro level.\r\n\r\nVery briefly this is my take on the tree currencies moving forwards:\r\n\r\nUSD: - The FED seems determined to raise interest rates regardless and one month’s poor data will NOT deter them from the goal of the rate normalization process. Interest rate expectations of a rise in June are still around 90%. Labour data is strong and the economy cannot just straight line, it is a marathon not a sprint. Therefore, expect the DXY to rise on a rate hike.\r\n\r\nBuying the USD makes sense to me on this pullback which may continue into the Asian session as the week starts up once again.\r\n\r\nWe will have greater central bank interest rate divergence of a result of another 0.25% rise in June - do NOT underestimate this point.\r\n\r\n\r\nGBP: - At the moment, I am long GBP/USD. Will we see a short-term pullback? The pair held at 1.3000 and realistically the bulls were at fever pitch claiming that the bottom was in.\r\n\r\nIn my opinion an election was called to confirm and extend Theresa May’s position as Prime Minister but fundamentally nothing has changed. We are still heading into unchartered waters with the BREXIT, and the UK economy is starting to slow down as the inflation pinch starts to hit home.\r\n\r\nI cannot see Carney wanting to rock the boat and raise rates. I believe he will have his back to the wall until something tangible can change his medium-term views.\r\n\r\nMy thoughts are that, up to the election cable stands a chance of re-testing 1.3000 again and we may rally beyond 1.3000 if Theresa May pummels the Labour Party at the general election, but I then expect cable to move lower once again as BREXIT uncertainty then becomes the major news event.\r\n\r\nLong cable and then short cable after the election are my thoughts. Shorting cable should coincide with the FED raising interest rates.\r\n\r\n&nbsp;\r\n\r\nEUR: - This is the hardest to call. I can see every argument for going long EUR/USD, in fact it is what I am going to do but I do fear the FED rate hike could scupper that move. At the same time, I do believe that the threats to the single currency have somewhat subsided.\r\n\r\nDraghi will not want the currency to run too high as this will affect his plans. The FED rate hike could help him, but the EUR/USD is very cheap at the moment all things considered and ultimately, I believe this will override all matters and the EUR/USD around 1.1400 should not be ruled out. Having written that, we need to read and digest all the commentaries from Mario Draghi and Janet Yellen.\r\n\r\nThis call is the hardest and most difficult of all three currencies. I will say that I would leave the EUR/USD alone and buy the EUR crosses for a long EUR trade.\r\n\r\nGood luck.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week and see you next on May 14th, 2017\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #240 FREE NEWSLETTER\r\nDATE: 14th May 2017.', 'IS IT A PULLBACK OPPORTUNITY?  MAYBE, MAYBE NOT?', '', 'inherit', 'closed', 'closed', '', '9501-revision-v1', '', '', '2017-05-14 12:49:02', '2017-05-14 17:49:02', '', 9501, 'https://weeklyfxdrivethru.com/9501-revision-v1/', 0, 'revision', '', 0);
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(9503, 1, '2017-05-14 12:51:32', '2017-05-14 17:51:32', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI usually start off my weekly blog with a personal comment about how I currently feel about trading and the markets in general. Not wanting to be stereotyped I thought I would do something a little different this time.\r\n\r\nHaving made the 13-hour drive / move from Quebec we are now set up in Nova Scotia in Atlantic Canada known as the Maritimes.  I am sitting at my desk with a view of forest to the side and back of our lawns, which are now fenced in to ensure that Ozzy and Aoife (Labradors) do not go a wandering and disappear.\r\n\r\nPREMIUM SERVICE subscribers are aware that I attempted to return to trading last Monday but I quickly realized that was way too ambitious given the ongoing emptying of boxes, arranging of furniture etc., and the needs required based around the general house set up.\r\n\r\nI am now going to be trading for the next two weeks, including the long flight to Auckland via Toronto and Hong Kong and the first week in New Zealand. Then I am on vacation. Trading is a little dis-jointed affair at the moment, I am scheduled back to 100% with a full and total uninterrupted return to trading on Tuesday June 13th.\r\n\r\nDespite all the activity that one has surrounding a house move, I have kept myself somewhat in touch by reading a huge amount of market commentaries. In fact, last week, I was around to see the poor US data being released, comments from Mark Carney and Mario Draghi taking the heat from Dutch MP’s, hence the title of this blog and for my “SOAPBOX” comment later.\r\n\r\nMoving on…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\n#12 this Monday 15th May at 5:30PM.\r\n(After this Monday the next webinar is scheduled for June 19th, 2017)\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\nAlmost there…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017.png\"><img class=\"aligncenter size-large wp-image-9485\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/ECON-DATA-14052017-1024x743.png\" alt=\"\" width=\"1024\" height=\"743\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>GBP: Retail Sales numbers are released on Thursday. This is always going to be an interesting number to follow given the BREXIT process.Consumer Prices are out on Tuesday and Average Earnings on Wednesday. The UK data is always a biggie given the BOE position on inflation and interest rates. Given the household budgets squeeze with inflation on the move higher, is the UK at the beginning of a slowdown?\r\n\r\nAt the moment, I am long GBP/USD and I have let +140 pips positions fall away to +8 pips and then watch cable bounce back up again. The GBP/USD has simply just not motored higher through 1.3000 towards 1.3500 which many commentators were convinced that it would do. What does not go up only has one way to go!</li>\r\n</ol>\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li>NZD: This pair looks to me as if it is dangling on the edge of a cliff ready to jump off.This week we see Retail Sales, Dairy Auction prices and Producer Prices data all being released. This could be a make or break week for the Kiwi dollar.\r\n\r\nI do not want to sound over dramatic but the NZD move lower wanted by the RBNZ could gather some real momentum and once again head towards 0.6500, which was the target level indicated by previous Prime Minister John Key, I am probably correct in assuming the current Prime Minister Bill English would not object to the same level.</li>\r\n 	<li>OIL, TRUMP, BREXIT and THE EUROZONE: Always remember we are continually just seconds away from a TRUMP TWEET, an OPEC member comment on production cuts, a Theresa May comment on a HARD BREXIT or a “jotter blotter” from Brussels making a 30 seconds of fame style media comment that can all rock the markets.Trading Forex is so susceptible to these factors, this is the main reason that I now trade smaller with wider stops to accommodate the unexpected.</li>\r\n</ol>\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017.png\"><img class=\"aligncenter size-large wp-image-9486\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/TCHART-14052017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n&nbsp;\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9490\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/EURUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9491\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/GBPUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9489\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/AUDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9492\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/NZDUSD-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017.png\"><img class=\"aligncenter size-large wp-image-9493\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCAD-DAILY-14042017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9494\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDCHF-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017.png\"><img class=\"aligncenter size-large wp-image-9495\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/05/USDJPY-DAILY-14052017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u> </u>\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nMONTH TO DATE: +100 pips\r\nYEAR TO DATE:      +1,382 pips\r\n\r\nI am still a little way behind my target. But trading is gathering momentum once again and I am still very confident of achieving my year-end target of 10,000 net profitable pips.\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:</u>\r\n\r\n<strong><u>“DOUBLE IT UP”</u></strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around that time.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nI add below my “DRIVE THRU blog / TRADING date charts for 2017, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\nPLUS:\r\n\r\nIf you would like to know a little more about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Content not available with this version of the blog)</li>\r\n</ol>\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>IS IT A PULLBACK OPPORTUNITY? - </strong><strong>MAYBE, MAYBE NOT</strong>\r\n\r\nSo; the big questions for me are: -\r\n<ul>\r\n 	<li>Following the poor US Retail Sales and Consumer Prices data from last week the question is, was that the top or are we seeing the opportunity to buy the DXY dip?</li>\r\n 	<li>The GBP/USD has failed to pass the psychological 1.3000 level. Are we capped or pulling back as BREXIT uncertainty will dominate once again once the June 8th election is out of the way?</li>\r\n 	<li>The EUR/USD is popping on news that the EUROZONE economy is showing continual improvements, the two initial geopolitical news events (Dutch and French elections) have now passed without populist victories and we are now in a rumour zone about how the ECB will taper QE and normalize interest rates once again. Can Draghi hold back the bullish market intent?</li>\r\n</ul>\r\n&nbsp;\r\n\r\nHaving been basically observing prices rather than the intraday movement my views and thoughts are really at the moment viewed from a very high macro level.\r\n\r\nVery briefly this is my take on the tree currencies moving forwards:\r\n\r\nUSD: - The FED seems determined to raise interest rates regardless and one month’s poor data will NOT deter them from the goal of the rate normalization process. Interest rate expectations of a rise in June are still around 90%. Labour data is strong and the economy cannot just straight line, it is a marathon not a sprint. Therefore, expect the DXY to rise on a rate hike.\r\n\r\nBuying the USD makes sense to me on this pullback which may continue into the Asian session as the week starts up once again.\r\n\r\nWe will have greater central bank interest rate divergence of a result of another 0.25% rise in June - do NOT underestimate this point.\r\n\r\nGBP: - At the moment, I am long GBP/USD. Will we see a short-term pullback? The pair held at 1.3000 and realistically the bulls were at fever pitch claiming that the bottom was in.\r\n\r\nIn my opinion an election was called to confirm and extend Theresa May’s position as Prime Minister but fundamentally nothing has changed. We are still heading into unchartered waters with the BREXIT, and the UK economy is starting to slow down as the inflation pinch starts to hit home.\r\n\r\nI cannot see Carney wanting to rock the boat and raise rates. I believe he will have his back to the wall until something tangible can change his medium-term views.\r\n\r\nMy thoughts are that, up to the election cable stands a chance of re-testing 1.3000 again and we may rally beyond 1.3000 if Theresa May pummels the Labour Party at the general election, but I then expect cable to move lower once again as BREXIT uncertainty then becomes the major news event.\r\n\r\nLong cable and then short cable after the election are my thoughts. Shorting cable should coincide with the FED raising interest rates.\r\n\r\n&nbsp;\r\n\r\nEUR: - This is the hardest to call. I can see every argument for going long EUR/USD, in fact it is what I am going to do but I do fear the FED rate hike could scupper that move. At the same time, I do believe that the threats to the single currency have somewhat subsided.\r\n\r\nDraghi will not want the currency to run too high as this will affect his plans. The FED rate hike could help him, but the EUR/USD is very cheap at the moment all things considered and ultimately, I believe this will override all matters and the EUR/USD around 1.1400 should not be ruled out. Having written that, we need to read and digest all the commentaries from Mario Draghi and Janet Yellen.\r\n\r\nThis call is the hardest and most difficult of all three currencies. I will say that I would leave the EUR/USD alone and buy the EUR crosses for a long EUR trade.\r\n\r\nGood luck.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week and see you next on May 14th, 2017\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #240 FREE NEWSLETTER\r\nDATE: 14th May 2017.', 'IS IT A PULLBACK OPPORTUNITY?  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(9547, 1, '2017-06-17 05:06:19', '2017-06-17 10:06:19', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nIt is great to be back trading again. Apart from my summer breaks I have never taken what really amounted to a six week break before. Not that it was a break, moving home and then being on a vacation some 35+ hours traveling time away is nothing to be sneezed at.\r\n\r\nYou will notice as well, that I have once again changed the running order and format of the blog around… eventually I will settle on a format that I am comfortable with. I have been writing these blogs for five years now and I am still not 100% happy. I live in hope that I will produce a format as smooth a Knob Creek bourbon!\r\n\r\nIt would be wrong of me not to mention Mary, Mark, David, Tom, Joel and Anna from my recent journey to Australia and New Zealand. Meeting fellow traders and PREMIUM SERVICE subscribers was a real buzz for me and the time that they set to one side for lunches, dinners, drinks and tour guide duties were greatly appreciated by my wife and myself. We have great memories and pictures of the occasions to keep. Many thanks guys Breda and I had a blast.\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nLast week, I started back at my screens on Tuesday basically catching up with administration matters and re-familiarization of charts etc. Then I announced to subscribers that I would start the next day on Wednesday, back in at the deep end, with a plethora of data releases and of course the FOMC rate announcement and press conference. Yup… I pick the days!!\r\n\r\nAlthough I have been away for about six weeks, nothing much has changed.\r\n\r\nHowever, two key situations are in play that I should address here: -\r\n<ul>\r\n 	<li>USA – DONALD TRUMP PRESIDENCY:The dysfunctional politicians in Washington are hell bent on ensuring that the GOP is distracted from all policy initiatives by initially stalling on cabinet appointments and now the Russian enquiry has superseded all other events with President Trump’s naivety in politics being exposed by career politicians. From the outside looking in the Democrats have decided the best policy is stall and then look for enquiry after enquiry to distract. I must admit Trump may have been able to lie and get away with matters in the TRUMP organization but he cannot do the same as President. He appears to stumble into one elephant trap after another and now he looks clumsy and inefficient. The twitter rants from my perspective does his defence no good it just makes him look childish.\r\n\r\nI am absolutely convinced had HILLARY been victorious the GOP would apply the same tactics to the Democrats as they currently apply to the GOP and TRUMP.\r\n\r\nSo whatever your political persuasion in the “states” you must be frustrated if GOP and delighted if a Democrat supporter. Should “THE DONALD” be impeached or whatever (and that looks a long shot at the moment) and subsequently over time a Democrat returns to the White House., I have no doubt the GOP will frustrate the crap out of the Democrats and the new Democratic President would feel like they were in a log job. Basically; a role reversal.\r\n\r\nA great example of democracy in action for the less well off in the world to gaze on at and laugh at.\r\n\r\nFrom a trading perspective, so much has been promised and moves have happened based upon scenarios that look like a pipe dream at the moment.\r\n\r\nThe attention had been taken off the FED for some time and attention placed at the door of “THE DONALD”. Uncertainty lies ahead; BIG uncertainties. I do however believe we have a small window in 2017 to make pips before Central Bank normalization spreads. I tackle this later on in section 8 of the blog.</li>\r\n 	<li>THE UK – SNAP GENERAL ELECTION:</li>\r\n</ul>\r\nIn the UK. Theresa May the UK Prime Minister bet on increasing her majority in the House of Commons to strengthen her position through the BREXIT negotiations by calling a snap general election. She failed. While she still has the largest party in the House she does not have a working majority. She is forming a strategic voting alliance with the Northern Ireland Democratic Unionist party, which Sinn Fein leader Gerry Adams has already said that such an alliance is in breach of the “Good Friday” agreement between the IRELAND and the North. Deep joy. This has legs and frankly, like it or not I can see another UK election in 2017.\r\n\r\nFrom a trading perspective, the cable is rather difficult to really be convinced one way or the other 100%. I talk a little more about this towards the end of this section of the blog.\r\n\r\nSo back to last week, in particular Wednesday…\r\n\r\nThe equity markets appear to be in denial over TRUMP. Now we have consumers weighing in. Sales and CPi numbers were a disaster and the USD was taken to the woodshed.\r\n\r\nLater in the day, Janet Yellen held a press conference after a well predicted and baked in 0.25% rise in FED funds rate was announced. The Yellen press conference was a HAWKISH AFFAIR, the FOMC appear hell bent on raising rates and have “something behind the clock” in the event that the TRUMP administration collapses on the back of an impeachment trial, resignation or US recession or the like of something similar that would cause markets to jitter.\r\n\r\nFrom my perspective; data dependency and how the rest of the world looks economically are now both out of the window as reasons not to hike anymore. Even Janet Yellen who sounds DOVISH when delivering HAWKISH sentiments put all that behind her and went for the HAWKISH tone right through the statement, opening remarks to the press conference and basically when answering questions afterwards.\r\n\r\nThe result of this break from normality, especially when she talked openly about reducing the FED‘s balance sheet, sent the USD higher reversing the losses resulting from poor sales data.\r\n\r\nFollowing this rate hike and confirmation that the FOMC want at least one more this year plus the balance sheet reduction and proposed further rate hikes in 2018, does this mean that Central Bank convergence trade is now on?\r\n\r\nRead my thoughts on this later in THE SOAPBOX.\r\n\r\nThen Thursday brought in Mark Carney with the latest BOE policy summary, MPC vote and Bank rate announcement.\r\n\r\nNo surprises with the interest rate remaining at 0.25%, but the vote to remain unchanged instead of being 7-1 as usual was now 5-3. This caused cable to rally 100 pips in a matter of seconds. During the day, it gave back 50% of these gains but the card is now marked. My thoughts on cable are changing. I am like a child on Christmas morning with two toys I want to play with but I can only play with one at a time. I want to be both short and long cable.\r\n\r\nBREXIT has not yet started and part of me things that cable still has a lower level to test first. My other side tells me to buy a dip and get long because there are thousands of pips across the cable crosses to be made.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE WEEKLY FX DRIVE THRU – LIVE WEBINAR:</strong></li>\r\n</ol>\r\nI am happy to announce that the WEEKLY LIVE WEBINAR series will start again on: -\r\n\r\n<u>Monday 19th June at 5:30PM EST</u><strong> </strong>\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017.png\"><img class=\"aligncenter size-large wp-image-9531\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017-1024x997.png\" alt=\"\" width=\"1024\" height=\"997\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>NZD: I am not expecting the RBNZ to move on interest rates but the comments from Graeme Wheeler (CB Governor) will be interesting to follow.In the past Wheeler has eluded to the fact that about 80% of the movement in the NZD/USD exchange rate is out of the control of the RBNZ.\r\n\r\nMy problem with Wheeler is that his press conferences remind me of my banker’s days of old when the chaps would just sit around and see who could load the most plums into their mouths and talk with a “lardy-da” accent to try and sound the most upper class as possible. (BOC meetings are very similar). These thoughts deflect my attention… However, when I read any of the statements they are so low on content anyhow maybe they are loading up the plums!!\r\n\r\nBottom line; if Wheeler wants the exchange rate of the NZD/USD closer to 0.6500 than 0.7500, which he has said is preferred, he needs to deliver an unequivocal without possible mis-interpretation language to the chaps in the room knocking back either a Central Otago Pinot Noir or Marlborough Sauvignon Blanc. If previous meetings are anything to go on, he seems unable to deliver on this. He may be a great host on the vino but communicating his policy not so good.\r\n\r\nLet’s see what happens this time.</li>\r\n 	<li>CAD: Both Retail Sales and CPi this week.The word on the street is that the BOC could be raising rates. This is not surprising given the geographical proximity to the USA.\r\n\r\nIs the Canadian economy ready for a rate hike, that is the question?\r\n\r\nIt may do something to slow down the housing squeeze but 0.25% is feck all in the grand scheme of things in my opinion.\r\n\r\nCertainly the CAD economic data appears to moving in the right direction, although one should not get carried away. Only four months ago Stephen Poloz the BOC Governor was talking about rate cuts!\r\n\r\nShould WTi drop below $40.00 a barrel rate hikes will be off and the BOC will have to re-think its strategy away from saying everything is transitory!\r\n\r\nIf these numbers miss. The CAD will weaken a great deal as the markets will rule out a rate hike. However, strong data opens up a whole new ball game for BOC especially if OIL falls through $40.00.</li>\r\n</ol>\r\n&nbsp;\r\n\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS TO NOTE THIS WEEK:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017.png\"><img class=\"aligncenter size-large wp-image-9532\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017-1024x853.png\" alt=\"\" width=\"1024\" height=\"853\" /></a>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9541\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9542\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9540\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9543\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9544\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9545\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9546\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nMONTH TO DATE:  +515 pips\r\nYEAR TO DATE:      +1,717 pips\r\n\r\nIf you would like to know a little more visually about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n&nbsp;\r\n\r\n<u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u>\r\n\r\nThere has never been a better time.\r\n\r\n<strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around the time my trading activity would be at its lowest.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nBelow are the dates of the DRIVE THRU blog for the remainder of this year, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong>WANT A FREE PREMIUM SERVICE SUBSCRIPTION?</strong></li>\r\n</ol>\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"7\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)</li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nBack at my desk for a couple of days re-familiarizing myself with recent moves and charts and completing the May month end excel spread sheets.\r\n\r\nNothing much to review, so let me use this space to look forward.\r\n\r\nMoving forward I believe that we should have a window of opportunity to finally trade Central Bank divergence against the FED normalization policy.\r\n\r\nIn addition to this, as I have eluded to a couple of times already since returning, the moves with the cable are now more and more fascinating. I still have my dilemma vis-à-vis nothing has fundamentally changed and about 90 days into article 50 being triggered we are only now getting to the point of starting the negotiations.\r\n\r\nI have started with two GBP long trades GBP/AUD and GBP/NZD. My reasons behind these as choices was based on several factors, some conflict with each other a little in the short-term but longer-term I believe we have great pip opportunities to make with these pairs. They are small positions at the moment and not until I see big moves forward will I add to my initial position size.\r\n\r\nI have the basis of a TRADE PLAN being formulated / strategized in my head on bits and pieces of targets and on charts.\r\n\r\nTo really have my mouth watering I would like to see EUR/USD sub 1.1100 and the GBP on a re-test of 1.2630 being supported. These are two levels for starters that I am looking at.\r\n\r\nI also am very conscious that with the headline news driven environment that we are operating with daily and weekly closes are proving more important.  We are shifting more to daily trading opportunities rather than extended trades unless they are approached with wider than usual stop loss levels. We are seeing a fundamental shift once again in trading behaviours. This is something I think we should consider and bear in mind.\r\n\r\nSo, with all that being written what specific trades / pairs I am looking at moving forward?\r\n<ol>\r\n 	<li>USD/CHF (Long) – I am looking to add a further position, I am looking for a price pullback as close to 0.9700 or below if possible.</li>\r\n 	<li>USD/CAD – I will either add a position short of 1.3200 on a daily close below this level to hedge the FUN trade which is still open. Alternatively, should we base at 1.3200 I will add another long trade to supplement the existing FUN long trade.</li>\r\n 	<li>AUD/USD and NZD/USD – I may be completely wrong with my longer -term views on equities / commodities / THE DONALDS policies etc., but I am looking to add to my existing POS short positions very soon. At the same time as adding I will be looking again at EUR/AUD and EUR/NZD to place and supplement existing cross-rate trades to the long side.</li>\r\n</ol>\r\nWhen looking at all these trading options. I have for now once again ignored JPY. When I see / get a feel for how this currency is going to react properly on a sustained basis then I will enter. For now, I will remain sidelined. I have opened a specific broker account to measure my JPY trades, and it is well funded. So, I am serious about trading JPY into the rest of 2017.\r\n\r\nPotentially if all my thoughts / plans / ideas happen, I could have around 20-25 LIVE TRADES on the go,\r\n\r\nI am still NOT of the opinion that we should be trading at 100% on single trades. 50% per trade on shorter term trades would be my personal maximum for now with my preferred level of exposure being around 25% per trade. I still think there are too many variables in the current marketplace to switch momentum at the drop of a hat.\r\n\r\nAs I have stated on many, many occasions, trading is for the long haul and regardless of the desire for instant gratification, if you do not weigh in the potential and obvious RISKS and just trade full-on regardless you are really at the point of gambling. It is a higher than usual RISK at the moment anyhow, and by moving the balance in favour of additional RISK by oversizing trades, is in my opinion a slippery slope that only has one end result.\r\n\r\n<u>\r\nCORE TRADES:</u>\r\n\r\nNothing to place here yet. Although, if all goes to plan and works out, this area could be renamed commodity pairs and commodity cross-rate CORE TRADES.\r\n\r\n<u>\r\nPREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-18062017.png\"><img class=\"aligncenter size-large wp-image-9534\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-18062017-882x1024.png\" alt=\"\" width=\"882\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-18062017.png\"><img class=\"aligncenter size-large wp-image-9533\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-18062017-870x1024.png\" alt=\"\" width=\"870\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nIS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?</strong>\r\n\r\nBefore starting this piece I thought that I would look back over all the previous blogs and establish the period that I first started talking about Central Bank divergence. Firstly, it was in the time that Ben Bernanke was FED chairman and it was in Q2 2013, I got serious about it Q4 2013 leading into 2014 and the same again in Q4 leading into 2015 and again Q4 2015 leading into 2016. I am nothing but consistent.\r\n\r\nSo; here I am again Q2/Q3 2017 what has rattled my cage this time?\r\n\r\nIt is quite simple really, well I think it is. Here is my logic.\r\n<ul>\r\n 	<li>The FED is normalizing and looks hell bent on continuing to do so for the remainder of 2017 and into 2018. By the end of 2018 the FED funds rate should be closer to 2% maybe 2.5%.</li>\r\n 	<li>At the FOMC press conference last week, the “UBER DOVE”, Janet Yellen even openly discussed reducing the size of the FED’s balance sheet. She talked about an approximate start date and how it would proceed over the coming two/three years.</li>\r\n 	<li>Economically from an inflation perspective the UK, Canada, Australia and New Zealand are all moving upwards.The Deputy governor of the BOC announced that the BOC are looking to raise rates sometime later this year.\r\n\r\nLast week the BOE MPC announced that the vote on maintaining interest rates steady at 0.25% was 5-3 in favour. The market was expecting 7-1. The pressure on the UK to raise rates is therefore growing.\r\n\r\nIn Australia the economy is booming. The pressure to start raising rates is increasing and one could argue a similar case for New Zealand.\r\n\r\nIt is all about the timing.</li>\r\n 	<li>The exceptions at the moment are the ECB, BOJ and SNB.Firstly, the ECB is a complicated beast. One could argue interest rates in Germany should now be at 2.5% - 3%. However, you could also argue at the same time rates for the like of Italy, Greece and Cyprus should be 0%.\r\n\r\nHere lies the fundamental problem of the EUROZONE.\r\n\r\nMario Draghi (ECB President) has virtually an impossible conundrum to deal with trying to balance the needs and requirements of the 19 countries that make up the single currency block. He has stated that nothing will change on monetary policy until the end of 2017 at the very earliest.\r\n\r\nWith regards to the BOJ and SNB both central banks are not looking to amend interest rates this year.</li>\r\n</ul>\r\nTherefore, as the second and third largest central banks (ECB and BOJ) behind the FED will not be changing their policy on interest rates any time soon, we could have a window of opportunity. How long in time is this window? I believe up to the time that the FED starts to reduce its balance sheet size. Conservatively between 4 -6 months in my opinion.\r\n\r\nAs soon as the FED really kicks into its normalization policy the pressure on the BOE, BOC, RBA and maybe the RBNZ to act will grow. Having said this, as the USD strengthens because of FED policy, the other cross currencies will weaken and this will help economies in the short term but inflationary pressures will grow because of currency weakness and will need to be addressed when levels more than 2% are reached. In fact, prior to 2% most Central banks would want to act.\r\n\r\nThe BOE has inflation at 2.6% currently in the UK to cope with, hence the MPC votes 5-3 on the current 0.25% interest rate. But given the BREXIT uncertainties Governor Carney does not want to interfere anymore until greater clarity on the negotiation process is known.\r\n\r\nI believe in the short- term governments and central banks will welcome divergence from the FED, but into the medium-term they would be forced to act and normalize themselves.\r\n\r\nTherefore, assuming my thought process is correct, we should see the DXY move back towards and above the psychological level of 100.00.\r\n\r\nIt will not be a straight line there will be twists and turns along the way as economic data is released.\r\n\r\nThe obvious trade is short EUR/USD. Initially to give me confidence we need to see support 1.1100 broken. This should lead lower to 1.0950. This would be a correction that breaks the recent series of higher lows that we have seen the low of 1.0340 was hit in late 2016.\r\n\r\nI am expecting a pullback in equities to coincide with moves in the USD and when you add in the TRUMP policy uncertainties I am not certain at this stage how the USD/JPY would react. There are plenty of other pairs and cross- rate pairs that would be attractive moving forward.\r\n\r\nSo as you can see we need to see a move in the DXY and EUR/USD to trigger my plan on divergence. Over the coming few days I will have my TRADE PLAN revised ready to go.\r\n\r\n&nbsp;\r\n<ol start=\"9\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #137 PREMIUM SERVICE\r\nDATE: 18th June 2017.\r\n\r\n&nbsp;', 'IS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?', '', 'publish', 'open', 'closed', '', 'central-bank-divergence-trade-finally-play', '', '', '2017-06-17 05:06:19', '2017-06-17 10:06:19', '', 0, 'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9547', 0, 'member_posts', '', 0);
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(9548, 1, '2017-06-17 05:02:41', '2017-06-17 10:02:41', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nIt is great to be back trading again. Apart from my summer breaks I have never taken what really amounted to a six week break before. Not that it was a break, moving home and then being on a vacation some 35+ hours traveling time away is nothing to be sneezed at.\r\n\r\nYou will notice as well, that I have once again changed the running order and format of the blog around… eventually I will settle on a format that I am comfortable with. I have been writing these blogs for five years now and I am still not 100% happy. I live in hope that I will produce a format as smooth a Knob Creek bourbon!\r\n\r\nIt would be wrong of me not to mention Mary, Mark, David, Tom, Joel and Anna from my recent journey to Australia and New Zealand. Meeting fellow traders and PREMIUM SERVICE subscribers was a real buzz for me and the time that they set to one side for lunches, dinners, drinks and tour guide duties were greatly appreciated by my wife and myself. We have great memories and pictures of the occasions to keep. Many thanks guys Breda and I had a blast.\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nLast week, I started back at my screens on Tuesday basically catching up with administration matters and re-familiarization of charts etc. Then I announced to subscribers that I would start the next day on Wednesday, back in at the deep end, with a plethora of data releases and of course the FOMC rate announcement and press conference. Yup… I pick the days!!\r\n\r\nAlthough I have been away for about six weeks, nothing much has changed.\r\n\r\nHowever, two key situations are in play that I should address here: -\r\n<ul>\r\n 	<li>USA – DONALD TRUMP PRESIDENCY:\r\n\r\nThe dysfunctional politicians in Washington are hell bent on ensuring that the GOP is distracted from all policy initiatives by initially stalling on cabinet appointments and now the Russian enquiry has superseded all other events with President Trump’s naivety in politics being exposed by career politicians. From the outside looking in the Democrats have decided the best policy is stall and then look for enquiry after enquiry to distract. I must admit Trump may have been able to lie and get away with matters in the TRUMP organization but he cannot do the same as President. He appears to stumble into one elephant trap after another and now he looks clumsy and inefficient. The twitter rants from my perspective does his defence no good it just makes him look childish.\r\n\r\nI am absolutely convinced had HILLARY been victorious the GOP would apply the same tactics to the Democrats as they currently apply to the GOP and TRUMP.\r\n\r\nSo whatever your political persuasion in the “states” you must be frustrated if GOP and delighted if a Democrat supporter. Should “THE DONALD” be impeached or whatever (and that looks a long shot at the moment) and subsequently over time a Democrat returns to the White House., I have no doubt the GOP will frustrate the crap out of the Democrats and the new Democratic President would feel like they were in a log job. Basically; a role reversal.\r\n\r\nA great example of democracy in action for the less well off in the world to gaze on at and laugh at.\r\n\r\nFrom a trading perspective, so much has been promised and moves have happened based upon scenarios that look like a pipe dream at the moment.\r\n\r\nThe attention had been taken off the FED for some time and attention placed at the door of “THE DONALD”. Uncertainty lies ahead; BIG uncertainties. I do however believe we have a small window in 2017 to make pips before Central Bank normalization spreads. I tackle this later on in section 8 of the blog.</li>\r\n 	<li>THE UK – SNAP GENERAL ELECTION:</li>\r\n</ul>\r\nIn the UK. Theresa May the UK Prime Minister bet on increasing her majority in the House of Commons to strengthen her position through the BREXIT negotiations by calling a snap general election. She failed. While she still has the largest party in the House she does not have a working majority. She is forming a strategic voting alliance with the Northern Ireland Democratic Unionist party, which Sinn Fein leader Gerry Adams has already said that such an alliance is in breach of the “Good Friday” agreement between the IRELAND and the North. Deep joy. This has legs and frankly, like it or not I can see another UK election in 2017.\r\n\r\nFrom a trading perspective, the cable is rather difficult to really be convinced one way or the other 100%. I talk a little more about this towards the end of this section of the blog.\r\n\r\nSo back to last week, in particular Wednesday…\r\n\r\nThe equity markets appear to be in denial over TRUMP. Now we have consumers weighing in. Sales and CPi numbers were a disaster and the USD was taken to the woodshed.\r\n\r\nLater in the day, Janet Yellen held a press conference after a well predicted and baked in 0.25% rise in FED funds rate was announced. The Yellen press conference was a HAWKISH AFFAIR, the FOMC appear hell bent on raising rates and have “something behind the clock” in the event that the TRUMP administration collapses on the back of an impeachment trial, resignation or US recession or the like of something similar that would cause markets to jitter.\r\n\r\nFrom my perspective; data dependency and how the rest of the world looks economically are now both out of the window as reasons not to hike anymore. Even Janet Yellen who sounds DOVISH when delivering HAWKISH sentiments put all that behind her and went for the HWAKISH tone right through the statement, opening remarks to the press conference and basically when answering questions afterwards.\r\n\r\nThe result of this break from normality, especially when she talked openly about reducing the FED‘s balance sheet, sent the USD higher reversing the losses resulting from poor sales data.\r\n\r\nFollowing this rate hike and confirmation that the FOMC want at least one more this year plus the balance sheet reduction and proposed further rate hikes in 2018, does this mean that Central Bank convergence trade is now on?\r\n\r\nRead my thoughts on this later in THE SOAPBOX.\r\n\r\nThen Thursday brought in Mark Carney with the latest BOE policy summary, MPC vote and Bank rate announcement.\r\n\r\nNo surprises with the interest rate remaining at 0.25%, but the vote to remain unchanged instead of being 7-1 as usual was now 5-3. This caused cable to rally 100 pips in a matter of seconds. During the day, it gave back 50% of these gains but the card is now marked. My thoughts on cable are changing. I am like a child on Christmas morning with two toys I want to play with but I can only play with one at a time. I want to be both short and long cable.\r\n\r\nBREXIT has not yet started and part of me things that cable still has a lower level to test first. My other side tells me to buy a dip and get long because there are thousands of pips across the cable crosses to be made.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE WEEKLY FX DRIVE THRU – LIVE WEBINAR:</strong></li>\r\n</ol>\r\nI am happy to announce that the WEEKLY LIVE WEBINAR series will start again on: -\r\n\r\n<u>Monday 19th June at 5:30PM EST</u><strong> </strong>\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017.png\"><img class=\"aligncenter size-large wp-image-9531\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017-1024x997.png\" alt=\"\" width=\"1024\" height=\"997\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>NZD: I am not expecting the RBNZ to move on interest rates but the comments from Graeme Wheeler (CB Governor) will be interesting to follow.\r\n\r\nIn the past Wheeler has eluded to the fact that about 80% of the movement in the NZD/USD exchange rate is out of the control of the RBNZ.\r\n\r\nMy problem with Wheeler is that his press conferences remind me of my banker’s days of old when the chaps would just sit around and see who could load the most plums into their mouths and talk with a “lardy-da” accent to try and sound the most upper class as possible. (BOC meetings are very similar). These thoughts deflect my attention… However, when I read any of the statements they are so low on content anyhow maybe they are loading up the plums!!\r\n\r\nBottom line; if Wheeler wants the exchange rate of the NZD/USD closer to 0.6500 than 0.7500, which he has said is preferred, he needs to deliver an unequivocal without possible mis-interpretation language to the chaps in the room knocking back either a Central Otago Pinot Noir or Marlborough Sauvignon Blanc. If previous meetings are anything to go on, he seems unable to deliver on this. He may be a great host on the vino but communicating his policy not so good.\r\n\r\nLet’s see what happens this rime.</li>\r\n 	<li>CAD: Both Retail Sales and CPi this week.\r\n\r\nThe word on the street is that the BOC could be raising rates. This is not surprising given the geographical proximity to the USA.\r\n\r\nIs the Canadian economy ready for a rate hike, that is the question?\r\n\r\nIt may do something to slow down the housing squeeze but 0.25% is feck all in the grand scheme of things in my opinion.\r\n\r\nCertainly the CAD economic data appears to moving in the right direction, although one should not get carried away. Only four months ago Stephen Poloz the BOC Governor was talking about rate cuts!\r\n\r\nShould WTi drop below $40.00 a barrel rate hikes will be off and the BOC will have to re-think its strategy away from saying everything is transitory!\r\n\r\nIf these numbers miss. The CAD will weaken a great deal as the markets will rule out a rate hike. However, strong data opens up a whole new ball game for BOC especially if OIL falls through $40.00.</li>\r\n</ol>\r\n&nbsp;\r\n\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS TO NOTE THIS WEEK:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017.png\"><img class=\"aligncenter size-large wp-image-9532\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017-1024x853.png\" alt=\"\" width=\"1024\" height=\"853\" /></a>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9541\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9542\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9540\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9543\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9544\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9545\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9546\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nMONTH TO DATE:  +515 pips\r\nYEAR TO DATE:      +1,717 pips\r\n\r\nIf you would like to know a little more visually about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n&nbsp;\r\n\r\n<u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u>\r\n\r\nThere has never been a better time.\r\n\r\n<strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around the time my trading activity would be at its lowest.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nBelow are the dates of the DRIVE THRU blog for the remainder of this year, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong>WANT A FREE PREMIUM SERVICE SUBSCRIPTION?</strong></li>\r\n</ol>\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"7\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)</li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nBack at my desk for a couple of days re-familiarizing myself with recent moves and charts and completing the May month end excel spread sheets.\r\n\r\nNothing much to review, so let me use this space to look forward.\r\n\r\nMoving forward I believe that we should have a window of opportunity to finally trade Central Bank divergence against the FED normalization policy.\r\n\r\nIn addition to this, as I have eluded to a couple of times already since returning, the moves with the cable are now more and more fascinating. I still have my dilemma vis-à-vis nothing has fundamentally changed and about 90 days into article 50 being triggered we are only now getting to the point of starting the negotiations.\r\n\r\nI have started with two GBP long trades GBP/AUD and GBP/NZD. My reasons behind these as choices was based on several factors, some conflict with each other a little in the short-term but longer-term I believe we have great pip opportunities to make with these pairs. They are small positions at the moment and not until I see big moves forward will I add to my initial position size.\r\n\r\nI have the basis of a TRADE PLAN being formulated / strategized in my head on bits and pieces of targets and on charts.\r\n\r\nTo really have my mouth watering I would like to see EUR/USD sub 1.1100 and the GBP on a re-test of 1.2630 being supported. These are two levels for starters that I am looking at.\r\n\r\nI also am very conscious that with the headline news driven environment that we are operating with daily and weekly closes are proving more important.  We are shifting more to daily trading opportunities rather than extended trades unless they are approached with wider than usual stop loss levels. We are seeing a fundamental shift once again in trading behaviours. This is something I think we should consider and bear in mind.\r\n\r\nSo, with all that being written what specific trades / pairs I am looking at moving forward?\r\n<ol>\r\n 	<li>USD/CHF (Long) – I am looking to add a further position, I am looking for a price pullback as close to 0.9700 or below if possible.</li>\r\n 	<li>USD/CAD – I will either add a position short of 1.3200 on a daily close below this level to hedge the FUN trade which is still open. Alternatively, should we base at 1.3200 I will add another long trade to supplement the existing FUN long trade.</li>\r\n 	<li>AUD/USD and NZD/USD – I may be completely wrong with my longer -term views on equities / commodities / THE DONALDS policies etc., but I am looking to add to my existing POS short positions very soon. At the same time as adding I will be looking again at EUR/AUD and EUR/NZD to place and supplement existing cross-rate trades to the long side.</li>\r\n</ol>\r\nWhen looking at all these trading options. I have for now once again ignored JPY. When I see / get a feel for how this currency is going to react properly on a sustained basis then I will enter. For now, I will remain sidelined. I have opened a specific broker account to measure my JPY trades, and it is well funded. So, I am serious about trading JPY into the rest of 2017.\r\n\r\nPotentially if all my thoughts / plans / ideas happen, I could have around 20-25 LIVE TRADES on the go,\r\n\r\nI am still NOT of the opinion that we should be trading at 100% on single trades. 50% per trade on shorter term trades would be my personal maximum for now with my preferred level of exposure being around 25% per trade. I still think there are too many variables in the current marketplace to switch momentum at the drop of a hat.\r\n\r\nAs I have stated on many, many occasions, trading is for the long haul and regardless of the desire for instant gratification, if you do not weigh in the potential and obvious RISKS and just trade full-on regardless you are really at the point of gambling. It is a higher than usual RISK at the moment anyhow, and by moving the balance in favour of additional RISK by oversizing trades, is in my opinion a slippery slope that only has one end result.\r\n\r\n<u>\r\nCORE TRADES:\r\n\r\n</u>Nothing to place here yet. Although, if all goes to plan and works out, this area could be renamed commodity pairs and commodity cross-rate CORE TRADES.\r\n\r\n<u>\r\nPREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-18062017.png\"><img class=\"aligncenter size-large wp-image-9534\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-18062017-882x1024.png\" alt=\"\" width=\"882\" height=\"1024\" /></a>\r\n\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-18062017.png\"><img class=\"aligncenter size-large wp-image-9533\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-18062017-870x1024.png\" alt=\"\" width=\"870\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nIS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?</strong>\r\n\r\nBefore starting this piece I thought that I would look back over all the previous blogs and establish the period that I first started talking about Central Bank divergence. Firstly, it was in the time that Ben Bernanke was FED chairman and it was in Q2 2013, I got serious about it Q4 2013 leading into 2014 and the same again in Q4 leading into 2015 and again Q4 2015 leading into 2016. I am nothing but consistent.\r\n\r\nSo; here I am again Q2/Q3 2017 what has rattled my cage this time?\r\n\r\nIt is quite simple really, well I think it is. Here is my logic.\r\n<ul>\r\n 	<li>The FED is normalizing and looks hell bent on continuing to do so for the remainder of 2017 and into 2018. By the end of 2018 the FED funds rate should be closer to 2% maybe 2.5%.</li>\r\n 	<li>At the FOMC press conference last week, the “UBER DOVE”, Janet Yellen even openly discussed reducing the size of the FED’s balance sheet. She talked about an approximate start date and how it would proceed over the coming two/three years.</li>\r\n 	<li>Economically from an inflation perspective the UK, Canada, Australia and New Zealand are all moving upwards.\r\n\r\nThe Deputy governor of the BOC announced that the BOC are looking to raise rates sometime later this year.\r\n\r\nLast week the BOE MPC announced that the vote on maintaining interest rates steady at 0.25% was 5-3 in favour. The market was expecting 7-1. The pressure on the UK to raise rates is therefore growing.\r\n\r\nIn Australia the economy is booming. The pressure to start raising rates is increasing and one could argue a similar case for New Zealand.\r\n\r\nIt is all about the timing.</li>\r\n 	<li>The exceptions at the moment are the ECB, BOJ and SNB.\r\n\r\nFirstly, the ECB is a complicated beast. One could argue interest rates in Germany should now be at 2.5% - 3%. However, you could also argue at the same time rates for the like of Italy, Greece and Cyprus should be 0%.\r\n\r\nHere lies the fundamental problem of the EUROZONE.\r\n\r\nMario Draghi (ECB President) has virtually an impossible conundrum to deal with trying to balance the needs and requirements of the 19 countries that make up the single currency block. He has stated that nothing will change on monetary policy until the end of 2017 at the very earliest.\r\n\r\nWith regards to the BOJ and SNB both central banks are not looking to amend interest rates this year.</li>\r\n</ul>\r\nTherefore, as the second and third largest central banks (ECB and BOJ) behind the FED will not be changing their policy on interest rates any time soon, we could have a window of opportunity. How long in time is this window? I believe up to the time that the FED starts to reduce its balance sheet size. Conservatively between 4 -6 months in my opinion.\r\n\r\nAs soon as the FED really kicks into its normalization policy the pressure on the BOE, BOC, RBA and maybe the RBNZ to act will grow. Having said this, as the USD strengthens because of FED policy, the other cross currencies will weaken and this will help economies in the short term but inflationary pressures will grow because of currency weakness and will need to be addressed when levels more than 2% are reached. In fact, prior to 2% most Central banks would want to act.\r\n\r\nThe BOE has inflation at 2.6% currently in the UK to cope with, hence the MPC votes 5-3 on the current 0.25% interest rate. But given the BREXIT uncertainties Governor Carney does not want to interfere anymore until greater clarity on the negotiation process is known.\r\n\r\nI believe in the short- term governments and central banks will welcome divergence from the FED, but into the medium-term they would be forced to act and normalize themselves.\r\n\r\nTherefore, assuming my thought process is correct, we should see the DXY move back towards and above the psychological level of 100.00.\r\n\r\nIt will not be a straight line there will be twists and turns along the way as economic data is released.\r\n\r\nThe obvious trade is short EUR/USD. Initially to give me confidence we need to see support 1.1100 broken. This should lead lower to 1.0950. This would be a correction that breaks the recent series of higher lows that we have seen the low of 1.0340 was hit in late 2016.\r\n\r\nI am expecting a pullback in equities to coincide with moves in the USD and when you add in the TRUMP policy uncertainties I am not certain at this stage how the USD/JPY would react. There are plenty of other pairs and cross- rate pairs that would be attractive moving forward.\r\n\r\nSo as you can see we need to see a move in the DXY and EUR/USD to trigger my plan on divergence. Over the coming few days I will have my TRADE PLAN revised ready to go.\r\n\r\n&nbsp;\r\n<ol start=\"9\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #137 PREMIUM SERVICE\r\nDATE: 18th June 2017.\r\n\r\n&nbsp;', 'IS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?', '', 'inherit', 'closed', 'closed', '', '9547-revision-v1', '', '', '2017-06-17 05:02:41', '2017-06-17 10:02:41', '', 9547, 'https://weeklyfxdrivethru.com/9547-revision-v1/', 0, 'revision', '', 0);
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(9549, 1, '2017-06-17 05:06:19', '2017-06-17 10:06:19', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nIt is great to be back trading again. Apart from my summer breaks I have never taken what really amounted to a six week break before. Not that it was a break, moving home and then being on a vacation some 35+ hours traveling time away is nothing to be sneezed at.\r\n\r\nYou will notice as well, that I have once again changed the running order and format of the blog around… eventually I will settle on a format that I am comfortable with. I have been writing these blogs for five years now and I am still not 100% happy. I live in hope that I will produce a format as smooth a Knob Creek bourbon!\r\n\r\nIt would be wrong of me not to mention Mary, Mark, David, Tom, Joel and Anna from my recent journey to Australia and New Zealand. Meeting fellow traders and PREMIUM SERVICE subscribers was a real buzz for me and the time that they set to one side for lunches, dinners, drinks and tour guide duties were greatly appreciated by my wife and myself. We have great memories and pictures of the occasions to keep. Many thanks guys Breda and I had a blast.\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nLast week, I started back at my screens on Tuesday basically catching up with administration matters and re-familiarization of charts etc. Then I announced to subscribers that I would start the next day on Wednesday, back in at the deep end, with a plethora of data releases and of course the FOMC rate announcement and press conference. Yup… I pick the days!!\r\n\r\nAlthough I have been away for about six weeks, nothing much has changed.\r\n\r\nHowever, two key situations are in play that I should address here: -\r\n<ul>\r\n 	<li>USA – DONALD TRUMP PRESIDENCY:The dysfunctional politicians in Washington are hell bent on ensuring that the GOP is distracted from all policy initiatives by initially stalling on cabinet appointments and now the Russian enquiry has superseded all other events with President Trump’s naivety in politics being exposed by career politicians. From the outside looking in the Democrats have decided the best policy is stall and then look for enquiry after enquiry to distract. I must admit Trump may have been able to lie and get away with matters in the TRUMP organization but he cannot do the same as President. He appears to stumble into one elephant trap after another and now he looks clumsy and inefficient. The twitter rants from my perspective does his defence no good it just makes him look childish.\r\n\r\nI am absolutely convinced had HILLARY been victorious the GOP would apply the same tactics to the Democrats as they currently apply to the GOP and TRUMP.\r\n\r\nSo whatever your political persuasion in the “states” you must be frustrated if GOP and delighted if a Democrat supporter. Should “THE DONALD” be impeached or whatever (and that looks a long shot at the moment) and subsequently over time a Democrat returns to the White House., I have no doubt the GOP will frustrate the crap out of the Democrats and the new Democratic President would feel like they were in a log job. Basically; a role reversal.\r\n\r\nA great example of democracy in action for the less well off in the world to gaze on at and laugh at.\r\n\r\nFrom a trading perspective, so much has been promised and moves have happened based upon scenarios that look like a pipe dream at the moment.\r\n\r\nThe attention had been taken off the FED for some time and attention placed at the door of “THE DONALD”. Uncertainty lies ahead; BIG uncertainties. I do however believe we have a small window in 2017 to make pips before Central Bank normalization spreads. I tackle this later on in section 8 of the blog.</li>\r\n 	<li>THE UK – SNAP GENERAL ELECTION:</li>\r\n</ul>\r\nIn the UK. Theresa May the UK Prime Minister bet on increasing her majority in the House of Commons to strengthen her position through the BREXIT negotiations by calling a snap general election. She failed. While she still has the largest party in the House she does not have a working majority. She is forming a strategic voting alliance with the Northern Ireland Democratic Unionist party, which Sinn Fein leader Gerry Adams has already said that such an alliance is in breach of the “Good Friday” agreement between the IRELAND and the North. Deep joy. This has legs and frankly, like it or not I can see another UK election in 2017.\r\n\r\nFrom a trading perspective, the cable is rather difficult to really be convinced one way or the other 100%. I talk a little more about this towards the end of this section of the blog.\r\n\r\nSo back to last week, in particular Wednesday…\r\n\r\nThe equity markets appear to be in denial over TRUMP. Now we have consumers weighing in. Sales and CPi numbers were a disaster and the USD was taken to the woodshed.\r\n\r\nLater in the day, Janet Yellen held a press conference after a well predicted and baked in 0.25% rise in FED funds rate was announced. The Yellen press conference was a HAWKISH AFFAIR, the FOMC appear hell bent on raising rates and have “something behind the clock” in the event that the TRUMP administration collapses on the back of an impeachment trial, resignation or US recession or the like of something similar that would cause markets to jitter.\r\n\r\nFrom my perspective; data dependency and how the rest of the world looks economically are now both out of the window as reasons not to hike anymore. Even Janet Yellen who sounds DOVISH when delivering HAWKISH sentiments put all that behind her and went for the HAWKISH tone right through the statement, opening remarks to the press conference and basically when answering questions afterwards.\r\n\r\nThe result of this break from normality, especially when she talked openly about reducing the FED‘s balance sheet, sent the USD higher reversing the losses resulting from poor sales data.\r\n\r\nFollowing this rate hike and confirmation that the FOMC want at least one more this year plus the balance sheet reduction and proposed further rate hikes in 2018, does this mean that Central Bank convergence trade is now on?\r\n\r\nRead my thoughts on this later in THE SOAPBOX.\r\n\r\nThen Thursday brought in Mark Carney with the latest BOE policy summary, MPC vote and Bank rate announcement.\r\n\r\nNo surprises with the interest rate remaining at 0.25%, but the vote to remain unchanged instead of being 7-1 as usual was now 5-3. This caused cable to rally 100 pips in a matter of seconds. During the day, it gave back 50% of these gains but the card is now marked. My thoughts on cable are changing. I am like a child on Christmas morning with two toys I want to play with but I can only play with one at a time. I want to be both short and long cable.\r\n\r\nBREXIT has not yet started and part of me things that cable still has a lower level to test first. My other side tells me to buy a dip and get long because there are thousands of pips across the cable crosses to be made.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE WEEKLY FX DRIVE THRU – LIVE WEBINAR:</strong></li>\r\n</ol>\r\nI am happy to announce that the WEEKLY LIVE WEBINAR series will start again on: -\r\n\r\n<u>Monday 19th June at 5:30PM EST</u><strong> </strong>\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017.png\"><img class=\"aligncenter size-large wp-image-9531\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017-1024x997.png\" alt=\"\" width=\"1024\" height=\"997\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>NZD: I am not expecting the RBNZ to move on interest rates but the comments from Graeme Wheeler (CB Governor) will be interesting to follow.In the past Wheeler has eluded to the fact that about 80% of the movement in the NZD/USD exchange rate is out of the control of the RBNZ.\r\n\r\nMy problem with Wheeler is that his press conferences remind me of my banker’s days of old when the chaps would just sit around and see who could load the most plums into their mouths and talk with a “lardy-da” accent to try and sound the most upper class as possible. (BOC meetings are very similar). These thoughts deflect my attention… However, when I read any of the statements they are so low on content anyhow maybe they are loading up the plums!!\r\n\r\nBottom line; if Wheeler wants the exchange rate of the NZD/USD closer to 0.6500 than 0.7500, which he has said is preferred, he needs to deliver an unequivocal without possible mis-interpretation language to the chaps in the room knocking back either a Central Otago Pinot Noir or Marlborough Sauvignon Blanc. If previous meetings are anything to go on, he seems unable to deliver on this. He may be a great host on the vino but communicating his policy not so good.\r\n\r\nLet’s see what happens this time.</li>\r\n 	<li>CAD: Both Retail Sales and CPi this week.The word on the street is that the BOC could be raising rates. This is not surprising given the geographical proximity to the USA.\r\n\r\nIs the Canadian economy ready for a rate hike, that is the question?\r\n\r\nIt may do something to slow down the housing squeeze but 0.25% is feck all in the grand scheme of things in my opinion.\r\n\r\nCertainly the CAD economic data appears to moving in the right direction, although one should not get carried away. Only four months ago Stephen Poloz the BOC Governor was talking about rate cuts!\r\n\r\nShould WTi drop below $40.00 a barrel rate hikes will be off and the BOC will have to re-think its strategy away from saying everything is transitory!\r\n\r\nIf these numbers miss. The CAD will weaken a great deal as the markets will rule out a rate hike. However, strong data opens up a whole new ball game for BOC especially if OIL falls through $40.00.</li>\r\n</ol>\r\n&nbsp;\r\n\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS TO NOTE THIS WEEK:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017.png\"><img class=\"aligncenter size-large wp-image-9532\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017-1024x853.png\" alt=\"\" width=\"1024\" height=\"853\" /></a>\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9541\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9542\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9540\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9543\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9544\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9545\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9546\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nMONTH TO DATE:  +515 pips\r\nYEAR TO DATE:      +1,717 pips\r\n\r\nIf you would like to know a little more visually about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n&nbsp;\r\n\r\n<u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u>\r\n\r\nThere has never been a better time.\r\n\r\n<strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around the time my trading activity would be at its lowest.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nBelow are the dates of the DRIVE THRU blog for the remainder of this year, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong>WANT A FREE PREMIUM SERVICE SUBSCRIPTION?</strong></li>\r\n</ol>\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"7\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)</li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nBack at my desk for a couple of days re-familiarizing myself with recent moves and charts and completing the May month end excel spread sheets.\r\n\r\nNothing much to review, so let me use this space to look forward.\r\n\r\nMoving forward I believe that we should have a window of opportunity to finally trade Central Bank divergence against the FED normalization policy.\r\n\r\nIn addition to this, as I have eluded to a couple of times already since returning, the moves with the cable are now more and more fascinating. I still have my dilemma vis-à-vis nothing has fundamentally changed and about 90 days into article 50 being triggered we are only now getting to the point of starting the negotiations.\r\n\r\nI have started with two GBP long trades GBP/AUD and GBP/NZD. My reasons behind these as choices was based on several factors, some conflict with each other a little in the short-term but longer-term I believe we have great pip opportunities to make with these pairs. They are small positions at the moment and not until I see big moves forward will I add to my initial position size.\r\n\r\nI have the basis of a TRADE PLAN being formulated / strategized in my head on bits and pieces of targets and on charts.\r\n\r\nTo really have my mouth watering I would like to see EUR/USD sub 1.1100 and the GBP on a re-test of 1.2630 being supported. These are two levels for starters that I am looking at.\r\n\r\nI also am very conscious that with the headline news driven environment that we are operating with daily and weekly closes are proving more important.  We are shifting more to daily trading opportunities rather than extended trades unless they are approached with wider than usual stop loss levels. We are seeing a fundamental shift once again in trading behaviours. This is something I think we should consider and bear in mind.\r\n\r\nSo, with all that being written what specific trades / pairs I am looking at moving forward?\r\n<ol>\r\n 	<li>USD/CHF (Long) – I am looking to add a further position, I am looking for a price pullback as close to 0.9700 or below if possible.</li>\r\n 	<li>USD/CAD – I will either add a position short of 1.3200 on a daily close below this level to hedge the FUN trade which is still open. Alternatively, should we base at 1.3200 I will add another long trade to supplement the existing FUN long trade.</li>\r\n 	<li>AUD/USD and NZD/USD – I may be completely wrong with my longer -term views on equities / commodities / THE DONALDS policies etc., but I am looking to add to my existing POS short positions very soon. At the same time as adding I will be looking again at EUR/AUD and EUR/NZD to place and supplement existing cross-rate trades to the long side.</li>\r\n</ol>\r\nWhen looking at all these trading options. I have for now once again ignored JPY. When I see / get a feel for how this currency is going to react properly on a sustained basis then I will enter. For now, I will remain sidelined. I have opened a specific broker account to measure my JPY trades, and it is well funded. So, I am serious about trading JPY into the rest of 2017.\r\n\r\nPotentially if all my thoughts / plans / ideas happen, I could have around 20-25 LIVE TRADES on the go,\r\n\r\nI am still NOT of the opinion that we should be trading at 100% on single trades. 50% per trade on shorter term trades would be my personal maximum for now with my preferred level of exposure being around 25% per trade. I still think there are too many variables in the current marketplace to switch momentum at the drop of a hat.\r\n\r\nAs I have stated on many, many occasions, trading is for the long haul and regardless of the desire for instant gratification, if you do not weigh in the potential and obvious RISKS and just trade full-on regardless you are really at the point of gambling. It is a higher than usual RISK at the moment anyhow, and by moving the balance in favour of additional RISK by oversizing trades, is in my opinion a slippery slope that only has one end result.\r\n\r\n<u>\r\nCORE TRADES:</u>\r\n\r\nNothing to place here yet. Although, if all goes to plan and works out, this area could be renamed commodity pairs and commodity cross-rate CORE TRADES.\r\n\r\n<u>\r\nPREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-18062017.png\"><img class=\"aligncenter size-large wp-image-9534\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-18062017-882x1024.png\" alt=\"\" width=\"882\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-18062017.png\"><img class=\"aligncenter size-large wp-image-9533\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-18062017-870x1024.png\" alt=\"\" width=\"870\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nIS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?</strong>\r\n\r\nBefore starting this piece I thought that I would look back over all the previous blogs and establish the period that I first started talking about Central Bank divergence. Firstly, it was in the time that Ben Bernanke was FED chairman and it was in Q2 2013, I got serious about it Q4 2013 leading into 2014 and the same again in Q4 leading into 2015 and again Q4 2015 leading into 2016. I am nothing but consistent.\r\n\r\nSo; here I am again Q2/Q3 2017 what has rattled my cage this time?\r\n\r\nIt is quite simple really, well I think it is. Here is my logic.\r\n<ul>\r\n 	<li>The FED is normalizing and looks hell bent on continuing to do so for the remainder of 2017 and into 2018. By the end of 2018 the FED funds rate should be closer to 2% maybe 2.5%.</li>\r\n 	<li>At the FOMC press conference last week, the “UBER DOVE”, Janet Yellen even openly discussed reducing the size of the FED’s balance sheet. She talked about an approximate start date and how it would proceed over the coming two/three years.</li>\r\n 	<li>Economically from an inflation perspective the UK, Canada, Australia and New Zealand are all moving upwards.The Deputy governor of the BOC announced that the BOC are looking to raise rates sometime later this year.\r\n\r\nLast week the BOE MPC announced that the vote on maintaining interest rates steady at 0.25% was 5-3 in favour. The market was expecting 7-1. The pressure on the UK to raise rates is therefore growing.\r\n\r\nIn Australia the economy is booming. The pressure to start raising rates is increasing and one could argue a similar case for New Zealand.\r\n\r\nIt is all about the timing.</li>\r\n 	<li>The exceptions at the moment are the ECB, BOJ and SNB.Firstly, the ECB is a complicated beast. One could argue interest rates in Germany should now be at 2.5% - 3%. However, you could also argue at the same time rates for the like of Italy, Greece and Cyprus should be 0%.\r\n\r\nHere lies the fundamental problem of the EUROZONE.\r\n\r\nMario Draghi (ECB President) has virtually an impossible conundrum to deal with trying to balance the needs and requirements of the 19 countries that make up the single currency block. He has stated that nothing will change on monetary policy until the end of 2017 at the very earliest.\r\n\r\nWith regards to the BOJ and SNB both central banks are not looking to amend interest rates this year.</li>\r\n</ul>\r\nTherefore, as the second and third largest central banks (ECB and BOJ) behind the FED will not be changing their policy on interest rates any time soon, we could have a window of opportunity. How long in time is this window? I believe up to the time that the FED starts to reduce its balance sheet size. Conservatively between 4 -6 months in my opinion.\r\n\r\nAs soon as the FED really kicks into its normalization policy the pressure on the BOE, BOC, RBA and maybe the RBNZ to act will grow. Having said this, as the USD strengthens because of FED policy, the other cross currencies will weaken and this will help economies in the short term but inflationary pressures will grow because of currency weakness and will need to be addressed when levels more than 2% are reached. In fact, prior to 2% most Central banks would want to act.\r\n\r\nThe BOE has inflation at 2.6% currently in the UK to cope with, hence the MPC votes 5-3 on the current 0.25% interest rate. But given the BREXIT uncertainties Governor Carney does not want to interfere anymore until greater clarity on the negotiation process is known.\r\n\r\nI believe in the short- term governments and central banks will welcome divergence from the FED, but into the medium-term they would be forced to act and normalize themselves.\r\n\r\nTherefore, assuming my thought process is correct, we should see the DXY move back towards and above the psychological level of 100.00.\r\n\r\nIt will not be a straight line there will be twists and turns along the way as economic data is released.\r\n\r\nThe obvious trade is short EUR/USD. Initially to give me confidence we need to see support 1.1100 broken. This should lead lower to 1.0950. This would be a correction that breaks the recent series of higher lows that we have seen the low of 1.0340 was hit in late 2016.\r\n\r\nI am expecting a pullback in equities to coincide with moves in the USD and when you add in the TRUMP policy uncertainties I am not certain at this stage how the USD/JPY would react. There are plenty of other pairs and cross- rate pairs that would be attractive moving forward.\r\n\r\nSo as you can see we need to see a move in the DXY and EUR/USD to trigger my plan on divergence. Over the coming few days I will have my TRADE PLAN revised ready to go.\r\n\r\n&nbsp;\r\n<ol start=\"9\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #137 PREMIUM SERVICE\r\nDATE: 18th June 2017.\r\n\r\n&nbsp;', 'IS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?', '', 'inherit', 'closed', 'closed', '', '9547-revision-v1', '', '', '2017-06-17 05:06:19', '2017-06-17 10:06:19', '', 9547, 'https://weeklyfxdrivethru.com/9547-revision-v1/', 0, 'revision', '', 0);
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(9560, 1, '2017-06-17 05:51:42', '2017-06-17 10:51:42', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nIt is great to be back trading again. Apart from my summer breaks I have never taken what really amounted to a six week break before. Not that it was a break, moving home and then being on a vacation some 35+ hours traveling time away is nothing to be sneezed at.\r\n\r\nYou will notice as well, that I have once again changed the running order and format of the blog around… eventually I will settle on a format that I am comfortable with. I have been writing these blogs for five years now and I am still not 100% happy. I live in hope that I will produce a format as smooth a Knob Creek bourbon!\r\n\r\nIt would be wrong of me not to mention Mary, Mark, David, Tom, Joel and Anna from my recent journey to Australia and New Zealand. Meeting fellow traders and PREMIUM SERVICE subscribers was a real buzz for me and the time that they set to one side for lunches, dinners, drinks and tour guide duties were greatly appreciated by my wife and myself. We have great memories and pictures of the occasions to keep. Many thanks guys Breda and I had a blast.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nLast week, I started back at my screens on Tuesday basically catching up with administration matters and re-familiarization of charts etc. Then I announced to subscribers that I would start the next day on Wednesday, back in at the deep end, with a plethora of data releases and of course the FOMC rate announcement and press conference. Yup… I pick the days!!\r\n\r\nAlthough I have been away for about six weeks, nothing much has changed.\r\n\r\nHowever, two key situations are in play that I should address here: -\r\n<ul>\r\n 	<li>USA – DONALD TRUMP PRESIDENCY:\r\n\r\nThe dysfunctional politicians in Washington are hell bent on ensuring that the GOP is distracted from all policy initiatives by initially stalling on cabinet appointments and now the Russian enquiry has superseded all other events with President Trump’s naivety in politics being exposed by career politicians. From the outside looking in the Democrats have decided the best policy is stall and then look for enquiry after enquiry to distract. I must admit Trump may have been able to lie and get away with matters in the TRUMP organization but he cannot do the same as President. He appears to stumble into one elephant trap after another and now he looks clumsy and inefficient. The twitter rants from my perspective does his defence no good it just makes him look childish.\r\n\r\nI am absolutely convinced had HILLARY been victorious the GOP would apply the same tactics to the Democrats as they currently apply to the GOP and TRUMP.\r\n\r\nSo whatever your political persuasion in the “states” you must be frustrated if GOP and delighted if a Democrat supporter. Should “THE DONALD” be impeached or whatever (and that looks a long shot at the moment) and subsequently over time a Democrat returns to the White House., I have no doubt the GOP will frustrate the crap out of the Democrats and the new Democratic President would feel like they were in a log job. Basically; a role reversal.\r\n\r\nA great example of democracy in action for the less well off in the world to gaze on at and laugh at.\r\n\r\nFrom a trading perspective, so much has been promised and moves have happened based upon scenarios that look like a pipe dream at the moment.\r\n\r\nThe attention had been taken off the FED for some time and attention placed at the door of “THE DONALD”. Uncertainty lies ahead; BIG uncertainties. I do however believe we have a small window in 2017 to make pips before Central Bank normalization spreads. I tackle this later on in section 8 of the blog.</li>\r\n 	<li>THE UK – SNAP GENERAL ELECTION:</li>\r\n</ul>\r\nIn the UK. Theresa May the UK Prime Minister bet on increasing her majority in the House of Commons to strengthen her position through the BREXIT negotiations by calling a snap general election. She failed. While she still has the largest party in the House she does not have a working majority. She is forming a strategic voting alliance with the Northern Ireland Democratic Unionist party, which Sinn Fein leader Gerry Adams has already said that such an alliance is in breach of the “Good Friday” agreement between the IRELAND and the North. Deep joy. This has legs and frankly, like it or not I can see another UK election in 2017.\r\n\r\nFrom a trading perspective, the cable is rather difficult to really be convinced one way or the other 100%. I talk a little more about this towards the end of this section of the blog.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSo back to last week, in particular Wednesday…\r\n\r\nThe equity markets appear to be in denial over TRUMP. Now we have consumers weighing in. Sales and CPi numbers were a disaster and the USD was taken to the woodshed.\r\n\r\nLater in the day, Janet Yellen held a press conference after a well predicted and baked in 0.25% rise in FED funds rate was announced. The Yellen press conference was a HAWKISH AFFAIR, the FOMC appear hell bent on raising rates and have “something behind the clock” in the event that the TRUMP administration collapses on the back of an impeachment trial, resignation or US recession or the like of something similar that would cause markets to jitter.\r\n\r\nFrom my perspective; data dependency and how the rest of the world looks economically are now both out of the window as reasons not to hike anymore. Even Janet Yellen who sounds DOVISH when delivering HAWKISH sentiments put all that behind her and went for the HAWKISH tone right through the statement, opening remarks to the press conference and basically when answering questions afterwards.\r\n\r\nThe result of this break from normality, especially when she talked openly about reducing the FED‘s balance sheet, sent the USD higher reversing the losses resulting from poor sales data.\r\n\r\nFollowing this rate hike and confirmation that the FOMC want at least one more this year plus the balance sheet reduction and proposed further rate hikes in 2018, does this mean that Central Bank convergence trade is now on?\r\n\r\nRead my thoughts on this later in THE SOAPBOX.\r\n\r\nThen Thursday brought in Mark Carney with the latest BOE policy summary, MPC vote and Bank rate announcement.\r\n\r\nNo surprises with the interest rate remaining at 0.25%, but the vote to remain unchanged instead of being 7-1 as usual was now 5-3. This caused cable to rally 100 pips in a matter of seconds. During the day, it gave back 50% of these gains but the card is now marked. My thoughts on cable are changing. I am like a child on Christmas morning with two toys I want to play with but I can only play with one at a time. I want to be both short and long cable.\r\n\r\nBREXIT has not yet started and part of me things that cable still has a lower level to test first. My other side tells me to buy a dip and get long because there are thousands of pips across the cable crosses to be made.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE WEEKLY FX DRIVE THRU – LIVE WEBINAR:</strong></li>\r\n</ol>\r\nI am happy to announce that the WEEKLY LIVE WEBINAR series will start again on: -\r\n\r\n<u>Monday 19th June at 5:30PM EST</u>\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017.png\"><img class=\"aligncenter size-large wp-image-9531\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017-1024x997.png\" alt=\"\" width=\"1024\" height=\"997\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>NZD: I am not expecting the RBNZ to move on interest rates but the comments from Graeme Wheeler (CB Governor) will be interesting to follow.\r\n\r\nIn the past Wheeler has eluded to the fact that about 80% of the movement in the NZD/USD exchange rate is out of the control of the RBNZ.\r\n\r\nMy problem with Wheeler is that his press conferences remind me of my banker’s days of old when the chaps would just sit around and see who could load the most plums into their mouths and talk with a “lardy-da” accent to try and sound the most upper class as possible. (BOC meetings are very similar). These thoughts deflect my attention… However, when I read any of the statements they are so low on content anyhow maybe they are loading up the plums!!\r\n\r\nBottom line; if Wheeler wants the exchange rate of the NZD/USD closer to 0.6500 than 0.7500, which he has said is preferred, he needs to deliver an unequivocal without possible mis-interpretation language to the chaps in the room knocking back either a Central Otago Pinot Noir or Marlborough Sauvignon Blanc. If previous meetings are anything to go on, he seems unable to deliver on this. He may be a great host on the vino but communicating his policy not so good.\r\n\r\nLet’s see what happens this time.</li>\r\n 	<li>CAD: Both Retail Sales and CPi this week.\r\n\r\nThe word on the street is that the BOC could be raising rates. This is not surprising given the geographical proximity to the USA.\r\n\r\nIs the Canadian economy ready for a rate hike, that is the question?\r\n\r\nIt may do something to slow down the housing squeeze but 0.25% is feck all in the grand scheme of things in my opinion.\r\n\r\nCertainly the CAD economic data appears to moving in the right direction, although one should not get carried away. Only four months ago Stephen Poloz the BOC Governor was talking about rate cuts!\r\n\r\nShould WTi drop below $40.00 a barrel rate hikes will be off and the BOC will have to re-think its strategy away from saying everything is transitory!\r\n\r\nIf these numbers miss. The CAD will weaken a great deal as the markets will rule out a rate hike. However, strong data opens up a whole new ball game for BOC especially if OIL falls through $40.00.</li>\r\n</ol>\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS TO NOTE THIS WEEK:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017.png\"><img class=\"aligncenter size-large wp-image-9532\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017-1024x853.png\" alt=\"\" width=\"1024\" height=\"853\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9541\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9542\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9540\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9543\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9544\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9545\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9546\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nMONTH TO DATE:  +515 pips\r\nYEAR TO DATE:      +1,717 pips\r\n\r\nIf you would like to know a little more visually about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<u>\r\nDO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u>\r\n\r\nThere has never been a better time.\r\n\r\n<strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around the time my trading activity would be at its lowest.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nBelow are the dates of the DRIVE THRU blog for the remainder of this year, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong>WANT A FREE PREMIUM SERVICE SUBSCRIPTION?</strong></li>\r\n</ol>\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"7\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)</li>\r\n</ol>\r\n<strong>\r\n\r\n</strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong> IS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?</strong>\r\n\r\nBefore starting this piece I thought that I would look back over all the previous blogs and establish the period that I first started talking about Central Bank divergence. Firstly, it was in the time that Ben Bernanke was FED chairman and it was in Q2 2013, I got serious about it Q4 2013 leading into 2014 and the same again in Q4 leading into 2015 and again Q4 2015 leading into 2016. I am nothing but consistent.\r\n\r\nSo; here I am again Q2/Q3 2017 what has rattled my cage this time?\r\n\r\nIt is quite simple really, well I think it is. Here is my logic.\r\n<ul>\r\n 	<li>The FED is normalizing and looks hell bent on continuing to do so for the remainder of 2017 and into 2018. By the end of 2018 the FED funds rate should be closer to 2% maybe 2.5%.</li>\r\n 	<li>At the FOMC press conference last week, the “UBER DOVE”, Janet Yellen even openly discussed reducing the size of the FED’s balance sheet. She talked about an approximate start date and how it would proceed over the coming two/three years.</li>\r\n 	<li>Economically from an inflation perspective the UK, Canada, Australia and New Zealand are all moving upwards.\r\n\r\nThe Deputy governor of the BOC announced that the BOC are looking to raise rates sometime later this year.\r\n\r\nLast week the BOE MPC announced that the vote on maintaining interest rates steady at 0.25% was 5-3 in favour. The market was expecting 7-1. The pressure on the UK to raise rates is therefore growing.\r\n\r\nIn Australia the economy is booming. The pressure to start raising rates is increasing and one could argue a similar case for New Zealand.\r\n\r\nIt is all about the timing.</li>\r\n 	<li>The exceptions at the moment are the ECB, BOJ and SNB.\r\n\r\nFirstly, the ECB is a complicated beast. One could argue interest rates in Germany should now be at 2.5% - 3%. However, you could also argue at the same time rates for the like of Italy, Greece and Cyprus should be 0%.\r\n\r\nHere lies the fundamental problem of the EUROZONE.\r\n\r\nMario Draghi (ECB President) has virtually an impossible conundrum to deal with trying to balance the needs and requirements of the 19 countries that make up the single currency block. He has stated that nothing will change on monetary policy until the end of 2017 at the very earliest.\r\n\r\nWith regards to the BOJ and SNB both central banks are not looking to amend interest rates this year.</li>\r\n</ul>\r\nTherefore, as the second and third largest central banks (ECB and BOJ) behind the FED will not be changing their policy on interest rates any time soon, we could have a window of opportunity. How long in time is this window? I believe up to the time that the FED starts to reduce its balance sheet size. Conservatively between 4 -6 months in my opinion.\r\n\r\nAs soon as the FED really kicks into its normalization policy the pressure on the BOE, BOC, RBA and maybe the RBNZ to act will grow. Having said this, as the USD strengthens because of FED policy, the other cross currencies will weaken and this will help economies in the short term but inflationary pressures will grow because of currency weakness and will need to be addressed when levels more than 2% are reached. In fact, prior to 2% most Central banks would want to act.\r\n\r\nThe BOE has inflation at 2.6% currently in the UK to cope with, hence the MPC votes 5-3 on the current 0.25% interest rate. But given the BREXIT uncertainties Governor Carney does not want to interfere anymore until greater clarity on the negotiation process is known.\r\n\r\nI believe in the short- term governments and central banks will welcome divergence from the FED, but into the medium-term they would be forced to act and normalize themselves.\r\n\r\nTherefore, assuming my thought process is correct, we should see the DXY move back towards and above the psychological level of 100.00.\r\n\r\nIt will not be a straight line there will be twists and turns along the way as economic data is released.\r\n\r\nThe obvious trade is short EUR/USD. Initially to give me confidence we need to see support 1.1100 broken. This should lead lower to 1.0950. This would be a correction that breaks the recent series of higher lows that we have seen the low of 1.0340 was hit in late 2016.\r\n\r\nI am expecting a pullback in equities to coincide with moves in the USD and when you add in the TRUMP policy uncertainties I am not certain at this stage how the USD/JPY would react. There are plenty of other pairs and cross- rate pairs that would be attractive moving forward.\r\n\r\nSo as you can see we need to see a move in the DXY and EUR/USD to trigger my plan on divergence. Over the coming few days I will have my TRADE PLAN revised ready to go.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"9\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #241 FREE NEWSLETTER\r\nDATE: 18th June 2017.\r\n\r\n&nbsp;', 'IS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?', '', 'publish', 'open', 'closed', '', 'central-bank-divergence-trade-finally-play', '', '', '2017-06-17 05:51:42', '2017-06-17 10:51:42', '', 0, 'https://weeklyfxdrivethru.com/?p=9560', 0, 'post', '', 0);
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(9561, 1, '2017-06-17 05:51:42', '2017-06-17 10:51:42', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nIt is great to be back trading again. Apart from my summer breaks I have never taken what really amounted to a six week break before. Not that it was a break, moving home and then being on a vacation some 35+ hours traveling time away is nothing to be sneezed at.\r\n\r\nYou will notice as well, that I have once again changed the running order and format of the blog around… eventually I will settle on a format that I am comfortable with. I have been writing these blogs for five years now and I am still not 100% happy. I live in hope that I will produce a format as smooth a Knob Creek bourbon!\r\n\r\nIt would be wrong of me not to mention Mary, Mark, David, Tom, Joel and Anna from my recent journey to Australia and New Zealand. Meeting fellow traders and PREMIUM SERVICE subscribers was a real buzz for me and the time that they set to one side for lunches, dinners, drinks and tour guide duties were greatly appreciated by my wife and myself. We have great memories and pictures of the occasions to keep. Many thanks guys Breda and I had a blast.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nLast week, I started back at my screens on Tuesday basically catching up with administration matters and re-familiarization of charts etc. Then I announced to subscribers that I would start the next day on Wednesday, back in at the deep end, with a plethora of data releases and of course the FOMC rate announcement and press conference. Yup… I pick the days!!\r\n\r\nAlthough I have been away for about six weeks, nothing much has changed.\r\n\r\nHowever, two key situations are in play that I should address here: -\r\n<ul>\r\n 	<li>USA – DONALD TRUMP PRESIDENCY:\r\n\r\nThe dysfunctional politicians in Washington are hell bent on ensuring that the GOP is distracted from all policy initiatives by initially stalling on cabinet appointments and now the Russian enquiry has superseded all other events with President Trump’s naivety in politics being exposed by career politicians. From the outside looking in the Democrats have decided the best policy is stall and then look for enquiry after enquiry to distract. I must admit Trump may have been able to lie and get away with matters in the TRUMP organization but he cannot do the same as President. He appears to stumble into one elephant trap after another and now he looks clumsy and inefficient. The twitter rants from my perspective does his defence no good it just makes him look childish.\r\n\r\nI am absolutely convinced had HILLARY been victorious the GOP would apply the same tactics to the Democrats as they currently apply to the GOP and TRUMP.\r\n\r\nSo whatever your political persuasion in the “states” you must be frustrated if GOP and delighted if a Democrat supporter. Should “THE DONALD” be impeached or whatever (and that looks a long shot at the moment) and subsequently over time a Democrat returns to the White House., I have no doubt the GOP will frustrate the crap out of the Democrats and the new Democratic President would feel like they were in a log job. Basically; a role reversal.\r\n\r\nA great example of democracy in action for the less well off in the world to gaze on at and laugh at.\r\n\r\nFrom a trading perspective, so much has been promised and moves have happened based upon scenarios that look like a pipe dream at the moment.\r\n\r\nThe attention had been taken off the FED for some time and attention placed at the door of “THE DONALD”. Uncertainty lies ahead; BIG uncertainties. I do however believe we have a small window in 2017 to make pips before Central Bank normalization spreads. I tackle this later on in section 8 of the blog.</li>\r\n 	<li>THE UK – SNAP GENERAL ELECTION:</li>\r\n</ul>\r\nIn the UK. Theresa May the UK Prime Minister bet on increasing her majority in the House of Commons to strengthen her position through the BREXIT negotiations by calling a snap general election. She failed. While she still has the largest party in the House she does not have a working majority. She is forming a strategic voting alliance with the Northern Ireland Democratic Unionist party, which Sinn Fein leader Gerry Adams has already said that such an alliance is in breach of the “Good Friday” agreement between the IRELAND and the North. Deep joy. This has legs and frankly, like it or not I can see another UK election in 2017.\r\n\r\nFrom a trading perspective, the cable is rather difficult to really be convinced one way or the other 100%. I talk a little more about this towards the end of this section of the blog.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nSo back to last week, in particular Wednesday…\r\n\r\nThe equity markets appear to be in denial over TRUMP. Now we have consumers weighing in. Sales and CPi numbers were a disaster and the USD was taken to the woodshed.\r\n\r\nLater in the day, Janet Yellen held a press conference after a well predicted and baked in 0.25% rise in FED funds rate was announced. The Yellen press conference was a HAWKISH AFFAIR, the FOMC appear hell bent on raising rates and have “something behind the clock” in the event that the TRUMP administration collapses on the back of an impeachment trial, resignation or US recession or the like of something similar that would cause markets to jitter.\r\n\r\nFrom my perspective; data dependency and how the rest of the world looks economically are now both out of the window as reasons not to hike anymore. Even Janet Yellen who sounds DOVISH when delivering HAWKISH sentiments put all that behind her and went for the HAWKISH tone right through the statement, opening remarks to the press conference and basically when answering questions afterwards.\r\n\r\nThe result of this break from normality, especially when she talked openly about reducing the FED‘s balance sheet, sent the USD higher reversing the losses resulting from poor sales data.\r\n\r\nFollowing this rate hike and confirmation that the FOMC want at least one more this year plus the balance sheet reduction and proposed further rate hikes in 2018, does this mean that Central Bank convergence trade is now on?\r\n\r\nRead my thoughts on this later in THE SOAPBOX.\r\n\r\nThen Thursday brought in Mark Carney with the latest BOE policy summary, MPC vote and Bank rate announcement.\r\n\r\nNo surprises with the interest rate remaining at 0.25%, but the vote to remain unchanged instead of being 7-1 as usual was now 5-3. This caused cable to rally 100 pips in a matter of seconds. During the day, it gave back 50% of these gains but the card is now marked. My thoughts on cable are changing. I am like a child on Christmas morning with two toys I want to play with but I can only play with one at a time. I want to be both short and long cable.\r\n\r\nBREXIT has not yet started and part of me things that cable still has a lower level to test first. My other side tells me to buy a dip and get long because there are thousands of pips across the cable crosses to be made.\r\n\r\n<strong> </strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE WEEKLY FX DRIVE THRU – LIVE WEBINAR:</strong></li>\r\n</ol>\r\nI am happy to announce that the WEEKLY LIVE WEBINAR series will start again on: -\r\n\r\n<u>Monday 19th June at 5:30PM EST</u>\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel, when I get to 100 subscribers (if I get there) I can have my own personalized shortened link. If you like the style of my webinar, please subscribe. The benefits are that as soon as a new webinar is posted you are emailed.: -\r\n\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017.png\"><img class=\"aligncenter size-large wp-image-9531\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-18062017-1024x997.png\" alt=\"\" width=\"1024\" height=\"997\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nLooking at what is on the timetable this week really has me focused on just two currencies, Cable and the Kiwi dollar.\r\n<ol>\r\n 	<li>NZD: I am not expecting the RBNZ to move on interest rates but the comments from Graeme Wheeler (CB Governor) will be interesting to follow.\r\n\r\nIn the past Wheeler has eluded to the fact that about 80% of the movement in the NZD/USD exchange rate is out of the control of the RBNZ.\r\n\r\nMy problem with Wheeler is that his press conferences remind me of my banker’s days of old when the chaps would just sit around and see who could load the most plums into their mouths and talk with a “lardy-da” accent to try and sound the most upper class as possible. (BOC meetings are very similar). These thoughts deflect my attention… However, when I read any of the statements they are so low on content anyhow maybe they are loading up the plums!!\r\n\r\nBottom line; if Wheeler wants the exchange rate of the NZD/USD closer to 0.6500 than 0.7500, which he has said is preferred, he needs to deliver an unequivocal without possible mis-interpretation language to the chaps in the room knocking back either a Central Otago Pinot Noir or Marlborough Sauvignon Blanc. If previous meetings are anything to go on, he seems unable to deliver on this. He may be a great host on the vino but communicating his policy not so good.\r\n\r\nLet’s see what happens this time.</li>\r\n 	<li>CAD: Both Retail Sales and CPi this week.\r\n\r\nThe word on the street is that the BOC could be raising rates. This is not surprising given the geographical proximity to the USA.\r\n\r\nIs the Canadian economy ready for a rate hike, that is the question?\r\n\r\nIt may do something to slow down the housing squeeze but 0.25% is feck all in the grand scheme of things in my opinion.\r\n\r\nCertainly the CAD economic data appears to moving in the right direction, although one should not get carried away. Only four months ago Stephen Poloz the BOC Governor was talking about rate cuts!\r\n\r\nShould WTi drop below $40.00 a barrel rate hikes will be off and the BOC will have to re-think its strategy away from saying everything is transitory!\r\n\r\nIf these numbers miss. The CAD will weaken a great deal as the markets will rule out a rate hike. However, strong data opens up a whole new ball game for BOC especially if OIL falls through $40.00.</li>\r\n</ol>\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS TO NOTE THIS WEEK:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017.png\"><img class=\"aligncenter size-large wp-image-9532\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/TCHART-18062017-1024x853.png\" alt=\"\" width=\"1024\" height=\"853\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9541\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9542\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9540\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9543\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9544\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9545\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017.png\"><img class=\"aligncenter size-large wp-image-9546\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-18062017-1024x438.png\" alt=\"\" width=\"1024\" height=\"438\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"5\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nMONTH TO DATE:  +515 pips\r\nYEAR TO DATE:      +1,717 pips\r\n\r\nIf you would like to know a little more visually about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n<u>\r\nDO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u>\r\n\r\nThere has never been a better time.\r\n\r\n<strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around the time my trading activity would be at its lowest.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nBelow are the dates of the DRIVE THRU blog for the remainder of this year, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong>WANT A FREE PREMIUM SERVICE SUBSCRIPTION?</strong></li>\r\n</ol>\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"7\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)</li>\r\n</ol>\r\n<strong>\r\n\r\n</strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong> IS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?</strong>\r\n\r\nBefore starting this piece I thought that I would look back over all the previous blogs and establish the period that I first started talking about Central Bank divergence. Firstly, it was in the time that Ben Bernanke was FED chairman and it was in Q2 2013, I got serious about it Q4 2013 leading into 2014 and the same again in Q4 leading into 2015 and again Q4 2015 leading into 2016. I am nothing but consistent.\r\n\r\nSo; here I am again Q2/Q3 2017 what has rattled my cage this time?\r\n\r\nIt is quite simple really, well I think it is. Here is my logic.\r\n<ul>\r\n 	<li>The FED is normalizing and looks hell bent on continuing to do so for the remainder of 2017 and into 2018. By the end of 2018 the FED funds rate should be closer to 2% maybe 2.5%.</li>\r\n 	<li>At the FOMC press conference last week, the “UBER DOVE”, Janet Yellen even openly discussed reducing the size of the FED’s balance sheet. She talked about an approximate start date and how it would proceed over the coming two/three years.</li>\r\n 	<li>Economically from an inflation perspective the UK, Canada, Australia and New Zealand are all moving upwards.\r\n\r\nThe Deputy governor of the BOC announced that the BOC are looking to raise rates sometime later this year.\r\n\r\nLast week the BOE MPC announced that the vote on maintaining interest rates steady at 0.25% was 5-3 in favour. The market was expecting 7-1. The pressure on the UK to raise rates is therefore growing.\r\n\r\nIn Australia the economy is booming. The pressure to start raising rates is increasing and one could argue a similar case for New Zealand.\r\n\r\nIt is all about the timing.</li>\r\n 	<li>The exceptions at the moment are the ECB, BOJ and SNB.\r\n\r\nFirstly, the ECB is a complicated beast. One could argue interest rates in Germany should now be at 2.5% - 3%. However, you could also argue at the same time rates for the like of Italy, Greece and Cyprus should be 0%.\r\n\r\nHere lies the fundamental problem of the EUROZONE.\r\n\r\nMario Draghi (ECB President) has virtually an impossible conundrum to deal with trying to balance the needs and requirements of the 19 countries that make up the single currency block. He has stated that nothing will change on monetary policy until the end of 2017 at the very earliest.\r\n\r\nWith regards to the BOJ and SNB both central banks are not looking to amend interest rates this year.</li>\r\n</ul>\r\nTherefore, as the second and third largest central banks (ECB and BOJ) behind the FED will not be changing their policy on interest rates any time soon, we could have a window of opportunity. How long in time is this window? I believe up to the time that the FED starts to reduce its balance sheet size. Conservatively between 4 -6 months in my opinion.\r\n\r\nAs soon as the FED really kicks into its normalization policy the pressure on the BOE, BOC, RBA and maybe the RBNZ to act will grow. Having said this, as the USD strengthens because of FED policy, the other cross currencies will weaken and this will help economies in the short term but inflationary pressures will grow because of currency weakness and will need to be addressed when levels more than 2% are reached. In fact, prior to 2% most Central banks would want to act.\r\n\r\nThe BOE has inflation at 2.6% currently in the UK to cope with, hence the MPC votes 5-3 on the current 0.25% interest rate. But given the BREXIT uncertainties Governor Carney does not want to interfere anymore until greater clarity on the negotiation process is known.\r\n\r\nI believe in the short- term governments and central banks will welcome divergence from the FED, but into the medium-term they would be forced to act and normalize themselves.\r\n\r\nTherefore, assuming my thought process is correct, we should see the DXY move back towards and above the psychological level of 100.00.\r\n\r\nIt will not be a straight line there will be twists and turns along the way as economic data is released.\r\n\r\nThe obvious trade is short EUR/USD. Initially to give me confidence we need to see support 1.1100 broken. This should lead lower to 1.0950. This would be a correction that breaks the recent series of higher lows that we have seen the low of 1.0340 was hit in late 2016.\r\n\r\nI am expecting a pullback in equities to coincide with moves in the USD and when you add in the TRUMP policy uncertainties I am not certain at this stage how the USD/JPY would react. There are plenty of other pairs and cross- rate pairs that would be attractive moving forward.\r\n\r\nSo as you can see we need to see a move in the DXY and EUR/USD to trigger my plan on divergence. Over the coming few days I will have my TRADE PLAN revised ready to go.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"9\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #241 FREE NEWSLETTER\r\nDATE: 18th June 2017.\r\n\r\n&nbsp;', 'IS THE CENTRAL BANK DIVERGENCE TRADE FINALLY IN PLAY?', '', 'inherit', 'closed', 'closed', '', '9560-revision-v1', '', '', '2017-06-17 05:51:42', '2017-06-17 10:51:42', '', 9560, 'https://weeklyfxdrivethru.com/9560-revision-v1/', 0, 'revision', '', 0),
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(9591, 1, '2017-06-24 06:16:10', '2017-06-24 11:16:10', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nA very quiet week when all said and done. I think it was last Thursday morning when I tweeted out that I had thought my machines / screens had frozen. Trading in the “summer doldrums” is here.\r\n\r\nThis is the time of year that I review my annual performance so far, look at my TRADE LAN vis-à-vis target currency pairs and objectives, then revise my strategy into the year end.\r\n\r\nI have started this process and already I have a huge dilemma with cable (GBP).\r\n<ul>\r\n 	<li>Should I be long or short?</li>\r\n 	<li>How will the GBP cross-rate pairs play out given my thoughts on equities?</li>\r\n 	<li>How will the GBP cross-rate pairs play out given my thoughts on commodities?</li>\r\n</ul>\r\nI thought it may be interesting to document some of these later in the blog.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nOver the past week or so I have been settling back into a routine in a new time zone, new office and a new desk layout.\r\n\r\nIt was a light week with regards to activity although a couple of events caught my attention.\r\n<ul>\r\n 	<li>OIL:\r\n\r\nThose of you who attended last Monday’s WEEKLY FX DRIVE THRU – LIVE webinar, will recall yet another one of my soapbox rants on OPEC and FRACKERS. I am getting way too predictable albeit, I will say it because no-one else will “I AM RIGHT”.\r\n\r\nAs mentioned on the webinar my old Economic teachers / professors “Woodsy and McCabe” would be proud of my “SUPPLY &amp; DEMAND” logic. It was relevant 40 years ago and still is today.\r\n\r\nLet me be brief and to the point: -\r\n\r\nOPEC is not a functioning cartel. It is a collection of self-serving countries still trying to hold the world to ransom on a commodity that is dying. In the good times, the good old days, incomes generated through OIL were more often than not squandered. Now the OIL price in my opinion given the improved technology around the world for extraction techniques is has a price limit ceiling no better than a $60.00 per barrel price at best.\r\n\r\nThe US “frackers” have benefited the most from extraction economies of scale and this will, in my opinion, keep a lid on price extremes. As soon as prices rise, more frackers enter the marketplace and bring up supply and this keeps prices lower. Costs to produce versus not to produce are now more manageable than ever for “frackers”. No longer are there outrageous costs to open / close production so it is almost getting to the equivalent of flicking a switch.\r\n\r\nInto the future OIL is going to become less and less important vis-à-vis cars. The move into Hybrid is here to stay and “self–generated” powered cars are the future.\r\n\r\nThe OIL market is frankly a corrupt, speculative and manipulative market played in by a few. The penny has dropped for several players of late as the movements in market prices are tighter. Not such a lucrative a playground as it used to be.\r\n\r\nJust my thoughts and my view from “THE SOAPBOX”. No doubt this coming Monday if I show a USOIL chart, I won’t be able to stop myself!!</li>\r\n 	<li>RBNZ:\r\n\r\nGraeme “fecking” Wheeler. Now the flute has no “fecking” problems with the valuation of the NZD against the USD being at c. 0.7300.\r\n\r\nHoly Mother of God, I know he steps down as governor of the RBNZ in September, but to be in holiday mode in June is a little early even by my own playbook. I have stated for years that central banks are like huge oil tankers that take 3 or 4 miles to stop moving forward never mind require a turning circle of a mile or so to reverse course. They are not quick to do anything.\r\nHas the RBNZ decided to change policy?\r\n\r\nWhen reading the statement, it appears not.\r\n\r\nI am therefore at a loss as to why he did not jawbone the price lower. Technically 0.7320-0.7350 is a huge / massive level to pass through and should the NZD/USD achieve this, a great deal of my TRADE PLAN for the remainder of 2016 may have to be re-thought.\r\n\r\nAt the moment, I know that there is a “carry trade” effect in place given the NZD interest rate differential but that is not longer-term sustainable in my opinion. In addition, I know that the cross-rate flows through the AUD/NZD also really pull at this currency.\r\n\r\nHowever, having said all that, the lack of verbal intervention from the RBNZ was a puzzler.\r\n\r\nJust to give you full disclosure, Graeme Wheeler is off both my 2017 Christmas Card lists; paper and digital.</li>\r\n 	<li>CAD:\r\n\r\nFollowing the comments made by the “Deputy” governor, not “yer man” Poloz the actual governor, this currency has strengthened across the board. The comments indicated that the BOC were close to changing policy and raise interest rates rather than remain dovish.\r\n\r\nThis week we had Retail Sales which were a beat to add fuel to the move lower in USD/CAD, and the following day CPi missed and the USD/CAD weakened.\r\n\r\nSo mixed data.\r\n\r\nGiven the fact that Oil is heading towards $40.00 per barrel, from my perspective I would not be betting my home on the BOC raising rates in the next 3 months or so. If there is one thing that I have learned living in Canada is that it is the most Conservative country that I have lived in, so much so the C in Conservative is font size 72. Canada is a reactive rather than a pro-active country in regard to most aspects of everyday life. The BOC reflects this.</li>\r\n 	<li>BREXIT:\r\n\r\nThe negotiations have started in Brussels. I believe we must remain alert 24 x 7 for comments made by UK or EU politicians plus the Brussels bureaucrats. Validated or unconfirmed comments will move the markets instantaneously and will affect both the GBP and EUR currency.</li>\r\n 	<li>“TRUMP”\r\n\r\nAs diplomatically as possible:\r\n\r\nThe current US President is a liability to himself, and the people around him, never mind, world stability and the markets.\r\n\r\nHis constant tweeting, and I can understand at times why he does this given the biased US TV coverage, creates not only more fuel for the TV networks to debate but has a destabilizing effect and creates uncertainty in the markets. His approval ratings as a result suffer badly fueling the fires that surround him.\r\n\r\nFrom a trading perspective he is a bloody nightmare, totally unpredictable and most of the time his comments in my opinion are ill founded and tantamount to a spoiled child lashing out.</li>\r\n</ul>\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE WEEKLY FX DRIVE THRU – LIVE WEBINAR</strong></li>\r\n</ol>\r\nMy webinar last week did not record and I could not therefore distribute it.\r\n\r\nThe lesson therefore is, attend live!!\r\n\r\nSeriously though, I could not, nor could my software provider give me any reason why it did not record.\r\n\r\nThe next WEBINAR is on: - Monday 26th June at 5:30PM EST\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel: -\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\n(The benefits are that as soon as a new webinar is posted you are emailed)\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-25062017.png\"><img class=\"aligncenter size-large wp-image-9567\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-25062017-1024x1019.png\" alt=\"\" width=\"1024\" height=\"1019\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nThe economic data releases this week are minimal once again.\r\n<ol>\r\n 	<li>EUR: Following the PMi releases last week for the EUROZONE as a whole, (Services missed but Manufacturing beat estimates), this week a more favoured barometer by the markets is the “Ifo” data from Germany.\r\n\r\nFrom my perspective this is why the markets, especially in the US do not understand the EUROZONE. They focus on Germany, which is OK but Germany is not 100% what drives the ECB and Mario Draghi. If it were interest rates would be about 3% in Germany right now, but by the same token about minus 2% in Italy!\r\n\r\nNevertheless it is what it is and follow it I must given the position of the EUR/USD closing in on a confirmed break above1.1200.\r\n\r\nFrom a number perspective, above 114.6 which was the previous number and will be viewed by the markets (rightly or wrongly) as an improvement in the EUROZONE.</li>\r\n 	<li>USD: Consumer confidence numbers are critical for a consumer driven society like the US. If this number is below 117.9, which was the last level, this will have a negative effect on the USD. Above this level and this could be the catalyst to spark the USD “lack lustre” performance of late despite having increased rates.\r\n\r\nIncreasing Interest rates can obviously affect this data but more usually this is reflected in CPi rather than confidence data. One could argue that increasing rates shows a strong and resilient economy that should inspire confidence. I cannot believe I just wrote that with “THE DONALD” as president.</li>\r\n 	<li>GBP: The current account data is often put to one side as accountant only data. Given BREXIT and its implications this is now most definitely not the case.  The capital flows in and out of the UK are mission critical for the BOE and the government.\r\n\r\nThe City of London moves by banks and other financial institutions away from London and into mainland Europe / Dublin have a direct effect on the current account. Sometimes instant, but mostly gradual and in my opinion should be noted.</li>\r\n 	<li>CAD: GDP this week will in my opinion provide the ultimate test of whether the BOC raises interest rates or not. I am highly skeptical based on the falling OIL price but this number could kick start CAD weakness or send it sub 1.3000.\r\n\r\nIt is a backward looking number and no doubt the BOC know the result, but it still has importance.</li>\r\n</ol>\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS TO NOTE THIS WEEK:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/T-CHART-25062017.png\"><img class=\"aligncenter size-large wp-image-9568\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/T-CHART-25062017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9585\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9586\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9584\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9587\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9588\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9589\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9590\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.\r\n\r\n&nbsp;\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nMONTH TO DATE:  +911 pips\r\nYEAR TO DATE:      +2,113 pips\r\n\r\nIf you would like to know a little more visually about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n&nbsp;\r\n\r\n<u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u>\r\n\r\nThere has never been a better time….\r\n\r\nThis promotion is now entering its final week.\r\n\r\n<strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around the time my trading activity would be at its lowest.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nBelow are the dates of the DRIVE THRU blog for the remainder of this year, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong>WANT A FREE PREMIUM SERVICE SUBSCRIPTION?</strong></li>\r\n</ol>\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"7\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)</li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nFFS; these markets are slow and painful. What to do?\r\n\r\nI am not getting the move I expected with the USD (DXY) see the chart below with comments.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/DXY-25062017.png\"><img class=\"aligncenter size-large wp-image-9576\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/DXY-25062017-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nThis chart has me concerned as a drop to 94.50 has a major impact on everything. In the past, the USD has been picked up by buyers seeing valuation around 96.20-40, I am hoping for more of the same but the chart does not look pretty for USD bulls.\r\n\r\nLooking at the TRADE ENVIRONMENT it is slow.\r\n\r\nI am in two minds as of what to do with the GBP as you can see from “THE SOAPBOX” section that follows. I am positioned long with cross rates at the moment, under water with one trade more or less positive with two others. My hesitancy to remove these trades was due to the fact that they are both commodity cross rate pairs (GBP/NZD and GBP/AUD) and fundamentally my views on the commodity currencies are that they should come under some selling pressure. If I am correct with this contrarian view remains to be seen.\r\n\r\nAt the moment, I am looking for the CHF, AUD and NZD to weaken across the board, with the NZD being taken to the woodshed and spanking so that the glow from its bottom lights up the skies!!\r\n\r\nHence the phrase “Red sky at night the Kiwi is getting spanked”.\r\n\r\nWith all the thoughts, comments and fundamental views, I am still of the opinion that without a clear move in USD it is best to remain with smaller position sizes. The market is complicated and it does not give me huge confidence given the uncertainties that are in play, especially with the USD and GBP.\r\n\r\n<u>\r\nCORE TRADES:\r\n\r\n</u>Nothing to place here yet. Although, if all goes to plan and works out, this area could be renamed commodity pairs and commodity cross-rate CORE TRADES.\r\n\r\n<u>\r\nPREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-25062017.png\"><img class=\"aligncenter size-large wp-image-9575\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-25062017-920x1024.png\" alt=\"\" width=\"920\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-25062017.png\"><img class=\"aligncenter size-large wp-image-9574\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-25062017-891x1024.png\" alt=\"\" width=\"891\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nGBP – IS IT A LONG OR A SHORT TRADE?</strong><strong>\r\n\r\n</strong>I have to say, on or about the anniversary of the historic BREXIT referendum vote, I never thought that I would be caught in two minds over the direction to trade the cable.\r\n\r\nAs PREMIUM SERVICE SUBSCRIBERS are aware I have in play 3 x long GBP commodity cross trades with two more limit orders in place to trigger, plus GBP/USD and EUR/GBP trades as limit orders as well. That is potentially 7 trades in total.\r\n\r\nThese trades were placed last week or before last week, so why am I now in two minds, what has fundamentally changed to place me in this dilemma?\r\n\r\nI do not want to write pages and pages on this, but essentially, I am torn between being either long or short over the following: -\r\n<ul>\r\n 	<li>The overall uncertainty that surrounds BREXIT.</li>\r\n 	<li>The MPC vote 5-3.</li>\r\n 	<li>UK inflation in the economy at 2.9% (BOE target 2%).</li>\r\n 	<li>Carney’s mansion House breakfast speech being so dovish.</li>\r\n 	<li>Haldane’s economic based response to Carney.</li>\r\n 	<li>The initial EU response from the Brussels bureaucrats who are basically negotiating on behalf of the 27 member countries.</li>\r\n 	<li>UK unemployment is low at 4.8%.</li>\r\n 	<li>GDP and PMi data very resilient all things considered.</li>\r\n 	<li>Theresa May’s long term position looks more and more in doubt. Another general election looks odds on for the Autumn / Fall.</li>\r\n 	<li>Wage growth is still a “lagger” at 2% households are being squeezed.</li>\r\n 	<li>UK debt to GDP is very high circa. 90%.</li>\r\n</ul>\r\nSome of the above are positive and some are negative. I was going to list them by positives and negatives, however after some thought I decided just to list them as they came out so that you can appreciate the back and forth thought process!\r\n\r\nUp to a few weeks ago, my plan was very much around the fact that BREXIT UNCERTAINTY trumps all other factors. Then we had the MPC vote at 5-3. Did this influence me too far the other way?\r\n\r\nAs you may know I am a longer-term trader if the truth be told, albeit at the moment, I am having to sit on my hands so as not to exit or take profits on trades too early given the way this market is currently performing. My drawdowns are higher than usual but I have adjusted my TRADE PLAN to accommodate this change.\r\n\r\nTo help explain my dilemma visually, the following seven charts show the levels that interest me, and my comments / thoughts are contained on the charts. Whilst these may add to the confusion at least they give me levels to watch out for.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-25062017.png\"><img class=\"aligncenter size-large wp-image-9577\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-25062017-1024x505.png\" alt=\"\" width=\"1024\" height=\"505\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURGBP-25062017.png\"><img class=\"aligncenter size-large wp-image-9578\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURGBP-25062017-1024x505.png\" alt=\"\" width=\"1024\" height=\"505\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPAUD-25062017.png\"><img class=\"aligncenter size-large wp-image-9579\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPAUD-25062017-1024x514.png\" alt=\"\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCAD-25062017.png\"><img class=\"aligncenter size-large wp-image-9580\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCAD-25062017-1024x502.png\" alt=\"\" width=\"1024\" height=\"502\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCHF-25062017.png\"><img class=\"aligncenter size-large wp-image-9581\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCHF-25062017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPNZD-25062017.png\"><img class=\"aligncenter size-large wp-image-9582\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPNZD-25062017-1024x550.png\" alt=\"\" width=\"1024\" height=\"550\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPJPY-25062017.png\"><img class=\"aligncenter size-large wp-image-9583\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPJPY-25062017-1024x549.png\" alt=\"\" width=\"1024\" height=\"549\" /></a>\r\n\r\n&nbsp;\r\n\r\nYou would have noticed from the charts that there are numerous trigger points that either indicate GBP bullish or GBP bearish.\r\n\r\nBecause we have come off the back of a very bearish Mark Carney many of the charts are more bearish now than what they were a few days ago. On all of the charts I have tried to indicate my bull / bear lines in the sand to move forward from.\r\n\r\nWhilst these are technical levels and should not be ignored, my overall thoughts are that in times like this with such huge fundamental news, fundamentals trump Technical’s. You may of course not agree with this but the moves on the back of a fundamental shift are potentially massive.\r\n\r\nAs with all matters Forex, patience will be key here moving forward.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"9\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #138 PREMIUM SERVICE SUBSCRIBER VERSION\r\nDATE: 25th June 2017.\r\n\r\n&nbsp;', 'GBP – IS IT A LONG OR A SHORT TRADE?', '', 'publish', 'open', 'closed', '', 'gbp-long-short-trade', '', '', '2017-06-24 06:16:10', '2017-06-24 11:16:10', '', 0, 'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9591', 0, 'member_posts', '', 0);
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(9592, 1, '2017-06-24 06:16:10', '2017-06-24 11:16:10', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nA very quiet week when all said and done. I think it was last Thursday morning when I tweeted out that I had thought my machines / screens had frozen. Trading in the “summer doldrums” is here.\r\n\r\nThis is the time of year that I review my annual performance so far, look at my TRADE LAN vis-à-vis target currency pairs and objectives, then revise my strategy into the year end.\r\n\r\nI have started this process and already I have a huge dilemma with cable (GBP).\r\n<ul>\r\n 	<li>Should I be long or short?</li>\r\n 	<li>How will the GBP cross-rate pairs play out given my thoughts on equities?</li>\r\n 	<li>How will the GBP cross-rate pairs play out given my thoughts on commodities?</li>\r\n</ul>\r\nI thought it may be interesting to document some of these later in the blog.\r\n\r\n&nbsp;\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nOver the past week or so I have been settling back into a routine in a new time zone, new office and a new desk layout.\r\n\r\nIt was a light week with regards to activity although a couple of events caught my attention.\r\n<ul>\r\n 	<li>OIL:\r\n\r\nThose of you who attended last Monday’s WEEKLY FX DRIVE THRU – LIVE webinar, will recall yet another one of my soapbox rants on OPEC and FRACKERS. I am getting way too predictable albeit, I will say it because no-one else will “I AM RIGHT”.\r\n\r\nAs mentioned on the webinar my old Economic teachers / professors “Woodsy and McCabe” would be proud of my “SUPPLY &amp; DEMAND” logic. It was relevant 40 years ago and still is today.\r\n\r\nLet me be brief and to the point: -\r\n\r\nOPEC is not a functioning cartel. It is a collection of self-serving countries still trying to hold the world to ransom on a commodity that is dying. In the good times, the good old days, incomes generated through OIL were more often than not squandered. Now the OIL price in my opinion given the improved technology around the world for extraction techniques is has a price limit ceiling no better than a $60.00 per barrel price at best.\r\n\r\nThe US “frackers” have benefited the most from extraction economies of scale and this will, in my opinion, keep a lid on price extremes. As soon as prices rise, more frackers enter the marketplace and bring up supply and this keeps prices lower. Costs to produce versus not to produce are now more manageable than ever for “frackers”. No longer are there outrageous costs to open / close production so it is almost getting to the equivalent of flicking a switch.\r\n\r\nInto the future OIL is going to become less and less important vis-à-vis cars. The move into Hybrid is here to stay and “self–generated” powered cars are the future.\r\n\r\nThe OIL market is frankly a corrupt, speculative and manipulative market played in by a few. The penny has dropped for several players of late as the movements in market prices are tighter. Not such a lucrative a playground as it used to be.\r\n\r\nJust my thoughts and my view from “THE SOAPBOX”. No doubt this coming Monday if I show a USOIL chart, I won’t be able to stop myself!!</li>\r\n 	<li>RBNZ:\r\n\r\nGraeme “fecking” Wheeler. Now the flute has no “fecking” problems with the valuation of the NZD against the USD being at c. 0.7300.\r\n\r\nHoly Mother of God, I know he steps down as governor of the RBNZ in September, but to be in holiday mode in June is a little early even by my own playbook. I have stated for years that central banks are like huge oil tankers that take 3 or 4 miles to stop moving forward never mind require a turning circle of a mile or so to reverse course. They are not quick to do anything.\r\nHas the RBNZ decided to change policy?\r\n\r\nWhen reading the statement, it appears not.\r\n\r\nI am therefore at a loss as to why he did not jawbone the price lower. Technically 0.7320-0.7350 is a huge / massive level to pass through and should the NZD/USD achieve this, a great deal of my TRADE PLAN for the remainder of 2016 may have to be re-thought.\r\n\r\nAt the moment, I know that there is a “carry trade” effect in place given the NZD interest rate differential but that is not longer-term sustainable in my opinion. In addition, I know that the cross-rate flows through the AUD/NZD also really pull at this currency.\r\n\r\nHowever, having said all that, the lack of verbal intervention from the RBNZ was a puzzler.\r\n\r\nJust to give you full disclosure, Graeme Wheeler is off both my 2017 Christmas Card lists; paper and digital.</li>\r\n 	<li>CAD:\r\n\r\nFollowing the comments made by the “Deputy” governor, not “yer man” Poloz the actual governor, this currency has strengthened across the board. The comments indicated that the BOC were close to changing policy and raise interest rates rather than remain dovish.\r\n\r\nThis week we had Retail Sales which were a beat to add fuel to the move lower in USD/CAD, and the following day CPi missed and the USD/CAD weakened.\r\n\r\nSo mixed data.\r\n\r\nGiven the fact that Oil is heading towards $40.00 per barrel, from my perspective I would not be betting my home on the BOC raising rates in the next 3 months or so. If there is one thing that I have learned living in Canada is that it is the most Conservative country that I have lived in, so much so the C in Conservative is font size 72. Canada is a reactive rather than a pro-active country in regard to most aspects of everyday life. The BOC reflects this.</li>\r\n 	<li>BREXIT:\r\n\r\nThe negotiations have started in Brussels. I believe we must remain alert 24 x 7 for comments made by UK or EU politicians plus the Brussels bureaucrats. Validated or unconfirmed comments will move the markets instantaneously and will affect both the GBP and EUR currency.</li>\r\n 	<li>“TRUMP”\r\n\r\nAs diplomatically as possible:\r\n\r\nThe current US President is a liability to himself, and the people around him, never mind, world stability and the markets.\r\n\r\nHis constant tweeting, and I can understand at times why he does this given the biased US TV coverage, creates not only more fuel for the TV networks to debate but has a destabilizing effect and creates uncertainty in the markets. His approval ratings as a result suffer badly fueling the fires that surround him.\r\n\r\nFrom a trading perspective he is a bloody nightmare, totally unpredictable and most of the time his comments in my opinion are ill founded and tantamount to a spoiled child lashing out.</li>\r\n</ul>\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE WEEKLY FX DRIVE THRU – LIVE WEBINAR</strong></li>\r\n</ol>\r\nMy webinar last week did not record and I could not therefore distribute it.\r\n\r\nThe lesson therefore is, attend live!!\r\n\r\nSeriously though, I could not, nor could my software provider give me any reason why it did not record.\r\n\r\nThe next WEBINAR is on: - Monday 26th June at 5:30PM EST\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel: -\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\n(The benefits are that as soon as a new webinar is posted you are emailed)\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-25062017.png\"><img class=\"aligncenter size-large wp-image-9567\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-25062017-1024x1019.png\" alt=\"\" width=\"1024\" height=\"1019\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nThe economic data releases this week are minimal once again.\r\n<ol>\r\n 	<li>EUR: Following the PMi releases last week for the EUROZONE as a whole, (Services missed but Manufacturing beat estimates), this week a more favoured barometer by the markets is the “Ifo” data from Germany.\r\n\r\nFrom my perspective this is why the markets, especially in the US do not understand the EUROZONE. They focus on Germany, which is OK but Germany is not 100% what drives the ECB and Mario Draghi. If it were interest rates would be about 3% in Germany right now, but by the same token about minus 2% in Italy!\r\n\r\nNevertheless it is what it is and follow it I must given the position of the EUR/USD closing in on a confirmed break above1.1200.\r\n\r\nFrom a number perspective, above 114.6 which was the previous number and will be viewed by the markets (rightly or wrongly) as an improvement in the EUROZONE.</li>\r\n 	<li>USD: Consumer confidence numbers are critical for a consumer driven society like the US. If this number is below 117.9, which was the last level, this will have a negative effect on the USD. Above this level and this could be the catalyst to spark the USD “lack lustre” performance of late despite having increased rates.\r\n\r\nIncreasing Interest rates can obviously affect this data but more usually this is reflected in CPi rather than confidence data. One could argue that increasing rates shows a strong and resilient economy that should inspire confidence. I cannot believe I just wrote that with “THE DONALD” as president.</li>\r\n 	<li>GBP: The current account data is often put to one side as accountant only data. Given BREXIT and its implications this is now most definitely not the case.  The capital flows in and out of the UK are mission critical for the BOE and the government.\r\n\r\nThe City of London moves by banks and other financial institutions away from London and into mainland Europe / Dublin have a direct effect on the current account. Sometimes instant, but mostly gradual and in my opinion should be noted.</li>\r\n 	<li>CAD: GDP this week will in my opinion provide the ultimate test of whether the BOC raises interest rates or not. I am highly skeptical based on the falling OIL price but this number could kick start CAD weakness or send it sub 1.3000.\r\n\r\nIt is a backward looking number and no doubt the BOC know the result, but it still has importance.</li>\r\n</ol>\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS TO NOTE THIS WEEK:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/T-CHART-25062017.png\"><img class=\"aligncenter size-large wp-image-9568\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/T-CHART-25062017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9585\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9586\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9584\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9587\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9588\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9589\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9590\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong><strong> </strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nFurther information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n&nbsp;\r\n\r\n<u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u>\r\n\r\nSo; if nothing else, I tell it how it is. I am only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.\r\n\r\nIn 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.\r\n\r\n&nbsp;\r\n\r\n<u>CURRENT PREMIUM SERVICE PERFORMANCE:</u>\r\n\r\nMONTH TO DATE:  +911 pips\r\nYEAR TO DATE:      +2,113 pips\r\n\r\nIf you would like to know a little more visually about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:\r\n\r\n<a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a>\r\n\r\nPLEASE NOTE: the above video is best viewed using a Google Chrome browser.\r\n\r\n&nbsp;\r\n\r\n<u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u>\r\n\r\nThere has never been a better time….\r\n\r\nThis promotion is now entering its final week.\r\n\r\n<strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:\r\n</strong><strong>“DOUBLE IT UP”</strong>\r\n\r\nI usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.\r\n\r\nBecause I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around the time my trading activity would be at its lowest.\r\n\r\nThis is the biggest and I believe the best subscriber promotion that I have ever offered.\r\n\r\nWhat is <strong>“DOUBLE IT UP”</strong> all about…\r\n\r\nBasically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.\r\n\r\nIn addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.\r\n\r\nThis means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.\r\n\r\nThis 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.\r\n\r\nConfirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.\r\n\r\nThis is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.\r\n\r\n<strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.\r\n\r\nBelow are the dates of the DRIVE THRU blog for the remainder of this year, 2018 and 2019.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong>WANT A FREE PREMIUM SERVICE SUBSCRIPTION?</strong></li>\r\n</ol>\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"7\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)</li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nFFS; these markets are slow and painful. What to do?\r\n\r\nI am not getting the move I expected with the USD (DXY) see the chart below with comments.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/DXY-25062017.png\"><img class=\"aligncenter size-large wp-image-9576\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/DXY-25062017-1024x492.png\" alt=\"\" width=\"1024\" height=\"492\" /></a>\r\n\r\n&nbsp;\r\n\r\nThis chart has me concerned as a drop to 94.50 has a major impact on everything. In the past, the USD has been picked up by buyers seeing valuation around 96.20-40, I am hoping for more of the same but the chart does not look pretty for USD bulls.\r\n\r\nLooking at the TRADE ENVIRONMENT it is slow.\r\n\r\nI am in two minds as of what to do with the GBP as you can see from “THE SOAPBOX” section that follows. I am positioned long with cross rates at the moment, under water with one trade more or less positive with two others. My hesitancy to remove these trades was due to the fact that they are both commodity cross rate pairs (GBP/NZD and GBP/AUD) and fundamentally my views on the commodity currencies are that they should come under some selling pressure. If I am correct with this contrarian view remains to be seen.\r\n\r\nAt the moment, I am looking for the CHF, AUD and NZD to weaken across the board, with the NZD being taken to the woodshed and spanking so that the glow from its bottom lights up the skies!!\r\n\r\nHence the phrase “Red sky at night the Kiwi is getting spanked”.\r\n\r\nWith all the thoughts, comments and fundamental views, I am still of the opinion that without a clear move in USD it is best to remain with smaller position sizes. The market is complicated and it does not give me huge confidence given the uncertainties that are in play, especially with the USD and GBP.\r\n\r\n<u>\r\nCORE TRADES:\r\n\r\n</u>Nothing to place here yet. Although, if all goes to plan and works out, this area could be renamed commodity pairs and commodity cross-rate CORE TRADES.\r\n\r\n<u>\r\nPREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-25062017.png\"><img class=\"aligncenter size-large wp-image-9575\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIVE-TRADES-25062017-920x1024.png\" alt=\"\" width=\"920\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-25062017.png\"><img class=\"aligncenter size-large wp-image-9574\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/LIMIT-ORDERS-25062017-891x1024.png\" alt=\"\" width=\"891\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong>\r\nGBP – IS IT A LONG OR A SHORT TRADE?</strong><strong>\r\n\r\n</strong>I have to say, on or about the anniversary of the historic BREXIT referendum vote, I never thought that I would be caught in two minds over the direction to trade the cable.\r\n\r\nAs PREMIUM SERVICE SUBSCRIBERS are aware I have in play 3 x long GBP commodity cross trades with two more limit orders in place to trigger, plus GBP/USD and EUR/GBP trades as limit orders as well. That is potentially 7 trades in total.\r\n\r\nThese trades were placed last week or before last week, so why am I now in two minds, what has fundamentally changed to place me in this dilemma?\r\n\r\nI do not want to write pages and pages on this, but essentially, I am torn between being either long or short over the following: -\r\n<ul>\r\n 	<li>The overall uncertainty that surrounds BREXIT.</li>\r\n 	<li>The MPC vote 5-3.</li>\r\n 	<li>UK inflation in the economy at 2.9% (BOE target 2%).</li>\r\n 	<li>Carney’s mansion House breakfast speech being so dovish.</li>\r\n 	<li>Haldane’s economic based response to Carney.</li>\r\n 	<li>The initial EU response from the Brussels bureaucrats who are basically negotiating on behalf of the 27 member countries.</li>\r\n 	<li>UK unemployment is low at 4.8%.</li>\r\n 	<li>GDP and PMi data very resilient all things considered.</li>\r\n 	<li>Theresa May’s long term position looks more and more in doubt. Another general election looks odds on for the Autumn / Fall.</li>\r\n 	<li>Wage growth is still a “lagger” at 2% households are being squeezed.</li>\r\n 	<li>UK debt to GDP is very high circa. 90%.</li>\r\n</ul>\r\nSome of the above are positive and some are negative. I was going to list them by positives and negatives, however after some thought I decided just to list them as they came out so that you can appreciate the back and forth thought process!\r\n\r\nUp to a few weeks ago, my plan was very much around the fact that BREXIT UNCERTAINTY trumps all other factors. Then we had the MPC vote at 5-3. Did this influence me too far the other way?\r\n\r\nAs you may know I am a longer-term trader if the truth be told, albeit at the moment, I am having to sit on my hands so as not to exit or take profits on trades too early given the way this market is currently performing. My drawdowns are higher than usual but I have adjusted my TRADE PLAN to accommodate this change.\r\n\r\nTo help explain my dilemma visually, the following seven charts show the levels that interest me, and my comments / thoughts are contained on the charts. Whilst these may add to the confusion at least they give me levels to watch out for.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-25062017.png\"><img class=\"aligncenter size-large wp-image-9577\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-25062017-1024x505.png\" alt=\"\" width=\"1024\" height=\"505\" /></a>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURGBP-25062017.png\"><img class=\"aligncenter size-large wp-image-9578\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURGBP-25062017-1024x505.png\" alt=\"\" width=\"1024\" height=\"505\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPAUD-25062017.png\"><img class=\"aligncenter size-large wp-image-9579\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPAUD-25062017-1024x514.png\" alt=\"\" width=\"1024\" height=\"514\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCAD-25062017.png\"><img class=\"aligncenter size-large wp-image-9580\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCAD-25062017-1024x502.png\" alt=\"\" width=\"1024\" height=\"502\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCHF-25062017.png\"><img class=\"aligncenter size-large wp-image-9581\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCHF-25062017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPNZD-25062017.png\"><img class=\"aligncenter size-large wp-image-9582\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPNZD-25062017-1024x550.png\" alt=\"\" width=\"1024\" height=\"550\" /></a>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPJPY-25062017.png\"><img class=\"aligncenter size-large wp-image-9583\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPJPY-25062017-1024x549.png\" alt=\"\" width=\"1024\" height=\"549\" /></a>\r\n\r\n&nbsp;\r\n\r\nYou would have noticed from the charts that there are numerous trigger points that either indicate GBP bullish or GBP bearish.\r\n\r\nBecause we have come off the back of a very bearish Mark Carney many of the charts are more bearish now than what they were a few days ago. On all of the charts I have tried to indicate my bull / bear lines in the sand to move forward from.\r\n\r\nWhilst these are technical levels and should not be ignored, my overall thoughts are that in times like this with such huge fundamental news, fundamentals trump Technical’s. You may of course not agree with this but the moves on the back of a fundamental shift are potentially massive.\r\n\r\nAs with all matters Forex, patience will be key here moving forward.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"9\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #138 PREMIUM SERVICE SUBSCRIBER VERSION\r\nDATE: 25th June 2017.\r\n\r\n&nbsp;', 'GBP – IS IT A LONG OR A SHORT TRADE?', '', 'inherit', 'closed', 'closed', '', '9591-revision-v1', '', '', '2017-06-24 06:16:10', '2017-06-24 11:16:10', '', 9591, 'https://weeklyfxdrivethru.com/9591-revision-v1/', 0, 'revision', '', 0);
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(9599, 1, '2017-06-24 06:57:07', '2017-06-24 11:57:07', '<strong>\r\n1. INTRODUCTION:</strong>\r\n\r\nA very quiet week when all said and done. I think it was last Thursday morning when I tweeted out that I had thought my machines / screens had frozen. Trading in the “summer doldrums” is here.\r\n\r\nThis is the time of year that I review my annual performance so far, look at my TRADE LAN vis-à-vis target currency pairs and objectives, then revise my strategy into the year end.\r\n\r\nI have started this process and already I have a huge dilemma with cable (GBP).\r\n<ul>\r\n 	<li>Should I be long or short?</li>\r\n 	<li>How will the GBP cross-rate pairs play out given my thoughts on equities?</li>\r\n 	<li>How will the GBP cross-rate pairs play out given my thoughts on commodities?</li>\r\n</ul>\r\nI thought it may be interesting to document some of these later in the blog.\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nOver the past week or so I have been settling back into a routine in a new time zone, new office and a new desk layout.\r\n\r\nIt was a light week with regards to activity although a couple of events caught my attention.\r\n<ul>\r\n 	<li>OIL:\r\n\r\nThose of you who attended last Monday’s WEEKLY FX DRIVE THRU – LIVE webinar, will recall yet another one of my soapbox rants on OPEC and FRACKERS. I am getting way too predictable albeit, I will say it because no-one else will “I AM RIGHT”.\r\n\r\nAs mentioned on the webinar my old Economic teachers / professors “Woodsy and McCabe” would be proud of my “SUPPLY &amp; DEMAND” logic. It was relevant 40 years ago and still is today.\r\n\r\nLet me be brief and to the point: -\r\n\r\nOPEC is not a functioning cartel. It is a collection of self-serving countries still trying to hold the world to ransom on a commodity that is dying. In the good times, the good old days, incomes generated through OIL were more often than not squandered. Now the OIL price in my opinion given the improved technology around the world for extraction techniques is has a price limit ceiling no better than a $60.00 per barrel price at best.\r\n\r\nThe US “frackers” have benefited the most from extraction economies of scale and this will, in my opinion, keep a lid on price extremes. As soon as prices rise, more frackers enter the marketplace and bring up supply and this keeps prices lower. Costs to produce versus not to produce are now more manageable than ever for “frackers”. No longer are there outrageous costs to open / close production so it is almost getting to the equivalent of flicking a switch.\r\n\r\nInto the future OIL is going to become less and less important vis-à-vis cars. The move into Hybrid is here to stay and “self–generated” powered cars are the future.\r\n\r\nThe OIL market is frankly a corrupt, speculative and manipulative market played in by a few. The penny has dropped for several players of late as the movements in market prices are tighter. Not such a lucrative a playground as it used to be.\r\n\r\nJust my thoughts and my view from “THE SOAPBOX”. No doubt this coming Monday if I show a USOIL chart, I won’t be able to stop myself!!</li>\r\n 	<li>RBNZ:\r\n\r\nGraeme “fecking” Wheeler. Now the flute has no “fecking” problems with the valuation of the NZD against the USD being at c. 0.7300.\r\n\r\nHoly Mother of God, I know he steps down as governor of the RBNZ in September, but to be in holiday mode in June is a little early even by my own playbook. I have stated for years that central banks are like huge oil tankers that take 3 or 4 miles to stop moving forward never mind require a turning circle of a mile or so to reverse course. They are not quick to do anything.\r\nHas the RBNZ decided to change policy?\r\n\r\nWhen reading the statement, it appears not.\r\n\r\nI am therefore at a loss as to why he did not jawbone the price lower. Technically 0.7320-0.7350 is a huge / massive level to pass through and should the NZD/USD achieve this, a great deal of my TRADE PLAN for the remainder of 2016 may have to be re-thought.\r\n\r\nAt the moment, I know that there is a “carry trade” effect in place given the NZD interest rate differential but that is not longer-term sustainable in my opinion. In addition, I know that the cross-rate flows through the AUD/NZD also really pull at this currency.\r\n\r\nHowever, having said all that, the lack of verbal intervention from the RBNZ was a puzzler.\r\n\r\nJust to give you full disclosure, Graeme Wheeler is off both my 2017 Christmas Card lists; paper and digital.</li>\r\n 	<li>CAD:\r\n\r\nFollowing the comments made by the “Deputy” governor, not “yer man” Poloz the actual governor, this currency has strengthened across the board. The comments indicated that the BOC were close to changing policy and raise interest rates rather than remain dovish.\r\n\r\nThis week we had Retail Sales which were a beat to add fuel to the move lower in USD/CAD, and the following day CPi missed and the USD/CAD weakened.\r\n\r\nSo mixed data.\r\n\r\nGiven the fact that Oil is heading towards $40.00 per barrel, from my perspective I would not be betting my home on the BOC raising rates in the next 3 months or so. If there is one thing that I have learned living in Canada is that it is the most Conservative country that I have lived in, so much so the C in Conservative is font size 72. Canada is a reactive rather than a pro-active country in regard to most aspects of everyday life. The BOC reflects this.</li>\r\n 	<li>BREXIT:\r\n\r\nThe negotiations have started in Brussels. I believe we must remain alert 24 x 7 for comments made by UK or EU politicians plus the Brussels bureaucrats. Validated or unconfirmed comments will move the markets instantaneously and will affect both the GBP and EUR currency.</li>\r\n 	<li>“TRUMP”\r\n\r\nAs diplomatically as possible:\r\n\r\nThe current US President is a liability to himself, and the people around him, never mind, world stability and the markets.\r\n\r\nHis constant tweeting, and I can understand at times why he does this given the biased US TV coverage, creates not only more fuel for the TV networks to debate but has a destabilizing effect and creates uncertainty in the markets. His approval ratings as a result suffer badly fueling the fires that surround him.\r\n\r\nFrom a trading perspective he is a bloody nightmare, totally unpredictable and most of the time his comments in my opinion are ill founded and tantamount to a spoiled child lashing out.</li>\r\n</ul>\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE WEEKLY FX DRIVE THRU – LIVE WEBINAR:</strong></li>\r\n</ol>\r\nMy webinar last week did not record and I could not therefore distribute it.\r\n\r\nThe lesson therefore is, attend live!!\r\n\r\nSeriously though, I could not, nor could my software provider give me any reason why it did not record.\r\n\r\nThe next WEBINAR is on: - Monday 26th June at 5:30PM EST\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel: -\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\n(The benefits are that as soon as a new webinar is posted you are emailed)\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-25062017.png\"><img class=\"aligncenter size-large wp-image-9567\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-25062017-1024x1019.png\" alt=\"\" width=\"1024\" height=\"1019\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nThe economic data releases this week are minimal once again.\r\n<ol>\r\n 	<li>EUR: Following the PMi releases last week for the EUROZONE as a whole, (Services missed but Manufacturing beat estimates), this week a more favoured barometer by the markets is the “Ifo” data from Germany.\r\n\r\nFrom my perspective this is why the markets, especially in the US do not understand the EUROZONE. They focus on Germany, which is OK but Germany is not 100% what drives the ECB and Mario Draghi. If it were interest rates would be about 3% in Germany right now, but by the same token about minus 2% in Italy!\r\n\r\nNevertheless it is what it is and follow it I must given the position of the EUR/USD closing in on a confirmed break above1.1200.\r\n\r\nFrom a number perspective, above 114.6 which was the previous number and will be viewed by the markets (rightly or wrongly) as an improvement in the EUROZONE.</li>\r\n 	<li>USD: Consumer confidence numbers are critical for a consumer driven society like the US. If this number is below 117.9, which was the last level, this will have a negative effect on the USD. Above this level and this could be the catalyst to spark the USD “lack lustre” performance of late despite having increased rates.\r\n\r\nIncreasing Interest rates can obviously affect this data but more usually this is reflected in CPi rather than confidence data. One could argue that increasing rates shows a strong and resilient economy that should inspire confidence. I cannot believe I just wrote that with “THE DONALD” as president.</li>\r\n 	<li>GBP: The current account data is often put to one side as accountant only data. Given BREXIT and its implications this is now most definitely not the case.  The capital flows in and out of the UK are mission critical for the BOE and the government.\r\n\r\nThe City of London moves by banks and other financial institutions away from London and into mainland Europe / Dublin have a direct effect on the current account. Sometimes instant, but mostly gradual and in my opinion should be noted.</li>\r\n 	<li>CAD: GDP this week will in my opinion provide the ultimate test of whether the BOC raises interest rates or not. I am highly skeptical based on the falling OIL price but this number could kick start CAD weakness or send it sub 1.3000.\r\n\r\nIt is a backward looking number and no doubt the BOC know the result, but it still has importance.</li>\r\n</ol>\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS TO NOTE THIS WEEK:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/T-CHART-25062017.png\"><img class=\"aligncenter size-large wp-image-9568\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/T-CHART-25062017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9585\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9586\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9584\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9587\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9588\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9589\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9590\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><u>WHAT IS THE PREMIUM SERVICE?</u></p>\r\n<p style=\"text-align: center;\">The PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.</p>\r\n<p style=\"text-align: center;\">Full details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.</p>\r\n<p style=\"text-align: center;\">Further information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.</p>\r\n&nbsp;\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">So; if nothing else, I tell it how it is. I am only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.</p>\r\n<p style=\"text-align: center;\">In 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.</p>\r\n<p style=\"text-align: center;\"><u>CURRENT PREMIUM SERVICE PERFORMANCE:</u></p>\r\n<p style=\"text-align: center;\">MONTH TO DATE:  +911 pips\r\nYEAR TO DATE:      +2,113 pips\r\n</p>\r\n<p style=\"text-align: center;\">If you would like to know a little more visually about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:</p>\r\n<p style=\"text-align: center;\"><a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a></p>\r\n<p style=\"text-align: center;\">PLEASE NOTE: the above video is best viewed using a Google Chrome browser.</p>\r\n&nbsp;\r\n<p style=\"text-align: center;\"><u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u></p>\r\n<p style=\"text-align: center;\">There has never been a better time….</p>\r\n<p style=\"text-align: center;\">This promotion is now entering its final week.</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:   </strong><strong>“DOUBLE IT UP”</strong></p>\r\n<p style=\"text-align: center;\">I usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.</p>\r\n<p style=\"text-align: center;\">Because I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around the time my trading activity would be at its lowest.</p>\r\n<p style=\"text-align: center;\">This is the biggest and I believe the best subscriber promotion that I have ever offered.</p>\r\n<p style=\"text-align: center;\">What is <strong>“DOUBLE IT UP”</strong> all about…</p>\r\n<p style=\"text-align: center;\">Basically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.</p>\r\n<p style=\"text-align: center;\">In addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.</p>\r\n<p style=\"text-align: center;\">This means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.</p>\r\n<p style=\"text-align: center;\">This 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.</p>\r\n<p style=\"text-align: center;\">Confirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.</p>\r\n<p style=\"text-align: center;\">This is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.</p>\r\n<p style=\"text-align: center;\"><strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.</p>\r\n<p style=\"text-align: center;\">Below are the dates of the DRIVE THRU blog for the remainder of this year, 2018 and 2019.</p>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong>WANT A FREE PREMIUM SERVICE SUBSCRIPTION?</strong></li>\r\n</ol>\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"7\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)</li>\r\n</ol>\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>\r\nGBP – IS IT A LONG OR A SHORT TRADE?</strong></p>\r\n<strong>\r\n</strong>I have to say, on or about the anniversary of the historic BREXIT referendum vote, I never thought that I would be caught in two minds over the direction to trade the cable.\r\n\r\nAs PREMIUM SERVICE SUBSCRIBERS are aware I have in play 3 x long GBP commodity cross trades with two more limit orders in place to trigger, plus GBP/USD and EUR/GBP trades as limit orders as well. That is potentially 7 trades in total.\r\n\r\nThese trades were placed last week or before last week, so why am I now in two minds, what has fundamentally changed to place me in this dilemma?\r\n\r\nI do not want to write pages and pages on this, but essentially, I am torn between being either long or short over the following: -\r\n<ul>\r\n 	<li>The overall uncertainty that surrounds BREXIT.</li>\r\n 	<li>The MPC vote 5-3.</li>\r\n 	<li>UK inflation in the economy at 2.9% (BOE target 2%).</li>\r\n 	<li>Carney’s mansion House breakfast speech being so dovish.</li>\r\n 	<li>Haldane’s economic based response to Carney.</li>\r\n 	<li>The initial EU response from the Brussels bureaucrats who are basically negotiating on behalf of the 27 member countries.</li>\r\n 	<li>UK unemployment is low at 4.8%.</li>\r\n 	<li>GDP and PMi data very resilient all things considered.</li>\r\n 	<li>Theresa May’s long term position looks more and more in doubt. Another general election looks odds on for the Autumn / Fall.</li>\r\n 	<li>Wage growth is still a “lagger” at 2% households are being squeezed.</li>\r\n 	<li>UK debt to GDP is very high circa. 90%.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nSome of the above are positive and some are negative. I was going to list them by positives and negatives, however after some thought I decided just to list them as they came out so that you can appreciate the back and forth thought process!\r\n\r\nUp to a few weeks ago, my plan was very much around the fact that BREXIT UNCERTAINTY trumps all other factors. Then we had the MPC vote at 5-3. Did this influence me too far the other way?\r\n\r\nAs you may know I am a longer-term trader if the truth be told, albeit at the moment, I am having to sit on my hands so as not to exit or take profits on trades too early given the way this market is currently performing. My drawdowns are higher than usual but I have adjusted my TRADE PLAN to accommodate this change.\r\n\r\nTo help explain my dilemma visually, the following seven charts show the levels that interest me, and my comments / thoughts are contained on the charts. Whilst these may add to the confusion at least they give me levels to watch out for.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-25062017.png\"><img class=\"aligncenter size-large wp-image-9577\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-25062017-1024x505.png\" alt=\"\" width=\"1024\" height=\"505\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURGBP-25062017.png\"><img class=\"aligncenter size-large wp-image-9578\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURGBP-25062017-1024x505.png\" alt=\"\" width=\"1024\" height=\"505\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPAUD-25062017.png\"><img class=\"aligncenter size-large wp-image-9579\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPAUD-25062017-1024x514.png\" alt=\"\" width=\"1024\" height=\"514\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCAD-25062017.png\"><img class=\"aligncenter size-large wp-image-9580\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCAD-25062017-1024x502.png\" alt=\"\" width=\"1024\" height=\"502\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCHF-25062017.png\"><img class=\"aligncenter size-large wp-image-9581\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCHF-25062017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPNZD-25062017.png\"><img class=\"aligncenter size-large wp-image-9582\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPNZD-25062017-1024x550.png\" alt=\"\" width=\"1024\" height=\"550\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPJPY-25062017.png\"><img class=\"aligncenter size-large wp-image-9583\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPJPY-25062017-1024x549.png\" alt=\"\" width=\"1024\" height=\"549\" /></a>\r\nYou would have noticed from the charts that there are numerous trigger points that either indicate GBP bullish or GBP bearish.\r\n\r\nBecause we have come off the back of a very bearish Mark Carney many of the charts are more bearish now than what they were a few days ago. On all of the charts I have tried to indicate my bull / bear lines in the sand to move forward from.\r\n\r\nWhilst these are technical levels and should not be ignored, my overall thoughts are that in times like this with such huge fundamental news, fundamentals trump Technical’s. You may of course not agree with this but the moves on the back of a fundamental shift are potentially massive.\r\n\r\nAs with all matters Forex, patience will be key here moving forward.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"9\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\nBLOG VERSION: #242 FREE NEWSLETTER\r\nDATE: 25th June 2017.\r\n\r\n&nbsp;', 'GBP – IS IT A LONG OR A SHORT TRADE?', '', 'publish', 'open', 'closed', '', 'gbp-long-short-trade', '', '', '2017-06-24 06:57:07', '2017-06-24 11:57:07', '', 0, 'https://weeklyfxdrivethru.com/?p=9599', 0, 'post', '', 0);
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(9600, 1, '2017-06-24 06:57:07', '2017-06-24 11:57:07', '<strong>\r\n1. INTRODUCTION:</strong>\r\n\r\nA very quiet week when all said and done. I think it was last Thursday morning when I tweeted out that I had thought my machines / screens had frozen. Trading in the “summer doldrums” is here.\r\n\r\nThis is the time of year that I review my annual performance so far, look at my TRADE LAN vis-à-vis target currency pairs and objectives, then revise my strategy into the year end.\r\n\r\nI have started this process and already I have a huge dilemma with cable (GBP).\r\n<ul>\r\n 	<li>Should I be long or short?</li>\r\n 	<li>How will the GBP cross-rate pairs play out given my thoughts on equities?</li>\r\n 	<li>How will the GBP cross-rate pairs play out given my thoughts on commodities?</li>\r\n</ul>\r\nI thought it may be interesting to document some of these later in the blog.\r\n<ol start=\"2\">\r\n 	<li><strong> LAST WEEK – MY TAKE ON SOME KEY EVENTS:</strong></li>\r\n</ol>\r\nOver the past week or so I have been settling back into a routine in a new time zone, new office and a new desk layout.\r\n\r\nIt was a light week with regards to activity although a couple of events caught my attention.\r\n<ul>\r\n 	<li>OIL:\r\n\r\nThose of you who attended last Monday’s WEEKLY FX DRIVE THRU – LIVE webinar, will recall yet another one of my soapbox rants on OPEC and FRACKERS. I am getting way too predictable albeit, I will say it because no-one else will “I AM RIGHT”.\r\n\r\nAs mentioned on the webinar my old Economic teachers / professors “Woodsy and McCabe” would be proud of my “SUPPLY &amp; DEMAND” logic. It was relevant 40 years ago and still is today.\r\n\r\nLet me be brief and to the point: -\r\n\r\nOPEC is not a functioning cartel. It is a collection of self-serving countries still trying to hold the world to ransom on a commodity that is dying. In the good times, the good old days, incomes generated through OIL were more often than not squandered. Now the OIL price in my opinion given the improved technology around the world for extraction techniques is has a price limit ceiling no better than a $60.00 per barrel price at best.\r\n\r\nThe US “frackers” have benefited the most from extraction economies of scale and this will, in my opinion, keep a lid on price extremes. As soon as prices rise, more frackers enter the marketplace and bring up supply and this keeps prices lower. Costs to produce versus not to produce are now more manageable than ever for “frackers”. No longer are there outrageous costs to open / close production so it is almost getting to the equivalent of flicking a switch.\r\n\r\nInto the future OIL is going to become less and less important vis-à-vis cars. The move into Hybrid is here to stay and “self–generated” powered cars are the future.\r\n\r\nThe OIL market is frankly a corrupt, speculative and manipulative market played in by a few. The penny has dropped for several players of late as the movements in market prices are tighter. Not such a lucrative a playground as it used to be.\r\n\r\nJust my thoughts and my view from “THE SOAPBOX”. No doubt this coming Monday if I show a USOIL chart, I won’t be able to stop myself!!</li>\r\n 	<li>RBNZ:\r\n\r\nGraeme “fecking” Wheeler. Now the flute has no “fecking” problems with the valuation of the NZD against the USD being at c. 0.7300.\r\n\r\nHoly Mother of God, I know he steps down as governor of the RBNZ in September, but to be in holiday mode in June is a little early even by my own playbook. I have stated for years that central banks are like huge oil tankers that take 3 or 4 miles to stop moving forward never mind require a turning circle of a mile or so to reverse course. They are not quick to do anything.\r\nHas the RBNZ decided to change policy?\r\n\r\nWhen reading the statement, it appears not.\r\n\r\nI am therefore at a loss as to why he did not jawbone the price lower. Technically 0.7320-0.7350 is a huge / massive level to pass through and should the NZD/USD achieve this, a great deal of my TRADE PLAN for the remainder of 2016 may have to be re-thought.\r\n\r\nAt the moment, I know that there is a “carry trade” effect in place given the NZD interest rate differential but that is not longer-term sustainable in my opinion. In addition, I know that the cross-rate flows through the AUD/NZD also really pull at this currency.\r\n\r\nHowever, having said all that, the lack of verbal intervention from the RBNZ was a puzzler.\r\n\r\nJust to give you full disclosure, Graeme Wheeler is off both my 2017 Christmas Card lists; paper and digital.</li>\r\n 	<li>CAD:\r\n\r\nFollowing the comments made by the “Deputy” governor, not “yer man” Poloz the actual governor, this currency has strengthened across the board. The comments indicated that the BOC were close to changing policy and raise interest rates rather than remain dovish.\r\n\r\nThis week we had Retail Sales which were a beat to add fuel to the move lower in USD/CAD, and the following day CPi missed and the USD/CAD weakened.\r\n\r\nSo mixed data.\r\n\r\nGiven the fact that Oil is heading towards $40.00 per barrel, from my perspective I would not be betting my home on the BOC raising rates in the next 3 months or so. If there is one thing that I have learned living in Canada is that it is the most Conservative country that I have lived in, so much so the C in Conservative is font size 72. Canada is a reactive rather than a pro-active country in regard to most aspects of everyday life. The BOC reflects this.</li>\r\n 	<li>BREXIT:\r\n\r\nThe negotiations have started in Brussels. I believe we must remain alert 24 x 7 for comments made by UK or EU politicians plus the Brussels bureaucrats. Validated or unconfirmed comments will move the markets instantaneously and will affect both the GBP and EUR currency.</li>\r\n 	<li>“TRUMP”\r\n\r\nAs diplomatically as possible:\r\n\r\nThe current US President is a liability to himself, and the people around him, never mind, world stability and the markets.\r\n\r\nHis constant tweeting, and I can understand at times why he does this given the biased US TV coverage, creates not only more fuel for the TV networks to debate but has a destabilizing effect and creates uncertainty in the markets. His approval ratings as a result suffer badly fueling the fires that surround him.\r\n\r\nFrom a trading perspective he is a bloody nightmare, totally unpredictable and most of the time his comments in my opinion are ill founded and tantamount to a spoiled child lashing out.</li>\r\n</ul>\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE WEEKLY FX DRIVE THRU – LIVE WEBINAR:</strong></li>\r\n</ol>\r\nMy webinar last week did not record and I could not therefore distribute it.\r\n\r\nThe lesson therefore is, attend live!!\r\n\r\nSeriously though, I could not, nor could my software provider give me any reason why it did not record.\r\n\r\nThe next WEBINAR is on: - Monday 26th June at 5:30PM EST\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe “LIVE WEBINAR” link is below: -\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel,\r\n<strong><em>Scott Pickering</em></strong> <strong><em>Weekly FX Drive Thru</em></strong> for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nHere is the link for my you tube channel: -\r\n<a href=\"https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos\">https://www.youtube.com/channel/UCV-9VDnNkHjTPBzKqLqCGJw/videos</a>\r\n\r\n(The benefits are that as soon as a new webinar is posted you are emailed)\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong> THE FX MARKET PLACE:</strong></li>\r\n</ol>\r\n<u>THIS WEEK’S ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-25062017.png\"><img class=\"aligncenter size-large wp-image-9567\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/ECON-DATA-25062017-1024x1019.png\" alt=\"\" width=\"1024\" height=\"1019\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE ECONOMIC DATA EVENTS THIS WEEK:</u>\r\n\r\nThe economic data releases this week are minimal once again.\r\n<ol>\r\n 	<li>EUR: Following the PMi releases last week for the EUROZONE as a whole, (Services missed but Manufacturing beat estimates), this week a more favoured barometer by the markets is the “Ifo” data from Germany.\r\n\r\nFrom my perspective this is why the markets, especially in the US do not understand the EUROZONE. They focus on Germany, which is OK but Germany is not 100% what drives the ECB and Mario Draghi. If it were interest rates would be about 3% in Germany right now, but by the same token about minus 2% in Italy!\r\n\r\nNevertheless it is what it is and follow it I must given the position of the EUR/USD closing in on a confirmed break above1.1200.\r\n\r\nFrom a number perspective, above 114.6 which was the previous number and will be viewed by the markets (rightly or wrongly) as an improvement in the EUROZONE.</li>\r\n 	<li>USD: Consumer confidence numbers are critical for a consumer driven society like the US. If this number is below 117.9, which was the last level, this will have a negative effect on the USD. Above this level and this could be the catalyst to spark the USD “lack lustre” performance of late despite having increased rates.\r\n\r\nIncreasing Interest rates can obviously affect this data but more usually this is reflected in CPi rather than confidence data. One could argue that increasing rates shows a strong and resilient economy that should inspire confidence. I cannot believe I just wrote that with “THE DONALD” as president.</li>\r\n 	<li>GBP: The current account data is often put to one side as accountant only data. Given BREXIT and its implications this is now most definitely not the case.  The capital flows in and out of the UK are mission critical for the BOE and the government.\r\n\r\nThe City of London moves by banks and other financial institutions away from London and into mainland Europe / Dublin have a direct effect on the current account. Sometimes instant, but mostly gradual and in my opinion should be noted.</li>\r\n 	<li>CAD: GDP this week will in my opinion provide the ultimate test of whether the BOC raises interest rates or not. I am highly skeptical based on the falling OIL price but this number could kick start CAD weakness or send it sub 1.3000.\r\n\r\nIt is a backward looking number and no doubt the BOC know the result, but it still has importance.</li>\r\n</ol>\r\n<u>USD MAJORS – SUPPORT &amp; RESISTANCE LEVELS TO NOTE THIS WEEK:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/T-CHART-25062017.png\"><img class=\"aligncenter size-large wp-image-9568\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/T-CHART-25062017-1024x854.png\" alt=\"\" width=\"1024\" height=\"854\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe charts below contain commentary (my thoughts and views), these are the USD major charts that are reflected in the spreadsheet above.\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9585\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9586\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9584\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/AUDUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9587\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/NZDUSD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9588\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCAD-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9589\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDCHF-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-25062017.png\"><img class=\"aligncenter size-large wp-image-9590\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/USDJPY-D-25062017-1024x442.png\" alt=\"\" width=\"1024\" height=\"442\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><u>WHAT IS THE PREMIUM SERVICE?</u></p>\r\n<p style=\"text-align: center;\">The PREMIUM SERVICE is a subscriber based Forex support service offering not just trade set-ups, but a bunch of different support services that differentiates the PREMIUM SERVICE from other providers, my competitors, that operate in the same space.</p>\r\n<p style=\"text-align: center;\">Full details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.</p>\r\n<p style=\"text-align: center;\">Further information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.</p>\r\n&nbsp;\r\n<p style=\"text-align: center;\"><u>PREMIUM SERVICE PERFORMANCE YEAR TO DATE:</u></p>\r\n<p style=\"text-align: center;\">So; if nothing else, I tell it how it is. I am only currently at about 30% of my target for this time of the year. I had a poor start to the year and I have yet to recover.</p>\r\n<p style=\"text-align: center;\">In 2014, 2015 and 2016 I beat my 10,000 pip per annum objective. There is nothing stopping me doing the same this year as my house move and vacation are both behind me. I will be trading pretty much full time from now on through to the end of 2017. The opportunity to make pips with me is there and as you will see later in this section and on my webpage, I have a special promotion that expires at the end of June called “DOUBLE IT UP”. If you want to be a part of what I hope will be a storming end to 2017, look at my promotion and website and get subscribed. I mean business from here on in.</p>\r\n<p style=\"text-align: center;\"><u>CURRENT PREMIUM SERVICE PERFORMANCE:</u></p>\r\n<p style=\"text-align: center;\">MONTH TO DATE:  +911 pips\r\nYEAR TO DATE:      +2,113 pips\r\n</p>\r\n<p style=\"text-align: center;\">If you would like to know a little more visually about THE PREMIUM SERVICE please feel free to watch the following 40-minute video via the link below:</p>\r\n<p style=\"text-align: center;\"><a href=\"http://bit.ly/PremServiceQ217\">http://bit.ly/PremServiceQ217</a></p>\r\n<p style=\"text-align: center;\">PLEASE NOTE: the above video is best viewed using a Google Chrome browser.</p>\r\n&nbsp;\r\n<p style=\"text-align: center;\"><u>DO YOU WANT TO JOIN THE PREMIUM SERVICE?\r\n</u></p>\r\n<p style=\"text-align: center;\">There has never been a better time….</p>\r\n<p style=\"text-align: center;\">This promotion is now entering its final week.</p>\r\n<p style=\"text-align: center;\"><strong>PREMIUM SERVICE –  SUBSCRIBER PROMOTION:   </strong><strong>“DOUBLE IT UP”</strong></p>\r\n<p style=\"text-align: center;\">I usually run a PREMIUM SERVICE subscriber promotion at the end of the old year /start of a new year.</p>\r\n<p style=\"text-align: center;\">Because I knew that this year I would be moving home and traveling in Q2, I deliberately decided to wait, to launch a promotion around the time my trading activity would be at its lowest.</p>\r\n<p style=\"text-align: center;\">This is the biggest and I believe the best subscriber promotion that I have ever offered.</p>\r\n<p style=\"text-align: center;\">What is <strong>“DOUBLE IT UP”</strong> all about…</p>\r\n<p style=\"text-align: center;\">Basically, from now until June 30<sup>th,</sup> 2017 anyone who subscribes to the PREMIUM SERVICE through my “SUBSCRIBE HERE” tab at the top of my welcome page will have their subscription period doubled at no extra cost.</p>\r\n<p style=\"text-align: center;\">In addition, all subscriptions regardless of the date of subscribing will not start until June 30th 2017.</p>\r\n<p style=\"text-align: center;\">This means that from the day of joining the PREMIUM SERVICE you will have 100% access. This could give you up to an additional 12 weeks of membership to the PREMIUM SERVICE depending upon the date you subscribe.</p>\r\n<p style=\"text-align: center;\">This 12-week period covers the period that I am moving home and traveling, and therefore there may be days at a time with zero activity, and there will be some because I will be out of coverage and simply on vacation, but it’s all “FREE” in any case, so whatever happens, it is all a bonus anyhow as your subscription period will officially commence June 30th 2017.</p>\r\n<p style=\"text-align: center;\">Confirmation of the <strong>“DOUBLE IT UP” </strong>will be contained in the “welcome on board documents” the accompanies your subscription confirmation.</p>\r\n<p style=\"text-align: center;\">This is the best and most generous promotion that I have ever offered since starting the PREMIUM SERVICE and I hope that many of you take advantage.</p>\r\n<p style=\"text-align: center;\"><strong><u>IMPORTANT TO NOTE:</u></strong> Joining the PREMIUM SERVICE <strong><u>now</u></strong> on a 10-week subscription gives you a 20-week subscription period with THE DOUBLE IT UP promotion. This basically covers 2017 in total when you allow for the summer break and the delayed promotional start of your subscription period. At CAD$1,000 this is a great opportunity and fantastic value.</p>\r\n<p style=\"text-align: center;\">Below are the dates of the DRIVE THRU blog for the remainder of this year, 2018 and 2019.</p>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019.png\"><img class=\"aligncenter size-large wp-image-9300\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/03/BLOG-DATES-2017-2019-1024x621.png\" alt=\"\" width=\"1024\" height=\"621\" /></a>\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong>WANT A FREE PREMIUM SERVICE SUBSCRIPTION?</strong></li>\r\n</ol>\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you should do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>\r\n\r\nThis can be done as follows: -\r\n\r\nOn my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"7\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:\r\n</strong>(Only SUBSCRIBERS to the PREMIUM SERVICE can view this section of the BLOG)</li>\r\n</ol>\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"8\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>\r\nGBP – IS IT A LONG OR A SHORT TRADE?</strong></p>\r\n<strong>\r\n</strong>I have to say, on or about the anniversary of the historic BREXIT referendum vote, I never thought that I would be caught in two minds over the direction to trade the cable.\r\n\r\nAs PREMIUM SERVICE SUBSCRIBERS are aware I have in play 3 x long GBP commodity cross trades with two more limit orders in place to trigger, plus GBP/USD and EUR/GBP trades as limit orders as well. That is potentially 7 trades in total.\r\n\r\nThese trades were placed last week or before last week, so why am I now in two minds, what has fundamentally changed to place me in this dilemma?\r\n\r\nI do not want to write pages and pages on this, but essentially, I am torn between being either long or short over the following: -\r\n<ul>\r\n 	<li>The overall uncertainty that surrounds BREXIT.</li>\r\n 	<li>The MPC vote 5-3.</li>\r\n 	<li>UK inflation in the economy at 2.9% (BOE target 2%).</li>\r\n 	<li>Carney’s mansion House breakfast speech being so dovish.</li>\r\n 	<li>Haldane’s economic based response to Carney.</li>\r\n 	<li>The initial EU response from the Brussels bureaucrats who are basically negotiating on behalf of the 27 member countries.</li>\r\n 	<li>UK unemployment is low at 4.8%.</li>\r\n 	<li>GDP and PMi data very resilient all things considered.</li>\r\n 	<li>Theresa May’s long term position looks more and more in doubt. Another general election looks odds on for the Autumn / Fall.</li>\r\n 	<li>Wage growth is still a “lagger” at 2% households are being squeezed.</li>\r\n 	<li>UK debt to GDP is very high circa. 90%.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nSome of the above are positive and some are negative. I was going to list them by positives and negatives, however after some thought I decided just to list them as they came out so that you can appreciate the back and forth thought process!\r\n\r\nUp to a few weeks ago, my plan was very much around the fact that BREXIT UNCERTAINTY trumps all other factors. Then we had the MPC vote at 5-3. Did this influence me too far the other way?\r\n\r\nAs you may know I am a longer-term trader if the truth be told, albeit at the moment, I am having to sit on my hands so as not to exit or take profits on trades too early given the way this market is currently performing. My drawdowns are higher than usual but I have adjusted my TRADE PLAN to accommodate this change.\r\n\r\nTo help explain my dilemma visually, the following seven charts show the levels that interest me, and my comments / thoughts are contained on the charts. Whilst these may add to the confusion at least they give me levels to watch out for.\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-25062017.png\"><img class=\"aligncenter size-large wp-image-9577\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPUSD-25062017-1024x505.png\" alt=\"\" width=\"1024\" height=\"505\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURGBP-25062017.png\"><img class=\"aligncenter size-large wp-image-9578\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/EURGBP-25062017-1024x505.png\" alt=\"\" width=\"1024\" height=\"505\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPAUD-25062017.png\"><img class=\"aligncenter size-large wp-image-9579\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPAUD-25062017-1024x514.png\" alt=\"\" width=\"1024\" height=\"514\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCAD-25062017.png\"><img class=\"aligncenter size-large wp-image-9580\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCAD-25062017-1024x502.png\" alt=\"\" width=\"1024\" height=\"502\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCHF-25062017.png\"><img class=\"aligncenter size-large wp-image-9581\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPCHF-25062017-1024x553.png\" alt=\"\" width=\"1024\" height=\"553\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPNZD-25062017.png\"><img class=\"aligncenter size-large wp-image-9582\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPNZD-25062017-1024x550.png\" alt=\"\" width=\"1024\" height=\"550\" /></a>\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPJPY-25062017.png\"><img class=\"aligncenter size-large wp-image-9583\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/06/GBPJPY-25062017-1024x549.png\" alt=\"\" width=\"1024\" height=\"549\" /></a>\r\nYou would have noticed from the charts that there are numerous trigger points that either indicate GBP bullish or GBP bearish.\r\n\r\nBecause we have come off the back of a very bearish Mark Carney many of the charts are more bearish now than what they were a few days ago. On all of the charts I have tried to indicate my bull / bear lines in the sand to move forward from.\r\n\r\nWhilst these are technical levels and should not be ignored, my overall thoughts are that in times like this with such huge fundamental news, fundamentals trump Technical’s. You may of course not agree with this but the moves on the back of a fundamental shift are potentially massive.\r\n\r\nAs with all matters Forex, patience will be key here moving forward.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"9\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\nBLOG VERSION: #242 FREE NEWSLETTER\r\nDATE: 25th June 2017.\r\n\r\n&nbsp;', 'GBP – IS IT A LONG OR A SHORT TRADE?', '', 'inherit', 'closed', 'closed', '', '9599-revision-v1', '', '', '2017-06-24 06:57:07', '2017-06-24 11:57:07', '', 9599, 'https://weeklyfxdrivethru.com/9599-revision-v1/', 0, 'revision', '', 0),
(9601, 1, '2017-06-26 12:54:48', '2017-06-26 17:54:48', '<h2>THE PREMIUM SERVICE from THE WEEKLY FX DRIVE-THRU</h2>\r\nFLASH, RADAR, FUNDAMENTAL and POSITION trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.\r\n\r\nIn an effort to prevent against fraud and account sharing our system restricts access to 3 IP addresses per account. Example: Home, Office and Mobile.\r\n\r\nPlease make sure with your internet service provider that you have a static IP address before signing up for the Premium Service. If you do NOT have a static IP address, please contact me so that I can explain the way around this to avoid frustration at:- subscriptions@thepremiumservice.com\r\n\r\nPlease also note there are NO REFUNDS once a subscription service has been paid for.\r\n\r\nScott Pickering\r\nHalifx (Nova Scotia), Canada\r\n<a href=\"mailto:subscriptions@thepremiumservice.com\">scott@thepremiumservice.com</a>', 'Terms and Conditions', '', 'inherit', 'closed', 'closed', '', '7769-revision-v1', '', '', '2017-06-26 12:54:48', '2017-06-26 17:54:48', '', 7769, 'https://weeklyfxdrivethru.com/7769-revision-v1/', 0, 'revision', '', 0),
(9602, 1, '2017-06-26 12:55:16', '2017-06-26 17:55:16', '<h2>THE PREMIUM SERVICE from THE WEEKLY FX DRIVE-THRU</h2>\r\nFLASH, RADAR, FUNDAMENTAL and POSITION trade set-ups, “Tweets” and “Trade ideas” that are posted in my blogs or on Twitter are trades and set-ups that interest me. They are provided for training and informational purposes only and should not be interpreted as an offer, solicitation or recommendation of any specific security or investment strategy. Past performance is not indicative of future results. Trading Forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial adviser if you have any doubts.\r\n\r\nIn an effort to prevent against fraud and account sharing our system restricts access to 3 IP addresses per account. Example: Home, Office and Mobile.\r\n\r\nPlease make sure with your internet service provider that you have a static IP address before signing up for the Premium Service. If you do NOT have a static IP address, please contact me so that I can explain the way around this to avoid frustration at:- subscriptions@thepremiumservice.com\r\n\r\nPlease also note there are NO REFUNDS once a subscription service has been paid for.\r\n\r\nScott Pickering\r\nHalifax (Nova Scotia), Canada\r\n<a href=\"mailto:subscriptions@thepremiumservice.com\">scott@thepremiumservice.com\r\n</a>', 'Terms and Conditions', '', 'inherit', 'closed', 'closed', '', '7769-revision-v1', '', '', '2017-06-26 12:55:16', '2017-06-26 17:55:16', '', 7769, 'https://weeklyfxdrivethru.com/7769-revision-v1/', 0, 'revision', '', 0),
(9606, 1045, '2017-06-27 08:59:02', '2017-06-27 13:59:02', '<img src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2016/05/Annual-Subscription-renewal-300x300.jpg\" alt=\"Annual-Subscription-renewal\" width=\"300\" height=\"300\" class=\"alignleft size-medium wp-image-7748\" /><h3> Please make sure you have read the <a href=\"./terms-and-conditions/\" title=\"Terms and Conditions\" target=\"_blanc\">Terms and Conditions</a> of this subscription before signing up.</h3>\r\n[s2Member-Pro-Stripe-Form level=\"4\" ccaps=\"\" desc=\"$1000.00 CAD / One Time (for 1 year access, non-recurring, no trial)\" cc=\"CAD\" custom=\"weeklyfxdrivethru.com\" ta=\"0\" tp=\"0\" tt=\"D\" ra=\"1000.00\" rp=\"1\" rt=\"Y\" rr=\"BN\" coupon=\"\" accept_coupons=\"0\" default_country_code=\"US\" captcha=\"0\" /]', 'Premium Service Annual Subscription Renewal', '', 'inherit', 'closed', 'closed', '', '7767-revision-v1', '', '', '2017-06-27 08:59:02', '2017-06-27 13:59:02', '', 7767, 'https://weeklyfxdrivethru.com/7767-revision-v1/', 0, 'revision', '', 0),
(11840, 1049, '2018-05-16 20:42:39', '2018-05-17 01:42:39', '<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2015/03/PremiumServiceTweet.jpg\"><img class=\"alignleft size-full wp-image-5573\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2015/03/PremiumServiceTweet.jpg\" alt=\"PremiumServiceTweet\" width=\"800\" /></a>\r\n<blockquote>\r\n<p class=\"quote\"><span style=\"font-size: 12pt;\">Hi Scott,</span>\r\n<span style=\"font-size: 12pt;\"> I signed up for The Premium Service 6 months ago and it really has helped me to learn about trading much faster than I was doing on my own. I had been trading for about a year before that without much success. I really felt very isolated and found reading the charts particularly frustrating. Since following you, I really appreciate the chart guidance and also the suggested entry levels. I am now making slow (small) but steady profits.</span>\r\n<span style=\"font-size: 12pt;\"> I find the weekly blog really sets me up for the coming week. You are also very accessible when I need instant guidance.</span>\r\n<span style=\"font-size: 12pt;\"> Keep up the good work,</span></p>\r\n<p class=\"name\"><span style=\"font-size: 12pt;\">BrendaD – Dublin</span></p>\r\n</blockquote>\r\n<blockquote>\r\n<p class=\"quote\"><span style=\"font-size: 12pt;\">Bonjour / Hi Scott,</span></p>\r\n<span style=\"font-size: 12pt;\">Just wanted to let you know that I am progressing well since signing up for The Premium Service. I wish you lived closer so I could stop by and spend a day trading with you. You really understand what it’s like for us \"Newbie Traders\" as you call us. There is so much information out there I didn’t know what to focus on. There really are no forums like yours for new traders; at least not in the personalized way you have helped me. I like the Twitter alerts and I usually take a few of those flash trades you put out, otherwise I would miss them, as I am not at my computer all day. I hope to be able to trade full time eventually, but for now I am learning and trying to grow my account. Thank you for helping with my learning curve, I have progressed much faster since signing up. The Web site is great; I go there often to look up past posts and education. You have a great sense of humour too - I think we need that as Traders because it can be very hard.</span>\r\n<span style=\"font-size: 12pt;\"> Thank you,</span>\r\n<p class=\"name\"><span style=\"font-size: 12pt;\">M.B. - Paris</span></p>\r\n</blockquote>\r\n<blockquote>\r\n<p class=\"quote\"><span style=\"font-size: 12pt;\">I had been trading for a about a year when I found your Weekly Fx Drive Thru blog on Twitter. From this I decided to subscribe to the Premium Service. I am making some money now from trading and I am grateful for your help. I like all the research articles on your website. I am definitely going to re-subscribe again next year and I think having a separate broker account for your trades is a great idea. Thank you.</span></p>\r\n<p class=\"name\"><span style=\"font-size: 12pt;\">Paul R. Berlin</span></p>\r\n</blockquote>\r\n<blockquote>\r\n<p class=\"quote\"><span style=\"font-size: 12pt;\">Hi Scott,</span>\r\n<span style=\"font-size: 12pt;\"> I signed up for the annual subscription of Premium Service. Trading is much harder than I was led to believe by those out there who make it sound like you can make big bucks quickly. There is so much to learn in the beginning, I felt overwhelmed. Working with you has really helped me keep my head above water. I find your honesty refreshing and I really understand your rationale on analysis. When I read the education sections I feel that they are aimed directly at me - I seem to fall into most of the traps, so recognizing that has really helped me.</span>\r\n<span style=\"font-size: 12pt;\"> Thank you for your guidance, it really has made a difference, I really like the single lot trading and having a separate broker, I can see very clearly what I am doing. I also get a good laugh from you now and then when I am having bleak trading days - that helps more than you know!</span>\r\n<span style=\"font-size: 12pt;\"> Best Regards,</span></p>\r\n<span style=\"font-size: 12pt;\">Roger - London</span></blockquote>\r\n<blockquote>\r\n<p class=\"quote\"><span style=\"font-size: 12pt;\">Hi Scott,</span>\r\n<span style=\"font-size: 12pt;\"> I recommend the PREMIUM SERVICE to all new traders. It gives me a focus and I now see why it is not so easy to make money as my broker told me it would be. I thought it was me. It is hard to make money but I am doing so now, I have a better understanding. I now understand risk management and I have a trade plan. I joined for a year and it was well worth it and I have my fees for next year already. I have now switched to one of your brokers as well - much better.</span></p>\r\n<p class=\"name\"><span style=\"font-size: 12pt;\">Ross D – Niagara Falls</span></p>\r\n</blockquote>\r\n<blockquote>\r\n<p class=\"quote\"><span style=\"font-size: 12pt;\">Hi Scott,</span>\r\n<span style=\"font-size: 12pt;\"> Being new to Forex, I signed up for your set-ups to help me understand where to enter and exit better. It is still difficult for me to grasp fully but I am much, much better than before I found the Premium Service.</span></p>\r\n<p class=\"name\"><span style=\"font-size: 12pt;\">Svetlana (Berlin)</span></p>\r\n</blockquote>\r\n<blockquote>\r\n<p class=\"quote\"><span style=\"font-size: 12pt;\">Mr Pickering</span>\r\n<span style=\"font-size: 12pt;\"> I like Forex but could not make money. I join in with Premium Service and now it helps me. I am still learning but you help me. I now not lose money and trade with smaller lots and wider stops for volatility so I am not stopped as much. Thank you for help. Sorry about my English.</span></p>\r\n<p class=\"name\"><span style=\"font-size: 12pt;\">Yang from Hong Kong</span></p>\r\n</blockquote>', 'Testimonials', '', 'inherit', 'closed', 'closed', '', '5565-revision-v1', '', '', '2018-05-16 20:42:39', '2018-05-17 01:42:39', '', 5565, 'https://weeklyfxdrivethru.com/2018/05/5565-revision-v1/', 0, 'revision', '', 0),
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