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(9102, 1, '2017-02-11 16:15:50', '2017-02-11 21:15:50', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nAfter an awful start to 2017 from a trading perspective, as they say “the ship has now steadied itself” (apologies if that is not 100% accurate). I have seen some green/black numbers on my broker account trading balances. It was nothing but red for most of January.\r\n\r\nSo… where do I go from here?\r\n<p style=\"text-align: center;\">“To infinity and beyond”, “The only way is up”,\r\n“Digging in the Dirt”, off to my “Secret World” or maybe “2,000 light years from home?”</p>\r\nThe answer is back to the hard graft taking on board what I have learned about this year’s market so far and the way it reacts based upon TRUMPANTICS.\r\n\r\nIn October 2016, I was speaking with a couple of investors one from Sydney and one from San Francisco on a SKYPE call and we were talking about Forex Trading in general. Whilst I knew that I had adapted a 2016 trading style that was different to 2015, it became apparent that in my first year of the PREMIUM SERVICE 2014, my trade approach was somewhat different than that of 2013. I am not saying that one needs to have camouflage or mimicry abilities each year or for that matter be some sort of chameleon to trade, but these qualities would help!\r\n\r\nBeing able to adapt and change is paramount and a critical success factor for trading longevity. Amongst other trivia such as RISK MANAGEMENT, POSITION SIZING and TRADE PLANS… I jest.\r\n\r\nMoving on…\r\n\r\nThe FX market is without doubt news driven rather than by economic data at the moment. I think that over time TRUMP will understand that he can’t keep delivering ill thought out outbursts on every occasion. He can act business-like when required and I think that sooner or later he will settle down. Notice I placed no timeline here and no; I have not been drinking or smoking something illegal. I write this paragraph because an intelligent person would realize sometimes it is best to say nothing than to create uncertainty. I am making assumptions here, I know.\r\n\r\nI think what helped last week, was that there was a sudden realization that other events around the world mattered. Following a phone call from NICOLAUS COPERNICUS to “THE DONALD” he was told that despite what he thinks he was NOT the centre of the universe.\r\n\r\nThe EUROZONE woes continued with the French elections with Mr. Fillon involved in a scandal concerning jobs for his family, which resulted in far right extremist Marine (Feck off the single currency and leave the EU) Le Pen leading in the opinion polls. With the populist vote on the rise, I would NOT rule out Le Pen with a serious challenge. Stranger things have happened…\r\n\r\nWolfgang aka “the pit bull” Schaeuble (German Finance Minister), has basically opened the door ready to boot GREECE out of the EUROZONE (more on this later in the blog).\r\n\r\nWith other “you’re gonna love it”, “it will be fantastic” news; the antipodean central banks RBA &amp; RBNZ are basically moving away from dovish to neutral. They are far too savvy to go hawkish because they would get steamrollered should Janet Yellen at the FED go hawkish and raise interest rates in the US. Will Yellen raise rates? That is a whole ‘nother’ story as they say.\r\n\r\nBREXIT A50 trigger is moving sweetly through the UK parliamentary process. It has passed through the commons and has now gone for its second reading in the Lords.\r\n\r\nI just have a feeling this weekend’s Sunday papers are going to be a hoot in Europe\r\n\r\nNow some FX broker news…\r\n\r\nNice platform or not; those feckers at FXCM have been caught out and banned from operating in the US.\r\n\r\nThey took a huge amount off me vis-à-vis the CHF peg removal on my GBP/CHF trade. Following the PEG removal and cable FLASH CRASH last year I have heard of so many stories about poor service, that it comes as no surprise.\r\n\r\nIs this the end for FXCM?  I would say no matter what country you operate in many people closed accounts on the US news. If the owners lied to the US regulators, surely they have lied across the globe to other jurisdictions, if they believed for years that they had pulled the wool over US regulators; why wouldn\'t they do the same elsewhere. A leopard never changes its spots.\r\n\r\nThis story will have legs over the coming weeks.\r\n\r\nMore…\r\n\r\nI mentioned last week that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. This will possibly be featured in next week’s blog.\r\n\r\nEven more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nI am now getting to grips with the technology more and more, as time progresses. I am now comfortable with my 30-minute agenda. Basically, I take a “PICKERING” view of the week ahead. I think that having the webinar at the start of the week at the end of day one is possibly the best time to hold such an event. It allows for weekly candle follow through, or not, to take effect; plus, the first daily candle of the week is important in my eyes not just for possible continued sentiment but also for the establishment of any new moves.\r\n\r\n#4 is on Monday 13th February at 5:30PM\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 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, Scott Pickering Weekly FX Drive Thru for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nFinally, in this section…\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\nLast week’s winner which I failed to annotate in the blog: brian@******.co.uk is fully up and running.\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<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-12022017.png\"><img class=\"aligncenter size-large wp-image-9080\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-12022017-1024x947.png\" alt=\"\" width=\"1024\" height=\"947\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Janet Yellen – Testimony to the Senate Banking Committee with her statement of US Monetary Policy.\r\n\r\nThis should be a “doozy” as no matter what she says she could be upstaged by TRUMPANTICS.\r\n\r\nHowever, let’s face simple economic facts. The US economy is performing basically very well and by all accounts “THE DONALD” is going to splash the cash that US does NOT have, to re-build roads, bridges and airports, which in comparison to Quebec where I live are fecking brilliant. If you want to see pot holes in roads, crumbling bridges, crumbling overpasses and crumbling buildings please put Montreal into your vacation plans. It needs money spent on it; big…’bigly’ money.\r\n\r\nSo, when TRUMP talks about airports in poor shape I can see his point, in New York and some other major hub cities. However, with regards to roads, if you travel from Quebec into Ontario or Quebec south into New York state the difference in the quality of the roads is noticeable at the state/province boundary. Just google it you will see what I mean.\r\n\r\nBack to the point…\r\n\r\nYellen should be pushed on normalization of interest rates policy and this will be the issue that creates most volatility. The fact that the FED seems to have already once again pulled back from three rate increases to possibly just two or my opinion maybe just one this year will attract some attention, or rather it should.</li>\r\n 	<li>GBP: Jobs data is always an important economic barometer and something that governments are held very accountable for more than anything else by most voters.\r\n\r\nThere is also CPI and Retail Sales this week from the UK.\r\n\r\nThe data since last June’s BREXIT vote has mainly shown tremendous resilience with the UK economy. However, I fear it is the hard numbers relating to the capital account etc. from the treasury that interests the markets more moving forward.\r\n\r\nWithout doubt in my opinion the withdrawal of capital from the UK and the movement of labour, which is inevitable in my opinion, will be what influences the direction of the cable exchange rate moving forward. For now, we have the opening act to deal with.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>AUD: Jobs data on Wednesday night. I want to see the AUD/USD back at 0.8000 so I can short it. Nothing more than that. So please let’s have some great numbers!!</li>\r\n</ol>\r\n<ol start=\"4\">\r\n 	<li>NZD: Retail Sales. Directly opposite to the AUD/USD, I would like the NZD currency to fall off the cliff (nothing against any kiwi’s reading this blog). Regretfully for me, these numbers look like they could be a beat never mind a failure…argh!!</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROXZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\nRemember, get your T-Shirt printed “Uncertainty and confusion rules”\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-12022017.png\"><img class=\"aligncenter size-large wp-image-9081\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-12022017-1024x855.png\" alt=\"\" width=\"1024\" height=\"855\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9091\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9092\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9090\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9093\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9094\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9095\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9096\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI am still in transition. I decided to bank $$$ across all trade styles this week and looked to re-load trade set-ups for hopefully repeating trades.\r\n\r\nI have my longer-term strategy in my thoughts which is now predominantly EUR short based and over the coming weeks you will see set ups taking shape with: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF.\r\n\r\nI am still fascinated by the CAD and I am tempted to look very long term with USD/CAD.\r\n\r\nI am too early for the GBP cross rates but from the middle of Q2 I want to get long GBP/NZD, GBP/CAD and GBP/AUD.  I am thinking of placing small long trades at lower levels to pick up spikes lower on BREXIT volatility. I know it sounds crazy but I do think in the second half of 2016, being long the GBP will be the trade. Before you guys leap in. I still believe we must re-test the lows again first or maybe lower to 1.1500… please bear this in mind.\r\n\r\nI spoke to a couple of you this week via the “PLATINUM” reviews and for me I found these quite refreshing and motivating.\r\n\r\nAs I stated on both occasions for Q1 my goal is to get positive with the PREMIUM SERVICE pips tally. I am NOT for want of a better phrase “going all in”. This is a process and an adjustment period. I will try to put as many stakes in the ground as possible, but we must accept we are being pushed and pulled by a crazy man. Technicals and even Fundamentals are sometimes defeated by the nonsense. We should remain strategic but at the same time exercise a high degree of patience.\r\n\r\nI got my head around what needs to be done and I have my 6-week plan until the end of Q1 in place and slowly but surely it will be become more and more obvious to you what I am trying to achieve.\r\n\r\nMany thanks for the continued support.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in ranges although, the emphasis and sentiment is trying to change.\r\n\r\nAs stated above I have my TRADING PLAN taking shape not just for Q1 but for the remainder of the year and this will be a great year if my thoughts are correct.\r\n\r\nThe joker “TRUMP” is the only card that can screw with it. To combat this my emphasis is not solely based around the USD majors. This at least should give me my edge.\r\n\r\n&nbsp;\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add more trades as the month progresses.\r\n\r\nThe bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious issues ahead.</li>\r\n</ol>\r\n<u>\r\nTHE WEEKLY FX DRIVE THRU – LIVE:</u>\r\n\r\nNext webinar: #4 - Monday February 12th 2017 at 5:30PM EST.\r\n\r\nYou can register on the link below; they will be recorded and distributed after the event.\r\n\r\nTo access the webinar or see the recording you will need Google Chrome as your browser, and, for a short initial period the webinars will NOT play on smart phones or tablets.\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\nIn addition, I will upload the recoding to my YouTube account “The Weekly FX Drive Thru”. It will be there within a few hours of the webinar finishing.\r\n\r\n<strong> </strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIVE-TRADES-12022017.png\"><img class=\"aligncenter size-large wp-image-9089\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIVE-TRADES-12022017-789x1024.png\" alt=\"\" width=\"789\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIMIT-ORDERS-12022017.png\"><img class=\"aligncenter size-large wp-image-9088\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIMIT-ORDERS-12022017-703x1024.png\" alt=\"\" width=\"703\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong>THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>“THE PIT BULL” MOVES IN…\r\n</strong><strong>WILL HIS ACTIONS BE NOTED AS HELPFUL\r\n</strong><strong>IN THE HISTORY BOOKS?</strong></p>\r\nI love Wolfgang Schaeuble aka “The Pit Bull”.\r\n\r\nThe German Finance Minister goes places only “THE DONALD” would go. He is the closest to “THE DONALD” in the EUROZONE with regards sticking his oar in whether its required or not.\r\n\r\nLaugh… Holy Mother of God. The management of the EUROZONE can only be compared to a set of chickens running around a farmyard with their heads cut off.\r\n\r\nWho the hell is Schaeuble to tell a member state what to or what not to do? Every time he produces outbursts like this, it does make outsiders believe that the other 18 members of the single currency union are like provinces of Germany. I totally get his position as Finance Minister of Germany, and without doubt Germany is the powerhouse of the union. However, all members of the union are equal per the core documents and whilst Schaeuble can have his opinions, he isn’t even the leader of Germany and the fact that he sits on the Finance Ministers committee chaired by Jeroen Dijsselbloem with regards to the EUROZONE and its funding of GREECE, to me means he is once again over-stepping his mark.\r\n\r\nHowever, on this occasion I ask was it helpful in the long run and should he have been more vocal in this direction 6 years ago?\r\n\r\nMario Draghi, ECB President, had a similar problem with Ewald Nowotny (Austrian Bank Governor) and Jens Weidman (German Bundesbank Governor) undermining what he was trying to achieve a couple of years ago. It is very noticeable these two ECB board members have shut up of late as it is in the best interests of ECB policy for them to do so.\r\n\r\nIn an interview, the issue of a debt haircut for GREECE came up. Schaeuble answered only as he knows how. It has been widely accepted that Schaeuble was showing GREECE the EUROZONE door.\r\n\r\nFrankly Schaeuble and his counterparts on the committee managed by Dijsselbloem have kicked the GREECE can down the road for years, so maybe now is the time for GREECE to leave the EUROZONE and revert to the “Drachma” away from the single-currency. But, why wasn’t GREECE encouraged to leave before? Why did the EUROZONE Finance Ministers keep lending money, creating more and more conditions that the Tsipras led government has no chance of adhering to?\r\n\r\nMy God, it\'s the Lisbon Treaty once again (Article 50 of BREXIT fame contained in it as well) that states that a “debt cut“ violates EUROZONE rules and a country would have to leave the EURO AREA to have one. The EU leaders must have been on acid or an equivalent when the Lisbon treaty was ushered in!\r\n\r\nSo, GREECE is front and centre once again.\r\n\r\nWill the EUROZONE Finance Ministers finally get GREECE resolved? We are in a Mexican stand-off as I see it from a macro viewpoint.\r\n<ul>\r\n 	<li>The IMF are clear from their position stating that in their opinion GREEK reforms promised to creditors are off track. The Tsipras lead Greek government reject this point of view… no surprise there. This mistrust goes all the way back to 2009.</li>\r\n 	<li>Schaeuble is very kind to GREECE. Do what you said you would do when you received your last bailout and all will be OK. GREECE needs the second round of bailout III money soon. The clock is ticking down.</li>\r\n 	<li>The issue with GREECE is not as much about the debt management as it is about remaining competitive in business. This is very difficult, as most businesses must operate without credit. GREECE has long become almost a cash only business environment. This makes it extremely hard to see growth and it opens black market trading and hides the real economy. How can you govern effectively in this environment?</li>\r\n 	<li>The IMF are reluctant to go further with financial support. If the IMF pull out, the Dutch government have said that without IMF continued support the Netherlands will not participate in any revised or updated Greek bailout.</li>\r\n 	<li>Bond yields in Greece are rising once again and time is running out to get a deal done before the EUROZONE elections take hold and hog the news.</li>\r\n</ul>\r\nWhat for GREECE then?\r\n\r\nA debt haircut is required to enable the country to take control of its finances and move forward. I think I wrote this two maybe three years ago. We are now further down a stony, can ridden road and we have greater uncertainty than ever before.\r\n\r\nCan GREECE survive outside of the EUROZONE?\r\n\r\nThey are lovely people and they have a backbone. They have shown tremendous resilience so far. It is however an absolute bloody disaster that 6/7 years later they are probably going to have to do what they should have done on day one.\r\n\r\nHad GREECE left the single currency back in 2009 where would GREECE Be now? You would have to say probably in better shape. GREECE is the classic example that the EUROZONE ‘one size fits all’ approach does not work.\r\n\r\nNow let’s be clear. GREECE did not help itself at times. However, the best solution is to leave the single currency as soon as possible and take control. There will always be buyers of debt and reverting to monetary policy control allows the freedom that GREECE requires to move forward.\r\n\r\nDo we thank the PIT BULL for elevating the debate?\r\n\r\nHistorians may look kindly on this event when the books are written. It could however get lost in the 2017 bigger story about the EUROZONE / EUROPEAN UNION implosion!\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.\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: #127 PREMIUM SERVICE\r\nDATE: 12<sup>th</sup> February 2017.<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n\r\n&nbsp;', '“THE PIT BULL” MOVES IN…', '', 'inherit', 'closed', 'closed', '', '9101-revision-v1', '', '', '2017-02-11 16:15:50', '2017-02-11 21:15:50', '', 9101, 'http://weeklyfxdrivethru.com/9101-revision-v1/', 0, 'revision', '', 0),
(9107, 1, '2017-02-11 16:32:32', '2017-02-11 21:32:32', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nAfter an awful start to 2017 from a trading perspective, as they say “the ship has now steadied itself” (apologies if that is not 100% accurate). I have seen some green/black numbers on my broker account trading balances. It was nothing but red for most of January.\r\n\r\nSo… where do I go from here?\r\n<p style=\"text-align: center;\">“To infinity and beyond”, “The only way is up”,\r\n“Digging in the Dirt”, off to my “Secret World” or maybe “2,000 light years from home?”</p>\r\nThe answer is back to the hard graft taking on board what I have learned about this year’s market so far and the way it reacts based upon TRUMPANTICS.\r\n\r\nIn October 2016, I was speaking with a couple of investors one from Sydney and one from San Francisco on a SKYPE call and we were talking about Forex Trading in general. Whilst I knew that I had adapted a 2016 trading style that was different to 2015, it became apparent that in my first year of the PREMIUM SERVICE 2014, my trade approach was somewhat different than that of 2013. I am not saying that one needs to have camouflage or mimicry abilities each year or for that matter be some sort of chameleon to trade, but these qualities would help!\r\n\r\nBeing able to adapt and change is paramount and a critical success factor for trading longevity. Amongst other trivia such as RISK MANAGEMENT, POSITION SIZING and TRADE PLANS… I jest.\r\n\r\nMoving on…\r\n\r\nThe FX market is without doubt news driven rather than by economic data at the moment. I think that over time TRUMP will understand that he can’t keep delivering ill thought out outbursts on every occasion. He can act business-like when required and I think that sooner or later he will settle down. Notice I placed no timeline here and no; I have not been drinking or smoking something illegal. I write this paragraph because an intelligent person would realize sometimes it is best to say nothing than to create uncertainty. I am making assumptions here, I know.\r\n\r\nI think what helped last week, was that there was a sudden realization that other events around the world mattered. Following a phone call from NICOLAUS COPERNICUS to “THE DONALD” he was told that despite what he thinks he was NOT the centre of the universe.\r\n\r\nThe EUROZONE woes continued with the French elections with Mr. Fillon involved in a scandal concerning jobs for his family, which resulted in far right extremist Marine (Feck off the single currency and leave the EU) Le Pen leading in the opinion polls. With the populist vote on the rise, I would NOT rule out Le Pen with a serious challenge. Stranger things have happened…\r\n\r\nWolfgang aka “the pit bull” Schaeuble (German Finance Minister), has basically opened the door ready to boot GREECE out of the EUROZONE (more on this later in the blog).\r\n\r\nWith other “you’re gonna love it”, “it will be fantastic” news; the antipodean central banks RBA &amp; RBNZ are basically moving away from dovish to neutral. They are far too savvy to go hawkish because they would get steamrollered should Janet Yellen at the FED go hawkish and raise interest rates in the US. Will Yellen raise rates? That is a whole ‘nother’ story as they say.\r\n\r\nBREXIT A50 trigger is moving sweetly through the UK parliamentary process. It has passed through the commons and has now gone for its second reading in the Lords.\r\n\r\nI just have a feeling this weekend’s Sunday papers are going to be a hoot in Europe.\r\n\r\nNow some FX broker news…\r\n\r\nNice platform or not; those feckers at FXCM have been caught out and banned from operating in the US.\r\n\r\nThey took a huge amount off me vis-à-vis the CHF peg removal on my GBP/CHF trade. Following the PEG removal and cable FLASH CRASH last year I have heard of so many stories about poor service, that it comes as no surprise.\r\n\r\nIs this the end for FXCM?  I would say no matter what country you operate in many people closed accounts on the US news. If the owners lied to the US regulators, surely they have lied across the globe to other jurisdictions, if they believed for years that they had pulled the wool over US regulators; why wouldn\'t they do the same elsewhere. A leopard never changes its spots.\r\n\r\nThis story will have legs over the coming weeks.\r\n\r\nMore…\r\n\r\nI mentioned last week that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. This will possibly be featured in next week’s blog.\r\n\r\nEven more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nI am now getting to grips with the technology more and more, as time progresses. I am now comfortable with my 30-minute agenda. Basically, I take a “PICKERING” view of the week ahead. I think that having the webinar at the start of the week at the end of day one is possibly the best time to hold such an event. It allows for weekly candle follow through, or not, to take effect; plus, the first daily candle of the week is important in my eyes not just for possible continued sentiment but also for the establishment of any new moves.\r\n\r\n#4 is on Monday 13th February at 5:30PM\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 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, Scott Pickering Weekly FX Drive Thru for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nFinally, in this section…\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\nLast week’s winner which I failed to annotate in the blog: brian@******.co.uk is fully up and running.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-12022017.png\"><img class=\"aligncenter size-large wp-image-9080\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-12022017-1024x947.png\" alt=\"\" width=\"1024\" height=\"947\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Janet Yellen – Testimony to the Senate Banking Committee with her statement of US Monetary Policy.\r\n\r\nThis should be a “doozy” as no matter what she says she could be upstaged by TRUMPANTICS.\r\n\r\nHowever, let’s face simple economic facts. The US economy is performing basically very well and by all accounts “THE DONALD” is going to splash the cash that US does NOT have, to re-build roads, bridges and airports, which in comparison to Quebec where I live are fecking brilliant. If you want to see pot holes in roads, crumbling bridges, crumbling overpasses and crumbling buildings please put Montreal into your vacation plans. It needs money spent on it; big…’bigly’ money.\r\n\r\nSo, when TRUMP talks about airports in poor shape I can see his point, in New York and some other major hub cities. However, with regards to roads, if you travel from Quebec into Ontario or Quebec south into New York state the difference in the quality of the roads is noticeable at the state/province boundary. Just google it you will see what I mean.\r\n\r\nBack to the point…\r\n\r\nYellen should be pushed on normalization of interest rates policy and this will be the issue that creates most volatility. The fact that the FED seems to have already once again pulled back from three rate increases to possibly just two or my opinion maybe just one this year will attract some attention, or rather it should.</li>\r\n 	<li>GBP: Jobs data is always an important economic barometer and something that governments are held very accountable for more than anything else by most voters.\r\n\r\nThere is also CPI and Retail Sales this week from the UK.\r\n\r\nThe data since last June’s BREXIT vote has mainly shown tremendous resilience with the UK economy. However, I fear it is the hard numbers relating to the capital account etc. from the treasury that interests the markets more moving forward.\r\n\r\nWithout doubt in my opinion the withdrawal of capital from the UK and the movement of labour, which is inevitable in my opinion, will be what influences the direction of the cable exchange rate moving forward. For now, we have the opening act to deal with.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>AUD: Jobs data on Wednesday night. I want to see the AUD/USD back at 0.8000 so I can short it. Nothing more than that. So please let’s have some great numbers!!</li>\r\n</ol>\r\n<ol start=\"4\">\r\n 	<li>NZD: Retail Sales. Directly opposite to the AUD/USD, I would like the NZD currency to fall off the cliff (nothing against any kiwi’s reading this blog). Regretfully for me, these numbers look like they could be a beat never mind a failure…argh!!</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROXZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\nRemember, get your T-Shirt printed “Uncertainty and confusion rules”\r\n\r\n<u>\r\nUSD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-12022017.png\"><img class=\"aligncenter size-large wp-image-9081\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-12022017-1024x855.png\" alt=\"\" width=\"1024\" height=\"855\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9091\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9092\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9090\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9093\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9094\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9095\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9096\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n<strong>\r\n\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>“THE PIT BULL” MOVES IN…\r\n</strong><strong>WILL HIS ACTIONS BE NOTED AS HELPFUL\r\n</strong><strong>IN THE HISTORY BOOKS?</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\nI love Wolfgang Schaeuble aka “The Pit Bull”.\r\n\r\nThe German Finance Minister goes places only “THE DONALD” would go. He is the closest to “THE DONALD” in the EUROZONE with regards sticking his oar in whether its required or not.\r\n\r\nLaugh… Holy Mother of God. The management of the EUROZONE can only be compared to a set of chickens running around a farmyard with their heads cut off.\r\n\r\nWho the hell is Schaeuble to tell a member state what to or what not to do? Every time he produces outbursts like this, it does make outsiders believe that the other 18 members of the single currency union are like provinces of Germany. I totally get his position as Finance Minister of Germany, and without doubt Germany is the powerhouse of the union. However, all members of the union are equal per the core documents and whilst Schaeuble can have his opinions, he isn’t even the leader of Germany and the fact that he sits on the Finance Ministers committee chaired by Jeroen Dijsselbloem with regards to the EUROZONE and its funding of GREECE, to me means he is once again over-stepping his mark.\r\n\r\nHowever, on this occasion I ask was it helpful in the long run and should he have been more vocal in this direction 6 years ago?\r\n\r\nMario Draghi, ECB President, had a similar problem with Ewald Nowotny (Austrian Bank Governor) and Jens Weidman (German Bundesbank Governor) undermining what he was trying to achieve a couple of years ago. It is very noticeable these two ECB board members have shut up of late as it is in the best interests of ECB policy for them to do so.\r\n\r\nIn an interview, the issue of a debt haircut for GREECE came up. Schaeuble answered only as he knows how. It has been widely accepted that Schaeuble was showing GREECE the EUROZONE door.\r\n\r\nFrankly Schaeuble and his counterparts on the committee managed by Dijsselbloem have kicked the GREECE can down the road for years, so maybe now is the time for GREECE to leave the EUROZONE and revert to the “Drachma” away from the single-currency. But, why wasn’t GREECE encouraged to leave before? Why did the EUROZONE Finance Ministers keep lending money, creating more and more conditions that the Tsipras led government has no chance of adhering to?\r\n\r\nMy God, it\'s the Lisbon Treaty once again (Article 50 of BREXIT fame contained in it as well) that states that a “debt cut“ violates EUROZONE rules and a country would have to leave the EURO AREA to have one. The EU leaders must have been on acid or an equivalent when the Lisbon treaty was ushered in!\r\n\r\nSo, GREECE is front and centre once again.\r\n\r\nWill the EUROZONE Finance Ministers finally get GREECE resolved? We are in a Mexican stand-off as I see it from a macro viewpoint.\r\n<ul>\r\n 	<li>The IMF are clear from their position stating that in their opinion GREEK reforms promised to creditors are off track. The Tsipras lead Greek government reject this point of view… no surprise there. This mistrust goes all the way back to 2009.</li>\r\n 	<li>Schaeuble is very kind to GREECE. Do what you said you would do when you received your last bailout and all will be OK. GREECE needs the second round of bailout III money soon. The clock is ticking down.</li>\r\n 	<li>The issue with GREECE is not as much about the debt management as it is about remaining competitive in business. This is very difficult, as most businesses must operate without credit. GREECE has long become almost a cash only business environment. This makes it extremely hard to see growth and it opens black market trading and hides the real economy. How can you govern effectively in this environment?</li>\r\n 	<li>The IMF are reluctant to go further with financial support. If the IMF pull out, the Dutch government have said that without IMF continued support the Netherlands will not participate in any revised or updated Greek bailout.</li>\r\n 	<li>Bond yields in Greece are rising once again and time is running out to get a deal done before the EUROZONE elections take hold and hog the news.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nWhat for GREECE then?\r\n\r\nA debt haircut is required to enable the country to take control of its finances and move forward. I think I wrote this two maybe three years ago. We are now further down a stony, can ridden road and we have greater uncertainty than ever before.\r\n\r\nCan GREECE survive outside of the EUROZONE?\r\n\r\nThey are lovely people and they have a backbone. They have shown tremendous resilience so far. It is however an absolute bloody disaster that 6/7 years later they are probably going to have to do what they should have done on day one.\r\n\r\nHad GREECE left the single currency back in 2009 where would GREECE Be now? You would have to say probably in better shape. GREECE is the classic example that the EUROZONE ‘one size fits all’ approach does not work.\r\n\r\nNow let’s be clear. GREECE did not help itself at times. However, the best solution is to leave the single currency as soon as possible and take control. There will always be buyers of debt and reverting to monetary policy control allows the freedom that GREECE requires to move forward.\r\n\r\nDo we thank the PIT BULL for elevating the debate?\r\n\r\nHistorians may look kindly on this event when the books are written. It could however get lost in the 2017 bigger story about the EUROZONE / EUROPEAN UNION implosion!\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\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: #231 FREE NEWSLETTER\r\nDATE: 12<sup>th</sup> February 2017.<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n\r\n&nbsp;', '“THE PIT BULL” MOVES IN…', '', 'publish', 'open', 'closed', '', 'pit-bull-moves', '', '', '2017-02-11 16:32:32', '2017-02-11 21:32:32', '', 0, 'http://weeklyfxdrivethru.com/?p=9107', 0, 'post', '', 0);
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(9108, 1, '2017-02-11 16:32:32', '2017-02-11 21:32:32', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nAfter an awful start to 2017 from a trading perspective, as they say “the ship has now steadied itself” (apologies if that is not 100% accurate). I have seen some green/black numbers on my broker account trading balances. It was nothing but red for most of January.\r\n\r\nSo… where do I go from here?\r\n<p style=\"text-align: center;\">“To infinity and beyond”, “The only way is up”,\r\n“Digging in the Dirt”, off to my “Secret World” or maybe “2,000 light years from home?”</p>\r\nThe answer is back to the hard graft taking on board what I have learned about this year’s market so far and the way it reacts based upon TRUMPANTICS.\r\n\r\nIn October 2016, I was speaking with a couple of investors one from Sydney and one from San Francisco on a SKYPE call and we were talking about Forex Trading in general. Whilst I knew that I had adapted a 2016 trading style that was different to 2015, it became apparent that in my first year of the PREMIUM SERVICE 2014, my trade approach was somewhat different than that of 2013. I am not saying that one needs to have camouflage or mimicry abilities each year or for that matter be some sort of chameleon to trade, but these qualities would help!\r\n\r\nBeing able to adapt and change is paramount and a critical success factor for trading longevity. Amongst other trivia such as RISK MANAGEMENT, POSITION SIZING and TRADE PLANS… I jest.\r\n\r\nMoving on…\r\n\r\nThe FX market is without doubt news driven rather than by economic data at the moment. I think that over time TRUMP will understand that he can’t keep delivering ill thought out outbursts on every occasion. He can act business-like when required and I think that sooner or later he will settle down. Notice I placed no timeline here and no; I have not been drinking or smoking something illegal. I write this paragraph because an intelligent person would realize sometimes it is best to say nothing than to create uncertainty. I am making assumptions here, I know.\r\n\r\nI think what helped last week, was that there was a sudden realization that other events around the world mattered. Following a phone call from NICOLAUS COPERNICUS to “THE DONALD” he was told that despite what he thinks he was NOT the centre of the universe.\r\n\r\nThe EUROZONE woes continued with the French elections with Mr. Fillon involved in a scandal concerning jobs for his family, which resulted in far right extremist Marine (Feck off the single currency and leave the EU) Le Pen leading in the opinion polls. With the populist vote on the rise, I would NOT rule out Le Pen with a serious challenge. Stranger things have happened…\r\n\r\nWolfgang aka “the pit bull” Schaeuble (German Finance Minister), has basically opened the door ready to boot GREECE out of the EUROZONE (more on this later in the blog).\r\n\r\nWith other “you’re gonna love it”, “it will be fantastic” news; the antipodean central banks RBA &amp; RBNZ are basically moving away from dovish to neutral. They are far too savvy to go hawkish because they would get steamrollered should Janet Yellen at the FED go hawkish and raise interest rates in the US. Will Yellen raise rates? That is a whole ‘nother’ story as they say.\r\n\r\nBREXIT A50 trigger is moving sweetly through the UK parliamentary process. It has passed through the commons and has now gone for its second reading in the Lords.\r\n\r\nI just have a feeling this weekend’s Sunday papers are going to be a hoot in Europe.\r\n\r\nNow some FX broker news…\r\n\r\nNice platform or not; those feckers at FXCM have been caught out and banned from operating in the US.\r\n\r\nThey took a huge amount off me vis-à-vis the CHF peg removal on my GBP/CHF trade. Following the PEG removal and cable FLASH CRASH last year I have heard of so many stories about poor service, that it comes as no surprise.\r\n\r\nIs this the end for FXCM?  I would say no matter what country you operate in many people closed accounts on the US news. If the owners lied to the US regulators, surely they have lied across the globe to other jurisdictions, if they believed for years that they had pulled the wool over US regulators; why wouldn\'t they do the same elsewhere. A leopard never changes its spots.\r\n\r\nThis story will have legs over the coming weeks.\r\n\r\nMore…\r\n\r\nI mentioned last week that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. This will possibly be featured in next week’s blog.\r\n\r\nEven more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nI am now getting to grips with the technology more and more, as time progresses. I am now comfortable with my 30-minute agenda. Basically, I take a “PICKERING” view of the week ahead. I think that having the webinar at the start of the week at the end of day one is possibly the best time to hold such an event. It allows for weekly candle follow through, or not, to take effect; plus, the first daily candle of the week is important in my eyes not just for possible continued sentiment but also for the establishment of any new moves.\r\n\r\n#4 is on Monday 13th February at 5:30PM\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 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, Scott Pickering Weekly FX Drive Thru for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nFinally, in this section…\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\nLast week’s winner which I failed to annotate in the blog: brian@******.co.uk is fully up and running.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-12022017.png\"><img class=\"aligncenter size-large wp-image-9080\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-12022017-1024x947.png\" alt=\"\" width=\"1024\" height=\"947\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Janet Yellen – Testimony to the Senate Banking Committee with her statement of US Monetary Policy.\r\n\r\nThis should be a “doozy” as no matter what she says she could be upstaged by TRUMPANTICS.\r\n\r\nHowever, let’s face simple economic facts. The US economy is performing basically very well and by all accounts “THE DONALD” is going to splash the cash that US does NOT have, to re-build roads, bridges and airports, which in comparison to Quebec where I live are fecking brilliant. If you want to see pot holes in roads, crumbling bridges, crumbling overpasses and crumbling buildings please put Montreal into your vacation plans. It needs money spent on it; big…’bigly’ money.\r\n\r\nSo, when TRUMP talks about airports in poor shape I can see his point, in New York and some other major hub cities. However, with regards to roads, if you travel from Quebec into Ontario or Quebec south into New York state the difference in the quality of the roads is noticeable at the state/province boundary. Just google it you will see what I mean.\r\n\r\nBack to the point…\r\n\r\nYellen should be pushed on normalization of interest rates policy and this will be the issue that creates most volatility. The fact that the FED seems to have already once again pulled back from three rate increases to possibly just two or my opinion maybe just one this year will attract some attention, or rather it should.</li>\r\n 	<li>GBP: Jobs data is always an important economic barometer and something that governments are held very accountable for more than anything else by most voters.\r\n\r\nThere is also CPI and Retail Sales this week from the UK.\r\n\r\nThe data since last June’s BREXIT vote has mainly shown tremendous resilience with the UK economy. However, I fear it is the hard numbers relating to the capital account etc. from the treasury that interests the markets more moving forward.\r\n\r\nWithout doubt in my opinion the withdrawal of capital from the UK and the movement of labour, which is inevitable in my opinion, will be what influences the direction of the cable exchange rate moving forward. For now, we have the opening act to deal with.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>AUD: Jobs data on Wednesday night. I want to see the AUD/USD back at 0.8000 so I can short it. Nothing more than that. So please let’s have some great numbers!!</li>\r\n</ol>\r\n<ol start=\"4\">\r\n 	<li>NZD: Retail Sales. Directly opposite to the AUD/USD, I would like the NZD currency to fall off the cliff (nothing against any kiwi’s reading this blog). Regretfully for me, these numbers look like they could be a beat never mind a failure…argh!!</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROXZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\nRemember, get your T-Shirt printed “Uncertainty and confusion rules”\r\n\r\n<u>\r\nUSD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-12022017.png\"><img class=\"aligncenter size-large wp-image-9081\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-12022017-1024x855.png\" alt=\"\" width=\"1024\" height=\"855\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9091\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9092\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9090\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9093\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9094\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9095\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9096\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n<strong>\r\n\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>“THE PIT BULL” MOVES IN…\r\n</strong><strong>WILL HIS ACTIONS BE NOTED AS HELPFUL\r\n</strong><strong>IN THE HISTORY BOOKS?</strong></p>\r\n<p style=\"text-align: center;\"><strong> </strong></p>\r\nI love Wolfgang Schaeuble aka “The Pit Bull”.\r\n\r\nThe German Finance Minister goes places only “THE DONALD” would go. He is the closest to “THE DONALD” in the EUROZONE with regards sticking his oar in whether its required or not.\r\n\r\nLaugh… Holy Mother of God. The management of the EUROZONE can only be compared to a set of chickens running around a farmyard with their heads cut off.\r\n\r\nWho the hell is Schaeuble to tell a member state what to or what not to do? Every time he produces outbursts like this, it does make outsiders believe that the other 18 members of the single currency union are like provinces of Germany. I totally get his position as Finance Minister of Germany, and without doubt Germany is the powerhouse of the union. However, all members of the union are equal per the core documents and whilst Schaeuble can have his opinions, he isn’t even the leader of Germany and the fact that he sits on the Finance Ministers committee chaired by Jeroen Dijsselbloem with regards to the EUROZONE and its funding of GREECE, to me means he is once again over-stepping his mark.\r\n\r\nHowever, on this occasion I ask was it helpful in the long run and should he have been more vocal in this direction 6 years ago?\r\n\r\nMario Draghi, ECB President, had a similar problem with Ewald Nowotny (Austrian Bank Governor) and Jens Weidman (German Bundesbank Governor) undermining what he was trying to achieve a couple of years ago. It is very noticeable these two ECB board members have shut up of late as it is in the best interests of ECB policy for them to do so.\r\n\r\nIn an interview, the issue of a debt haircut for GREECE came up. Schaeuble answered only as he knows how. It has been widely accepted that Schaeuble was showing GREECE the EUROZONE door.\r\n\r\nFrankly Schaeuble and his counterparts on the committee managed by Dijsselbloem have kicked the GREECE can down the road for years, so maybe now is the time for GREECE to leave the EUROZONE and revert to the “Drachma” away from the single-currency. But, why wasn’t GREECE encouraged to leave before? Why did the EUROZONE Finance Ministers keep lending money, creating more and more conditions that the Tsipras led government has no chance of adhering to?\r\n\r\nMy God, it\'s the Lisbon Treaty once again (Article 50 of BREXIT fame contained in it as well) that states that a “debt cut“ violates EUROZONE rules and a country would have to leave the EURO AREA to have one. The EU leaders must have been on acid or an equivalent when the Lisbon treaty was ushered in!\r\n\r\nSo, GREECE is front and centre once again.\r\n\r\nWill the EUROZONE Finance Ministers finally get GREECE resolved? We are in a Mexican stand-off as I see it from a macro viewpoint.\r\n<ul>\r\n 	<li>The IMF are clear from their position stating that in their opinion GREEK reforms promised to creditors are off track. The Tsipras lead Greek government reject this point of view… no surprise there. This mistrust goes all the way back to 2009.</li>\r\n 	<li>Schaeuble is very kind to GREECE. Do what you said you would do when you received your last bailout and all will be OK. GREECE needs the second round of bailout III money soon. The clock is ticking down.</li>\r\n 	<li>The issue with GREECE is not as much about the debt management as it is about remaining competitive in business. This is very difficult, as most businesses must operate without credit. GREECE has long become almost a cash only business environment. This makes it extremely hard to see growth and it opens black market trading and hides the real economy. How can you govern effectively in this environment?</li>\r\n 	<li>The IMF are reluctant to go further with financial support. If the IMF pull out, the Dutch government have said that without IMF continued support the Netherlands will not participate in any revised or updated Greek bailout.</li>\r\n 	<li>Bond yields in Greece are rising once again and time is running out to get a deal done before the EUROZONE elections take hold and hog the news.</li>\r\n</ul>\r\n&nbsp;\r\n\r\nWhat for GREECE then?\r\n\r\nA debt haircut is required to enable the country to take control of its finances and move forward. I think I wrote this two maybe three years ago. We are now further down a stony, can ridden road and we have greater uncertainty than ever before.\r\n\r\nCan GREECE survive outside of the EUROZONE?\r\n\r\nThey are lovely people and they have a backbone. They have shown tremendous resilience so far. It is however an absolute bloody disaster that 6/7 years later they are probably going to have to do what they should have done on day one.\r\n\r\nHad GREECE left the single currency back in 2009 where would GREECE Be now? You would have to say probably in better shape. GREECE is the classic example that the EUROZONE ‘one size fits all’ approach does not work.\r\n\r\nNow let’s be clear. GREECE did not help itself at times. However, the best solution is to leave the single currency as soon as possible and take control. There will always be buyers of debt and reverting to monetary policy control allows the freedom that GREECE requires to move forward.\r\n\r\nDo we thank the PIT BULL for elevating the debate?\r\n\r\nHistorians may look kindly on this event when the books are written. It could however get lost in the 2017 bigger story about the EUROZONE / EUROPEAN UNION implosion!\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\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: #231 FREE NEWSLETTER\r\nDATE: 12<sup>th</sup> February 2017.<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n\r\n&nbsp;', '“THE PIT BULL” MOVES IN…', '', 'inherit', 'closed', 'closed', '', '9107-revision-v1', '', '', '2017-02-11 16:32:32', '2017-02-11 21:32:32', '', 9107, 'http://weeklyfxdrivethru.com/9107-revision-v1/', 0, 'revision', '', 0),
(9109, 1, '2017-02-11 16:41:18', '2017-02-11 21:41:18', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nAfter an awful start to 2017 from a trading perspective, as they say “the ship has now steadied itself” (apologies if that is not 100% accurate). I have seen some green/black numbers on my broker account trading balances. It was nothing but red for most of January.\r\n\r\nSo… where do I go from here?\r\n<p style=\"text-align: center;\">“To infinity and beyond”, “The only way is up”,\r\n“Digging in the Dirt”, off to my “Secret World” or maybe “2,000 light years from home?”</p>\r\nThe answer is back to the hard graft taking on board what I have learned about this year’s market so far and the way it reacts based upon TRUMPANTICS.\r\n\r\nIn October 2016, I was speaking with a couple of investors one from Sydney and one from San Francisco on a SKYPE call and we were talking about Forex Trading in general. Whilst I knew that I had adapted a 2016 trading style that was different to 2015, it became apparent that in my first year of the PREMIUM SERVICE 2014, my trade approach was somewhat different than that of 2013. I am not saying that one needs to have camouflage or mimicry abilities each year or for that matter be some sort of chameleon to trade, but these qualities would help!\r\n\r\nBeing able to adapt and change is paramount and a critical success factor for trading longevity. Amongst other trivia such as RISK MANAGEMENT, POSITION SIZING and TRADE PLANS… I jest.\r\n\r\nMoving on…\r\n\r\nThe FX market is without doubt news driven rather than by economic data at the moment. I think that over time TRUMP will understand that he can’t keep delivering ill thought out outbursts on every occasion. He can act business-like when required and I think that sooner or later he will settle down. Notice I placed no timeline here and no; I have not been drinking or smoking something illegal. I write this paragraph because an intelligent person would realize sometimes it is best to say nothing than to create uncertainty. I am making assumptions here, I know.\r\n\r\nI think what helped last week, was that there was a sudden realization that other events around the world mattered. Following a phone call from NICOLAUS COPERNICUS to “THE DONALD” he was told that despite what he thinks he was NOT the centre of the universe.\r\n\r\nThe EUROZONE woes continued with the French elections with Mr. Fillon involved in a scandal concerning jobs for his family, which resulted in far right extremist Marine (Feck off the single currency and leave the EU) Le Pen leading in the opinion polls. With the populist vote on the rise, I would NOT rule out Le Pen with a serious challenge. Stranger things have happened…\r\n\r\nWolfgang aka “the pit bull” Schaeuble (German Finance Minister), has basically opened the door ready to boot GREECE out of the EUROZONE (more on this later in the blog).\r\n\r\nWith other “you’re gonna love it”, “it will be fantastic” news; the antipodean central banks RBA &amp; RBNZ are basically moving away from dovish to neutral. They are far too savvy to go hawkish because they would get steamrollered should Janet Yellen at the FED go hawkish and raise interest rates in the US. Will Yellen raise rates? That is a whole ‘nother’ story as they say.\r\n\r\nBREXIT A50 trigger is moving sweetly through the UK parliamentary process. It has passed through the commons and has now gone for its second reading in the Lords.\r\n\r\nI just have a feeling this weekend’s Sunday papers are going to be a hoot in Europe\r\n\r\nNow some FX broker news…\r\n\r\nNice platform or not; those feckers at FXCM have been caught out and banned from operating in the US.\r\n\r\nThey took a huge amount off me vis-à-vis the CHF peg removal on my GBP/CHF trade. Following the PEG removal and cable FLASH CRASH last year I have heard of so many stories about poor service, that it comes as no surprise.\r\n\r\nIs this the end for FXCM?  I would say no matter what country you operate in many people closed accounts on the US news. If the owners lied to the US regulators, surely they have lied across the globe to other jurisdictions, if they believed for years that they had pulled the wool over US regulators; why wouldn\'t they do the same elsewhere. A leopard never changes its spots.\r\n\r\nThis story will have legs over the coming weeks.\r\n\r\nMore…\r\n\r\nI mentioned last week that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. This will possibly be featured in next week’s blog.\r\n\r\nEven more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nI am now getting to grips with the technology more and more, as time progresses. I am now comfortable with my 30-minute agenda. Basically, I take a “PICKERING” view of the week ahead. I think that having the webinar at the start of the week at the end of day one is possibly the best time to hold such an event. It allows for weekly candle follow through, or not, to take effect; plus, the first daily candle of the week is important in my eyes not just for possible continued sentiment but also for the establishment of any new moves.\r\n\r\n#4 is on Monday 13th February at 5:30PM\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 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, Scott Pickering Weekly FX Drive Thru for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nFinally, in this section…\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\nLast week’s winner which I failed to annotate in the blog: brian@******.co.uk is fully up and running.\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<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-12022017.png\"><img class=\"aligncenter size-large wp-image-9080\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-12022017-1024x947.png\" alt=\"\" width=\"1024\" height=\"947\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Janet Yellen – Testimony to the Senate Banking Committee with her statement of US Monetary Policy.This should be a “doozy” as no matter what she says she could be upstaged by TRUMPANTICS.\r\n\r\nHowever, let’s face simple economic facts. The US economy is performing basically very well and by all accounts “THE DONALD” is going to splash the cash that US does NOT have, to re-build roads, bridges and airports, which in comparison to Quebec where I live are fecking brilliant. If you want to see pot holes in roads, crumbling bridges, crumbling overpasses and crumbling buildings please put Montreal into your vacation plans. It needs money spent on it; big…’bigly’ money.\r\n\r\nSo, when TRUMP talks about airports in poor shape I can see his point, in New York and some other major hub cities. However, with regards to roads, if you travel from Quebec into Ontario or Quebec south into New York state the difference in the quality of the roads is noticeable at the state/province boundary. Just google it you will see what I mean.\r\n\r\nBack to the point…\r\n\r\nYellen should be pushed on normalization of interest rates policy and this will be the issue that creates most volatility. The fact that the FED seems to have already once again pulled back from three rate increases to possibly just two or my opinion maybe just one this year will attract some attention, or rather it should.</li>\r\n 	<li>GBP: Jobs data is always an important economic barometer and something that governments are held very accountable for more than anything else by most voters.There is also CPI and Retail Sales this week from the UK.\r\n\r\nThe data since last June’s BREXIT vote has mainly shown tremendous resilience with the UK economy. However, I fear it is the hard numbers relating to the capital account etc. from the treasury that interests the markets more moving forward.\r\n\r\nWithout doubt in my opinion the withdrawal of capital from the UK and the movement of labour, which is inevitable in my opinion, will be what influences the direction of the cable exchange rate moving forward. For now, we have the opening act to deal with.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>AUD: Jobs data on Wednesday night. I want to see the AUD/USD back at 0.8000 so I can short it. Nothing more than that. So please let’s have some great numbers!!</li>\r\n</ol>\r\n<ol start=\"4\">\r\n 	<li>NZD: Retail Sales. Directly opposite to the AUD/USD, I would like the NZD currency to fall off the cliff (nothing against any kiwi’s reading this blog). Regretfully for me, these numbers look like they could be a beat never mind a failure…argh!!</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROXZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\nRemember, get your T-Shirt printed “Uncertainty and confusion rules”\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-12022017.png\"><img class=\"aligncenter size-large wp-image-9081\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-12022017-1024x855.png\" alt=\"\" width=\"1024\" height=\"855\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9091\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9092\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9090\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9093\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9094\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9095\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9096\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI am still in transition. I decided to bank $$$ across all trade styles this week and looked to re-load trade set-ups for hopefully repeating trades.\r\n\r\nI have my longer-term strategy in my thoughts which is now predominantly EUR short based and over the coming weeks you will see set ups taking shape with: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF.\r\n\r\nI am still fascinated by the CAD and I am tempted to look very long term with USD/CAD.\r\n\r\nI am too early for the GBP cross rates but from the middle of Q2 I want to get long GBP/NZD, GBP/CAD and GBP/AUD.  I am thinking of placing small long trades at lower levels to pick up spikes lower on BREXIT volatility. I know it sounds crazy but I do think in the second half of 2016, being long the GBP will be the trade. Before you guys leap in. I still believe we must re-test the lows again first or maybe lower to 1.1500… please bear this in mind.\r\n\r\nI spoke to a couple of you this week via the “PLATINUM” reviews and for me I found these quite refreshing and motivating.\r\n\r\nAs I stated on both occasions for Q1 my goal is to get positive with the PREMIUM SERVICE pips tally. I am NOT for want of a better phrase “going all in”. This is a process and an adjustment period. I will try to put as many stakes in the ground as possible, but we must accept we are being pushed and pulled by a crazy man. Technicals and even Fundamentals are sometimes defeated by the nonsense. We should remain strategic but at the same time exercise a high degree of patience.\r\n\r\nI got my head around what needs to be done and I have my 6-week plan until the end of Q1 in place and slowly but surely it will be become more and more obvious to you what I am trying to achieve.\r\n\r\nMany thanks for the continued support.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in ranges although, the emphasis and sentiment is trying to change.\r\n\r\nAs stated above I have my TRADING PLAN taking shape not just for Q1 but for the remainder of the year and this will be a great year if my thoughts are correct.\r\n\r\nThe joker “TRUMP” is the only card that can screw with it. To combat this my emphasis is not solely based around the USD majors. This at least should give me my edge.\r\n\r\n&nbsp;\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add more trades as the month progresses.The bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious issues ahead.</li>\r\n</ol>\r\n<u>\r\nTHE WEEKLY FX DRIVE THRU – LIVE:</u>\r\n\r\nNext webinar: #4 - Monday February 12th 2017 at 5:30PM EST.\r\n\r\nYou can register on the link below; they will be recorded and distributed after the event.\r\n\r\nTo access the webinar or see the recording you will need Google Chrome as your browser, and, for a short initial period the webinars will NOT play on smart phones or tablets.\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\nIn addition, I will upload the recoding to my YouTube account “The Weekly FX Drive Thru”. It will be there within a few hours of the webinar finishing.\r\n\r\n<strong> </strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIVE-TRADES-12022017.png\"><img class=\"aligncenter size-large wp-image-9089\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIVE-TRADES-12022017-789x1024.png\" alt=\"\" width=\"789\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIMIT-ORDERS-12022017.png\"><img class=\"aligncenter size-large wp-image-9088\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIMIT-ORDERS-12022017-703x1024.png\" alt=\"\" width=\"703\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong>THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>“THE PIT BULL” MOVES IN…\r\n</strong><strong>WILL HIS ACTIONS BE NOTED AS HELPFUL\r\n</strong><strong>IN THE HISTORY BOOKS?</strong></p>\r\nI love Wolfgang Schaeuble aka “The Pit Bull”.\r\n\r\nThe German Finance Minister goes places only “THE DONALD” would go. He is the closest to “THE DONALD” in the EUROZONE with regards sticking his oar in whether its required or not.\r\n\r\nLaugh… Holy Mother of God. The management of the EUROZONE can only be compared to a set of chickens running around a farmyard with their heads cut off.\r\n\r\nWho the hell is Schaeuble to tell a member state what to or what not to do? Every time he produces outbursts like this, it does make outsiders believe that the other 18 members of the single currency union are like provinces of Germany. I totally get his position as Finance Minister of Germany, and without doubt Germany is the powerhouse of the union. However, all members of the union are equal per the core documents and whilst Schaeuble can have his opinions, he isn’t even the leader of Germany and the fact that he sits on the Finance Ministers committee chaired by Jeroen Dijsselbloem with regards to the EUROZONE and its funding of GREECE, to me means he is once again over-stepping his mark.\r\n\r\nHowever, on this occasion I ask was it helpful in the long run and should he have been more vocal in this direction 6 years ago?\r\n\r\nMario Draghi, ECB President, had a similar problem with Ewald Nowotny (Austrian Bank Governor) and Jens Weidman (German Bundesbank Governor) undermining what he was trying to achieve a couple of years ago. It is very noticeable these two ECB board members have shut up of late as it is in the best interests of ECB policy for them to do so.\r\n\r\nIn an interview, the issue of a debt haircut for GREECE came up. Schaeuble answered only as he knows how. It has been widely accepted that Schaeuble was showing GREECE the EUROZONE door.\r\n\r\nFrankly Schaeuble and his counterparts on the committee managed by Dijsselbloem have kicked the GREECE can down the road for years, so maybe now is the time for GREECE to leave the EUROZONE and revert to the “Drachma” away from the single-currency. But, why wasn’t GREECE encouraged to leave before? Why did the EUROZONE Finance Ministers keep lending money, creating more and more conditions that the Tsipras led government has no chance of adhering to?\r\n\r\nMy God, it\'s the Lisbon Treaty once again (Article 50 of BREXIT fame contained in it as well) that states that a “debt cut“ violates EUROZONE rules and a country would have to leave the EURO AREA to have one. The EU leaders must have been on acid or an equivalent when the Lisbon treaty was ushered in!\r\n\r\nSo, GREECE is front and centre once again.\r\n\r\nWill the EUROZONE Finance Ministers finally get GREECE resolved? We are in a Mexican stand-off as I see it from a macro viewpoint.\r\n<ul>\r\n 	<li>The IMF are clear from their position stating that in their opinion GREEK reforms promised to creditors are off track. The Tsipras lead Greek government reject this point of view… no surprise there. This mistrust goes all the way back to 2009.</li>\r\n 	<li>Schaeuble is very kind to GREECE. Do what you said you would do when you received your last bailout and all will be OK. GREECE needs the second round of bailout III money soon. The clock is ticking down.</li>\r\n 	<li>The issue with GREECE is not as much about the debt management as it is about remaining competitive in business. This is very difficult, as most businesses must operate without credit. GREECE has long become almost a cash only business environment. This makes it extremely hard to see growth and it opens black market trading and hides the real economy. How can you govern effectively in this environment?</li>\r\n 	<li>The IMF are reluctant to go further with financial support. If the IMF pull out, the Dutch government have said that without IMF continued support the Netherlands will not participate in any revised or updated Greek bailout.</li>\r\n 	<li>Bond yields in Greece are rising once again and time is running out to get a deal done before the EUROZONE elections take hold and hog the news.</li>\r\n</ul>\r\nWhat for GREECE then?\r\n\r\nA debt haircut is required to enable the country to take control of its finances and move forward. I think I wrote this two maybe three years ago. We are now further down a stony, can ridden road and we have greater uncertainty than ever before.\r\n\r\nCan GREECE survive outside of the EUROZONE?\r\n\r\nThey are lovely people and they have a backbone. They have shown tremendous resilience so far. It is however an absolute bloody disaster that 6/7 years later they are probably going to have to do what they should have done on day one.\r\n\r\nHad GREECE left the single currency back in 2009 where would GREECE Be now? You would have to say probably in better shape. GREECE is the classic example that the EUROZONE ‘one size fits all’ approach does not work.\r\n\r\nNow let’s be clear. GREECE did not help itself at times. However, the best solution is to leave the single currency as soon as possible and take control. There will always be buyers of debt and reverting to monetary policy control allows the freedom that GREECE requires to move forward.\r\n\r\nDo we thank the PIT BULL for elevating the debate?\r\n\r\nHistorians may look kindly on this event when the books are written. It could however get lost in the 2017 bigger story about the EUROZONE / EUROPEAN UNION implosion!\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.\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: #127 PREMIUM SERVICE\r\nDATE: 12<sup>th</sup> February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;', '“THE PIT BULL” MOVES IN…', '', 'inherit', 'closed', 'closed', '', '9101-revision-v1', '', '', '2017-02-11 16:41:18', '2017-02-11 21:41:18', '', 9101, 'http://weeklyfxdrivethru.com/9101-revision-v1/', 0, 'revision', '', 0),
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(9123, 1, '2017-02-18 15:13:44', '2017-02-18 20:13:44', '&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThings are now starting to take shape in 2017, I am still in transition with trades and this will continue throughout Q1 but as things stand today the losses incurred in January are now almost gone as February has progressed.\r\n\r\nThe markets are still skittish towards whatever “THE DONALD” says, factual or not and despite some blow out U.S. data the USD is still somewhat on the back foot. My only thoughts to support this are; uncertainty about the TRUMP policies and the administration’s abilities to see them through and possibly the bulls**t that Yellen spouts time after time about all FOMC meetings “LIVE EVENTS”. We all know that she is ultra-dovish and she has strung along the markets for month after month to retain credibility, I think that now with such good undeniable data in front of her, it is time to walk the walk and not just talk the talk. Therefore, I hate to say this, but I think that the DXY will range until the March FED meeting… sorry to be the bearer of possible frustrating news.\r\n\r\nJanet Yellen’s testimony to both house committees last week was hawkish in both tone of comments and in the main with her answers to some tough, but mainly routine stupid questions that she was asked (Yes, you do not have to be the brightest button to get elected in the U.S. There are examples at every level!).\r\n\r\nLogically speaking and I know that one cannot apply logic to the Forex market, the USD (DXY) should have been blasting through towards 103.00. It reached a high of 101.72 on day two of Yellen’s testimony than started to fall back through 101.00 towards initial support at 99.77.\r\n\r\nAs stated earlier I do now think it\'s a walk the walk time for the FOMC.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nI remain bearish on both. I do believe it will be a choppy affair moving forward. Every now and then we will see a dive lower in price. It all depends on what event triggers the move lower to see if there are buyers available that see a value in either EUR or the GBP at new lower levels. So far moves lower have found support at 1.0350 for the EUR/USD and just below 1.2000 in the GBP/USD. Whilst I think these levels will both the broken, normal price action at the moment is not having the impact to send prices lower. I had thought that Yellen’s testimony would have been an initial push but alas not.\r\n\r\nIf you are short like myself, you must be frugal and patient; managing your RISK at all times.\r\n\r\nUK and AUD jobs disappointed the markets when the numbers were dissected and analyzed in detail. Of annoyance to me was the Aussie jobs data. I was expecting a blowout number to take my AUD/NZD trades towards 1.0800. Thankfully I removed with the PREMIUM SERVICE a AUD/CAD long trade earlier in the day, so as not to have too much AUD exposure heading into the news. It was removed with $$$ on the table so at least that was something, given the fact it pulled back to around my initial entry point.\r\n\r\nPerhaps “being an ex Brit”, the strangest event last week for me was the astonishing speech given by ex UK Prime Minister Tony Blair on Bloomberg TV. It was quite bizarre; given his failings on WMD (Weapons of Mass Destruction) taking UK troops to their death in Iraq, his failings as a UN peace envoy in the Middle East, I wouldn’t say that the UK Population have him on the top of their Christmas Card lists. Tony Blair was so far up George W. Bush’s ar*e, he was solely responsible for Bush not being able to walk in a straight line!\r\n\r\nBack to the point…\r\n\r\nBasically, Tony Blair was saying that the UK could still avoid a BREXIT. At the 23rd hour, 59 minutes, 59.9 seconds through the process he now decides to speak out…why now?\r\n\r\nBlair is a career politician. He tried this ploy just after the BREXIT result came through. He was removed from the spotlight because the UK economic data continued to remain good and, in fact, following the devaluation of sterling in the currency markets in some areas it improved. He waited for the wash through of data to occur and on the day that UK Retail Sales dipped after the Christmas rush and increasing prices hitting households following currency re-valuations and small inflation signs, he decided now was the time.\r\n\r\nHe wants another referendum based upon the terms of the BREXIT. This is never going to happen, because the EUROPEAN UNION has made it clear that A50 needs to be triggered first before any BREXIT negotiations can begin. This makes sense. Therefore a referendum based on the “Blair” idea, is a non-runner.\r\n\r\nBlair is therefore merely an ex failed politician, given airtime because he is an ex. Prime Minister, his speech is just an unnecessary distraction given current UK Prime Minister’s Theresa May’s BREXIT timetable, which if still on schedule means that A50 could be triggered as early as March 9<sup>th</sup>.\r\n\r\nIf Blair believes that people will rebel en mass and demand a wait and hold and then a re-vote on EU membership he must be smoking something illegal in my eyes given the timetable of events.\r\n\r\nIt was as bizarre a media event as “THE DONALD’S” press conference the day earlier last week.\r\n\r\nMore…\r\n\r\nI have mentioned for the past two weeks that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. I am not ready. This will appear when I have the total plan in place.\r\n\r\nI tried looking for factual follow-ups on FXCM, but I drew a blank, maybe I was just not looking in the right places. I, like a lot of people are fascinated to see did FXCM have the equivalent of a “run on the bank” worldwide, after the U.S. termination?\r\n\r\nStill some more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #5 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#5 is on Monday 20th February at 5:30PM\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, <em>Scott Pickering</em> <em>Weekly FX Drive Thru</em> 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 too 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\nFinally, in this section…\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<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\"><img class=\"aligncenter size-full wp-image-9119\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\" alt=\"\" width=\"568\" height=\"425\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a couple of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: FOMC Meeting Minutes – these should be hawkish. Given the statement at the time plus Janet Yellen’s recent testimony to both houses re the “Humphrey Hawkins”.As long as we can start to see a consistency this should be good for both market confidence and sentiment. It is the one step forwards two steps back approach that has often confused and created uncertainty. The markets are like 4-year-old children; small words, clear, no grey just black and white.</li>\r\n 	<li>AUD: I am looking for consistency and confirmations of policy from the RBA. Philip Lowe (Governor) speaks twice this week and we also have the release of the minutes from the last RBA meeting.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\"><img class=\"aligncenter size-full wp-image-9120\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\" alt=\"\" width=\"512\" height=\"405\" /></a>\r\n\r\nNo charts this week, I am travelling and do not have the technology.\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nThe market is hard to read and even harder to follow. The obvious is no longer the obvious.\r\n\r\nIt is extremely difficult to allow for “THE DONALD FACTOR” it gives us uncertainty. There was a time blow out U.S. data would give the DXY a two or three day move. We are lucky to see two or three hours at the moment.\r\n\r\nI hear the frustrations. If you are coming unstuck, walk away for a few days.\r\n\r\nFundamentally, I believe I am positioned the correct way and Yellen’s “Humphrey Hawkins” testimony gave me increased confidence in my set ups. The fact is I need wide stops and smaller position sizes or I could add $250,000 to my accounts and trade more normal sizes. I can tell you right now, the latter is NOT going to happen.\r\n\r\n&nbsp;\r\n\r\nPainful as it is, I have nothing else that I can say. It is what it is, we have a painful transition government in place in Washington and at the same time we have a UK BREXIT, GREECE, FRANCE, HOLLAND and GERMANY all with issues that are unknown quantities. On top of this we have North Korea, the Middle East and OPEC all ready to steal the limelight at a moment’s notice.\r\n\r\nIf “THE DONALD FACTOR” was not enough to contend with add the rest from the prior paragraph and we have a lot overhead to consider.\r\n\r\nBack to trading…\r\n\r\nI am very, very slowly changing my strategy. I have given myself until the end of Q1 to have it in play and my CORE POSITIONS established. This will be a slow process and at the same time I want to exit old trades at the best prices available.\r\n\r\nThe EUR/CHF (FUN466) is a trade I would like to exit at 1.0750 or higher but right now the chances of that level being seen looks like a dream.\r\n\r\nOver the past week, we banked $$$ and established a few more positions. I am seeing a lot of opportunities to add, but, like many of you from what I hear I am reluctant to do so until I see something to hang my hat on so to speak. It is still uncertain.\r\n\r\nMany thanks for the continued support.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in fairly tight ranges although, the price movements are volatile. I do see green shoots of the emphasis and sentiment is trying to change, but as soon as I see these they are shot down in flames more often than not.\r\n\r\nThe following pairs are still in my thoughts and I have entries to both initiate and add with some of these but I want direction: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF. Plus, the GBP cross rates; GBP/CAD, GBP/AUD and GBP/NZD and EUR cross rates; EUR/NZD, EUR/CAD and EUR/NZD.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.The bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>GBP/USD: - The BREXIT effect is starting to come through as economic data is washed through the economic averages. I still believe that after the CORE BREXIT details are decided upon the UK economy will start to stabilize, but prior to this, which could be up to a year away the uncertainty factor will dominate.There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.<strong> </strong></li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-19022017.png\"><img class=\"aligncenter size-full wp-image-9122\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-19022017.png\" alt=\"\" width=\"492\" height=\"458\" /></a>\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-19022017.png\"><img class=\"aligncenter size-full wp-image-9121\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-19022017.png\" alt=\"\" width=\"455\" height=\"423\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THE FED HAS “TALKED THE TALK”\r\n</strong><strong>NOW IT’S TIME TO “WALK THAT WALK”</strong></p>\r\nRegular readers and followers will know that over recent years following Bernanke, I have at times been critical of Janet Yellen’s chair at the FED.\r\n\r\nShe is “ultra-dovish” and in my eyes, she always will be. As I have written on many occasions it is much easier and somewhat safer to be a DOVE rather than a HAWK. This is fine when an economy is in poor shape and requires support.\r\n\r\nHowever, in transition, a central bank does NOT want to get behind the various economic curves. It is a science beyond my pay grade knowing when to press the button to move. As a trader, I take a simple view based upon data sentiment over a 3-month period.\r\n\r\nI know that Central Bank’s operate in much larger time-scales, but this is in respect to longer-term goals, perspectives based upon their mandates set out by their governments. Central Bank governors, do have huge power, some of them also have huge egos to match the power but we should not lose sight of the fact that they are employed to manage and maintain economic stability, remove uncertainty and provide the markets with a clear monetary policy moving forward based upon key success factors upon which they are measured.\r\n\r\nI can go deeper but the nuts and bolts of the job are quite straightforward. Policy, stability, no uncertainties, clear projections and no bullsh*t. Sadly the bullsh*t is part of the job and we can all smell it, at times it is an insult to our intelligence that central bankers believe that they can pull the wool over our eyes.\r\n\r\nBack to the FED…\r\n\r\nFor months, the U.S. economic data has been generally good, the odd blip here and there but really good overall. If we are to believe the unemployment data, the U.S. is almost at full employment. Inflation had started to murmur ahead of “THE DONALDS” arrival in the White House.\r\n\r\nFor the past two years, the FED have only raised rates once a year in December 2015 and 2016. In 2016 the infamous “Dot plots” were signaling two, maybe three rate hikes, but we only saw a single rise in December.\r\n\r\nIn December 2016, the FED “dot plots” for 2017 showed their economic projections signaling 3 rate hikes in 2017. Within a month of the data release for 2017, the FED were down-playing three hikes to two or maybe just one!\r\n\r\nSince then we have had continual blow out numbers, jobs, confidence, sentiment, sales etc. I asked myself what the feck is going on at the FED what the hell are they looking at? Are they going to use the BREXIT or EUROZONE headwinds as an excuse not to raise? Will they find other geopolitical news to promote a hold back?\r\n\r\nWith such good data and Ben Bernanke’s last words in my ears “The FED will now revert to normalization in the markets” had Janet Yellen showed any hesitance at all in acknowledging bloody good data, I was going to exit all USD long positions and only trade cross rates for the remainder of 2017.\r\n\r\nAs we know… she delivered.\r\n\r\nBut this is only part one of the story.\r\n\r\nOK, we get it every FED/FOMC meeting is LIVE. But it’s now about time to lead the markets, stay ahead of the curve and deliver rather than keep stringing the markets along for a year with a rate hike at the last possible moment which looks more like saving face than anything else.\r\n\r\nCredibility is a vital trait for a Central Bank to have. Without market credibility, they are not taken seriously. Look at the BOJ for example. The SNB is getting the same way Thomas Jordan needs to show muscle.\r\n\r\nDo I think that the FED is losing credibility?\r\n\r\nI do think it’s come close on occasion but we are now at limits never seen before, the data is so good. We have a TRUMP administration hell bent on a spend, spend, spend campaign which should produce inflation over the next 12-18 months. The FED needs to be ahead of the curve.\r\n\r\nWill Yellen deliver a rate hike on March 15<sup>th</sup> 2017?\r\n\r\nIf she does, it places 3 x rate hikes on the table for this year and shows that there is central bank confidence in the U.S. economy. At the moment, the neigh-sayers have had the opportunity to allow doom and gloom to hang over events by stating that the FED is looking at something that we cannot see. A rate rise removes this.\r\n\r\nFrom a trading perspective, a FED rate hike should initiate the fact that two more are on the way and that central bank monetary policy divergence is now in place across the major central banks.\r\n\r\nThis gives us a USD long trade. A sell the rips approach or buy the dips approach to the USD. Combine this with the EUROZONE headwinds and BREXIT uncertainties and we have parity calls in place for the single currency and sub 1.2000 for the cable.\r\n\r\nI know that I am early to the party with this article but the testimony last week has really focused my mind and broadened my awareness and horizons for my TRADE PLAN beyond Q1.\r\n\r\nIt sounds simple. But trading will still be difficult, although we should have direction. Remember, nothing goes in a straight line it will be choppy inside new ranges until they are broken and new ranges established. I do see us stepping lower in EUR and GBP currencies and the DXY moving above 103.00 and maybe with severe traction looking at the 115.00 –120.00 area once again.\r\n\r\nThe one currency pair that I am not so sure how it will react is the USD/JPY. That is for another day.\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.\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: #128 PREMIUM SERVICE\r\nDATE: 19th February 2017.', 'THE FED HAS “TALKED THE TALK”  NOW, IT’S TIME TO “WALK THAT WALK”', '', 'publish', 'open', 'closed', '', 'fed-talked-talk-now-time-walk-walk', '', '', '2017-02-20 06:36:57', '2017-02-20 11:36:57', '', 0, 'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9123', 0, 'member_posts', '', 0),
(9124, 1, '2017-02-18 15:12:25', '2017-02-18 20:12:25', '&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThings are now starting to take shape in 2017, I am still in transition with trades and this will continue throughout Q1 but as things stand today the losses incurred in January are now almost gone as February has progressed.\r\n\r\nThe markets are still skittish towards whatever “THE DONALD” says, factual or not and despite some blow out U.S. data the USD is still somewhat on the back foot. My only thoughts to support this are; uncertainty about the TRUMP policies and the administration’s abilities to see them through and possibly the bulls**t that Yellen spouts time after time about all FOMC meetings “LIVE EVENTS”. We all know that she is ultra-dovish and she has strung along the markets for month after month to retain credibility, I think that now with such good undeniable data in front of her, it is time to walk the walk and not just talk the talk. Therefore, I hate to say this, but I think that the DXY will range until the March FED meeting… sorry to be the bearer of possible frustrating news.\r\n\r\nJanet Yellen’s testimony to both house committees last week was hawkish in both tone of comments and in the main with her answers to some tough, but mainly routine stupid questions that she was asked (Yes, you do not have to be the brightest button to get elected in the U.S. There are examples at every level!).\r\n\r\nLogically speaking and I know that one cannot apply logic to the Forex market, the USD (DXY) should have been blasting through towards 103.00. It reached a high of 101.72 on day two of Yellen’s testimony than started to fall back through 101.00 towards initial support at 99.77.\r\n\r\nAs stated earlier I do now think it\'s a walk the walk time for the FOMC.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nI remain bearish on both. I do believe it will be a choppy affair moving forward. Every now and then we will see a dive lower in price. It all depends on what event triggers the move lower to see if there are buyers available that see a value in either EUR or the GBP at new lower levels. So far moves lower have found support at 1.0350 for the EUR/USD and just below 1.2000 in the GBP/USD. Whilst I think these levels will both the broken, normal price action at the moment is not having the impact to send prices lower. I had thought that Yellen’s testimony would have been an initial push but alas not.\r\n\r\nIf you are short like myself, you must be frugal and patient; managing your RISK at all times.\r\n\r\nUK and AUD jobs disappointed the markets when the numbers were dissected and analyzed in detail. Of annoyance to me was the Aussie jobs data. I was expecting a blowout number to take my AUD/NZD trades towards 1.0800. Thankfully I removed with the PREMIUM SERVICE a AUD/CAD long trade earlier in the day, so as not to have too much AUD exposure heading into the news. It was removed with $$$ on the table so at least that was something, given the fact it pulled back to around my initial entry point.\r\n\r\nPerhaps “being an ex Brit”, the strangest event last week for me was the astonishing speech given by ex UK Prime Minister Tony Blair on Bloomberg TV. It was quite bizarre; given his failings on WMD (Weapons of Mass Destruction) taking UK troops to their death in Iraq, his failings as a UN peace envoy in the Middle East, I wouldn’t say that the UK Population have him on the top of their Christmas Card lists. Tony Blair was so far up George W. Bush’s ar*e, he was solely responsible for Bush not being able to walk in a straight line!\r\n\r\nBack to the point…\r\n\r\nBasically, Tony Blair was saying that the UK could still avoid a BREXIT. At the 23rd hour, 59 minutes, 59.9 seconds through the process he now decides to speak out…why now?\r\n\r\nBlair is a career politician. He tried this ploy just after the BREXIT result came through. He was removed from the spotlight because the UK economic data continued to remain good and, in fact, following the devaluation of sterling in the currency markets in some areas it improved. He waited for the wash through of data to occur and on the day that UK Retail Sales dipped after the Christmas rush and increasing prices hitting households following currency re-valuations and small inflation signs, he decided now was the time.\r\n\r\nHe wants another referendum based upon the terms of the BREXIT. This is never going to happen, because the EUROPEAN UNION has made it clear that A50 needs to be triggered first before any BREXIT negotiations can begin. This makes sense. Therefore a referendum based on the “Blair” idea, is a non-runner.\r\n\r\nBlair is therefore merely an ex failed politician, given airtime because he is an ex. Prime Minister, his speech is just an unnecessary distraction given current UK Prime Minister’s Theresa May’s BREXIT timetable, which if still on schedule means that A50 could be triggered as early as March 9<sup>th</sup>.\r\n\r\nIf Blair believes that people will rebel en mass and demand a wait and hold and then a re-vote on EU membership he must be smoking something illegal in my eyes given the timetable of events.\r\n\r\nIt was as bizarre a media event as “THE DONALD’S” press conference the day earlier last week.\r\n\r\nMore…\r\n\r\nI have mentioned for the past two weeks that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. I am not ready. This will appear when I have the total plan in place.\r\n\r\nI tried looking for factual follow-ups on FXCM, but I drew a blank, maybe I was just not looking in the right places. I, like a lot of people are fascinated to see did FXCM have the equivalent of a “run on the bank” worldwide, after the U.S. termination?\r\n\r\nStill some more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #5 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#5 is on Monday 20th February at 5:30PM\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, <em>Scott Pickering</em> <em>Weekly FX Drive Thru</em> 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 too 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\nFinally, in this section…\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<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\"><img class=\"aligncenter size-full wp-image-9119\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\" alt=\"\" width=\"568\" height=\"425\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a couple of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: FOMC Meeting Minutes – these should be hawkish. Given the statement at the time plus Janet Yellen’s recent testimony to both houses re the “Humphrey Hawkins”.\r\n\r\nAs long as we can start to see a consistency this should be good for both market confidence and sentiment. It is the one step forwards two steps back approach that has often confused and created uncertainty. The markets are like 4-year-old children; small words, clear, no grey just black and white.</li>\r\n 	<li>AUD: I am looking for consistency and confirmations of policy from the RBA. Philip Lowe (Governor) speaks twice this week and we also have the release of the minutes from the last RBA meeting.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROXZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\"><img class=\"aligncenter size-full wp-image-9120\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\" alt=\"\" width=\"512\" height=\"405\" /></a>\r\n\r\nNo charts this week, I am travelling and do not have the technology.\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\r\n\r\n</a>\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\nThe market is hard to read and even harder to follow. The obvious is no longer the obvious.\r\n\r\nIt is extremely difficult to allow for “THE DONALD FACTOR” it gives us uncertainty. There was a time blow out U.S. data would give the DXY a two or three day move. We are lucky to see two or three hours at the moment.\r\n\r\nI hear the frustrations. If you are coming unstuck, walk away for a few days.\r\n\r\nFundamentally, I believe I am positioned the correct way and Yellen’s “Humphrey Hawkins” testimony gave me increased confidence in my set ups. The fact is I need wide stops and smaller position sizes or I could add $250,000 to my accounts and trade more normal sizes. I can tell you right now, the latter is NOT going to happen.\r\n\r\n&nbsp;\r\n\r\nPainful as it is, I have nothing else that I can say. It is what it is, we have a painful transition government in place in Washington and at the same time we have a UK BREXIT, GREECE, FRANCE, HOLLAND and GERMANY all with issues that are unknown quantities. On top of this we have North Korea, the Middle East and OPEC all ready to steal the limelight at a moment’s notice.\r\n\r\nIf “THE DONALD FACTOR” was not enough to contend with add the rest from the prior paragraph and we have a lot overhead to consider.\r\n\r\nBack to trading…\r\n\r\nI am very, very slowly changing my strategy. I have given myself until the end of Q1 to have it in play and my CORE POSITIONS established. This will be a slow process and at the same time I want to exit old trades at the best prices available.\r\n\r\nThe EUR/CHF (FUN466) is a trade I would like to exit at 1.0750 or higher but right now the chances of that level being seen looks like a dream.\r\n\r\nOver the past week, we banked $$$ and established a few more positions. I am seeing a lot of opportunities to add, but, like many of you from what I hear I am reluctant to do so until I see something to hang my hat on so to speak. It is still uncertain.\r\n\r\nMany thanks for the continued support.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in fairly tight ranges although, the price movements are volatile. I do see green shoots of the emphasis and sentiment is trying to change, but as soon as I see these they are shot down in flames more often than not.\r\n\r\nThe following pairs are still in my thoughts and I have entries to both initiate and add with some of these but I want direction: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF. Plus, the GBP cross rates; GBP/CAD, GBP/AUD and GBP/NZD and EUR cross rates; EUR/NZD, EUR/CAD and EUR/NZD.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.\r\n\r\nThe bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>GBP/USD: - The BREXIT effect is starting to come through as economic data is washed through the economic averages. I still believe that after the CORE BREXIT details are decided upon the UK economy will start to stabilize, but prior to this, which could be up to a year away the uncertainty factor will dominate.\r\n\r\nThere will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.<strong> </strong></li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-19022017.png\"><img class=\"aligncenter size-full wp-image-9122\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-19022017.png\" alt=\"\" width=\"492\" height=\"458\" /></a>\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-19022017.png\"><img class=\"aligncenter size-full wp-image-9121\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-19022017.png\" alt=\"\" width=\"455\" height=\"423\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THE FED HAS “TALKED THE TALK”\r\n</strong><strong>NOW IT’S TIME TO “WALK THAT WALK”</strong></p>\r\nRegular readers and followers will know that over recent years following Bernanke, I have at times been critical of Janet Yellen’s chair at the FED.\r\n\r\nShe is “ultra-dovish” and in my eyes, she always will be. As I have written on many occasions it is much easier and somewhat safer to be a DOVE rather than a HAWK. This is fine when an economy is in poor shape and requires support.\r\n\r\nHowever, in transition, a central bank does NOT want to get behind the various economic curves. It is a science beyond my pay grade knowing when to press the button to move. As a trader, I take a simple view based upon data sentiment over a 3-month period.\r\n\r\nI know that Central Bank’s operate in much larger time-scales, but this is in respect to longer-term goals, perspectives based upon their mandates set out by their governments. Central Bank governors, do have huge power, some of them also have huge egos to match the power but we should not lose sight of the fact that they are employed to manage and maintain economic stability, remove uncertainty and provide the markets with a clear monetary policy moving forward based upon key success factors upon which they are measured.\r\n\r\nI can go deeper but the nuts and bolts of the job are quite straightforward. Policy, stability, no uncertainties, clear projections and no bullsh*t. Sadly the bullsh*t is part of the job and we can all smell it, at times it is an insult to our intelligence that central bankers believe that they can pull the wool over our eyes.\r\n\r\nBack to the FED…\r\n\r\nFor months, the U.S. economic data has been generally good, the odd blip here and there but really good overall. If we are to believe the unemployment data, the U.S. is almost at full employment. Inflation had started to murmur ahead of “THE DONALDS” arrival in the White House.\r\n\r\nFor the past two years, the FED have only raised rates once a year in December 2015 and 2016. In 2016 the infamous “Dot plots” were signaling two, maybe three rate hikes, but we only saw a single rise in December.\r\n\r\nIn December 2016, the FED “dot plots” for 2017 showed their economic projections signaling 3 rate hikes in 2017. Within a month of the data release for 2017, the FED were down-playing three hikes to two or maybe just one!\r\n\r\nSince then we have had continual blow out numbers, jobs, confidence, sentiment, sales etc. I asked myself what the feck is going on at the FED what the hell are they looking at? Are they going to use the BREXIT or EUROZONE headwinds as an excuse not to raise? Will they find other geopolitical news to promote a hold back?\r\n\r\nWith such good data and Ben Bernanke’s last words in my ears “The FED will now revert to normalization in the markets” had Janet Yellen showed any hesitance at all in acknowledging bloody good data, I was going to exit all USD long positions and only trade cross rates for the remainder of 2017.\r\n\r\nAs we know… she delivered.\r\n\r\nBut this is only part one of the story.\r\n\r\nOK, we get it every FED/FOMC meeting is LIVE. But it’s now about time to lead the markets, stay ahead of the curve and deliver rather than keep stringing the markets along for a year with a rate hike at the last possible moment which looks more like saving face than anything else.\r\n\r\nCredibility is a vital trait for a Central Bank to have. Without market credibility, they are not taken seriously. Look at the BOJ for example. The SNB is getting the same way Thomas Jordan needs to show muscle.\r\n\r\nDo I think that the FED is losing credibility?\r\n\r\nI do think it’s come close on occasion but we are now at limits never seen before, the data is so good. We have a TRUMP administration hell bent on a spend, spend, spend campaign which should produce inflation over the next 12-18 months. The FED needs to be ahead of the curve.\r\n\r\nWill Yellen deliver a rate hike on March 15<sup>th</sup> 2017?\r\n\r\nIf she does, it places 3 x rate hikes on the table for this year and shows that there is central bank confidence in the U.S. economy. At the moment, the neigh-sayers have had the opportunity to allow doom and gloom to hang over events by stating that the FED is looking at something that we cannot see. A rate rise removes this.\r\n\r\nFrom a trading perspective, a FED rate hike should initiate the fact that two more are on the way and that central bank monetary policy divergence is now in place across the major central banks.\r\n\r\nThis gives us a USD long trade. A sell the rips approach or buy the dips approach to the USD. Combine this with the EUROZONE headwinds and BREXIT uncertainties and we have parity calls in place for the single currency and sub 1.2000 for the cable.\r\n\r\nI know that I am early to the party with this article but the testimony last week has really focused my mind and broadened my awareness and horizons for my TRADE PLAN beyond Q1.\r\n\r\nIt sounds simple. But trading will still be difficult, although we should have direction. Remember, nothing goes in a straight line it will be choppy inside new ranges until they are broken and new ranges established. I do see us stepping lower in EUR and GBP currencies and the DXY moving above 103.00 and maybe with severe traction looking at the 115.00 –120.00 area once again.\r\n\r\nThe one currency pair that I am not so sure how it will react is the USD/JPY. That is for another day.\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.\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: #128 PREMIUM SERVICE\r\nDATE: 19th February 2017.', 'THE FED HAS “TALKED THE TALK”  NOW, IT’S TIME TO “WALK THAT WALK”', '', 'inherit', 'closed', 'closed', '', '9123-revision-v1', '', '', '2017-02-18 15:12:25', '2017-02-18 20:12:25', '', 9123, 'http://weeklyfxdrivethru.com/9123-revision-v1/', 0, 'revision', '', 0);
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(9125, 1, '2017-02-18 15:13:29', '2017-02-18 20:13:29', '&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nThings are now starting to take shape in 2017, I am still in transition with trades and this will continue throughout Q1 but as things stand today the losses incurred in January are now almost gone as February has progressed.\r\n\r\nThe markets are still skittish towards whatever “THE DONALD” says, factual or not and despite some blow out U.S. data the USD is still somewhat on the back foot. My only thoughts to support this are; uncertainty about the TRUMP policies and the administration’s abilities to see them through and possibly the bulls**t that Yellen spouts time after time about all FOMC meetings “LIVE EVENTS”. We all know that she is ultra-dovish and she has strung along the markets for month after month to retain credibility, I think that now with such good undeniable data in front of her, it is time to walk the walk and not just talk the talk. Therefore, I hate to say this, but I think that the DXY will range until the March FED meeting… sorry to be the bearer of possible frustrating news.\r\n\r\nJanet Yellen’s testimony to both house committees last week was hawkish in both tone of comments and in the main with her answers to some tough, but mainly routine stupid questions that she was asked (Yes, you do not have to be the brightest button to get elected in the U.S. There are examples at every level!).\r\n\r\nLogically speaking and I know that one cannot apply logic to the Forex market, the USD (DXY) should have been blasting through towards 103.00. It reached a high of 101.72 on day two of Yellen’s testimony than started to fall back through 101.00 towards initial support at 99.77.\r\n\r\nAs stated earlier I do now think it\'s a walk the walk time for the FOMC.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nI remain bearish on both. I do believe it will be a choppy affair moving forward. Every now and then we will see a dive lower in price. It all depends on what event triggers the move lower to see if there are buyers available that see a value in either EUR or the GBP at new lower levels. So far moves lower have found support at 1.0350 for the EUR/USD and just below 1.2000 in the GBP/USD. Whilst I think these levels will both the broken, normal price action at the moment is not having the impact to send prices lower. I had thought that Yellen’s testimony would have been an initial push but alas not.\r\n\r\nIf you are short like myself, you must be frugal and patient; managing your RISK at all times.\r\n\r\nUK and AUD jobs disappointed the markets when the numbers were dissected and analyzed in detail. Of annoyance to me was the Aussie jobs data. I was expecting a blowout number to take my AUD/NZD trades towards 1.0800. Thankfully I removed with the PREMIUM SERVICE a AUD/CAD long trade earlier in the day, so as not to have too much AUD exposure heading into the news. It was removed with $$$ on the table so at least that was something, given the fact it pulled back to around my initial entry point.\r\n\r\nPerhaps “being an ex Brit”, the strangest event last week for me was the astonishing speech given by ex UK Prime Minister Tony Blair on Bloomberg TV. It was quite bizarre; given his failings on WMD (Weapons of Mass Destruction) taking UK troops to their death in Iraq, his failings as a UN peace envoy in the Middle East, I wouldn’t say that the UK Population have him on the top of their Christmas Card lists. Tony Blair was so far up George W. Bush’s ar*e, he was solely responsible for Bush not being able to walk in a straight line!\r\n\r\nBack to the point…\r\n\r\nBasically, Tony Blair was saying that the UK could still avoid a BREXIT. At the 23rd hour, 59 minutes, 59.9 seconds through the process he now decides to speak out…why now?\r\n\r\nBlair is a career politician. He tried this ploy just after the BREXIT result came through. He was removed from the spotlight because the UK economic data continued to remain good and, in fact, following the devaluation of sterling in the currency markets in some areas it improved. He waited for the wash through of data to occur and on the day that UK Retail Sales dipped after the Christmas rush and increasing prices hitting households following currency re-valuations and small inflation signs, he decided now was the time.\r\n\r\nHe wants another referendum based upon the terms of the BREXIT. This is never going to happen, because the EUROPEAN UNION has made it clear that A50 needs to be triggered first before any BREXIT negotiations can begin. This makes sense. Therefore a referendum based on the “Blair” idea, is a non-runner.\r\n\r\nBlair is therefore merely an ex failed politician, given airtime because he is an ex. Prime Minister, his speech is just an unnecessary distraction given current UK Prime Minister’s Theresa May’s BREXIT timetable, which if still on schedule means that A50 could be triggered as early as March 9<sup>th</sup>.\r\n\r\nIf Blair believes that people will rebel en mass and demand a wait and hold and then a re-vote on EU membership he must be smoking something illegal in my eyes given the timetable of events.\r\n\r\nIt was as bizarre a media event as “THE DONALD’S” press conference the day earlier last week.\r\n\r\nMore…\r\n\r\nI have mentioned for the past two weeks that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. I am not ready. This will appear when I have the total plan in place.\r\n\r\nI tried looking for factual follow-ups on FXCM, but I drew a blank, maybe I was just not looking in the right places. I, like a lot of people are fascinated to see did FXCM have the equivalent of a “run on the bank” worldwide, after the U.S. termination?\r\n\r\nStill some more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #5 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#5 is on Monday 20th February at 5:30PM\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, <em>Scott Pickering</em> <em>Weekly FX Drive Thru</em> 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 too 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\nFinally, in this section…\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<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\"><img class=\"aligncenter size-full wp-image-9119\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\" alt=\"\" width=\"568\" height=\"425\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a couple of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: FOMC Meeting Minutes – these should be hawkish. Given the statement at the time plus Janet Yellen’s recent testimony to both houses re the “Humphrey Hawkins”.As long as we can start to see a consistency this should be good for both market confidence and sentiment. It is the one step forwards two steps back approach that has often confused and created uncertainty. The markets are like 4-year-old children; small words, clear, no grey just black and white.</li>\r\n 	<li>AUD: I am looking for consistency and confirmations of policy from the RBA. Philip Lowe (Governor) speaks twice this week and we also have the release of the minutes from the last RBA meeting.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\"><img class=\"aligncenter size-full wp-image-9120\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\" alt=\"\" width=\"512\" height=\"405\" /></a>\r\n\r\nNo charts this week, I am travelling and do not have the technology.\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nThe market is hard to read and even harder to follow. The obvious is no longer the obvious.\r\n\r\nIt is extremely difficult to allow for “THE DONALD FACTOR” it gives us uncertainty. There was a time blow out U.S. data would give the DXY a two or three day move. We are lucky to see two or three hours at the moment.\r\n\r\nI hear the frustrations. If you are coming unstuck, walk away for a few days.\r\n\r\nFundamentally, I believe I am positioned the correct way and Yellen’s “Humphrey Hawkins” testimony gave me increased confidence in my set ups. The fact is I need wide stops and smaller position sizes or I could add $250,000 to my accounts and trade more normal sizes. I can tell you right now, the latter is NOT going to happen.\r\n\r\n&nbsp;\r\n\r\nPainful as it is, I have nothing else that I can say. It is what it is, we have a painful transition government in place in Washington and at the same time we have a UK BREXIT, GREECE, FRANCE, HOLLAND and GERMANY all with issues that are unknown quantities. On top of this we have North Korea, the Middle East and OPEC all ready to steal the limelight at a moment’s notice.\r\n\r\nIf “THE DONALD FACTOR” was not enough to contend with add the rest from the prior paragraph and we have a lot overhead to consider.\r\n\r\nBack to trading…\r\n\r\nI am very, very slowly changing my strategy. I have given myself until the end of Q1 to have it in play and my CORE POSITIONS established. This will be a slow process and at the same time I want to exit old trades at the best prices available.\r\n\r\nThe EUR/CHF (FUN466) is a trade I would like to exit at 1.0750 or higher but right now the chances of that level being seen looks like a dream.\r\n\r\nOver the past week, we banked $$$ and established a few more positions. I am seeing a lot of opportunities to add, but, like many of you from what I hear I am reluctant to do so until I see something to hang my hat on so to speak. It is still uncertain.\r\n\r\nMany thanks for the continued support.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in fairly tight ranges although, the price movements are volatile. I do see green shoots of the emphasis and sentiment is trying to change, but as soon as I see these they are shot down in flames more often than not.\r\n\r\nThe following pairs are still in my thoughts and I have entries to both initiate and add with some of these but I want direction: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF. Plus, the GBP cross rates; GBP/CAD, GBP/AUD and GBP/NZD and EUR cross rates; EUR/NZD, EUR/CAD and EUR/NZD.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.The bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>GBP/USD: - The BREXIT effect is starting to come through as economic data is washed through the economic averages. I still believe that after the CORE BREXIT details are decided upon the UK economy will start to stabilize, but prior to this, which could be up to a year away the uncertainty factor will dominate.There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.<strong> </strong></li>\r\n</ol>\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-19022017.png\"><img class=\"aligncenter size-full wp-image-9122\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-19022017.png\" alt=\"\" width=\"492\" height=\"458\" /></a>\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-19022017.png\"><img class=\"aligncenter size-full wp-image-9121\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-19022017.png\" alt=\"\" width=\"455\" height=\"423\" /></a>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THE FED HAS “TALKED THE TALK”\r\n</strong><strong>NOW IT’S TIME TO “WALK THAT WALK”</strong></p>\r\nRegular readers and followers will know that over recent years following Bernanke, I have at times been critical of Janet Yellen’s chair at the FED.\r\n\r\nShe is “ultra-dovish” and in my eyes, she always will be. As I have written on many occasions it is much easier and somewhat safer to be a DOVE rather than a HAWK. This is fine when an economy is in poor shape and requires support.\r\n\r\nHowever, in transition, a central bank does NOT want to get behind the various economic curves. It is a science beyond my pay grade knowing when to press the button to move. As a trader, I take a simple view based upon data sentiment over a 3-month period.\r\n\r\nI know that Central Bank’s operate in much larger time-scales, but this is in respect to longer-term goals, perspectives based upon their mandates set out by their governments. Central Bank governors, do have huge power, some of them also have huge egos to match the power but we should not lose sight of the fact that they are employed to manage and maintain economic stability, remove uncertainty and provide the markets with a clear monetary policy moving forward based upon key success factors upon which they are measured.\r\n\r\nI can go deeper but the nuts and bolts of the job are quite straightforward. Policy, stability, no uncertainties, clear projections and no bullsh*t. Sadly the bullsh*t is part of the job and we can all smell it, at times it is an insult to our intelligence that central bankers believe that they can pull the wool over our eyes.\r\n\r\nBack to the FED…\r\n\r\nFor months, the U.S. economic data has been generally good, the odd blip here and there but really good overall. If we are to believe the unemployment data, the U.S. is almost at full employment. Inflation had started to murmur ahead of “THE DONALDS” arrival in the White House.\r\n\r\nFor the past two years, the FED have only raised rates once a year in December 2015 and 2016. In 2016 the infamous “Dot plots” were signaling two, maybe three rate hikes, but we only saw a single rise in December.\r\n\r\nIn December 2016, the FED “dot plots” for 2017 showed their economic projections signaling 3 rate hikes in 2017. Within a month of the data release for 2017, the FED were down-playing three hikes to two or maybe just one!\r\n\r\nSince then we have had continual blow out numbers, jobs, confidence, sentiment, sales etc. I asked myself what the feck is going on at the FED what the hell are they looking at? Are they going to use the BREXIT or EUROZONE headwinds as an excuse not to raise? Will they find other geopolitical news to promote a hold back?\r\n\r\nWith such good data and Ben Bernanke’s last words in my ears “The FED will now revert to normalization in the markets” had Janet Yellen showed any hesitance at all in acknowledging bloody good data, I was going to exit all USD long positions and only trade cross rates for the remainder of 2017.\r\n\r\nAs we know… she delivered.\r\n\r\nBut this is only part one of the story.\r\n\r\nOK, we get it every FED/FOMC meeting is LIVE. But it’s now about time to lead the markets, stay ahead of the curve and deliver rather than keep stringing the markets along for a year with a rate hike at the last possible moment which looks more like saving face than anything else.\r\n\r\nCredibility is a vital trait for a Central Bank to have. Without market credibility, they are not taken seriously. Look at the BOJ for example. The SNB is getting the same way Thomas Jordan needs to show muscle.\r\n\r\nDo I think that the FED is losing credibility?\r\n\r\nI do think it’s come close on occasion but we are now at limits never seen before, the data is so good. We have a TRUMP administration hell bent on a spend, spend, spend campaign which should produce inflation over the next 12-18 months. The FED needs to be ahead of the curve.\r\n\r\nWill Yellen deliver a rate hike on March 15<sup>th</sup> 2017?\r\n\r\nIf she does, it places 3 x rate hikes on the table for this year and shows that there is central bank confidence in the U.S. economy. At the moment, the neigh-sayers have had the opportunity to allow doom and gloom to hang over events by stating that the FED is looking at something that we cannot see. A rate rise removes this.\r\n\r\nFrom a trading perspective, a FED rate hike should initiate the fact that two more are on the way and that central bank monetary policy divergence is now in place across the major central banks.\r\n\r\nThis gives us a USD long trade. A sell the rips approach or buy the dips approach to the USD. Combine this with the EUROZONE headwinds and BREXIT uncertainties and we have parity calls in place for the single currency and sub 1.2000 for the cable.\r\n\r\nI know that I am early to the party with this article but the testimony last week has really focused my mind and broadened my awareness and horizons for my TRADE PLAN beyond Q1.\r\n\r\nIt sounds simple. But trading will still be difficult, although we should have direction. Remember, nothing goes in a straight line it will be choppy inside new ranges until they are broken and new ranges established. I do see us stepping lower in EUR and GBP currencies and the DXY moving above 103.00 and maybe with severe traction looking at the 115.00 –120.00 area once again.\r\n\r\nThe one currency pair that I am not so sure how it will react is the USD/JPY. That is for another day.\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.\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: #128 PREMIUM SERVICE\r\nDATE: 19th February 2017.', 'THE FED HAS “TALKED THE TALK”  NOW, IT’S TIME TO “WALK THAT WALK”', '', 'inherit', 'closed', 'closed', '', '9123-revision-v1', '', '', '2017-02-18 15:13:29', '2017-02-18 20:13:29', '', 9123, 'http://weeklyfxdrivethru.com/9123-revision-v1/', 0, 'revision', '', 0),
(9126, 1, '2017-02-18 15:32:06', '2017-02-18 20:32:06', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nThings are now starting to take shape in 2017, I am still in transition with trades and this will continue throughout Q1 but as things stand today the losses incurred in January are now almost gone as February has progressed.\r\n\r\nThe markets are still skittish towards whatever “THE DONALD” says, factual or not and despite some blow out U.S. data the USD is still somewhat on the back foot. My only thoughts to support this are; uncertainty about the TRUMP policies and the administration’s abilities to see them through and possibly the bulls**t that Yellen spouts time after time about all FOMC meetings “LIVE EVENTS”. We all know that she is ultra-dovish and she has strung along the markets for month after month to retain credibility, I think that now with such good undeniable data in front of her, it is time to walk the walk and not just talk the talk. Therefore, I hate to say this, but I think that the DXY will range until the March FED meeting… sorry to be the bearer of possible frustrating news.\r\n\r\nJanet Yellen’s testimony to both house committees last week was hawkish in both tone of comments and in the main with her answers to some tough, but mainly routine stupid questions that she was asked (Yes, you do not have to be the brightest button to get elected in the U.S. There are examples at every level!).\r\n\r\nLogically speaking and I know that one cannot apply logic to the Forex market, the USD (DXY) should have been blasting through towards 103.00. It reached a high of 101.72 on day two of Yellen’s testimony than started to fall back through 101.00 towards initial support at 99.77.\r\n\r\nAs stated earlier I do now think it\'s a walk the walk time for the FOMC.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nI remain bearish on both. I do believe it will be a choppy affair moving forward. Every now and then we will see a dive lower in price. It all depends on what event triggers the move lower to see if there are buyers available that see a value in either EUR or the GBP at new lower levels. So far moves lower have found support at 1.0350 for the EUR/USD and just below 1.2000 in the GBP/USD. Whilst I think these levels will both the broken, normal price action at the moment is not having the impact to send prices lower. I had thought that Yellen’s testimony would have been an initial push but alas not.\r\n\r\nIf you are short like myself, you must be frugal and patient; managing your RISK at all times.\r\n\r\nUK and AUD jobs disappointed the markets when the numbers were dissected and analyzed in detail. Of annoyance to me was the Aussie jobs data. I was expecting a blowout number to take my AUD/NZD trades towards 1.0800. Thankfully I removed with the PREMIUM SERVICE a AUD/CAD long trade earlier in the day, so as not to have too much AUD exposure heading into the news. It was removed with $$$ on the table so at least that was something, given the fact it pulled back to around my initial entry point.\r\n\r\nPerhaps “being an ex Brit”, the strangest event last week for me was the astonishing speech given by ex UK Prime Minister Tony Blair on Bloomberg TV. It was quite bizarre; given his failings on WMD (Weapons of Mass Destruction) taking UK troops to their death in Iraq, his failings as a UN peace envoy in the Middle East, I wouldn’t say that the UK Population have him on the top of their Christmas Card lists. Tony Blair was so far up George W. Bush’s ar*e, he was solely responsible for Bush not being able to walk in a straight line!\r\n\r\nBack to the point…\r\n\r\nBasically, Tony Blair was saying that the UK could still avoid a BREXIT. At the 23rd hour, 59 minutes, 59.9 seconds through the process he now decides to speak out…why now?\r\n\r\nBlair is a career politician. He tried this ploy just after the BREXIT result came through. He was removed from the spotlight because the UK economic data continued to remain good and, in fact, following the devaluation of sterling in the currency markets in some areas it improved. He waited for the wash through of data to occur and on the day that UK Retail Sales dipped after the Christmas rush and increasing prices hitting households following currency re-valuations and small inflation signs, he decided now was the time.\r\n\r\nHe wants another referendum based upon the terms of the BREXIT. This is never going to happen, because the EUROPEAN UNION has made it clear that A50 needs to be triggered first before any BREXIT negotiations can begin. This makes sense. Therefore a referendum based on the “Blair” idea, is a non-runner.\r\n\r\nBlair is therefore merely an ex failed politician, given airtime because he is an ex. Prime Minister, his speech is just an unnecessary distraction given current UK Prime Minister’s Theresa May’s BREXIT timetable, which if still on schedule means that A50 could be triggered as early as March 9<sup>th</sup>.\r\n\r\nIf Blair believes that people will rebel en mass and demand a wait and hold and then a re-vote on EU membership he must be smoking something illegal in my eyes given the timetable of events.\r\n\r\nIt was as bizarre a media event as “THE DONALD’S” press conference the day earlier last week.\r\n\r\nMore…\r\n\r\nI have mentioned for the past two weeks that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. I am not ready. This will appear when I have the total plan in place.\r\n\r\nI tried looking for factual follow-ups on FXCM, but I drew a blank, maybe I was just not looking in the right places. I, like a lot of people are fascinated to see did FXCM have the equivalent of a “run on the bank” worldwide, after the U.S. termination?\r\n\r\nStill some more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #5 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#5 is on Monday 20th February at 5:30PM\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, <em>Scott Pickering</em> <em>Weekly FX Drive Thru</em> 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 too 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\nFinally, in this section…\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<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\"><img class=\"aligncenter size-full wp-image-9119\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\" alt=\"\" width=\"568\" height=\"425\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a couple of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: FOMC Meeting Minutes – these should be hawkish. Given the statement at the time plus Janet Yellen’s recent testimony to both houses re the “Humphrey Hawkins”.As long as we can start to see a consistency this should be good for both market confidence and sentiment. It is the one step forwards two steps back approach that has often confused and created uncertainty. The markets are like 4-year-old children; small words, clear, no grey just black and white.</li>\r\n 	<li>AUD: I am looking for consistency and confirmations of policy from the RBA. Philip Lowe (Governor) speaks twice this week and we also have the release of the minutes from the last RBA meeting.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\"><img class=\"aligncenter size-full wp-image-9120\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\" alt=\"\" width=\"512\" height=\"405\" /></a>\r\n\r\nNo charts this week, I am travelling and do not have the technology.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n\r\n<strong>   4.  PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THE FED HAS “TALKED THE TALK”\r\n</strong><strong>NOW IT’S TIME TO “WALK THAT WALK”</strong></p>\r\nRegular readers and followers will know that over recent years following Bernanke, I have at times been critical of Janet Yellen’s chair at the FED\r\n\r\nShe is “ultra-dovish” and in my eyes, she always will be. As I have written on many occasions it is much easier and somewhat safer to be a DOVE rather than a HAWK. This is fine when an economy is in poor shape and requires support.\r\n\r\nHowever, in transition, a central bank does NOT want to get behind the various economic curves. It is a science beyond my pay grade knowing when to press the button to move. As a trader, I take a simple view based upon data sentiment over a 3-month period.\r\n\r\nI know that Central Bank’s operate in much larger time-scales, but this is in respect to longer-term goals, perspectives based upon their mandates set out by their governments. Central Bank governors, do have huge power, some of them also have huge egos to match the power but we should not lose sight of the fact that they are employed to manage and maintain economic stability, remove uncertainty and provide the markets with a clear monetary policy moving forward based upon key success factors upon which they are measured.\r\n\r\nI can go deeper but the nuts and bolts of the job are quite straightforward. Policy, stability, no uncertainties, clear projections and no bullsh*t. Sadly the bullsh*t is part of the job and we can all smell it, at times it is an insult to our intelligence that central bankers believe that they can pull the wool over our eyes.\r\n\r\nBack to the FED…\r\n\r\nFor months, the U.S. economic data has been generally good, the odd blip here and there but really good overall. If we are to believe the unemployment data, the U.S. is almost at full employment. Inflation had started to murmur ahead of “THE DONALDS” arrival in the White House.\r\n\r\nFor the past two years, the FED have only raised rates once a year in December 2015 and 2016. In 2016 the infamous “Dot plots” were signaling two, maybe three rate hikes, but we only saw a single rise in December.\r\n\r\nIn December 2016, the FED “dot plots” for 2017 showed their economic projections signaling 3 rate hikes in 2017. Within a month of the data release for 2017, the FED were down-playing three hikes to two or maybe just one!\r\n\r\nSince then we have had continual blow out numbers, jobs, confidence, sentiment, sales etc. I asked myself what the feck is going on at the FED what the hell are they looking at? Are they going to use the BREXIT or EUROZONE headwinds as an excuse not to raise? Will they find other geopolitical news to promote a hold back?\r\n\r\nWith such good data and Ben Bernanke’s last words in my ears “The FED will now revert to normalization in the markets” had Janet Yellen showed any hesitance at all in acknowledging bloody good data, I was going to exit all USD long positions and only trade cross rates for the remainder of 2017.\r\n\r\nAs we know… she delivered.\r\n\r\nBut this is only part one of the story.\r\n\r\nOK, we get it every FED/FOMC meeting is LIVE. But it’s now about time to lead the markets, stay ahead of the curve and deliver rather than keep stringing the markets along for a year with a rate hike at the last possible moment which looks more like saving face than anything else.\r\n\r\nCredibility is a vital trait for a Central Bank to have. Without market credibility, they are not taken seriously. Look at the BOJ for example. The SNB is getting the same way Thomas Jordan needs to show muscle.\r\n\r\nDo I think that the FED is losing credibility?\r\n\r\nI do think it’s come close on occasion but we are now at limits never seen before, the data is so good. We have a TRUMP administration hell bent on a spend, spend, spend campaign which should produce inflation over the next 12-18 months. The FED needs to be ahead of the curve.\r\n\r\nWill Yellen deliver a rate hike on March 15<sup>th</sup> 2017?\r\n\r\nIf she does, it places 3 x rate hikes on the table for this year and shows that there is central bank confidence in the U.S. economy. At the moment, the neigh-sayers have had the opportunity to allow doom and gloom to hang over events by stating that the FED is looking at something that we cannot see. A rate rise removes this.\r\n\r\nFrom a trading perspective, a FED rate hike should initiate the fact that two more are on the way and that central bank monetary policy divergence is now in place across the major central banks.\r\n\r\nThis gives us a USD long trade. A sell the rips approach or buy the dips approach to the USD. Combine this with the EUROZONE headwinds and BREXIT uncertainties and we have parity calls in place for the single currency and sub 1.2000 for the cable.\r\n\r\nI know that I am early to the party with this article but the testimony last week has really focused my mind and broadened my awareness and horizons for my TRADE PLAN beyond Q1.\r\n\r\nIt sounds simple. But trading will still be difficult, although we should have direction. Remember, nothing goes in a straight line it will be choppy inside new ranges until they are broken and new ranges established. I do see us stepping lower in EUR and GBP currencies and the DXY moving above 103.00 and maybe with severe traction looking at the 115.00 –120.00 area once again.\r\n\r\nThe one currency pair that I am not so sure how it will react is the USD/JPY. That is for another day.\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.\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: #232 FREE NEWSLETTER\r\nDATE: 19th February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'THE FED HAS “TALKED THE TALK”  NOW, IT’S TIME TO “WALK THAT WALK”', '', 'publish', 'open', 'closed', '', 'fed-talked-talk-now-time-walk-walk', '', '', '2017-02-18 15:32:06', '2017-02-18 20:32:06', '', 0, 'http://weeklyfxdrivethru.com/?p=9126', 0, 'post', '', 0);
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(9127, 1, '2017-02-18 15:29:31', '2017-02-18 20:29:31', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nThings are now starting to take shape in 2017, I am still in transition with trades and this will continue throughout Q1 but as things stand today the losses incurred in January are now almost gone as February has progressed.\r\n\r\nThe markets are still skittish towards whatever “THE DONALD” says, factual or not and despite some blow out U.S. data the USD is still somewhat on the back foot. My only thoughts to support this are; uncertainty about the TRUMP policies and the administration’s abilities to see them through and possibly the bulls**t that Yellen spouts time after time about all FOMC meetings “LIVE EVENTS”. We all know that she is ultra-dovish and she has strung along the markets for month after month to retain credibility, I think that now with such good undeniable data in front of her, it is time to walk the walk and not just talk the talk. Therefore, I hate to say this, but I think that the DXY will range until the March FED meeting… sorry to be the bearer of possible frustrating news.\r\n\r\nJanet Yellen’s testimony to both house committees last week was hawkish in both tone of comments and in the main with her answers to some tough, but mainly routine stupid questions that she was asked (Yes, you do not have to be the brightest button to get elected in the U.S. There are examples at every level!).\r\n\r\nLogically speaking and I know that one cannot apply logic to the Forex market, the USD (DXY) should have been blasting through towards 103.00. It reached a high of 101.72 on day two of Yellen’s testimony than started to fall back through 101.00 towards initial support at 99.77.\r\n\r\nAs stated earlier I do now think it\'s a walk the walk time for the FOMC.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nI remain bearish on both. I do believe it will be a choppy affair moving forward. Every now and then we will see a dive lower in price. It all depends on what event triggers the move lower to see if there are buyers available that see a value in either EUR or the GBP at new lower levels. So far moves lower have found support at 1.0350 for the EUR/USD and just below 1.2000 in the GBP/USD. Whilst I think these levels will both the broken, normal price action at the moment is not having the impact to send prices lower. I had thought that Yellen’s testimony would have been an initial push but alas not.\r\n\r\nIf you are short like myself, you must be frugal and patient; managing your RISK at all times.\r\n\r\nUK and AUD jobs disappointed the markets when the numbers were dissected and analyzed in detail. Of annoyance to me was the Aussie jobs data. I was expecting a blowout number to take my AUD/NZD trades towards 1.0800. Thankfully I removed with the PREMIUM SERVICE a AUD/CAD long trade earlier in the day, so as not to have too much AUD exposure heading into the news. It was removed with $$$ on the table so at least that was something, given the fact it pulled back to around my initial entry point.\r\n\r\nPerhaps “being an ex Brit”, the strangest event last week for me was the astonishing speech given by ex UK Prime Minister Tony Blair on Bloomberg TV. It was quite bizarre; given his failings on WMD (Weapons of Mass Destruction) taking UK troops to their death in Iraq, his failings as a UN peace envoy in the Middle East, I wouldn’t say that the UK Population have him on the top of their Christmas Card lists. Tony Blair was so far up George W. Bush’s ar*e, he was solely responsible for Bush not being able to walk in a straight line!\r\n\r\nBack to the point…\r\n\r\nBasically, Tony Blair was saying that the UK could still avoid a BREXIT. At the 23rd hour, 59 minutes, 59.9 seconds through the process he now decides to speak out…why now?\r\n\r\nBlair is a career politician. He tried this ploy just after the BREXIT result came through. He was removed from the spotlight because the UK economic data continued to remain good and, in fact, following the devaluation of sterling in the currency markets in some areas it improved. He waited for the wash through of data to occur and on the day that UK Retail Sales dipped after the Christmas rush and increasing prices hitting households following currency re-valuations and small inflation signs, he decided now was the time.\r\n\r\nHe wants another referendum based upon the terms of the BREXIT. This is never going to happen, because the EUROPEAN UNION has made it clear that A50 needs to be triggered first before any BREXIT negotiations can begin. This makes sense. Therefore a referendum based on the “Blair” idea, is a non-runner.\r\n\r\nBlair is therefore merely an ex failed politician, given airtime because he is an ex. Prime Minister, his speech is just an unnecessary distraction given current UK Prime Minister’s Theresa May’s BREXIT timetable, which if still on schedule means that A50 could be triggered as early as March 9<sup>th</sup>.\r\n\r\nIf Blair believes that people will rebel en mass and demand a wait and hold and then a re-vote on EU membership he must be smoking something illegal in my eyes given the timetable of events.\r\n\r\nIt was as bizarre a media event as “THE DONALD’S” press conference the day earlier last week.\r\n\r\nMore…\r\n\r\nI have mentioned for the past two weeks that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. I am not ready. This will appear when I have the total plan in place.\r\n\r\nI tried looking for factual follow-ups on FXCM, but I drew a blank, maybe I was just not looking in the right places. I, like a lot of people are fascinated to see did FXCM have the equivalent of a “run on the bank” worldwide, after the U.S. termination?\r\n\r\nStill some more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #5 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#5 is on Monday 20th February at 5:30PM\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, <em>Scott Pickering</em> <em>Weekly FX Drive Thru</em> 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 too 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\nFinally, in this section…\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&nbsp;\r\n\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\"><img class=\"aligncenter size-full wp-image-9119\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\" alt=\"\" width=\"568\" height=\"425\" /></a>(INSERT EXCEL SHEET)\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a couple of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: FOMC Meeting Minutes – these should be hawkish. Given the statement at the time plus Janet Yellen’s recent testimony to both houses re the “Humphrey Hawkins”.\r\n\r\nAs long as we can start to see a consistency this should be good for both market confidence and sentiment. It is the one step forwards two steps back approach that has often confused and created uncertainty. The markets are like 4-year-old children; small words, clear, no grey just black and white.</li>\r\n 	<li>AUD: I am looking for consistency and confirmations of policy from the RBA. Philip Lowe (Governor) speaks twice this week and we also have the release of the minutes from the last RBA meeting.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\"><img class=\"aligncenter size-full wp-image-9120\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\" alt=\"\" width=\"512\" height=\"405\" /></a>(INSERT EXCEL SHEET)\r\n\r\n&nbsp;\r\n\r\nNo charts this week, I am travelling and do not have the technology.\r\n\r\n<strong>\r\n\r\n</strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<strong> </strong>\r\n\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\r\n\r\n\r\n</a><strong>   4.  PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THE FED HAS “TALKED THE TALK”\r\n</strong><strong>NOW IT’S TIME TO “WALK THAT WALK”</strong></p>\r\nRegular readers and followers will know that over recent years following Bernanke, I have at times been critical of Janet Yellen’s chair at the FED\r\n\r\nShe is “ultra-dovish” and in my eyes, she always will be. As I have written on many occasions it is much easier and somewhat safer to be a DOVE rather than a HAWK. This is fine when an economy is in poor shape and requires support.\r\n\r\nHowever, in transition, a central bank does NOT want to get behind the various economic curves. It is a science beyond my pay grade knowing when to press the button to move. As a trader, I take a simple view based upon data sentiment over a 3-month period.\r\n\r\nI know that Central Bank’s operate in much larger time-scales, but this is in respect to longer-term goals, perspectives based upon their mandates set out by their governments. Central Bank governors, do have huge power, some of them also have huge egos to match the power but we should not lose sight of the fact that they are employed to manage and maintain economic stability, remove uncertainty and provide the markets with a clear monetary policy moving forward based upon key success factors upon which they are measured.\r\n\r\nI can go deeper but the nuts and bolts of the job are quite straightforward. Policy, stability, no uncertainties, clear projections and no bullsh*t. Sadly the bullsh*t is part of the job and we can all smell it, at times it is an insult to our intelligence that central bankers believe that they can pull the wool over our eyes.\r\n\r\nBack to the FED…\r\n\r\nFor months, the U.S. economic data has been generally good, the odd blip here and there but really good overall. If we are to believe the unemployment data, the U.S. is almost at full employment. Inflation had started to murmur ahead of “THE DONALDS” arrival in the White House.\r\n\r\nFor the past two years, the FED have only raised rates once a year in December 2015 and 2016. In 2016 the infamous “Dot plots” were signaling two, maybe three rate hikes, but we only saw a single rise in December.\r\n\r\nIn December 2016, the FED “dot plots” for 2017 showed their economic projections signaling 3 rate hikes in 2017. Within a month of the data release for 2017, the FED were down-playing three hikes to two or maybe just one!\r\n\r\nSince then we have had continual blow out numbers, jobs, confidence, sentiment, sales etc. I asked myself what the feck is going on at the FED what the hell are they looking at? Are they going to use the BREXIT or EUROZONE headwinds as an excuse not to raise? Will they find other geopolitical news to promote a hold back?\r\n\r\n&nbsp;\r\n\r\nWith such good data and Ben Bernanke’s last words in my ears “The FED will now revert to normalization in the markets” had Janet Yellen showed any hesitance at all in acknowledging bloody good data, I was going to exit all USD long positions and only trade cross rates for the remainder of 2017.\r\n\r\nAs we know… she delivered.\r\n\r\nBut this is only part one of the story.\r\n\r\nOK, we get it every FED/FOMC meeting is LIVE. But it’s now about time to lead the markets, stay ahead of the curve and deliver rather than keep stringing the markets along for a year with a rate hike at the last possible moment which looks more like saving face than anything else.\r\n\r\nCredibility is a vital trait for a Central Bank to have. Without market credibility, they are not taken seriously. Look at the BOJ for example. The SNB is getting the same way Thomas Jordan needs to show muscle.\r\n\r\nDo I think that the FED is losing credibility?\r\n\r\nI do think it’s come close on occasion but we are now at limits never seen before, the data is so good. We have a TRUMP administration hell bent on a spend, spend, spend campaign which should produce inflation over the next 12-18 months. The FED needs to be ahead of the curve.\r\n\r\nWill Yellen deliver a rate hike on March 15<sup>th</sup> 2017?\r\n\r\nIf she does, it places 3 x rate hikes on the table for this year and shows that there is central bank confidence in the U.S. economy. At the moment, the neigh-sayers have had the opportunity to allow doom and gloom to hang over events by stating that the FED is looking at something that we cannot see. A rate rise removes this.\r\n\r\nFrom a trading perspective, a FED rate hike should initiate the fact that two more are on the way and that central bank monetary policy divergence is now in place across the major central banks.\r\n\r\nThis gives us a USD long trade. A sell the rips approach or buy the dips approach to the USD. Combine this with the EUROZONE headwinds and BREXIT uncertainties and we have parity calls in place for the single currency and sub 1.2000 for the cable.\r\n\r\nI know that I am early to the party with this article but the testimony last week has really focused my mind and broadened my awareness and horizons for my TRADE PLAN beyond Q1.\r\n\r\nIt sounds simple. But trading will still be difficult, although we should have direction. Remember, nothing goes in a straight line it will be choppy inside new ranges until they are broken and new ranges established. I do see us stepping lower in EUR and GBP currencies and the DXY moving above 103.00 and maybe with severe traction looking at the 115.00 –120.00 area once again.\r\n\r\nThe one currency pair that I am not so sure how it will react is the USD/JPY. That is for another day.\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.\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: #232 FREE NEWSLETTER\r\nDATE: 19th February 2017.<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;', 'THE FED HAS “TALKED THE TALK”  NOW, IT’S TIME TO “WALK THAT WALK”', '', 'inherit', 'closed', 'closed', '', '9126-revision-v1', '', '', '2017-02-18 15:29:31', '2017-02-18 20:29:31', '', 9126, 'http://weeklyfxdrivethru.com/9126-revision-v1/', 0, 'revision', '', 0),
(9128, 1, '2017-02-18 15:31:02', '2017-02-18 20:31:02', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nThings are now starting to take shape in 2017, I am still in transition with trades and this will continue throughout Q1 but as things stand today the losses incurred in January are now almost gone as February has progressed.\r\n\r\nThe markets are still skittish towards whatever “THE DONALD” says, factual or not and despite some blow out U.S. data the USD is still somewhat on the back foot. My only thoughts to support this are; uncertainty about the TRUMP policies and the administration’s abilities to see them through and possibly the bulls**t that Yellen spouts time after time about all FOMC meetings “LIVE EVENTS”. We all know that she is ultra-dovish and she has strung along the markets for month after month to retain credibility, I think that now with such good undeniable data in front of her, it is time to walk the walk and not just talk the talk. Therefore, I hate to say this, but I think that the DXY will range until the March FED meeting… sorry to be the bearer of possible frustrating news.\r\n\r\nJanet Yellen’s testimony to both house committees last week was hawkish in both tone of comments and in the main with her answers to some tough, but mainly routine stupid questions that she was asked (Yes, you do not have to be the brightest button to get elected in the U.S. There are examples at every level!).\r\n\r\nLogically speaking and I know that one cannot apply logic to the Forex market, the USD (DXY) should have been blasting through towards 103.00. It reached a high of 101.72 on day two of Yellen’s testimony than started to fall back through 101.00 towards initial support at 99.77.\r\n\r\nAs stated earlier I do now think it\'s a walk the walk time for the FOMC.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nI remain bearish on both. I do believe it will be a choppy affair moving forward. Every now and then we will see a dive lower in price. It all depends on what event triggers the move lower to see if there are buyers available that see a value in either EUR or the GBP at new lower levels. So far moves lower have found support at 1.0350 for the EUR/USD and just below 1.2000 in the GBP/USD. Whilst I think these levels will both the broken, normal price action at the moment is not having the impact to send prices lower. I had thought that Yellen’s testimony would have been an initial push but alas not.\r\n\r\nIf you are short like myself, you must be frugal and patient; managing your RISK at all times.\r\n\r\nUK and AUD jobs disappointed the markets when the numbers were dissected and analyzed in detail. Of annoyance to me was the Aussie jobs data. I was expecting a blowout number to take my AUD/NZD trades towards 1.0800. Thankfully I removed with the PREMIUM SERVICE a AUD/CAD long trade earlier in the day, so as not to have too much AUD exposure heading into the news. It was removed with $$$ on the table so at least that was something, given the fact it pulled back to around my initial entry point.\r\n\r\nPerhaps “being an ex Brit”, the strangest event last week for me was the astonishing speech given by ex UK Prime Minister Tony Blair on Bloomberg TV. It was quite bizarre; given his failings on WMD (Weapons of Mass Destruction) taking UK troops to their death in Iraq, his failings as a UN peace envoy in the Middle East, I wouldn’t say that the UK Population have him on the top of their Christmas Card lists. Tony Blair was so far up George W. Bush’s ar*e, he was solely responsible for Bush not being able to walk in a straight line!\r\n\r\nBack to the point…\r\n\r\nBasically, Tony Blair was saying that the UK could still avoid a BREXIT. At the 23rd hour, 59 minutes, 59.9 seconds through the process he now decides to speak out…why now?\r\n\r\nBlair is a career politician. He tried this ploy just after the BREXIT result came through. He was removed from the spotlight because the UK economic data continued to remain good and, in fact, following the devaluation of sterling in the currency markets in some areas it improved. He waited for the wash through of data to occur and on the day that UK Retail Sales dipped after the Christmas rush and increasing prices hitting households following currency re-valuations and small inflation signs, he decided now was the time.\r\n\r\nHe wants another referendum based upon the terms of the BREXIT. This is never going to happen, because the EUROPEAN UNION has made it clear that A50 needs to be triggered first before any BREXIT negotiations can begin. This makes sense. Therefore a referendum based on the “Blair” idea, is a non-runner.\r\n\r\nBlair is therefore merely an ex failed politician, given airtime because he is an ex. Prime Minister, his speech is just an unnecessary distraction given current UK Prime Minister’s Theresa May’s BREXIT timetable, which if still on schedule means that A50 could be triggered as early as March 9<sup>th</sup>.\r\n\r\nIf Blair believes that people will rebel en mass and demand a wait and hold and then a re-vote on EU membership he must be smoking something illegal in my eyes given the timetable of events.\r\n\r\nIt was as bizarre a media event as “THE DONALD’S” press conference the day earlier last week.\r\n\r\nMore…\r\n\r\nI have mentioned for the past two weeks that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. I am not ready. This will appear when I have the total plan in place.\r\n\r\nI tried looking for factual follow-ups on FXCM, but I drew a blank, maybe I was just not looking in the right places. I, like a lot of people are fascinated to see did FXCM have the equivalent of a “run on the bank” worldwide, after the U.S. termination?\r\n\r\nStill some more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #5 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#5 is on Monday 20th February at 5:30PM\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, <em>Scott Pickering</em> <em>Weekly FX Drive Thru</em> 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 too 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\nFinally, in this section…\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<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\"><img class=\"aligncenter size-full wp-image-9119\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\" alt=\"\" width=\"568\" height=\"425\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a couple of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: FOMC Meeting Minutes – these should be hawkish. Given the statement at the time plus Janet Yellen’s recent testimony to both houses re the “Humphrey Hawkins”.As long as we can start to see a consistency this should be good for both market confidence and sentiment. It is the one step forwards two steps back approach that has often confused and created uncertainty. The markets are like 4-year-old children; small words, clear, no grey just black and white.</li>\r\n 	<li>AUD: I am looking for consistency and confirmations of policy from the RBA. Philip Lowe (Governor) speaks twice this week and we also have the release of the minutes from the last RBA meeting.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\"><img class=\"aligncenter size-full wp-image-9120\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\" alt=\"\" width=\"512\" height=\"405\" /></a>\r\n\r\nNo charts this week, I am travelling and do not have the technology.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\r\n\r\n</a>\r\n\r\n<strong>   4.  PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THE FED HAS “TALKED THE TALK”\r\n</strong><strong>NOW IT’S TIME TO “WALK THAT WALK”</strong></p>\r\nRegular readers and followers will know that over recent years following Bernanke, I have at times been critical of Janet Yellen’s chair at the FED\r\n\r\nShe is “ultra-dovish” and in my eyes, she always will be. As I have written on many occasions it is much easier and somewhat safer to be a DOVE rather than a HAWK. This is fine when an economy is in poor shape and requires support.\r\n\r\nHowever, in transition, a central bank does NOT want to get behind the various economic curves. It is a science beyond my pay grade knowing when to press the button to move. As a trader, I take a simple view based upon data sentiment over a 3-month period.\r\n\r\nI know that Central Bank’s operate in much larger time-scales, but this is in respect to longer-term goals, perspectives based upon their mandates set out by their governments. Central Bank governors, do have huge power, some of them also have huge egos to match the power but we should not lose sight of the fact that they are employed to manage and maintain economic stability, remove uncertainty and provide the markets with a clear monetary policy moving forward based upon key success factors upon which they are measured.\r\n\r\nI can go deeper but the nuts and bolts of the job are quite straightforward. Policy, stability, no uncertainties, clear projections and no bullsh*t. Sadly the bullsh*t is part of the job and we can all smell it, at times it is an insult to our intelligence that central bankers believe that they can pull the wool over our eyes.\r\n\r\nBack to the FED…\r\n\r\nFor months, the U.S. economic data has been generally good, the odd blip here and there but really good overall. If we are to believe the unemployment data, the U.S. is almost at full employment. Inflation had started to murmur ahead of “THE DONALDS” arrival in the White House.\r\n\r\nFor the past two years, the FED have only raised rates once a year in December 2015 and 2016. In 2016 the infamous “Dot plots” were signaling two, maybe three rate hikes, but we only saw a single rise in December.\r\n\r\nIn December 2016, the FED “dot plots” for 2017 showed their economic projections signaling 3 rate hikes in 2017. Within a month of the data release for 2017, the FED were down-playing three hikes to two or maybe just one!\r\n\r\nSince then we have had continual blow out numbers, jobs, confidence, sentiment, sales etc. I asked myself what the feck is going on at the FED what the hell are they looking at? Are they going to use the BREXIT or EUROZONE headwinds as an excuse not to raise? Will they find other geopolitical news to promote a hold back?\r\n\r\nWith such good data and Ben Bernanke’s last words in my ears “The FED will now revert to normalization in the markets” had Janet Yellen showed any hesitance at all in acknowledging bloody good data, I was going to exit all USD long positions and only trade cross rates for the remainder of 2017.\r\n\r\nAs we know… she delivered.\r\n\r\nBut this is only part one of the story.\r\n\r\nOK, we get it every FED/FOMC meeting is LIVE. But it’s now about time to lead the markets, stay ahead of the curve and deliver rather than keep stringing the markets along for a year with a rate hike at the last possible moment which looks more like saving face than anything else.\r\n\r\nCredibility is a vital trait for a Central Bank to have. Without market credibility, they are not taken seriously. Look at the BOJ for example. The SNB is getting the same way Thomas Jordan needs to show muscle.\r\n\r\nDo I think that the FED is losing credibility?\r\n\r\nI do think it’s come close on occasion but we are now at limits never seen before, the data is so good. We have a TRUMP administration hell bent on a spend, spend, spend campaign which should produce inflation over the next 12-18 months. The FED needs to be ahead of the curve.\r\n\r\nWill Yellen deliver a rate hike on March 15<sup>th</sup> 2017?\r\n\r\nIf she does, it places 3 x rate hikes on the table for this year and shows that there is central bank confidence in the U.S. economy. At the moment, the neigh-sayers have had the opportunity to allow doom and gloom to hang over events by stating that the FED is looking at something that we cannot see. A rate rise removes this.\r\n\r\nFrom a trading perspective, a FED rate hike should initiate the fact that two more are on the way and that central bank monetary policy divergence is now in place across the major central banks.\r\n\r\nThis gives us a USD long trade. A sell the rips approach or buy the dips approach to the USD. Combine this with the EUROZONE headwinds and BREXIT uncertainties and we have parity calls in place for the single currency and sub 1.2000 for the cable.\r\n\r\nI know that I am early to the party with this article but the testimony last week has really focused my mind and broadened my awareness and horizons for my TRADE PLAN beyond Q1.\r\n\r\nIt sounds simple. But trading will still be difficult, although we should have direction. Remember, nothing goes in a straight line it will be choppy inside new ranges until they are broken and new ranges established. I do see us stepping lower in EUR and GBP currencies and the DXY moving above 103.00 and maybe with severe traction looking at the 115.00 –120.00 area once again.\r\n\r\nThe one currency pair that I am not so sure how it will react is the USD/JPY. That is for another day.\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.\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: #232 FREE NEWSLETTER\r\nDATE: 19th February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'THE FED HAS “TALKED THE TALK”  NOW, IT’S TIME TO “WALK THAT WALK”', '', 'inherit', 'closed', 'closed', '', '9126-revision-v1', '', '', '2017-02-18 15:31:02', '2017-02-18 20:31:02', '', 9126, 'http://weeklyfxdrivethru.com/9126-revision-v1/', 0, 'revision', '', 0);
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(9129, 1, '2017-02-18 15:32:06', '2017-02-18 20:32:06', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nThings are now starting to take shape in 2017, I am still in transition with trades and this will continue throughout Q1 but as things stand today the losses incurred in January are now almost gone as February has progressed.\r\n\r\nThe markets are still skittish towards whatever “THE DONALD” says, factual or not and despite some blow out U.S. data the USD is still somewhat on the back foot. My only thoughts to support this are; uncertainty about the TRUMP policies and the administration’s abilities to see them through and possibly the bulls**t that Yellen spouts time after time about all FOMC meetings “LIVE EVENTS”. We all know that she is ultra-dovish and she has strung along the markets for month after month to retain credibility, I think that now with such good undeniable data in front of her, it is time to walk the walk and not just talk the talk. Therefore, I hate to say this, but I think that the DXY will range until the March FED meeting… sorry to be the bearer of possible frustrating news.\r\n\r\nJanet Yellen’s testimony to both house committees last week was hawkish in both tone of comments and in the main with her answers to some tough, but mainly routine stupid questions that she was asked (Yes, you do not have to be the brightest button to get elected in the U.S. There are examples at every level!).\r\n\r\nLogically speaking and I know that one cannot apply logic to the Forex market, the USD (DXY) should have been blasting through towards 103.00. It reached a high of 101.72 on day two of Yellen’s testimony than started to fall back through 101.00 towards initial support at 99.77.\r\n\r\nAs stated earlier I do now think it\'s a walk the walk time for the FOMC.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nI remain bearish on both. I do believe it will be a choppy affair moving forward. Every now and then we will see a dive lower in price. It all depends on what event triggers the move lower to see if there are buyers available that see a value in either EUR or the GBP at new lower levels. So far moves lower have found support at 1.0350 for the EUR/USD and just below 1.2000 in the GBP/USD. Whilst I think these levels will both the broken, normal price action at the moment is not having the impact to send prices lower. I had thought that Yellen’s testimony would have been an initial push but alas not.\r\n\r\nIf you are short like myself, you must be frugal and patient; managing your RISK at all times.\r\n\r\nUK and AUD jobs disappointed the markets when the numbers were dissected and analyzed in detail. Of annoyance to me was the Aussie jobs data. I was expecting a blowout number to take my AUD/NZD trades towards 1.0800. Thankfully I removed with the PREMIUM SERVICE a AUD/CAD long trade earlier in the day, so as not to have too much AUD exposure heading into the news. It was removed with $$$ on the table so at least that was something, given the fact it pulled back to around my initial entry point.\r\n\r\nPerhaps “being an ex Brit”, the strangest event last week for me was the astonishing speech given by ex UK Prime Minister Tony Blair on Bloomberg TV. It was quite bizarre; given his failings on WMD (Weapons of Mass Destruction) taking UK troops to their death in Iraq, his failings as a UN peace envoy in the Middle East, I wouldn’t say that the UK Population have him on the top of their Christmas Card lists. Tony Blair was so far up George W. Bush’s ar*e, he was solely responsible for Bush not being able to walk in a straight line!\r\n\r\nBack to the point…\r\n\r\nBasically, Tony Blair was saying that the UK could still avoid a BREXIT. At the 23rd hour, 59 minutes, 59.9 seconds through the process he now decides to speak out…why now?\r\n\r\nBlair is a career politician. He tried this ploy just after the BREXIT result came through. He was removed from the spotlight because the UK economic data continued to remain good and, in fact, following the devaluation of sterling in the currency markets in some areas it improved. He waited for the wash through of data to occur and on the day that UK Retail Sales dipped after the Christmas rush and increasing prices hitting households following currency re-valuations and small inflation signs, he decided now was the time.\r\n\r\nHe wants another referendum based upon the terms of the BREXIT. This is never going to happen, because the EUROPEAN UNION has made it clear that A50 needs to be triggered first before any BREXIT negotiations can begin. This makes sense. Therefore a referendum based on the “Blair” idea, is a non-runner.\r\n\r\nBlair is therefore merely an ex failed politician, given airtime because he is an ex. Prime Minister, his speech is just an unnecessary distraction given current UK Prime Minister’s Theresa May’s BREXIT timetable, which if still on schedule means that A50 could be triggered as early as March 9<sup>th</sup>.\r\n\r\nIf Blair believes that people will rebel en mass and demand a wait and hold and then a re-vote on EU membership he must be smoking something illegal in my eyes given the timetable of events.\r\n\r\nIt was as bizarre a media event as “THE DONALD’S” press conference the day earlier last week.\r\n\r\nMore…\r\n\r\nI have mentioned for the past two weeks that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. I am not ready. This will appear when I have the total plan in place.\r\n\r\nI tried looking for factual follow-ups on FXCM, but I drew a blank, maybe I was just not looking in the right places. I, like a lot of people are fascinated to see did FXCM have the equivalent of a “run on the bank” worldwide, after the U.S. termination?\r\n\r\nStill some more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #5 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#5 is on Monday 20th February at 5:30PM\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, <em>Scott Pickering</em> <em>Weekly FX Drive Thru</em> 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 too 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\nFinally, in this section…\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<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\"><img class=\"aligncenter size-full wp-image-9119\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-19022017.png\" alt=\"\" width=\"568\" height=\"425\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a couple of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: FOMC Meeting Minutes – these should be hawkish. Given the statement at the time plus Janet Yellen’s recent testimony to both houses re the “Humphrey Hawkins”.As long as we can start to see a consistency this should be good for both market confidence and sentiment. It is the one step forwards two steps back approach that has often confused and created uncertainty. The markets are like 4-year-old children; small words, clear, no grey just black and white.</li>\r\n 	<li>AUD: I am looking for consistency and confirmations of policy from the RBA. Philip Lowe (Governor) speaks twice this week and we also have the release of the minutes from the last RBA meeting.</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\"><img class=\"aligncenter size-full wp-image-9120\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/TCHART-19022017.png\" alt=\"\" width=\"512\" height=\"405\" /></a>\r\n\r\nNo charts this week, I am travelling and do not have the technology.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE?:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n\r\n<strong>   4.  PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>THE FED HAS “TALKED THE TALK”\r\n</strong><strong>NOW IT’S TIME TO “WALK THAT WALK”</strong></p>\r\nRegular readers and followers will know that over recent years following Bernanke, I have at times been critical of Janet Yellen’s chair at the FED\r\n\r\nShe is “ultra-dovish” and in my eyes, she always will be. As I have written on many occasions it is much easier and somewhat safer to be a DOVE rather than a HAWK. This is fine when an economy is in poor shape and requires support.\r\n\r\nHowever, in transition, a central bank does NOT want to get behind the various economic curves. It is a science beyond my pay grade knowing when to press the button to move. As a trader, I take a simple view based upon data sentiment over a 3-month period.\r\n\r\nI know that Central Bank’s operate in much larger time-scales, but this is in respect to longer-term goals, perspectives based upon their mandates set out by their governments. Central Bank governors, do have huge power, some of them also have huge egos to match the power but we should not lose sight of the fact that they are employed to manage and maintain economic stability, remove uncertainty and provide the markets with a clear monetary policy moving forward based upon key success factors upon which they are measured.\r\n\r\nI can go deeper but the nuts and bolts of the job are quite straightforward. Policy, stability, no uncertainties, clear projections and no bullsh*t. Sadly the bullsh*t is part of the job and we can all smell it, at times it is an insult to our intelligence that central bankers believe that they can pull the wool over our eyes.\r\n\r\nBack to the FED…\r\n\r\nFor months, the U.S. economic data has been generally good, the odd blip here and there but really good overall. If we are to believe the unemployment data, the U.S. is almost at full employment. Inflation had started to murmur ahead of “THE DONALDS” arrival in the White House.\r\n\r\nFor the past two years, the FED have only raised rates once a year in December 2015 and 2016. In 2016 the infamous “Dot plots” were signaling two, maybe three rate hikes, but we only saw a single rise in December.\r\n\r\nIn December 2016, the FED “dot plots” for 2017 showed their economic projections signaling 3 rate hikes in 2017. Within a month of the data release for 2017, the FED were down-playing three hikes to two or maybe just one!\r\n\r\nSince then we have had continual blow out numbers, jobs, confidence, sentiment, sales etc. I asked myself what the feck is going on at the FED what the hell are they looking at? Are they going to use the BREXIT or EUROZONE headwinds as an excuse not to raise? Will they find other geopolitical news to promote a hold back?\r\n\r\nWith such good data and Ben Bernanke’s last words in my ears “The FED will now revert to normalization in the markets” had Janet Yellen showed any hesitance at all in acknowledging bloody good data, I was going to exit all USD long positions and only trade cross rates for the remainder of 2017.\r\n\r\nAs we know… she delivered.\r\n\r\nBut this is only part one of the story.\r\n\r\nOK, we get it every FED/FOMC meeting is LIVE. But it’s now about time to lead the markets, stay ahead of the curve and deliver rather than keep stringing the markets along for a year with a rate hike at the last possible moment which looks more like saving face than anything else.\r\n\r\nCredibility is a vital trait for a Central Bank to have. Without market credibility, they are not taken seriously. Look at the BOJ for example. The SNB is getting the same way Thomas Jordan needs to show muscle.\r\n\r\nDo I think that the FED is losing credibility?\r\n\r\nI do think it’s come close on occasion but we are now at limits never seen before, the data is so good. We have a TRUMP administration hell bent on a spend, spend, spend campaign which should produce inflation over the next 12-18 months. The FED needs to be ahead of the curve.\r\n\r\nWill Yellen deliver a rate hike on March 15<sup>th</sup> 2017?\r\n\r\nIf she does, it places 3 x rate hikes on the table for this year and shows that there is central bank confidence in the U.S. economy. At the moment, the neigh-sayers have had the opportunity to allow doom and gloom to hang over events by stating that the FED is looking at something that we cannot see. A rate rise removes this.\r\n\r\nFrom a trading perspective, a FED rate hike should initiate the fact that two more are on the way and that central bank monetary policy divergence is now in place across the major central banks.\r\n\r\nThis gives us a USD long trade. A sell the rips approach or buy the dips approach to the USD. Combine this with the EUROZONE headwinds and BREXIT uncertainties and we have parity calls in place for the single currency and sub 1.2000 for the cable.\r\n\r\nI know that I am early to the party with this article but the testimony last week has really focused my mind and broadened my awareness and horizons for my TRADE PLAN beyond Q1.\r\n\r\nIt sounds simple. But trading will still be difficult, although we should have direction. Remember, nothing goes in a straight line it will be choppy inside new ranges until they are broken and new ranges established. I do see us stepping lower in EUR and GBP currencies and the DXY moving above 103.00 and maybe with severe traction looking at the 115.00 –120.00 area once again.\r\n\r\nThe one currency pair that I am not so sure how it will react is the USD/JPY. That is for another day.\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.\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: #232 FREE NEWSLETTER\r\nDATE: 19th February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'THE FED HAS “TALKED THE TALK”  NOW, IT’S TIME TO “WALK THAT WALK”', '', 'inherit', 'closed', 'closed', '', '9126-revision-v1', '', '', '2017-02-18 15:32:06', '2017-02-18 20:32:06', '', 9126, 'http://weeklyfxdrivethru.com/9126-revision-v1/', 0, 'revision', '', 0),
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(9161, 1, '2017-02-25 07:38:12', '2017-02-25 12:38:12', '&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI am pleased to say that the losses I incurred in January have now been erased and the PREMIUM SERVICE is positive on pips. In addition, 4 out of my 6 broker accounts are now in the black, although I must say that is to varying degrees for 2017.\r\n\r\nI am still in my TRADE PLAN transition to have my CORE POSITION TRADES set up in time for the start of Q2. I have my TRADE PLAN in place, which is the most important aspect for me, and probably for you as well with your trading, but it is taking me a little longer than I expected to have all my trade set ups 100% in place. I suppose it’s no surprise given the current market conditions.\r\n\r\nI have been hesitant in doing too much with placing my CORE TRADES over the past 7 days primarily for two reasons. Firstly, this was because I wanted to read the FOMC minutes from the last hawkish issued FED statement. Secondly, I wanted further data regarding the following: - BREXIT, FRENCH ELECTIONS, DUTCH ELECTIONS, OPEC and “THE DONALD” aka TRUMPANTICS.\r\n\r\nWas it worth waiting?\r\n\r\nWell it’s as clear as mud!\r\n\r\nI hate to keep pushing out deadlines, but it does look like I will have to wait until after the FOMC March meeting before having everything in place.\r\n\r\nTalking about the FED…\r\n\r\nThe Yellen lead FED does not want to mislead markets but from my perspective it creates uncertainties. When I worked in the corporate world, minutes of a management meeting were supposed to represent and reflect the meeting that took place. In fact, for my meetings, I abandoned minutes as they were viewed as useless propaganda and I replaced them with Action Items with responsibilities attached to attendees. Far more productive. The FOMC minutes are political.\r\n\r\nThe statement and the minutes should be very similar. The statement content is discussed and agreed, therefore the minutes should reflect this and the tone should be similar. The FOMC minutes and Statement very rarely tie in together. Add to this the commentary from committee members, in between both releases and, more often than not, this does not tie in either.\r\n\r\nMy thoughts are below, whether you give this validity or not is up to you…\r\n\r\nAs I have said many times, Yellen is a DOVE and as the boss, the minutes reflect more of her bias and, as a result they cannot be balanced. There is a great mix of hawks and doves on the committee and from my perspective the published minutes are therefore not an accurate reflection of the meeting. The various “FED SPEAK” that has followed the meeting was hawkish and even Yellen’s “Humphrey Hawkins testimony” was slanted hawkish, although on day two of her testimony the markets weakened the USD considerably.\r\n\r\nNonetheless there is in my mind a disconnect.\r\n\r\nMoving on…\r\n\r\nOver the past couple of weeks, I have stated that I would write in this blog my revised trading approach for 2017. I have not forgotten, but this will be a Q2 article after it is in place.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nFrench scandals and fresh alliances are typical in the French Presidential campaigns. All we need this weekend are a couple of mistresses and rent boys added in and voila!\r\n\r\nI couldn’t let this one pass by. The EUR rallied a bit early in the New York session based upon the fact that the EU and IMF had agreed a solution to the GREEK DEBT ongoing crisis; Debt forgiveness? My arse debt forgiveness… the rumoured solution is to extend repayments on a fixed interest basis to 2080.\r\n\r\nWFT… FFS... HMOG and glaze my nipples and call Rita, that\'s the solution. Kick the can down the road once again. In the name of sanity will EUROPEANS vote these people like Dijsselbloem out. What a pointless and useless bureaucrat, and as for Christine Lagarde of court appearance and IMF fame, she changes direction with the wind. If she lived in Galway, she would be the one at the end of the harbour doing pirouettes. What a shambolic and utter useless set of numpties.\r\n\r\nThe BREXIT rhetoric took a fresh leap last week with the legal costs of a BREXIT hitting the wires.\r\n\r\nThe Austrian Chancellor, Christian Kern was talking loose change of about €60 Billion. Obviously, the EU Commission Chief, Jean-Claude Junker chipped in to the commentary basically saying, “Divorce does not come cheap”.\r\n\r\nThe best response, and I could not have done it better myself, maybe a few fecks here and there, was from Tory Iain Duncan-Smith, who said in response to a “free lunch” jibe from the EU…” free lunch, we’ve paid so much into the EU over the past years we’ve already bought the damn restaurant”.\r\n\r\nIn addition to the IDS response, Theresa May also fought back with basically a “feck you”. I will make the UK a tax haven so you can stick your €60 billion invoice where the sun does not shine.\r\n\r\nTo place further stress on the UK leader, the “Celts” north of the border in bonnie Scotland, decided in the Edinburgh parliament that that they wanted to press for another Scotland Independent vote because in the BREXIT vote Scotland voted REMAIN by a huge margin. For reasons only known to the market cable ploughed higher on Thursday on the back of what I would call major uncertain news.\r\n\r\nBottom line is that “heels are being dug in” as it appears the UK and the EUROZONE cannot even agree on a BREXIT timetable for discussion. Nothing like a friendly, calm, peaceful and adult harmonized divorce.\r\n\r\nHappy days ahead with BREXIT, I cannot wait, it is going to be just brilliant.\r\n\r\nThink about all the market calls for BOE Carney to raise rates; Jesus, Mary and Joseph there is just as much of a chance of another rate cut.\r\n\r\nThe BREXIT is messy, it will get even more messy and frankly the trenches are being dug as I type.\r\n\r\nWith all the BREXIT news going to get very personal moving forward look out over the coming months for many inclusions in my blog of the following words and phrases: - feck, feck you, feck off, fecking idiots, fecking numpties, fecking feck, pass me that fecking pen, I am not signing that fecking paper and possibly you can stick that fecking pen up yer ar*e etc.\r\n\r\nMore…\r\n\r\nI have mentioned for the past couple of weeks that I was in transition with my trading approach this year given all the volatility and headwinds and my loss booked to the PREMIUM SERVICE in January.\r\n\r\nThis week as promised I share in “THE SOAPBOX” what I have done so far, the process I went through and why.\r\n\r\nA little bit more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #6 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#6 is on Monday 27th February at 5:30PM\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, <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 too 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\nFinally, in this section…\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&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017.png\"><img class=\"aligncenter size-large wp-image-9142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017-1024x901.png\" alt=\"\" width=\"1024\" height=\"901\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a few of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Consumer Confidence and Manufacturing and Non-Manufacturing PMi data releases are due this week.Dare I mention it that the analysts will be out in force to claim appearance monies on CNBC and BLOOMBERG to place bets on a March rate hike based upon these numbers. Get ready and be prepared.</li>\r\n 	<li>CAD (BOC Rate Statement): No press conference this time around for Stephen Poloz to waffle his way through.I am expecting the CAD interest rates to be left alone but do not be surprised if the commentary is dovish reflecting Poloz’s comments after the last rate announcement.A cut is on the cards but I am not convinced now would be the time. You never know. No press conference could be the best time for him to act ahead of a FED rate hike.</li>\r\n 	<li>GBP: Construction, Services and Manufacturing PMi’s this week. These will be watched closely. Last week CBi Retail Sales were higher. One piece of good news. Of late UK data has been weaker.</li>\r\n 	<li>USD: Janet Yellen speaks on Friday. There is no reason that I can see that if she mentions the economy that she can be nothing other than slightly hawkish.</li>\r\n 	<li>USD: “THE DONALD” addresses congress.What can I say?It should be a campaign speech and if he’s clever he will refer to his pledges to his achievements so far in placing Executive orders on file. He should talk about involving “Buy ins” from big business on jobs, technology and tax.\r\n\r\nHe should lay out his timetable of events.\r\n\r\nWhat he should not do is personalize the speech, with “he said it” and “she said that” and “I said it first” type of childish rhetoric.</li>\r\n</ol>\r\nI expect a non-traditional address with little factual content.\r\n\r\nFor the future’s sake of trying to unite the USA and stop all the stupid imploding style political rhetoric he should deliver goals and timetables. Key action item deadlines for success.\r\n\r\nThere is more chance of hell freezing over.\r\n\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017.png\"><img class=\"aligncenter size-large wp-image-9143\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017-1024x858.png\" alt=\"\" width=\"1024\" height=\"858\" /></a>\r\n\r\nThe charts below contain commentary (my views and thoughts). The charts shown are the USD majors that are reflected above in my excel spread sheet.\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9155\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9156\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9154\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9157\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9158\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9159\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9160\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong> THE PREMIUM SERVICE:</strong>\r\n\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n\r\n<strong>3. PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<u>TRADING REVIEW:</u>\r\n\r\nThe pip loss has now been erased, which is good news.\r\n\r\nI am still bearish EUROZONE, even more so than last week and adding the BREXIT nonsense you just could not make this stuff up. They are separate issues but linked. The EUROZONE / EUROPEAN UNION headwinds are growing much stronger and the uncertainties just gather influence and increasing commentary. Whilst the EU has shown resilience in the past to absorb all sorts of political or economic crisis’s, we are now coupled, some may say plagued, with not just new issues but the old issues are back because they were never fixed first time around. With GREECE never fixed, first, second, third or fourth times!\r\n\r\nI am looking at EUR/CAD, GBP/CAD as potential cross rate trades. I tweeted charts of these currencies last week based upon trend line tests. I just cannot get a clear handle on the CAD. The BOC meets on Wednesday and statement is due. Hopefully, this will help.\r\n\r\nI have added a EUR/GBP and NZD/CAD limit orders already. Both small sized in view of uncertainties overhead.\r\n\r\nThe AUD/NZD is consolidating above 1.0660 even after bad AUD CapEx data. This bodes well for a move higher and I feel that the 61.8% retracement of 1.0900 could be where we go. My thoughts last year of 1.1600 and above have been revised. I just cannot see these levels this year given the RBNZ commentary.\r\n\r\nCommodity pairs, AUD/USD, NZD/USD and USD/CAD, I have held back on for the time being I am waiting on “THE DONALD’S” plans and facts.\r\n\r\nOverall, trading is boring at the moment; there is a lot of huff ‘n puff but not much else. We are in most cases as you can see from the charts posted in this blog in sideways trading inside ranges.\r\n\r\nFor Q2 I am looking to have core positions established and well in place for EUR, GBP, CHF and JPY pairs. As stated earlier it may take the FED March meeting to place the pegs in the ground.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in fairly tight ranges although, the price movements are still to a large extent volatile.\r\n\r\nThe following pairs are still in my thoughts and I have entries to both initiate and add with some of these but I want direction: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF. Plus, the GBP cross rates; GBP/CAD, GBP/AUD and GBP/NZD and EUR cross rates; EUR/NZD, EUR/CAD and EUR/NZD.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.The bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>EUR/JPY: - I have been in and out with this pair so far but strategically this is a longer-term trade lower towards 105.00 or even lower as the EUROZONE / EUROPEAN UNION headwinds bite. The JPY trade with the EU is huge and JAPAN has a huge financial stake in EUROPE. The uncertainties ahead will plague this pair ion my opinion and I believe its move is much lower this year as a result.</li>\r\n 	<li>GBP/USD: - There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.However, given the rhetoric this week, I see lower first and a messy BREXIT. The upside reversal should be spectacular but like everything else we need the uncertainty of the downside move washed through before that can be looked at. I still see a sub 1.1900 trade and a possible lunge lower sub 1.1500 before it’s all said and done.Very few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as financial institutions start to make plans on their new structures inside a fresh shaped EUROPEAN UNION.</li>\r\n 	<li>EUR/GBP: - I am nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.In addition, there are additional EUROZONE headwinds to take into consideration: - FRENCH, DUTCH and GERMAN ELECTIONS, GREECE DEBT CRISIS and a looming ITALIAN DEBT CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.</li>\r\n</ol>\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/2017/02/LIVE-TRADES-26022017.png\"><img class=\"aligncenter size-large wp-image-9152\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-26022017-796x1024.png\" alt=\"\" width=\"796\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017.png\"><img class=\"aligncenter size-large wp-image-9151\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017-734x1024.png\" alt=\"\" width=\"734\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>HOW I AM ADAPTING MY TRADING </strong><strong>IN “LA LA LAND”</strong></p>\r\nI could have made the title of the soapbox this week: -\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nLet me just say, if you are trading anything other than 5-15 minute trades and you have your head above the water… congratulations. You deserve it. This market is at times about a useful as a chocolate teapot.\r\n\r\n“THE DONALD” appears to be running a reality TV presidency. From my perspective at times politically TRUMP appears slightly right of Attila the Hun and he without doubt thrives on confrontation.  The mainstream press won’t or can’t adjust to the new way in LA LA LAND. TRUMP is similar in purpose to my boy Labrador Ozzy, now 6 who is single mindedly focused on food. TRUMP is the Mr. Magoo of politics, he marches on leaving chaos and disorder behind him, and, he appears oblivious to this fact as he is surrounded with a team of yes people unfamiliar with the protocol in these situations and fearful to challenge TRUMP.\r\n\r\nIf the US press had brains they would plamause him and let him hang himself in the process. Regretfully, the likes of CNN, CNBC, NBC etc. cannot see beyond the next advertising cheque.\r\n\r\nThe effects of all this is a market driven by outrageous press conferences, tweets and a “he said / she said” mentality, better described as schoolyard, childish antics.\r\n\r\nFrom a trading perspective at times impossible to trade it is tantamount to gambling. As I have said before if you start gambling go to Vegas or Macau.\r\n\r\nOn the other side of the pond, the EUROZONE bureaucrats have started with commentary which they know 100% is going to raise the blood pressure levels of your average Brit. Having already voted to leave the EUROPEAN UNION because of sovereignty issues and immigration issues, the EUROPEAN UNION is now focused on a BREXIT EXIT BILL of some €60 billion. No negotiations until this amount is recognized as the invoice to pay to leave.\r\n\r\nI can just imagine the closed-door government conversations about this matter. I would say the commentary would be priceless.\r\n\r\nOn top of this we have the FRENCH ELECTIONS. Centre parties unite with candidates Francois Bayrou and Emmanuel Macron forming a coalition to beat both Francois Fillon and Marine Le Pen to form what is seen as a winning combination for the second round of voting in May assuming they pass the first round. Controversies and scandals galore, no mistresses yet as I mentioned earlier, or rent boys either…yet.\r\n\r\nTake absolutely nothing for granted. The polls are no longer a true reflection, the voters play games with the TV companies and pollsters.\r\n\r\nIn HOLLAND, the far-right Party for Freedom (Anti-Islam) leader Geert Wilders is neck and neck in the polls for victory.\r\n\r\nIn GERMANY, Christian democrat leader Martin Schulz is now confirmed ahead of Angela Merkel in the polls.\r\n\r\nThen we have GREECE…\r\n\r\nShould Le Pen claim a victory along with Wilders that would be the end of the EUROPEAN UNION. If I was Theresa May I would delay the A50 trigger. What’s the point of wasting time negotiating over something that could be down the tubes faster than a tin of dog food down Ozzy’s throat…. and that is fast!!\r\n\r\nBasically, at times both sides of the pond have their own versions of LA LA LAND and it’s not a pretty place to be as a trader if you are caught in the middle of the nonsense.\r\n\r\nSo; if you think it’s choppy now with all the above and much more of the same only probably worse on the horizon what do you do?\r\n\r\nHere is what I am in the process of doing: -\r\n\r\nWell, in January I booked a 793-pip loss as you know. This month it has been wiped away and the PREMIUM SERVICE is very nicely positive again. I have no doubts about my ability to adjust and fathom things out to make a profit. My goal is a clear 10,000 pips a year. It will be tough this year as I have never experienced anything like these headwinds across various currencies at the same time with a backdrop of central bank monetary policy divergence.\r\n\r\nIt’s all down to basics.\r\n\r\nLook at your TRADE PLAN. Examine what trades were not working and why?\r\n<ul>\r\n 	<li>Was it a specific trade style?</li>\r\n 	<li>Was it a specific currency pair or pairs?</li>\r\n 	<li>Are the poor trades emanating from specific trading sessions?</li>\r\n 	<li>Are my stops too tight?</li>\r\n 	<li>Are my stops too wide?</li>\r\n 	<li>Was I cutting corners?</li>\r\n 	<li>Was I over-trading the market?</li>\r\n</ul>\r\nI looked at all of this and decided to act, re-evaluate my TRADE PLAN to take effect from Q2.\r\n\r\nBasically, the headwinds in the EUROZONE, BREXIT and TRUMP will dominate everything and the currencies relating to these event risk countries happen to be the most liquid.\r\n\r\nAs PREMIUM SERVICE subscribers would testify, most of my trades are focused around the USD majors. I have cut my reliance on the commodity pairs like, AUD/USD, NZD/USD and USD/CAD and the cross-rates for now, and, focused my attention on my fundamentals based around the EUR/USD and GBP/USD. Not actively trading the commodity pairs for me is weird, since I cannot recall a time for almost 5 years I have not had a USD / Commodity pair related trade live.\r\n\r\nI gave myself until the end of Q1 to turn things around and exit some longer-term trades that I am just “sitting in” for want of a better phrase. I have these identified and on my RADAR to exit moving forward.\r\n\r\nI work better to a plan and goals, being goal orientated for as long as I can remember. My accounts are in transition but I am already creating CORE POSITIONS.\r\n\r\nA few years ago, I was taken to the woodshed and given a severe spanking by the JPY. Since that day, I have 99% of my time stayed away from it. As PREMIUM SERVICE subscribers know, I have moved back into the EUR/JPY for quite obvious reasons and so far, I have closed two positive trades, and have one more LIVE trade with 100 pips of profit already protected with two more LIMIT ORDERS in position to trigger.\r\n\r\nMy portfolio of trades will be around my core strengths. The big picture fundamentals, they trump (no pun intended) all. Technical trading has its place, but for me I am not by nature a 15-minute maximum scalper trader, it is just not in my DNA.\r\n\r\nNothing new…\r\n<ul>\r\n 	<li>Smaller position sizes.</li>\r\n 	<li>Wider stops offer great trade flexibility.</li>\r\n 	<li>At the same time manage RISK</li>\r\n 	<li>Plan your trades and Trade your plan.</li>\r\n</ul>\r\nThe biggest difference I am making moving into Q2 was to concentrate on the currencies I understand most. This is NOT rocket science. How successful I will be will be determined at the end of 2017 if I reach my PREMIUM SERVICE 10,000 pip target. I still have work to do but I am structured, disciplined and timely to make it happen.\r\n\r\nI am not sure if what I am doing resonates with any readers. Maybe you had a great start to 2017 unlike myself, and, none of this would therefore be required.\r\n\r\nAlways remember the ability to adapt, readily accept change and remain motivated are three key requisites of a Forex Trader.\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.\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: #129 PREMIUM SERVICE\r\nDATE: 26th February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'HOW I AM ADAPTING MY TRADING IN “LA LA LAND”', '', 'publish', 'open', 'closed', '', 'adapting-trading-la-la-land', '', '', '2017-02-25 07:45:02', '2017-02-25 12:45:02', '', 0, 'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9161', 0, 'member_posts', '', 0);
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(9162, 1, '2017-02-25 07:38:12', '2017-02-25 12:38:12', '&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI am pleased to say that the losses I incurred in January have now been erased and the PREMIUM SERVICE is positive on pips. In addition, 4 out of my 6 broker accounts are now in the black, although I must say that is to varying degrees for 2017.\r\n\r\nI am still in my TRADE PLAN transition to have my CORE POSITION TRADES set up in time for the start of Q2. I have my TRADE PLAN in place, which is the most important aspect for me, and probably for you as well with your trading, but it is taking me a little longer than I expected to have all my trade set ups 100% in place. I suppose it’s no surprise given the current market conditions.\r\n\r\nI have been hesitant in doing too much with placing my CORE TRADES over the past 7 days primarily for two reasons. Firstly, this was because I wanted to read the FOMC minutes from the last hawkish issued FED statement. Secondly, I wanted further data regarding the following: - BREXIT, FRENCH ELECTIONS, DUTCH ELECTIONS, OPEC and “THE DONALD” aka TRUMPANTICS.\r\n\r\nWas it worth waiting?\r\n\r\nWell it’s as clear as mud!\r\n\r\nI hate to keep pushing out deadlines, but it does look like I will have to wait until after the FOMC March meeting before having everything in place.\r\n\r\nTalking about the FED…\r\n\r\nThe Yellen lead FED does not want to mislead markets but from my perspective it creates uncertainties. When I worked in the corporate world, minutes of a management meeting were supposed to represent and reflect the meeting that took place. In fact, for my meetings, I abandoned minutes as they were viewed as useless propaganda and I replaced them with Action Items with responsibilities attached to attendees. Far more productive. The FOMC minutes are political.\r\n\r\nThe statement and the minutes should be very similar. The statement content is discussed and agreed, therefore the minutes should reflect this and the tone should be similar. The FOMC minutes and Statement very rarely tie in together. Add to this the commentary from committee members, in between both releases and, more often than not, this does not tie in either.\r\n\r\nMy thoughts are below, whether you give this validity or not is up to you…\r\n\r\nAs I have said many times, Yellen is a DOVE and as the boss, the minutes reflect more of her bias and, as a result they cannot be balanced. There is a great mix of hawks and doves on the committee and from my perspective the published minutes are therefore not an accurate reflection of the meeting. The various “FED SPEAK” that has followed the meeting was hawkish and even Yellen’s “Humphrey Hawkins testimony” was slanted hawkish, although on day two of her testimony the markets weakened the USD considerably.\r\n\r\nNonetheless there is in my mind a disconnect.\r\n\r\nMoving on…\r\n\r\nOver the past couple of weeks, I have stated that I would write in this blog my revised trading approach for 2017. I have not forgotten, but this will be a Q2 article after it is in place.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nFrench scandals and fresh alliances are typical in the French Presidential campaigns. All we need this weekend are a couple of mistresses and rent boys added in and voila!\r\n\r\nI couldn’t let this one pass by. The EUR rallied a bit early in the New York session based upon the fact that the EU and IMF had agreed a solution to the GREEK DEBT ongoing crisis; Debt forgiveness? My arse debt forgiveness… the rumoured solution is to extend repayments on a fixed interest basis to 2080.\r\n\r\nWFT… FFS... HMOG and glaze my nipples and call Rita, that\'s the solution. Kick the can down the road once again. In the name of sanity will EUROPEANS vote these people like Dijsselbloem out. What a pointless and useless bureaucrat, and as for Christine Lagarde of court appearance and IMF fame, she changes direction with the wind. If she lived in Galway, she would be the one at the end of the harbour doing pirouettes. What a shambolic and utter useless set of numpties.\r\n\r\nThe BREXIT rhetoric took a fresh leap last week with the legal costs of a BREXIT hitting the wires.\r\n\r\nThe Austrian Chancellor, Christian Kern was talking loose change of about €60 Billion. Obviously, the EU Commission Chief, Jean-Claude Junker chipped in to the commentary basically saying, “Divorce does not come cheap”.\r\n\r\nThe best response, and I could not have done it better myself, maybe a few fecks here and there, was from Tory Iain Duncan-Smith, who said in response to a “free lunch” jibe from the EU…” free lunch, we’ve paid so much into the EU over the past years we’ve already bought the damn restaurant”.\r\n\r\nIn addition to the IDS response, Theresa May also fought back with basically a “feck you”. I will make the UK a tax haven so you can stick your €60 billion invoice where the sun does not shine.\r\n\r\nTo place further stress on the UK leader, the “Celts” north of the border in bonnie Scotland, decided in the Edinburgh parliament that that they wanted to press for another Scotland Independent vote because in the BREXIT vote Scotland voted REMAIN by a huge margin. For reasons only known to the market cable ploughed higher on Thursday on the back of what I would call major uncertain news.\r\n\r\nBottom line is that “heels are being dug in” as it appears the UK and the EUROZONE cannot even agree on a BREXIT timetable for discussion. Nothing like a friendly, calm, peaceful and adult harmonized divorce.\r\n\r\nHappy days ahead with BREXIT, I cannot wait, it is going to be just brilliant.\r\n\r\nThink about all the market calls for BOE Carney to raise rates; Jesus, Mary and Joseph there is just as much of a chance of another rate cut.\r\n\r\nThe BREXIT is messy, it will get even more messy and frankly the trenches are being dug as I type.\r\n\r\nWith all the BREXIT news going to get very personal moving forward look out over the coming months for many inclusions in my blog of the following words and phrases: - feck, feck you, feck off, fecking idiots, fecking numpties, fecking feck, pass me that fecking pen, I am not signing that fecking paper and possibly you can stick that fecking pen up yer ar*e etc.\r\n\r\nMore…\r\n\r\nI have mentioned for the past couple of weeks that I was in transition with my trading approach this year given all the volatility and headwinds and my loss booked to the PREMIUM SERVICE in January.\r\n\r\nThis week as promised I share in “THE SOAPBOX” what I have done so far, the process I went through and why.\r\n\r\nA little bit more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #6 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#6 is on Monday 27th February at 5:30PM\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, <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 too 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\nFinally, in this section…\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&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017.png\"><img class=\"aligncenter size-large wp-image-9142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017-1024x901.png\" alt=\"\" width=\"1024\" height=\"901\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a few of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Consumer Confidence and Manufacturing and Non-Manufacturing PMi data releases are due this week.\r\n\r\nDare I mention it that the analysts will be out in force to claim appearance monies on CNBC and BLOOMBERG to place bets on a March rate hike based upon these numbers. Get ready and be prepared.</li>\r\n 	<li>CAD (BOC Rate Statement): No press conference this time around for Stephen Poloz to waffle his way through.\r\n\r\nI am expecting the CAD interest rates to be left alone but do not be surprised if the commentary is dovish reflecting Poloz’s comments after the last rate announcement.\r\n\r\nA cut is on the cards but I am not convinced now would be the time. You never know. No press conference could be the best time for him to act ahead of a FED rate hike.</li>\r\n 	<li>GBP: Construction, Services and Manufacturing PMi’s this week. These will be watched closely. Last week CBi Retail Sales were higher. One piece of good news. Of late UK data has been weaker.</li>\r\n 	<li>USD: Janet Yellen speaks on Friday. There is no reason that I can see that if she mentions the economy that she can be nothing other than slightly hawkish.</li>\r\n 	<li>USD: “THE DONALD” addresses congress.\r\n\r\nWhat can I say?\r\n\r\nIt should be a campaign speech and if he’s clever he will refer to his pledges to his achievements so far in placing Executive orders on file. He should talk about involving “Buy ins” from big business on jobs, technology and tax.\r\n\r\nHe should lay out his timetable of events.\r\n\r\nWhat he should not do is personalize the speech, with “he said it” and “she said that” and “I said it first” type of childish rhetoric.</li>\r\n</ol>\r\nI expect a non-traditional address with little factual content.\r\n\r\nFor the future’s sake of trying to unite the USA and stop all the stupid imploding style political rhetoric he should deliver goals and timetables. Key action item deadlines for success.\r\n\r\nThere is more chance of hell freezing over.\r\n\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017.png\"><img class=\"aligncenter size-large wp-image-9143\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017-1024x858.png\" alt=\"\" width=\"1024\" height=\"858\" /></a>\r\n\r\nNo charts this week, I am travelling and do not have the technology.\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n<strong> THE PREMIUM SERVICE:</strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n\r\n<strong>3. PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<u>TRADING REVIEW:</u>\r\n\r\nThe pip loss has now been erased, which is good news.\r\n\r\nI am still bearish EUROZONE, even more so than last week and adding the BREXIT nonsense you just could not make this stuff up. They are separate issues but linked. The EUROZONE / EUROPEAN UNION headwinds are growing much stronger and the uncertainties just gather influence and increasing commentary. Whilst the EU has shown resilience in the past to absorb all sorts of political or economic crisis’s, we are now coupled, some may say plagued, with not just new issues but the old issues are back because they were never fixed first time around. With GREECE never fixed, first, second, third or fourth times!\r\n\r\nI am looking at EUR/CAD, GBP/CAD as potential cross rate trades. I tweeted charts of these currencies last week based upon trend line tests. I just cannot get a clear handle on the CAD. The BOC meets on Wednesday and statement is due. Hopefully, this will help.\r\n\r\nI have added a EUR/GBP and NZD/CAD limit orders already. Both small sized in view of uncertainties overhead.\r\n\r\nThe AUD/NZD is consolidating above 1.0660 even after bad AUD CapEx data. This bodes well for a move higher and I feel that the 61.8% retracement of 1.0900 could be where we go. My thoughts last year of 1.1600 and above have been revised. I just cannot see these levels this year given the RBNZ commentary.\r\n\r\nCommodity pairs, AUD/USD, NZD/USD and USD/CAD, I have held back on for the time being I am waiting on “THE DONALD’S” plans and facts.\r\n\r\nOverall, trading is boring at the moment; there is a lot of huff ‘n puff but not much else. We are in most cases as you can see from the charts posted in this blog in sideways trading inside ranges.\r\n\r\nFor Q2 I am looking to have core positions established and well in place for EUR, GBP, CHF and JPY pairs. As stated earlier it may take the FED March meeting to place the pegs in the ground.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in fairly tight ranges although, the price movements are still to a large extent volatile.\r\n\r\nThe following pairs are still in my thoughts and I have entries to both initiate and add with some of these but I want direction: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF. Plus, the GBP cross rates; GBP/CAD, GBP/AUD and GBP/NZD and EUR cross rates; EUR/NZD, EUR/CAD and EUR/NZD.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.\r\n\r\nThe bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>EUR/JPY: - I have been in and out with this pair so far but strategically this is a longer-term trade lower towards 105.00 or even lower as the EUROZONE / EUROPEAN UNION headwinds bite. The JPY trade with the EU is huge and JAPAN has a huge financial stake in EUROPE. The uncertainties ahead will plague this pair ion my opinion and I believe its move is much lower this year as a result.</li>\r\n 	<li>GBP/USD: - There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.\r\n\r\nHowever, given the rhetoric this week, I see lower first and a messy BREXIT. The upside reversal should be spectacular but like everything else we need the uncertainty of the downside move washed through before that can be looked at. I still see a sub 1.1900 trade and a possible lunge lower sub 1.1500 before it’s all said and done.\r\n\r\nVery few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as financial institutions start to make plans on their new structures inside a fresh shaped EUROPEAN UNION.</li>\r\n 	<li>EUR/GBP: - I am nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.\r\n\r\nIn addition, there are additional EUROZONE headwinds to take into consideration: - FRENCH, DUTCH and GERMAN ELECTIONS, GREECE DEBT CRISIS and a looming ITALIAN DEBT CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.</li>\r\n</ol>\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/2017/02/LIVE-TRADES-26022017.png\"><img class=\"aligncenter size-large wp-image-9152\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-26022017-796x1024.png\" alt=\"\" width=\"796\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017.png\"><img class=\"aligncenter size-large wp-image-9151\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017-734x1024.png\" alt=\"\" width=\"734\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>HOW I AM ADAPTING MY TRADING </strong><strong>IN “LA LA LAND”</strong></p>\r\nI could have made the title of the soapbox this week: -\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nLet me just say, if you are trading anything other than 5-15 minute trades and you have your head above the water… congratulations. You deserve it. This market is at times about a useful as a chocolate teapot.\r\n\r\n“THE DONALD” appears to be running a reality TV presidency. From my perspective at times politically TRUMP appears slightly right of Attila the Hun and he without doubt thrives on confrontation.  The mainstream press won’t or can’t adjust to the new way in LA LA LAND. TRUMP is similar in purpose to my boy Labrador Ozzy, now 6 who is single mindedly focused on food. TRUMP is the Mr. Magoo of politics, he marches on leaving chaos and disorder behind him, and, he appears oblivious to this fact as he is surrounded with a team of yes people unfamiliar with the protocol in these situations and fearful to challenge TRUMP.\r\n\r\nIf the US press had brains they would plamause him and let him hang himself in the process. Regretfully, the likes of CNN, CNBC, NBC etc. cannot see beyond the next advertising cheque.\r\n\r\nThe effects of all this is a market driven by outrageous press conferences, tweets and a “he said / she said” mentality, better described as schoolyard, childish antics.\r\n\r\nFrom a trading perspective at times impossible to trade it is tantamount to gambling. As I have said before if you start gambling go to Vegas or Macau.\r\n\r\nOn the other side of the pond, the EUROZONE bureaucrats have started with commentary which they know 100% is going to raise the blood pressure levels of your average Brit. Having already voted to leave the EUROPEAN UNION because of sovereignty issues and immigration issues, the EUROPEAN UNION is now focused on a BREXIT EXIT BILL of some €60 billion. No negotiations until this amount is recognized as the invoice to pay to leave.\r\n\r\nI can just imagine the closed-door government conversations about this matter. I would say the commentary would be priceless.\r\n\r\nOn top of this we have the FRENCH ELECTIONS. Centre parties unite with candidates Francois Bayrou and Emmanuel Macron forming a coalition to beat both Francois Fillon and Marine Le Pen to form what is seen as a winning combination for the second round of voting in May assuming they pass the first round. Controversies and scandals galore, no mistresses yet as I mentioned earlier, or rent boys either…yet.\r\n\r\nTake absolutely nothing for granted. The polls are no longer a true reflection, the voters play games with the TV companies and pollsters.\r\n\r\nIn HOLLAND, the far-right Party for Freedom (Anti-Islam) leader Geert Wilders is neck and neck in the polls for victory.\r\n\r\nIn GERMANY, Christian democrat leader Martin Schulz is now confirmed ahead of Angela Merkel in the polls.\r\n\r\nThen we have GREECE…\r\n\r\nShould Le Pen claim a victory along with Wilders that would be the end of the EUROPEAN UNION. If I was Theresa May I would delay the A50 trigger. What’s the point of wasting time negotiating over something that could be down the tubes faster than a tin of dog food down Ozzy’s throat…. and that is fast!!\r\n\r\nBasically, at times both sides of the pond have their own versions of LA LA LAND and it’s not a pretty place to be as a trader if you are caught in the middle of the nonsense.\r\n\r\nSo; if you think it’s choppy now with all the above and much more of the same only probably worse on the horizon what do you do?\r\n\r\nHere is what I am in the process of doing: -\r\n\r\nWell, in January I booked a 793-pip loss as you know. This month it has been wiped away and the PREMIUM SERVICE is very nicely positive again. I have no doubts about my ability to adjust and fathom things out to make a profit. My goal is a clear 10,000 pips a year. It will be tough this year as I have never experienced anything like these headwinds across various currencies at the same time with a backdrop of central bank monetary policy divergence.\r\n\r\nIt’s all down to basics.\r\n\r\nLook at your TRADE PLAN. Examine what trades were not working and why?\r\n<ul>\r\n 	<li>Was it a specific trade style?</li>\r\n 	<li>Was it a specific currency pair or pairs?</li>\r\n 	<li>Are the poor trades emanating from specific trading sessions?</li>\r\n 	<li>Are my stops too tight?</li>\r\n 	<li>Are my stops too wide?</li>\r\n 	<li>Was I cutting corners?</li>\r\n 	<li>Was I over-trading the market?</li>\r\n</ul>\r\nI looked at all of this and decided to act, re-evaluate my TRADE PLAN to take effect from Q2.\r\n\r\nBasically, the headwinds in the EUROZONE, BREXIT and TRUMP will dominate everything and the currencies relating to these event risk countries happen to be the most liquid.\r\n\r\nAs PREMIUM SERVICE subscribers would testify, most of my trades are focused around the USD majors. I have cut my reliance on the commodity pairs like, AUD/USD, NZD/USD and USD/CAD and the cross-rates for now, and, focused my attention on my fundamentals based around the EUR/USD and GBP/USD. Not actively trading the commodity pairs for me is weird, since I cannot recall a time for almost 5 years I have not had a USD / Commodity pair related trade live.\r\n\r\nI gave myself until the end of Q1 to turn things around and exit some longer-term trades that I am just “sitting in” for want of a better phrase. I have these identified and on my RADAR to exit moving forward.\r\n\r\nI work better to a plan and goals, being goal orientated for as long as I can remember. My accounts are in transition but I am already creating CORE POSITIONS.\r\n\r\nA few years ago, I was taken to the woodshed and given a severe spanking by the JPY. Since that day, I have 99% of my time stayed away from it. As PREMIUM SERVICE subscribers know, I have moved back into the EUR/JPY for quite obvious reasons and so far, I have closed two positive trades, and have one more LIVE trade with 100 pips of profit already protected with two more LIMIT ORDERS in position to trigger.\r\n\r\nMy portfolio of trades will be around my core strengths. The big picture fundamentals, they trump (no pun intended) all. Technical trading has its place, but for me I am not by nature a 15-minute maximum scalper trader, it is just not in my DNA.\r\n\r\nNothing new…\r\n<ul>\r\n 	<li>Smaller position sizes.</li>\r\n 	<li>Wider stops offer great trade flexibility.</li>\r\n 	<li>At the same time manage RISK</li>\r\n 	<li>Plan your trades and Trade your plan.</li>\r\n</ul>\r\nThe biggest difference I am making moving into Q2 was to concentrate on the currencies I understand most. This is NOT rocket science. How successful I will be will be determined at the end of 2017 if I reach my PREMIUM SERVICE 10,000 pip target. I still have work to do but I am structured, disciplined and timely to make it happen.\r\n\r\nI am not sure if what I am doing resonates with any readers. Maybe you had a great start to 2017 unlike myself, and, none of this would therefore be required.\r\n\r\nAlways remember the ability to adapt, readily accept change and remain motivated are three key requisites of a Forex Trader.\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.\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: #129 PREMIUM SERVICE\r\nDATE: 26th February 2017.<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;', 'HOW I AM ADAPTING MY TRADING IN “LA LA LAND”', '', 'inherit', 'closed', 'closed', '', '9161-revision-v1', '', '', '2017-02-25 07:38:12', '2017-02-25 12:38:12', '', 9161, 'https://weeklyfxdrivethru.com/9161-revision-v1/', 0, 'revision', '', 0);
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(9163, 1, '2017-02-25 07:41:52', '2017-02-25 12:41:52', '&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI am pleased to say that the losses I incurred in January have now been erased and the PREMIUM SERVICE is positive on pips. In addition, 4 out of my 6 broker accounts are now in the black, although I must say that is to varying degrees for 2017.\r\n\r\nI am still in my TRADE PLAN transition to have my CORE POSITION TRADES set up in time for the start of Q2. I have my TRADE PLAN in place, which is the most important aspect for me, and probably for you as well with your trading, but it is taking me a little longer than I expected to have all my trade set ups 100% in place. I suppose it’s no surprise given the current market conditions.\r\n\r\nI have been hesitant in doing too much with placing my CORE TRADES over the past 7 days primarily for two reasons. Firstly, this was because I wanted to read the FOMC minutes from the last hawkish issued FED statement. Secondly, I wanted further data regarding the following: - BREXIT, FRENCH ELECTIONS, DUTCH ELECTIONS, OPEC and “THE DONALD” aka TRUMPANTICS.\r\n\r\nWas it worth waiting?\r\n\r\nWell it’s as clear as mud!\r\n\r\nI hate to keep pushing out deadlines, but it does look like I will have to wait until after the FOMC March meeting before having everything in place.\r\n\r\nTalking about the FED…\r\n\r\nThe Yellen lead FED does not want to mislead markets but from my perspective it creates uncertainties. When I worked in the corporate world, minutes of a management meeting were supposed to represent and reflect the meeting that took place. In fact, for my meetings, I abandoned minutes as they were viewed as useless propaganda and I replaced them with Action Items with responsibilities attached to attendees. Far more productive. The FOMC minutes are political.\r\n\r\nThe statement and the minutes should be very similar. The statement content is discussed and agreed, therefore the minutes should reflect this and the tone should be similar. The FOMC minutes and Statement very rarely tie in together. Add to this the commentary from committee members, in between both releases and, more often than not, this does not tie in either.\r\n\r\nMy thoughts are below, whether you give this validity or not is up to you…\r\n\r\nAs I have said many times, Yellen is a DOVE and as the boss, the minutes reflect more of her bias and, as a result they cannot be balanced. There is a great mix of hawks and doves on the committee and from my perspective the published minutes are therefore not an accurate reflection of the meeting. The various “FED SPEAK” that has followed the meeting was hawkish and even Yellen’s “Humphrey Hawkins testimony” was slanted hawkish, although on day two of her testimony the markets weakened the USD considerably.\r\n\r\nNonetheless there is in my mind a disconnect.\r\n\r\nMoving on…\r\n\r\nOver the past couple of weeks, I have stated that I would write in this blog my revised trading approach for 2017. I have not forgotten, but this will be a Q2 article after it is in place.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nFrench scandals and fresh alliances are typical in the French Presidential campaigns. All we need this weekend are a couple of mistresses and rent boys added in and voila!\r\n\r\nI couldn’t let this one pass by. The EUR rallied a bit early in the New York session based upon the fact that the EU and IMF had agreed a solution to the GREEK DEBT ongoing crisis; Debt forgiveness? My arse debt forgiveness… the rumoured solution is to extend repayments on a fixed interest basis to 2080.\r\n\r\nWFT… FFS... HMOG and glaze my nipples and call Rita, that\'s the solution. Kick the can down the road once again. In the name of sanity will EUROPEANS vote these people like Dijsselbloem out. What a pointless and useless bureaucrat, and as for Christine Lagarde of court appearance and IMF fame, she changes direction with the wind. If she lived in Galway, she would be the one at the end of the harbour doing pirouettes. What a shambolic and utter useless set of numpties.\r\n\r\nThe BREXIT rhetoric took a fresh leap last week with the legal costs of a BREXIT hitting the wires.\r\n\r\nThe Austrian Chancellor, Christian Kern was talking loose change of about €60 Billion. Obviously, the EU Commission Chief, Jean-Claude Junker chipped in to the commentary basically saying, “Divorce does not come cheap”.\r\n\r\nThe best response, and I could not have done it better myself, maybe a few fecks here and there, was from Tory Iain Duncan-Smith, who said in response to a “free lunch” jibe from the EU…” free lunch, we’ve paid so much into the EU over the past years we’ve already bought the damn restaurant”.\r\n\r\nIn addition to the IDS response, Theresa May also fought back with basically a “feck you”. I will make the UK a tax haven so you can stick your €60 billion invoice where the sun does not shine.\r\n\r\nTo place further stress on the UK leader, the “Celts” north of the border in bonnie Scotland, decided in the Edinburgh parliament that that they wanted to press for another Scotland Independent vote because in the BREXIT vote Scotland voted REMAIN by a huge margin. For reasons only known to the market cable ploughed higher on Thursday on the back of what I would call major uncertain news.\r\n\r\nBottom line is that “heels are being dug in” as it appears the UK and the EUROZONE cannot even agree on a BREXIT timetable for discussion. Nothing like a friendly, calm, peaceful and adult harmonized divorce.\r\n\r\nHappy days ahead with BREXIT, I cannot wait, it is going to be just brilliant.\r\n\r\nThink about all the market calls for BOE Carney to raise rates; Jesus, Mary and Joseph there is just as much of a chance of another rate cut.\r\n\r\nThe BREXIT is messy, it will get even more messy and frankly the trenches are being dug as I type.\r\n\r\nWith all the BREXIT news going to get very personal moving forward look out over the coming months for many inclusions in my blog of the following words and phrases: - feck, feck you, feck off, fecking idiots, fecking numpties, fecking feck, pass me that fecking pen, I am not signing that fecking paper and possibly you can stick that fecking pen up yer ar*e etc.\r\n\r\nMore…\r\n\r\nI have mentioned for the past couple of weeks that I was in transition with my trading approach this year given all the volatility and headwinds and my loss booked to the PREMIUM SERVICE in January.\r\n\r\nThis week as promised I share in “THE SOAPBOX” what I have done so far, the process I went through and why.\r\n\r\nA little bit more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #6 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#6 is on Monday 27th February at 5:30PM\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, <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 too 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\nFinally, in this section…\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&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017.png\"><img class=\"aligncenter size-large wp-image-9142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017-1024x901.png\" alt=\"\" width=\"1024\" height=\"901\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a few of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Consumer Confidence and Manufacturing and Non-Manufacturing PMi data releases are due this week.Dare I mention it that the analysts will be out in force to claim appearance monies on CNBC and BLOOMBERG to place bets on a March rate hike based upon these numbers. Get ready and be prepared.</li>\r\n 	<li>CAD (BOC Rate Statement): No press conference this time around for Stephen Poloz to waffle his way through.I am expecting the CAD interest rates to be left alone but do not be surprised if the commentary is dovish reflecting Poloz’s comments after the last rate announcement.\r\n\r\nA cut is on the cards but I am not convinced now would be the time. You never know. No press conference could be the best time for him to act ahead of a FED rate hike.</li>\r\n 	<li>GBP: Construction, Services and Manufacturing PMi’s this week. These will be watched closely. Last week CBi Retail Sales were higher. One piece of good news. Of late UK data has been weaker.</li>\r\n 	<li>USD: Janet Yellen speaks on Friday. There is no reason that I can see that if she mentions the economy that she can be nothing other than slightly hawkish.</li>\r\n 	<li>USD: “THE DONALD” addresses congress.What can I say?\r\n\r\nIt should be a campaign speech and if he’s clever he will refer to his pledges to his achievements so far in placing Executive orders on file. He should talk about involving “Buy ins” from big business on jobs, technology and tax.\r\n\r\nHe should lay out his timetable of events.\r\n\r\nWhat he should not do is personalize the speech, with “he said it” and “she said that” and “I said it first” type of childish rhetoric.</li>\r\n</ol>\r\nI expect a non-traditional address with little factual content.\r\n\r\nFor the future’s sake of trying to unite the USA and stop all the stupid imploding style political rhetoric he should deliver goals and timetables. Key action item deadlines for success.\r\n\r\nThere is more chance of hell freezing over.\r\n\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017.png\"><img class=\"aligncenter size-large wp-image-9143\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017-1024x858.png\" alt=\"\" width=\"1024\" height=\"858\" /></a>\r\n\r\nThe charts below contain commentary (my views and thoughts). The charts shown are the USD majors that are reflected above in my excel spread sheet.\r\n\r\n&nbsp;\r\n\r\n<strong> THE PREMIUM SERVICE:</strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n\r\n<strong>3. PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<u>TRADING REVIEW:</u>\r\n\r\nThe pip loss has now been erased, which is good news.\r\n\r\nI am still bearish EUROZONE, even more so than last week and adding the BREXIT nonsense you just could not make this stuff up. They are separate issues but linked. The EUROZONE / EUROPEAN UNION headwinds are growing much stronger and the uncertainties just gather influence and increasing commentary. Whilst the EU has shown resilience in the past to absorb all sorts of political or economic crisis’s, we are now coupled, some may say plagued, with not just new issues but the old issues are back because they were never fixed first time around. With GREECE never fixed, first, second, third or fourth times!\r\n\r\nI am looking at EUR/CAD, GBP/CAD as potential cross rate trades. I tweeted charts of these currencies last week based upon trend line tests. I just cannot get a clear handle on the CAD. The BOC meets on Wednesday and statement is due. Hopefully, this will help.\r\n\r\nI have added a EUR/GBP and NZD/CAD limit orders already. Both small sized in view of uncertainties overhead.\r\n\r\nThe AUD/NZD is consolidating above 1.0660 even after bad AUD CapEx data. This bodes well for a move higher and I feel that the 61.8% retracement of 1.0900 could be where we go. My thoughts last year of 1.1600 and above have been revised. I just cannot see these levels this year given the RBNZ commentary.\r\n\r\nCommodity pairs, AUD/USD, NZD/USD and USD/CAD, I have held back on for the time being I am waiting on “THE DONALD’S” plans and facts.\r\n\r\nOverall, trading is boring at the moment; there is a lot of huff ‘n puff but not much else. We are in most cases as you can see from the charts posted in this blog in sideways trading inside ranges.\r\n\r\nFor Q2 I am looking to have core positions established and well in place for EUR, GBP, CHF and JPY pairs. As stated earlier it may take the FED March meeting to place the pegs in the ground.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in fairly tight ranges although, the price movements are still to a large extent volatile.\r\n\r\nThe following pairs are still in my thoughts and I have entries to both initiate and add with some of these but I want direction: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF. Plus, the GBP cross rates; GBP/CAD, GBP/AUD and GBP/NZD and EUR cross rates; EUR/NZD, EUR/CAD and EUR/NZD.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.The bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>EUR/JPY: - I have been in and out with this pair so far but strategically this is a longer-term trade lower towards 105.00 or even lower as the EUROZONE / EUROPEAN UNION headwinds bite. The JPY trade with the EU is huge and JAPAN has a huge financial stake in EUROPE. The uncertainties ahead will plague this pair ion my opinion and I believe its move is much lower this year as a result.</li>\r\n 	<li>GBP/USD: - There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.However, given the rhetoric this week, I see lower first and a messy BREXIT. The upside reversal should be spectacular but like everything else we need the uncertainty of the downside move washed through before that can be looked at. I still see a sub 1.1900 trade and a possible lunge lower sub 1.1500 before it’s all said and done.\r\n\r\nVery few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as financial institutions start to make plans on their new structures inside a fresh shaped EUROPEAN UNION.</li>\r\n 	<li>EUR/GBP: - I am nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.In addition, there are additional EUROZONE headwinds to take into consideration: - FRENCH, DUTCH and GERMAN ELECTIONS, GREECE DEBT CRISIS and a looming ITALIAN DEBT CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.</li>\r\n</ol>\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/2017/02/LIVE-TRADES-26022017.png\"><img class=\"aligncenter size-large wp-image-9152\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-26022017-796x1024.png\" alt=\"\" width=\"796\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017.png\"><img class=\"aligncenter size-large wp-image-9151\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017-734x1024.png\" alt=\"\" width=\"734\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>HOW I AM ADAPTING MY TRADING </strong><strong>IN “LA LA LAND”</strong></p>\r\nI could have made the title of the soapbox this week: -\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nLet me just say, if you are trading anything other than 5-15 minute trades and you have your head above the water… congratulations. You deserve it. This market is at times about a useful as a chocolate teapot.\r\n\r\n“THE DONALD” appears to be running a reality TV presidency. From my perspective at times politically TRUMP appears slightly right of Attila the Hun and he without doubt thrives on confrontation.  The mainstream press won’t or can’t adjust to the new way in LA LA LAND. TRUMP is similar in purpose to my boy Labrador Ozzy, now 6 who is single mindedly focused on food. TRUMP is the Mr. Magoo of politics, he marches on leaving chaos and disorder behind him, and, he appears oblivious to this fact as he is surrounded with a team of yes people unfamiliar with the protocol in these situations and fearful to challenge TRUMP.\r\n\r\nIf the US press had brains they would plamause him and let him hang himself in the process. Regretfully, the likes of CNN, CNBC, NBC etc. cannot see beyond the next advertising cheque.\r\n\r\nThe effects of all this is a market driven by outrageous press conferences, tweets and a “he said / she said” mentality, better described as schoolyard, childish antics.\r\n\r\nFrom a trading perspective at times impossible to trade it is tantamount to gambling. As I have said before if you start gambling go to Vegas or Macau.\r\n\r\nOn the other side of the pond, the EUROZONE bureaucrats have started with commentary which they know 100% is going to raise the blood pressure levels of your average Brit. Having already voted to leave the EUROPEAN UNION because of sovereignty issues and immigration issues, the EUROPEAN UNION is now focused on a BREXIT EXIT BILL of some €60 billion. No negotiations until this amount is recognized as the invoice to pay to leave.\r\n\r\nI can just imagine the closed-door government conversations about this matter. I would say the commentary would be priceless.\r\n\r\nOn top of this we have the FRENCH ELECTIONS. Centre parties unite with candidates Francois Bayrou and Emmanuel Macron forming a coalition to beat both Francois Fillon and Marine Le Pen to form what is seen as a winning combination for the second round of voting in May assuming they pass the first round. Controversies and scandals galore, no mistresses yet as I mentioned earlier, or rent boys either…yet.\r\n\r\nTake absolutely nothing for granted. The polls are no longer a true reflection, the voters play games with the TV companies and pollsters.\r\n\r\nIn HOLLAND, the far-right Party for Freedom (Anti-Islam) leader Geert Wilders is neck and neck in the polls for victory.\r\n\r\nIn GERMANY, Christian democrat leader Martin Schulz is now confirmed ahead of Angela Merkel in the polls.\r\n\r\nThen we have GREECE…\r\n\r\nShould Le Pen claim a victory along with Wilders that would be the end of the EUROPEAN UNION. If I was Theresa May I would delay the A50 trigger. What’s the point of wasting time negotiating over something that could be down the tubes faster than a tin of dog food down Ozzy’s throat…. and that is fast!!\r\n\r\nBasically, at times both sides of the pond have their own versions of LA LA LAND and it’s not a pretty place to be as a trader if you are caught in the middle of the nonsense.\r\n\r\nSo; if you think it’s choppy now with all the above and much more of the same only probably worse on the horizon what do you do?\r\n\r\nHere is what I am in the process of doing: -\r\n\r\nWell, in January I booked a 793-pip loss as you know. This month it has been wiped away and the PREMIUM SERVICE is very nicely positive again. I have no doubts about my ability to adjust and fathom things out to make a profit. My goal is a clear 10,000 pips a year. It will be tough this year as I have never experienced anything like these headwinds across various currencies at the same time with a backdrop of central bank monetary policy divergence.\r\n\r\nIt’s all down to basics.\r\n\r\nLook at your TRADE PLAN. Examine what trades were not working and why?\r\n<ul>\r\n 	<li>Was it a specific trade style?</li>\r\n 	<li>Was it a specific currency pair or pairs?</li>\r\n 	<li>Are the poor trades emanating from specific trading sessions?</li>\r\n 	<li>Are my stops too tight?</li>\r\n 	<li>Are my stops too wide?</li>\r\n 	<li>Was I cutting corners?</li>\r\n 	<li>Was I over-trading the market?</li>\r\n</ul>\r\nI looked at all of this and decided to act, re-evaluate my TRADE PLAN to take effect from Q2.\r\n\r\nBasically, the headwinds in the EUROZONE, BREXIT and TRUMP will dominate everything and the currencies relating to these event risk countries happen to be the most liquid.\r\n\r\nAs PREMIUM SERVICE subscribers would testify, most of my trades are focused around the USD majors. I have cut my reliance on the commodity pairs like, AUD/USD, NZD/USD and USD/CAD and the cross-rates for now, and, focused my attention on my fundamentals based around the EUR/USD and GBP/USD. Not actively trading the commodity pairs for me is weird, since I cannot recall a time for almost 5 years I have not had a USD / Commodity pair related trade live.\r\n\r\nI gave myself until the end of Q1 to turn things around and exit some longer-term trades that I am just “sitting in” for want of a better phrase. I have these identified and on my RADAR to exit moving forward.\r\n\r\nI work better to a plan and goals, being goal orientated for as long as I can remember. My accounts are in transition but I am already creating CORE POSITIONS.\r\n\r\nA few years ago, I was taken to the woodshed and given a severe spanking by the JPY. Since that day, I have 99% of my time stayed away from it. As PREMIUM SERVICE subscribers know, I have moved back into the EUR/JPY for quite obvious reasons and so far, I have closed two positive trades, and have one more LIVE trade with 100 pips of profit already protected with two more LIMIT ORDERS in position to trigger.\r\n\r\nMy portfolio of trades will be around my core strengths. The big picture fundamentals, they trump (no pun intended) all. Technical trading has its place, but for me I am not by nature a 15-minute maximum scalper trader, it is just not in my DNA.\r\n\r\nNothing new…\r\n<ul>\r\n 	<li>Smaller position sizes.</li>\r\n 	<li>Wider stops offer great trade flexibility.</li>\r\n 	<li>At the same time manage RISK</li>\r\n 	<li>Plan your trades and Trade your plan.</li>\r\n</ul>\r\nThe biggest difference I am making moving into Q2 was to concentrate on the currencies I understand most. This is NOT rocket science. How successful I will be will be determined at the end of 2017 if I reach my PREMIUM SERVICE 10,000 pip target. I still have work to do but I am structured, disciplined and timely to make it happen.\r\n\r\nI am not sure if what I am doing resonates with any readers. Maybe you had a great start to 2017 unlike myself, and, none of this would therefore be required.\r\n\r\nAlways remember the ability to adapt, readily accept change and remain motivated are three key requisites of a Forex Trader.\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.\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: #129 PREMIUM SERVICE\r\nDATE: 26th February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'HOW I AM ADAPTING MY TRADING IN “LA LA LAND”', '', 'inherit', 'closed', 'closed', '', '9161-revision-v1', '', '', '2017-02-25 07:41:52', '2017-02-25 12:41:52', '', 9161, 'https://weeklyfxdrivethru.com/9161-revision-v1/', 0, 'revision', '', 0);
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(9164, 1, '2017-02-25 07:45:02', '2017-02-25 12:45:02', '&nbsp;\r\n\r\n&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI am pleased to say that the losses I incurred in January have now been erased and the PREMIUM SERVICE is positive on pips. In addition, 4 out of my 6 broker accounts are now in the black, although I must say that is to varying degrees for 2017.\r\n\r\nI am still in my TRADE PLAN transition to have my CORE POSITION TRADES set up in time for the start of Q2. I have my TRADE PLAN in place, which is the most important aspect for me, and probably for you as well with your trading, but it is taking me a little longer than I expected to have all my trade set ups 100% in place. I suppose it’s no surprise given the current market conditions.\r\n\r\nI have been hesitant in doing too much with placing my CORE TRADES over the past 7 days primarily for two reasons. Firstly, this was because I wanted to read the FOMC minutes from the last hawkish issued FED statement. Secondly, I wanted further data regarding the following: - BREXIT, FRENCH ELECTIONS, DUTCH ELECTIONS, OPEC and “THE DONALD” aka TRUMPANTICS.\r\n\r\nWas it worth waiting?\r\n\r\nWell it’s as clear as mud!\r\n\r\nI hate to keep pushing out deadlines, but it does look like I will have to wait until after the FOMC March meeting before having everything in place.\r\n\r\nTalking about the FED…\r\n\r\nThe Yellen lead FED does not want to mislead markets but from my perspective it creates uncertainties. When I worked in the corporate world, minutes of a management meeting were supposed to represent and reflect the meeting that took place. In fact, for my meetings, I abandoned minutes as they were viewed as useless propaganda and I replaced them with Action Items with responsibilities attached to attendees. Far more productive. The FOMC minutes are political.\r\n\r\nThe statement and the minutes should be very similar. The statement content is discussed and agreed, therefore the minutes should reflect this and the tone should be similar. The FOMC minutes and Statement very rarely tie in together. Add to this the commentary from committee members, in between both releases and, more often than not, this does not tie in either.\r\n\r\nMy thoughts are below, whether you give this validity or not is up to you…\r\n\r\nAs I have said many times, Yellen is a DOVE and as the boss, the minutes reflect more of her bias and, as a result they cannot be balanced. There is a great mix of hawks and doves on the committee and from my perspective the published minutes are therefore not an accurate reflection of the meeting. The various “FED SPEAK” that has followed the meeting was hawkish and even Yellen’s “Humphrey Hawkins testimony” was slanted hawkish, although on day two of her testimony the markets weakened the USD considerably.\r\n\r\nNonetheless there is in my mind a disconnect.\r\n\r\nMoving on…\r\n\r\nOver the past couple of weeks, I have stated that I would write in this blog my revised trading approach for 2017. I have not forgotten, but this will be a Q2 article after it is in place.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nFrench scandals and fresh alliances are typical in the French Presidential campaigns. All we need this weekend are a couple of mistresses and rent boys added in and voila!\r\n\r\nI couldn’t let this one pass by. The EUR rallied a bit early in the New York session based upon the fact that the EU and IMF had agreed a solution to the GREEK DEBT ongoing crisis; Debt forgiveness? My arse debt forgiveness… the rumoured solution is to extend repayments on a fixed interest basis to 2080.\r\n\r\nWFT… FFS... HMOG and glaze my nipples and call Rita, that\'s the solution. Kick the can down the road once again. In the name of sanity will EUROPEANS vote these people like Dijsselbloem out. What a pointless and useless bureaucrat, and as for Christine Lagarde of court appearance and IMF fame, she changes direction with the wind. If she lived in Galway, she would be the one at the end of the harbour doing pirouettes. What a shambolic and utter useless set of numpties.\r\n\r\nThe BREXIT rhetoric took a fresh leap last week with the legal costs of a BREXIT hitting the wires.\r\n\r\nThe Austrian Chancellor, Christian Kern was talking loose change of about €60 Billion. Obviously, the EU Commission Chief, Jean-Claude Junker chipped in to the commentary basically saying, “Divorce does not come cheap”.\r\n\r\nThe best response, and I could not have done it better myself, maybe a few fecks here and there, was from Tory Iain Duncan-Smith, who said in response to a “free lunch” jibe from the EU…” free lunch, we’ve paid so much into the EU over the past years we’ve already bought the damn restaurant”.\r\n\r\nIn addition to the IDS response, Theresa May also fought back with basically a “feck you”. I will make the UK a tax haven so you can stick your €60 billion invoice where the sun does not shine.\r\n\r\nTo place further stress on the UK leader, the “Celts” north of the border in bonnie Scotland, decided in the Edinburgh parliament that that they wanted to press for another Scotland Independent vote because in the BREXIT vote Scotland voted REMAIN by a huge margin. For reasons only known to the market cable ploughed higher on Thursday on the back of what I would call major uncertain news.\r\n\r\nBottom line is that “heels are being dug in” as it appears the UK and the EUROZONE cannot even agree on a BREXIT timetable for discussion. Nothing like a friendly, calm, peaceful and adult harmonized divorce.\r\n\r\nHappy days ahead with BREXIT, I cannot wait, it is going to be just brilliant.\r\n\r\nThink about all the market calls for BOE Carney to raise rates; Jesus, Mary and Joseph there is just as much of a chance of another rate cut.\r\n\r\nThe BREXIT is messy, it will get even more messy and frankly the trenches are being dug as I type.\r\n\r\nWith all the BREXIT news going to get very personal moving forward look out over the coming months for many inclusions in my blog of the following words and phrases: - feck, feck you, feck off, fecking idiots, fecking numpties, fecking feck, pass me that fecking pen, I am not signing that fecking paper and possibly you can stick that fecking pen up yer ar*e etc.\r\n\r\nMore…\r\n\r\nI have mentioned for the past couple of weeks that I was in transition with my trading approach this year given all the volatility and headwinds and my loss booked to the PREMIUM SERVICE in January.\r\n\r\nThis week as promised I share in “THE SOAPBOX” what I have done so far, the process I went through and why.\r\n\r\nA little bit more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #6 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#6 is on Monday 27th February at 5:30PM\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, <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 too 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\nFinally, in this section…\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&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017.png\"><img class=\"aligncenter size-large wp-image-9142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017-1024x901.png\" alt=\"\" width=\"1024\" height=\"901\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a few of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Consumer Confidence and Manufacturing and Non-Manufacturing PMi data releases are due this week.Dare I mention it that the analysts will be out in force to claim appearance monies on CNBC and BLOOMBERG to place bets on a March rate hike based upon these numbers. Get ready and be prepared.</li>\r\n 	<li>CAD (BOC Rate Statement): No press conference this time around for Stephen Poloz to waffle his way through.I am expecting the CAD interest rates to be left alone but do not be surprised if the commentary is dovish reflecting Poloz’s comments after the last rate announcement.A cut is on the cards but I am not convinced now would be the time. You never know. No press conference could be the best time for him to act ahead of a FED rate hike.</li>\r\n 	<li>GBP: Construction, Services and Manufacturing PMi’s this week. These will be watched closely. Last week CBi Retail Sales were higher. One piece of good news. Of late UK data has been weaker.</li>\r\n 	<li>USD: Janet Yellen speaks on Friday. There is no reason that I can see that if she mentions the economy that she can be nothing other than slightly hawkish.</li>\r\n 	<li>USD: “THE DONALD” addresses congress.What can I say?It should be a campaign speech and if he’s clever he will refer to his pledges to his achievements so far in placing Executive orders on file. He should talk about involving “Buy ins” from big business on jobs, technology and tax.\r\n\r\nHe should lay out his timetable of events.\r\n\r\nWhat he should not do is personalize the speech, with “he said it” and “she said that” and “I said it first” type of childish rhetoric.</li>\r\n</ol>\r\nI expect a non-traditional address with little factual content.\r\n\r\nFor the future’s sake of trying to unite the USA and stop all the stupid imploding style political rhetoric he should deliver goals and timetables. Key action item deadlines for success.\r\n\r\nThere is more chance of hell freezing over.\r\n\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017.png\"><img class=\"aligncenter size-large wp-image-9143\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017-1024x858.png\" alt=\"\" width=\"1024\" height=\"858\" /></a>\r\n\r\nThe charts below contain commentary (my views and thoughts). The charts shown are the USD majors that are reflected above in my excel spread sheet.\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9155\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9156\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9154\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9157\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9158\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9159\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9160\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<strong> THE PREMIUM SERVICE:</strong>\r\n\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n\r\n<strong>3. PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong>\r\n\r\n<u>TRADING REVIEW:</u>\r\n\r\nThe pip loss has now been erased, which is good news.\r\n\r\nI am still bearish EUROZONE, even more so than last week and adding the BREXIT nonsense you just could not make this stuff up. They are separate issues but linked. The EUROZONE / EUROPEAN UNION headwinds are growing much stronger and the uncertainties just gather influence and increasing commentary. Whilst the EU has shown resilience in the past to absorb all sorts of political or economic crisis’s, we are now coupled, some may say plagued, with not just new issues but the old issues are back because they were never fixed first time around. With GREECE never fixed, first, second, third or fourth times!\r\n\r\nI am looking at EUR/CAD, GBP/CAD as potential cross rate trades. I tweeted charts of these currencies last week based upon trend line tests. I just cannot get a clear handle on the CAD. The BOC meets on Wednesday and statement is due. Hopefully, this will help.\r\n\r\nI have added a EUR/GBP and NZD/CAD limit orders already. Both small sized in view of uncertainties overhead.\r\n\r\nThe AUD/NZD is consolidating above 1.0660 even after bad AUD CapEx data. This bodes well for a move higher and I feel that the 61.8% retracement of 1.0900 could be where we go. My thoughts last year of 1.1600 and above have been revised. I just cannot see these levels this year given the RBNZ commentary.\r\n\r\nCommodity pairs, AUD/USD, NZD/USD and USD/CAD, I have held back on for the time being I am waiting on “THE DONALD’S” plans and facts.\r\n\r\nOverall, trading is boring at the moment; there is a lot of huff ‘n puff but not much else. We are in most cases as you can see from the charts posted in this blog in sideways trading inside ranges.\r\n\r\nFor Q2 I am looking to have core positions established and well in place for EUR, GBP, CHF and JPY pairs. As stated earlier it may take the FED March meeting to place the pegs in the ground.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in fairly tight ranges although, the price movements are still to a large extent volatile.\r\n\r\nThe following pairs are still in my thoughts and I have entries to both initiate and add with some of these but I want direction: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF. Plus, the GBP cross rates; GBP/CAD, GBP/AUD and GBP/NZD and EUR cross rates; EUR/NZD, EUR/CAD and EUR/NZD.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add even more trades as the month progresses.The bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious headwinds ahead.</li>\r\n 	<li>EUR/JPY: - I have been in and out with this pair so far but strategically this is a longer-term trade lower towards 105.00 or even lower as the EUROZONE / EUROPEAN UNION headwinds bite. The JPY trade with the EU is huge and JAPAN has a huge financial stake in EUROPE. The uncertainties ahead will plague this pair ion my opinion and I believe its move is much lower this year as a result.</li>\r\n 	<li>GBP/USD: - There will be some great GBP long trades in the next 12 months. There will be greater opportunities long GBP than maybe those that remain on the short side.However, given the rhetoric this week, I see lower first and a messy BREXIT. The upside reversal should be spectacular but like everything else we need the uncertainty of the downside move washed through before that can be looked at. I still see a sub 1.1900 trade and a possible lunge lower sub 1.1500 before it’s all said and done.Very few people mention capital outflows out of the UK, these could be huge and are critical. This will start to bite sooner rather than later as financial institutions start to make plans on their new structures inside a fresh shaped EUROPEAN UNION.</li>\r\n 	<li>EUR/GBP: - I am nervous being short, but believe the EUROZONE risks outweigh those of the UK moving forward. My thoughts are that both the EUR &amp; GBP will start to react together moving forward with BREXIT issues and the EUR/GBP will be caught in the crossfire.In addition, there are additional EUROZONE headwinds to take into consideration: - FRENCH, DUTCH and GERMAN ELECTIONS, GREECE DEBT CRISIS and a looming ITALIAN DEBT CRISIS. Therefore, I believe in the longer-term the EUR/GBP will fall much lower.</li>\r\n</ol>\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/2017/02/LIVE-TRADES-26022017.png\"><img class=\"aligncenter size-large wp-image-9152\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIVE-TRADES-26022017-796x1024.png\" alt=\"\" width=\"796\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017.png\"><img class=\"aligncenter size-large wp-image-9151\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/LIMIT-ORDERS-26022017-734x1024.png\" alt=\"\" width=\"734\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>HOW I AM ADAPTING MY TRADING </strong><strong>IN “LA LA LAND”</strong></p>\r\nI could have made the title of the soapbox this week: -\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nLet me just say, if you are trading anything other than 5-15 minute trades and you have your head above the water… congratulations. You deserve it. This market is at times about a useful as a chocolate teapot.\r\n\r\n“THE DONALD” appears to be running a reality TV presidency. From my perspective at times politically TRUMP appears slightly right of Attila the Hun and he without doubt thrives on confrontation.  The mainstream press won’t or can’t adjust to the new way in LA LA LAND. TRUMP is similar in purpose to my boy Labrador Ozzy, now 6 who is single mindedly focused on food. TRUMP is the Mr. Magoo of politics, he marches on leaving chaos and disorder behind him, and, he appears oblivious to this fact as he is surrounded with a team of yes people unfamiliar with the protocol in these situations and fearful to challenge TRUMP.\r\n\r\nIf the US press had brains they would plamause him and let him hang himself in the process. Regretfully, the likes of CNN, CNBC, NBC etc. cannot see beyond the next advertising cheque.\r\n\r\nThe effects of all this is a market driven by outrageous press conferences, tweets and a “he said / she said” mentality, better described as schoolyard, childish antics.\r\n\r\nFrom a trading perspective at times impossible to trade it is tantamount to gambling. As I have said before if you start gambling go to Vegas or Macau.\r\n\r\nOn the other side of the pond, the EUROZONE bureaucrats have started with commentary which they know 100% is going to raise the blood pressure levels of your average Brit. Having already voted to leave the EUROPEAN UNION because of sovereignty issues and immigration issues, the EUROPEAN UNION is now focused on a BREXIT EXIT BILL of some €60 billion. No negotiations until this amount is recognized as the invoice to pay to leave.\r\n\r\nI can just imagine the closed-door government conversations about this matter. I would say the commentary would be priceless.\r\n\r\nOn top of this we have the FRENCH ELECTIONS. Centre parties unite with candidates Francois Bayrou and Emmanuel Macron forming a coalition to beat both Francois Fillon and Marine Le Pen to form what is seen as a winning combination for the second round of voting in May assuming they pass the first round. Controversies and scandals galore, no mistresses yet as I mentioned earlier, or rent boys either…yet.\r\n\r\nTake absolutely nothing for granted. The polls are no longer a true reflection, the voters play games with the TV companies and pollsters.\r\n\r\nIn HOLLAND, the far-right Party for Freedom (Anti-Islam) leader Geert Wilders is neck and neck in the polls for victory.\r\n\r\nIn GERMANY, Christian democrat leader Martin Schulz is now confirmed ahead of Angela Merkel in the polls.\r\n\r\nThen we have GREECE…\r\n\r\nShould Le Pen claim a victory along with Wilders that would be the end of the EUROPEAN UNION. If I was Theresa May I would delay the A50 trigger. What’s the point of wasting time negotiating over something that could be down the tubes faster than a tin of dog food down Ozzy’s throat…. and that is fast!!\r\n\r\nBasically, at times both sides of the pond have their own versions of LA LA LAND and it’s not a pretty place to be as a trader if you are caught in the middle of the nonsense.\r\n\r\nSo; if you think it’s choppy now with all the above and much more of the same only probably worse on the horizon what do you do?\r\n\r\nHere is what I am in the process of doing: -\r\n\r\nWell, in January I booked a 793-pip loss as you know. This month it has been wiped away and the PREMIUM SERVICE is very nicely positive again. I have no doubts about my ability to adjust and fathom things out to make a profit. My goal is a clear 10,000 pips a year. It will be tough this year as I have never experienced anything like these headwinds across various currencies at the same time with a backdrop of central bank monetary policy divergence.\r\n\r\nIt’s all down to basics.\r\n\r\nLook at your TRADE PLAN. Examine what trades were not working and why?\r\n<ul>\r\n 	<li>Was it a specific trade style?</li>\r\n 	<li>Was it a specific currency pair or pairs?</li>\r\n 	<li>Are the poor trades emanating from specific trading sessions?</li>\r\n 	<li>Are my stops too tight?</li>\r\n 	<li>Are my stops too wide?</li>\r\n 	<li>Was I cutting corners?</li>\r\n 	<li>Was I over-trading the market?</li>\r\n</ul>\r\nI looked at all of this and decided to act, re-evaluate my TRADE PLAN to take effect from Q2.\r\n\r\nBasically, the headwinds in the EUROZONE, BREXIT and TRUMP will dominate everything and the currencies relating to these event risk countries happen to be the most liquid.\r\n\r\nAs PREMIUM SERVICE subscribers would testify, most of my trades are focused around the USD majors. I have cut my reliance on the commodity pairs like, AUD/USD, NZD/USD and USD/CAD and the cross-rates for now, and, focused my attention on my fundamentals based around the EUR/USD and GBP/USD. Not actively trading the commodity pairs for me is weird, since I cannot recall a time for almost 5 years I have not had a USD / Commodity pair related trade live.\r\n\r\nI gave myself until the end of Q1 to turn things around and exit some longer-term trades that I am just “sitting in” for want of a better phrase. I have these identified and on my RADAR to exit moving forward.\r\n\r\nI work better to a plan and goals, being goal orientated for as long as I can remember. My accounts are in transition but I am already creating CORE POSITIONS.\r\n\r\nA few years ago, I was taken to the woodshed and given a severe spanking by the JPY. Since that day, I have 99% of my time stayed away from it. As PREMIUM SERVICE subscribers know, I have moved back into the EUR/JPY for quite obvious reasons and so far, I have closed two positive trades, and have one more LIVE trade with 100 pips of profit already protected with two more LIMIT ORDERS in position to trigger.\r\n\r\nMy portfolio of trades will be around my core strengths. The big picture fundamentals, they trump (no pun intended) all. Technical trading has its place, but for me I am not by nature a 15-minute maximum scalper trader, it is just not in my DNA.\r\n\r\nNothing new…\r\n<ul>\r\n 	<li>Smaller position sizes.</li>\r\n 	<li>Wider stops offer great trade flexibility.</li>\r\n 	<li>At the same time manage RISK</li>\r\n 	<li>Plan your trades and Trade your plan.</li>\r\n</ul>\r\nThe biggest difference I am making moving into Q2 was to concentrate on the currencies I understand most. This is NOT rocket science. How successful I will be will be determined at the end of 2017 if I reach my PREMIUM SERVICE 10,000 pip target. I still have work to do but I am structured, disciplined and timely to make it happen.\r\n\r\nI am not sure if what I am doing resonates with any readers. Maybe you had a great start to 2017 unlike myself, and, none of this would therefore be required.\r\n\r\nAlways remember the ability to adapt, readily accept change and remain motivated are three key requisites of a Forex Trader.\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.\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: #129 PREMIUM SERVICE\r\nDATE: 26th February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'HOW I AM ADAPTING MY TRADING IN “LA LA LAND”', '', 'inherit', 'closed', 'closed', '', '9161-revision-v1', '', '', '2017-02-25 07:45:02', '2017-02-25 12:45:02', '', 9161, 'https://weeklyfxdrivethru.com/9161-revision-v1/', 0, 'revision', '', 0),
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(9178, 1, '2017-02-25 08:46:29', '2017-02-25 13:46:29', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI am pleased to say that the losses I incurred in January have now been erased and the PREMIUM SERVICE is positive on pips. In addition, 4 out of my 6 broker accounts are now in the black, although I must say that is to varying degrees for 2017.\r\n\r\nI am still in my TRADE PLAN transition to have my CORE POSITION TRADES set up in time for the start of Q2. I have my TRADE PLAN in place, which is the most important aspect for me, and probably for you as well with your trading, but it is taking me a little longer than I expected to have all my trade set ups 100% in place. I suppose it’s no surprise given the current market conditions.\r\n\r\nI have been hesitant in doing too much with placing my CORE TRADES over the past 7 days primarily for two reasons. Firstly, this was because I wanted to read the FOMC minutes from the last hawkish issued FED statement. Secondly, I wanted further data regarding the following: - BREXIT, FRENCH ELECTIONS, DUTCH ELECTIONS, OPEC and “THE DONALD” aka TRUMPANTICS.\r\n\r\nWas it worth waiting?\r\n\r\nWell it’s as clear as mud!\r\n\r\nI hate to keep pushing out deadlines, but it does look like I will have to wait until after the FOMC March meeting before having everything in place.\r\n\r\nTalking about the FED…\r\n\r\nThe Yellen lead FED does not want to mislead markets but from my perspective it creates uncertainties. When I worked in the corporate world, minutes of a management meeting were supposed to represent and reflect the meeting that took place. In fact, for my meetings, I abandoned minutes as they were viewed as useless propaganda and I replaced them with Action Items with responsibilities attached to attendees. Far more productive. The FOMC minutes are political.\r\n\r\nThe statement and the minutes should be very similar. The statement content is discussed and agreed, therefore the minutes should reflect this and the tone should be similar. The FOMC minutes and Statement very rarely tie in together. Add to this the commentary from committee members, in between both releases and, more often than not, this does not tie in either.\r\n\r\nMy thoughts are below, whether you give this validity or not is up to you…\r\n\r\nAs I have said many times, Yellen is a DOVE and as the boss, the minutes reflect more of her bias and, as a result they cannot be balanced. There is a great mix of hawks and doves on the committee and from my perspective the published minutes are therefore not an accurate reflection of the meeting. The various “FED SPEAK” that has followed the meeting was hawkish and even Yellen’s “Humphrey Hawkins testimony” was slanted hawkish, although on day two of her testimony the markets weakened the USD considerably.\r\n\r\nNonetheless there is in my mind a disconnect.\r\n\r\nMoving on…\r\n\r\nOver the past couple of weeks, I have stated that I would write in this blog my revised trading approach for 2017. I have not forgotten, but this will be a Q2 article after it is in place.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nFrench scandals and fresh alliances are typical in the French Presidential campaigns. All we need this weekend are a couple of mistresses and rent boys added in and voila!\r\n\r\nI couldn’t let this one pass by. The EUR rallied a bit early in the New York session based upon the fact that the EU and IMF had agreed a solution to the GREEK DEBT ongoing crisis; Debt forgiveness? My arse debt forgiveness… the rumoured solution is to extend repayments on a fixed interest basis to 2080.\r\n\r\nWFT… FFS... HMOG and glaze my nipples and call Rita, that\'s the solution. Kick the can down the road once again. In the name of sanity will EUROPEANS vote these people like Dijsselbloem out. What a pointless and useless bureaucrat, and as for Christine Lagarde of court appearance and IMF fame, she changes direction with the wind. If she lived in Galway, she would be the one at the end of the harbour doing pirouettes. What a shambolic and utter useless set of numpties.\r\n\r\nThe BREXIT rhetoric took a fresh leap last week with the legal costs of a BREXIT hitting the wires.\r\n\r\nThe Austrian Chancellor, Christian Kern was talking loose change of about €60 Billion. Obviously, the EU Commission Chief, Jean-Claude Junker chipped in to the commentary basically saying, “Divorce does not come cheap”.\r\n\r\nThe best response, and I could not have done it better myself, maybe a few fecks here and there, was from Tory Iain Duncan-Smith, who said in response to a “free lunch” jibe from the EU…” free lunch, we’ve paid so much into the EU over the past years we’ve already bought the damn restaurant”.\r\n\r\nIn addition to the IDS response, Theresa May also fought back with basically a “feck you”. I will make the UK a tax haven so you can stick your €60 billion invoice where the sun does not shine.\r\n\r\nTo place further stress on the UK leader, the “Celts” north of the border in bonnie Scotland, decided in the Edinburgh parliament that that they wanted to press for another Scotland Independent vote because in the BREXIT vote Scotland voted REMAIN by a huge margin. For reasons only known to the market cable ploughed higher on Thursday on the back of what I would call major uncertain news.\r\n\r\nBottom line is that “heels are being dug in” as it appears the UK and the EUROZONE cannot even agree on a BREXIT timetable for discussion. Nothing like a friendly, calm, peaceful and adult harmonized divorce.\r\n\r\nHappy days ahead with BREXIT, I cannot wait, it is going to be just brilliant.\r\n\r\nThink about all the market calls for BOE Carney to raise rates; Jesus, Mary and Joseph there is just as much of a chance of another rate cut.\r\n\r\nThe BREXIT is messy, it will get even more messy and frankly the trenches are being dug as I type.\r\n\r\nWith all the BREXIT news going to get very personal moving forward look out over the coming months for many inclusions in my blog of the following words and phrases: - feck, feck you, feck off, fecking idiots, fecking numpties, fecking feck, pass me that fecking pen, I am not signing that fecking paper and possibly you can stick that fecking pen up yer ar*e etc.\r\n\r\nMore…\r\n\r\nI have mentioned for the past couple of weeks that I was in transition with my trading approach this year given all the volatility and headwinds and my loss booked to the PREMIUM SERVICE in January.\r\n\r\nThis week as promised I share in “THE SOAPBOX” what I have done so far, the process I went through and why.\r\n\r\nA little bit more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #6 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#6 is on Monday 27th February at 5:30PM\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, <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 too 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\nFinally, in this section…\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&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017.png\"><img class=\"aligncenter size-large wp-image-9142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017-1024x901.png\" alt=\"\" width=\"1024\" height=\"901\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a few of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Consumer Confidence and Manufacturing and Non-Manufacturing PMi data releases are due this week.\r\n\r\nDare I mention it that the analysts will be out in force to claim appearance monies on CNBC and BLOOMBERG to place bets on a March rate hike based upon these numbers. Get ready and be prepared.</li>\r\n 	<li>CAD (BOC Rate Statement): No press conference this time around for Stephen Poloz to waffle his way through.\r\n\r\nI am expecting the CAD interest rates to be left alone but do not be surprised if the commentary is dovish reflecting Poloz’s comments after the last rate announcement.\r\n\r\nA cut is on the cards but I am not convinced now would be the time. You never know. No press conference could be the best time for him to act ahead of a FED rate hike.</li>\r\n 	<li>GBP: Construction, Services and Manufacturing PMi’s this week. These will be watched closely. Last week CBi Retail Sales were higher. One piece of good news. Of late UK data has been weaker.</li>\r\n 	<li>USD: Janet Yellen speaks on Friday. There is no reason that I can see that if she mentions the economy that she can be nothing other than slightly hawkish.</li>\r\n 	<li>USD: “THE DONALD” addresses congress.\r\n\r\nWhat can I say?\r\n\r\nIt should be a campaign speech and if he’s clever he will refer to his pledges to his achievements so far in placing Executive orders on file. He should talk about involving “Buy ins” from big business on jobs, technology and tax.\r\n\r\nHe should lay out his timetable of events.\r\n\r\nWhat he should not do is personalize the speech, with “he said it” and “she said that” and “I said it first” type of childish rhetoric.</li>\r\n</ol>\r\nI expect a non-traditional address with little factual content.\r\n\r\nFor the future’s sake of trying to unite the USA and stop all the stupid imploding style political rhetoric he should deliver goals and timetables. Key action item deadlines for success.\r\n\r\nThere is more chance of hell freezing over.\r\n\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017.png\"><img class=\"aligncenter size-large wp-image-9143\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017-1024x858.png\" alt=\"\" width=\"1024\" height=\"858\" /></a>\r\n\r\nThe charts below contain commentary (my thoughts and views), the charts are the USD majors reflected in the excel spreadsheet above.\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9155\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></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/2017/02/GBPUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9156\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></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/2017/02/AUDUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9154\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></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/2017/02/NZDUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9157\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></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/2017/02/USDCAD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9158\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></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/2017/02/USDCHF-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9159\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9160\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n(This section is only viewable to PREMIUM SERVICE subscribers)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>HOW I AM ADAPTING MY TRADING </strong><strong>IN “LA LA LAND”</strong></p>\r\nI could have made the title of the soapbox this week: -\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nLet me just say, if you are trading anything other than 5-15 minute trades and you have your head above the water… congratulations. You deserve it. This market is at times about a useful as a chocolate teapot.\r\n“THE DONALD” appears to be running a reality TV presidency. From my perspective at times politically TRUMP appears slightly right of Attila the Hun and he without doubt thrives on confrontation.  The mainstream press won’t or can’t adjust to the new way in LA LA LAND. TRUMP is similar in purpose to my boy Labrador Ozzy, now 6 who is single mindedly focused on food. TRUMP is the Mr. Magoo of politics, he marches on leaving chaos and disorder behind him, and, he appears oblivious to this fact as he is surrounded with a team of yes people unfamiliar with the protocol in these situations and fearful to challenge TRUMP.\r\n\r\nIf the US press had brains they would plamause him and let him hang himself in the process. Regretfully, the likes of CNN, CNBC, NBC etc. cannot see beyond the next advertising cheque.\r\n\r\nThe effects of all this is a market driven by outrageous press conferences, tweets and a “he said / she said” mentality, better described as schoolyard, childish antics.\r\n\r\nFrom a trading perspective at times impossible to trade it is tantamount to gambling. As I have said before if you start gambling go to Vegas or Macau.\r\n\r\nOn the other side of the pond, the EUROZONE bureaucrats have started with commentary which they know 100% is going to raise the blood pressure levels of your average Brit. Having already voted to leave the EUROPEAN UNION because of sovereignty issues and immigration issues, the EUROPEAN UNION is now focused on a BREXIT EXIT BILL of some €60 billion. No negotiations until this amount is recognized as the invoice to pay to leave.\r\n\r\nI can just imagine the closed-door government conversations about this matter. I would say the commentary would be priceless.\r\n\r\nOn top of this we have the FRENCH ELECTIONS. Centre parties unite with candidates Francois Bayrou and Emmanuel Macron forming a coalition to beat both Francois Fillon and Marine Le Pen to form what is seen as a winning combination for the second round of voting in May assuming they pass the first round. Controversies and scandals galore, no mistresses yet as I mentioned earlier, or rent boys either…yet.\r\n\r\nTake absolutely nothing for granted. The polls are no longer a true reflection, the voters play games with the TV companies and pollsters.\r\n\r\nIn HOLLAND, the far-right Party for Freedom (Anti-Islam) leader Geert Wilders is neck and neck in the polls for victory.\r\n\r\nIn GERMANY, Christian democrat leader Martin Schulz is now confirmed ahead of Angela Merkel in the polls.\r\n\r\nThen we have GREECE…\r\n\r\nShould Le Pen claim a victory along with Wilders that would be the end of the EUROPEAN UNION. If I was Theresa May I would delay the A50 trigger. What’s the point of wasting time negotiating over something that could be down the tubes faster than a tin of dog food down Ozzy’s throat…. and that is fast!!\r\n\r\nBasically, at times both sides of the pond have their own versions of LA LA LAND and it’s not a pretty place to be as a trader if you are caught in the middle of the nonsense.\r\n\r\nSo; if you think it’s choppy now with all the above and much more of the same only probably worse on the horizon what do you do?\r\n\r\nHere is what I am in the process of doing: -\r\n\r\nWell, in January I booked a 793-pip loss as you know. This month it has been wiped away and the PREMIUM SERVICE is very nicely positive again. I have no doubts about my ability to adjust and fathom things out to make a profit. My goal is a clear 10,000 pips a year. It will be tough this year as I have never experienced anything like these headwinds across various currencies at the same time with a backdrop of central bank monetary policy divergence.\r\n\r\nIt’s all down to basics.\r\n\r\nLook at your TRADE PLAN. Examine what trades were not working and why?\r\n<ul>\r\n 	<li>Was it a specific trade style?</li>\r\n 	<li>Was it a specific currency pair or pairs?</li>\r\n 	<li>Are the poor trades emanating from specific trading sessions?</li>\r\n 	<li>Are my stops too tight?</li>\r\n 	<li>Are my stops too wide?</li>\r\n 	<li>Was I cutting corners?</li>\r\n 	<li>Was I over-trading the market?</li>\r\n</ul>\r\nI looked at all of this and decided to act, re-evaluate my TRADE PLAN to take effect from Q2.\r\n\r\nBasically, the headwinds in the EUROZONE, BREXIT and TRUMP will dominate everything and the currencies relating to these event risk countries happen to be the most liquid.\r\n\r\nAs PREMIUM SERVICE subscribers would testify, most of my trades are focused around the USD majors. I have cut my reliance on the commodity pairs like, AUD/USD, NZD/USD and USD/CAD and the cross-rates for now, and, focused my attention on my fundamentals based around the EUR/USD and GBP/USD. Not actively trading the commodity pairs for me is weird, since I cannot recall a time for almost 5 years I have not had a USD / Commodity pair related trade live.\r\n\r\nI gave myself until the end of Q1 to turn things around and exit some longer-term trades that I am just “sitting in” for want of a better phrase. I have these identified and on my RADAR to exit moving forward.\r\n\r\nI work better to a plan and goals, being goal orientated for as long as I can remember. My accounts are in transition but I am already creating CORE POSITIONS.\r\n\r\nA few years ago, I was taken to the woodshed and given a severe spanking by the JPY. Since that day, I have 99% of my time stayed away from it. As PREMIUM SERVICE subscribers know, I have moved back into the EUR/JPY for quite obvious reasons and so far, I have closed two positive trades, and have one more LIVE trade with 100 pips of profit already protected with two more LIMIT ORDERS in position to trigger.\r\n\r\nMy portfolio of trades will be around my core strengths. The big picture fundamentals, they trump (no pun intended) all. Technical trading has its place, but for me I am not by nature a 15-minute maximum scalper trader, it is just not in my DNA.\r\n\r\nNothing new…\r\n<ul>\r\n 	<li>Smaller position sizes.</li>\r\n 	<li>Wider stops offer great trade flexibility.</li>\r\n 	<li>At the same time manage RISK</li>\r\n 	<li>Plan your trades and Trade your plan.</li>\r\n</ul>\r\nThe biggest difference I am making moving into Q2 was to concentrate on the currencies I understand most. This is NOT rocket science. How successful I will be will be determined at the end of 2017 if I reach my PREMIUM SERVICE 10,000 pip target. I still have work to do but I am structured, disciplined and timely to make it happen.\r\n\r\nI am not sure if what I am doing resonates with any readers. Maybe you had a great start to 2017 unlike myself, and, none of this would therefore be required.\r\n\r\nAlways remember the ability to adapt, readily accept change and remain motivated are three key requisites of a Forex Trader.\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.\r\n\r\nScott PickeringThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #233 FREE NEWSLETTER\r\nDATE: 26th February 2017.\r\n\r\n<strong>\r\n</strong>\r\n\r\n&nbsp;', 'HOW I AM ADAPTING MY TRADING IN “LA LA LAND”', '', 'publish', 'open', 'closed', '', 'adapting-trading-la-la-land', '', '', '2017-02-25 08:46:29', '2017-02-25 13:46:29', '', 0, 'https://weeklyfxdrivethru.com/?p=9178', 0, 'post', '', 0),
(9179, 1, '2017-02-25 08:46:29', '2017-02-25 13:46:29', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI am pleased to say that the losses I incurred in January have now been erased and the PREMIUM SERVICE is positive on pips. In addition, 4 out of my 6 broker accounts are now in the black, although I must say that is to varying degrees for 2017.\r\n\r\nI am still in my TRADE PLAN transition to have my CORE POSITION TRADES set up in time for the start of Q2. I have my TRADE PLAN in place, which is the most important aspect for me, and probably for you as well with your trading, but it is taking me a little longer than I expected to have all my trade set ups 100% in place. I suppose it’s no surprise given the current market conditions.\r\n\r\nI have been hesitant in doing too much with placing my CORE TRADES over the past 7 days primarily for two reasons. Firstly, this was because I wanted to read the FOMC minutes from the last hawkish issued FED statement. Secondly, I wanted further data regarding the following: - BREXIT, FRENCH ELECTIONS, DUTCH ELECTIONS, OPEC and “THE DONALD” aka TRUMPANTICS.\r\n\r\nWas it worth waiting?\r\n\r\nWell it’s as clear as mud!\r\n\r\nI hate to keep pushing out deadlines, but it does look like I will have to wait until after the FOMC March meeting before having everything in place.\r\n\r\nTalking about the FED…\r\n\r\nThe Yellen lead FED does not want to mislead markets but from my perspective it creates uncertainties. When I worked in the corporate world, minutes of a management meeting were supposed to represent and reflect the meeting that took place. In fact, for my meetings, I abandoned minutes as they were viewed as useless propaganda and I replaced them with Action Items with responsibilities attached to attendees. Far more productive. The FOMC minutes are political.\r\n\r\nThe statement and the minutes should be very similar. The statement content is discussed and agreed, therefore the minutes should reflect this and the tone should be similar. The FOMC minutes and Statement very rarely tie in together. Add to this the commentary from committee members, in between both releases and, more often than not, this does not tie in either.\r\n\r\nMy thoughts are below, whether you give this validity or not is up to you…\r\n\r\nAs I have said many times, Yellen is a DOVE and as the boss, the minutes reflect more of her bias and, as a result they cannot be balanced. There is a great mix of hawks and doves on the committee and from my perspective the published minutes are therefore not an accurate reflection of the meeting. The various “FED SPEAK” that has followed the meeting was hawkish and even Yellen’s “Humphrey Hawkins testimony” was slanted hawkish, although on day two of her testimony the markets weakened the USD considerably.\r\n\r\nNonetheless there is in my mind a disconnect.\r\n\r\nMoving on…\r\n\r\nOver the past couple of weeks, I have stated that I would write in this blog my revised trading approach for 2017. I have not forgotten, but this will be a Q2 article after it is in place.\r\n\r\nOther news during last week was as usual focused on the EUROZONE and BREXIT.\r\n\r\nFrench scandals and fresh alliances are typical in the French Presidential campaigns. All we need this weekend are a couple of mistresses and rent boys added in and voila!\r\n\r\nI couldn’t let this one pass by. The EUR rallied a bit early in the New York session based upon the fact that the EU and IMF had agreed a solution to the GREEK DEBT ongoing crisis; Debt forgiveness? My arse debt forgiveness… the rumoured solution is to extend repayments on a fixed interest basis to 2080.\r\n\r\nWFT… FFS... HMOG and glaze my nipples and call Rita, that\'s the solution. Kick the can down the road once again. In the name of sanity will EUROPEANS vote these people like Dijsselbloem out. What a pointless and useless bureaucrat, and as for Christine Lagarde of court appearance and IMF fame, she changes direction with the wind. If she lived in Galway, she would be the one at the end of the harbour doing pirouettes. What a shambolic and utter useless set of numpties.\r\n\r\nThe BREXIT rhetoric took a fresh leap last week with the legal costs of a BREXIT hitting the wires.\r\n\r\nThe Austrian Chancellor, Christian Kern was talking loose change of about €60 Billion. Obviously, the EU Commission Chief, Jean-Claude Junker chipped in to the commentary basically saying, “Divorce does not come cheap”.\r\n\r\nThe best response, and I could not have done it better myself, maybe a few fecks here and there, was from Tory Iain Duncan-Smith, who said in response to a “free lunch” jibe from the EU…” free lunch, we’ve paid so much into the EU over the past years we’ve already bought the damn restaurant”.\r\n\r\nIn addition to the IDS response, Theresa May also fought back with basically a “feck you”. I will make the UK a tax haven so you can stick your €60 billion invoice where the sun does not shine.\r\n\r\nTo place further stress on the UK leader, the “Celts” north of the border in bonnie Scotland, decided in the Edinburgh parliament that that they wanted to press for another Scotland Independent vote because in the BREXIT vote Scotland voted REMAIN by a huge margin. For reasons only known to the market cable ploughed higher on Thursday on the back of what I would call major uncertain news.\r\n\r\nBottom line is that “heels are being dug in” as it appears the UK and the EUROZONE cannot even agree on a BREXIT timetable for discussion. Nothing like a friendly, calm, peaceful and adult harmonized divorce.\r\n\r\nHappy days ahead with BREXIT, I cannot wait, it is going to be just brilliant.\r\n\r\nThink about all the market calls for BOE Carney to raise rates; Jesus, Mary and Joseph there is just as much of a chance of another rate cut.\r\n\r\nThe BREXIT is messy, it will get even more messy and frankly the trenches are being dug as I type.\r\n\r\nWith all the BREXIT news going to get very personal moving forward look out over the coming months for many inclusions in my blog of the following words and phrases: - feck, feck you, feck off, fecking idiots, fecking numpties, fecking feck, pass me that fecking pen, I am not signing that fecking paper and possibly you can stick that fecking pen up yer ar*e etc.\r\n\r\nMore…\r\n\r\nI have mentioned for the past couple of weeks that I was in transition with my trading approach this year given all the volatility and headwinds and my loss booked to the PREMIUM SERVICE in January.\r\n\r\nThis week as promised I share in “THE SOAPBOX” what I have done so far, the process I went through and why.\r\n\r\nA little bit more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nNow up to #6 this Monday. The software still gives me the creeps at times but I am now more comfortable with the content and the time 30-35 minutes in length. This is long enough for me and probably too long for you guys with my Liverpool accent.\r\n\r\n#6 is on Monday 27th February at 5:30PM\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, <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 too 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\nFinally, in this section…\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&nbsp;\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017.png\"><img class=\"aligncenter size-large wp-image-9142\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-26022017-1024x901.png\" alt=\"\" width=\"1024\" height=\"901\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nJust a few of items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Consumer Confidence and Manufacturing and Non-Manufacturing PMi data releases are due this week.\r\n\r\nDare I mention it that the analysts will be out in force to claim appearance monies on CNBC and BLOOMBERG to place bets on a March rate hike based upon these numbers. Get ready and be prepared.</li>\r\n 	<li>CAD (BOC Rate Statement): No press conference this time around for Stephen Poloz to waffle his way through.\r\n\r\nI am expecting the CAD interest rates to be left alone but do not be surprised if the commentary is dovish reflecting Poloz’s comments after the last rate announcement.\r\n\r\nA cut is on the cards but I am not convinced now would be the time. You never know. No press conference could be the best time for him to act ahead of a FED rate hike.</li>\r\n 	<li>GBP: Construction, Services and Manufacturing PMi’s this week. These will be watched closely. Last week CBi Retail Sales were higher. One piece of good news. Of late UK data has been weaker.</li>\r\n 	<li>USD: Janet Yellen speaks on Friday. There is no reason that I can see that if she mentions the economy that she can be nothing other than slightly hawkish.</li>\r\n 	<li>USD: “THE DONALD” addresses congress.\r\n\r\nWhat can I say?\r\n\r\nIt should be a campaign speech and if he’s clever he will refer to his pledges to his achievements so far in placing Executive orders on file. He should talk about involving “Buy ins” from big business on jobs, technology and tax.\r\n\r\nHe should lay out his timetable of events.\r\n\r\nWhat he should not do is personalize the speech, with “he said it” and “she said that” and “I said it first” type of childish rhetoric.</li>\r\n</ol>\r\nI expect a non-traditional address with little factual content.\r\n\r\nFor the future’s sake of trying to unite the USA and stop all the stupid imploding style political rhetoric he should deliver goals and timetables. Key action item deadlines for success.\r\n\r\nThere is more chance of hell freezing over.\r\n\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017.png\"><img class=\"aligncenter size-large wp-image-9143\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-26022017-1024x858.png\" alt=\"\" width=\"1024\" height=\"858\" /></a>\r\n\r\nThe charts below contain commentary (my thoughts and views), the charts are the USD majors reflected in the excel spreadsheet above.\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\n<strong> <a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9155\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></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/2017/02/GBPUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9156\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></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/2017/02/AUDUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9154\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></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/2017/02/NZDUSD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9157\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></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/2017/02/USDCAD-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9158\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></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/2017/02/USDCHF-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9159\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\n<strong><a href=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-26022017.png\"><img class=\"aligncenter size-large wp-image-9160\" src=\"https://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-26022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\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, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n(This section is only viewable to PREMIUM SERVICE subscribers)\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>HOW I AM ADAPTING MY TRADING </strong><strong>IN “LA LA LAND”</strong></p>\r\nI could have made the title of the soapbox this week: -\r\n\r\n<strong>FFS…  THIS IS A BLOODY NONSENSE</strong>\r\n\r\nTempted as I was I decided to go with something more mainstream that Google would appreciate from an analytics perspective.\r\n\r\nLet me just say, if you are trading anything other than 5-15 minute trades and you have your head above the water… congratulations. You deserve it. This market is at times about a useful as a chocolate teapot.\r\n“THE DONALD” appears to be running a reality TV presidency. From my perspective at times politically TRUMP appears slightly right of Attila the Hun and he without doubt thrives on confrontation.  The mainstream press won’t or can’t adjust to the new way in LA LA LAND. TRUMP is similar in purpose to my boy Labrador Ozzy, now 6 who is single mindedly focused on food. TRUMP is the Mr. Magoo of politics, he marches on leaving chaos and disorder behind him, and, he appears oblivious to this fact as he is surrounded with a team of yes people unfamiliar with the protocol in these situations and fearful to challenge TRUMP.\r\n\r\nIf the US press had brains they would plamause him and let him hang himself in the process. Regretfully, the likes of CNN, CNBC, NBC etc. cannot see beyond the next advertising cheque.\r\n\r\nThe effects of all this is a market driven by outrageous press conferences, tweets and a “he said / she said” mentality, better described as schoolyard, childish antics.\r\n\r\nFrom a trading perspective at times impossible to trade it is tantamount to gambling. As I have said before if you start gambling go to Vegas or Macau.\r\n\r\nOn the other side of the pond, the EUROZONE bureaucrats have started with commentary which they know 100% is going to raise the blood pressure levels of your average Brit. Having already voted to leave the EUROPEAN UNION because of sovereignty issues and immigration issues, the EUROPEAN UNION is now focused on a BREXIT EXIT BILL of some €60 billion. No negotiations until this amount is recognized as the invoice to pay to leave.\r\n\r\nI can just imagine the closed-door government conversations about this matter. I would say the commentary would be priceless.\r\n\r\nOn top of this we have the FRENCH ELECTIONS. Centre parties unite with candidates Francois Bayrou and Emmanuel Macron forming a coalition to beat both Francois Fillon and Marine Le Pen to form what is seen as a winning combination for the second round of voting in May assuming they pass the first round. Controversies and scandals galore, no mistresses yet as I mentioned earlier, or rent boys either…yet.\r\n\r\nTake absolutely nothing for granted. The polls are no longer a true reflection, the voters play games with the TV companies and pollsters.\r\n\r\nIn HOLLAND, the far-right Party for Freedom (Anti-Islam) leader Geert Wilders is neck and neck in the polls for victory.\r\n\r\nIn GERMANY, Christian democrat leader Martin Schulz is now confirmed ahead of Angela Merkel in the polls.\r\n\r\nThen we have GREECE…\r\n\r\nShould Le Pen claim a victory along with Wilders that would be the end of the EUROPEAN UNION. If I was Theresa May I would delay the A50 trigger. What’s the point of wasting time negotiating over something that could be down the tubes faster than a tin of dog food down Ozzy’s throat…. and that is fast!!\r\n\r\nBasically, at times both sides of the pond have their own versions of LA LA LAND and it’s not a pretty place to be as a trader if you are caught in the middle of the nonsense.\r\n\r\nSo; if you think it’s choppy now with all the above and much more of the same only probably worse on the horizon what do you do?\r\n\r\nHere is what I am in the process of doing: -\r\n\r\nWell, in January I booked a 793-pip loss as you know. This month it has been wiped away and the PREMIUM SERVICE is very nicely positive again. I have no doubts about my ability to adjust and fathom things out to make a profit. My goal is a clear 10,000 pips a year. It will be tough this year as I have never experienced anything like these headwinds across various currencies at the same time with a backdrop of central bank monetary policy divergence.\r\n\r\nIt’s all down to basics.\r\n\r\nLook at your TRADE PLAN. Examine what trades were not working and why?\r\n<ul>\r\n 	<li>Was it a specific trade style?</li>\r\n 	<li>Was it a specific currency pair or pairs?</li>\r\n 	<li>Are the poor trades emanating from specific trading sessions?</li>\r\n 	<li>Are my stops too tight?</li>\r\n 	<li>Are my stops too wide?</li>\r\n 	<li>Was I cutting corners?</li>\r\n 	<li>Was I over-trading the market?</li>\r\n</ul>\r\nI looked at all of this and decided to act, re-evaluate my TRADE PLAN to take effect from Q2.\r\n\r\nBasically, the headwinds in the EUROZONE, BREXIT and TRUMP will dominate everything and the currencies relating to these event risk countries happen to be the most liquid.\r\n\r\nAs PREMIUM SERVICE subscribers would testify, most of my trades are focused around the USD majors. I have cut my reliance on the commodity pairs like, AUD/USD, NZD/USD and USD/CAD and the cross-rates for now, and, focused my attention on my fundamentals based around the EUR/USD and GBP/USD. Not actively trading the commodity pairs for me is weird, since I cannot recall a time for almost 5 years I have not had a USD / Commodity pair related trade live.\r\n\r\nI gave myself until the end of Q1 to turn things around and exit some longer-term trades that I am just “sitting in” for want of a better phrase. I have these identified and on my RADAR to exit moving forward.\r\n\r\nI work better to a plan and goals, being goal orientated for as long as I can remember. My accounts are in transition but I am already creating CORE POSITIONS.\r\n\r\nA few years ago, I was taken to the woodshed and given a severe spanking by the JPY. Since that day, I have 99% of my time stayed away from it. As PREMIUM SERVICE subscribers know, I have moved back into the EUR/JPY for quite obvious reasons and so far, I have closed two positive trades, and have one more LIVE trade with 100 pips of profit already protected with two more LIMIT ORDERS in position to trigger.\r\n\r\nMy portfolio of trades will be around my core strengths. The big picture fundamentals, they trump (no pun intended) all. Technical trading has its place, but for me I am not by nature a 15-minute maximum scalper trader, it is just not in my DNA.\r\n\r\nNothing new…\r\n<ul>\r\n 	<li>Smaller position sizes.</li>\r\n 	<li>Wider stops offer great trade flexibility.</li>\r\n 	<li>At the same time manage RISK</li>\r\n 	<li>Plan your trades and Trade your plan.</li>\r\n</ul>\r\nThe biggest difference I am making moving into Q2 was to concentrate on the currencies I understand most. This is NOT rocket science. How successful I will be will be determined at the end of 2017 if I reach my PREMIUM SERVICE 10,000 pip target. I still have work to do but I am structured, disciplined and timely to make it happen.\r\n\r\nI am not sure if what I am doing resonates with any readers. Maybe you had a great start to 2017 unlike myself, and, none of this would therefore be required.\r\n\r\nAlways remember the ability to adapt, readily accept change and remain motivated are three key requisites of a Forex Trader.\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.\r\n\r\nScott PickeringThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #233 FREE NEWSLETTER\r\nDATE: 26th February 2017.\r\n\r\n<strong>\r\n</strong>\r\n\r\n&nbsp;', 'HOW I AM ADAPTING MY TRADING IN “LA LA LAND”', '', 'inherit', 'closed', 'closed', '', '9178-revision-v1', '', '', '2017-02-25 08:46:29', '2017-02-25 13:46:29', '', 9178, 'https://weeklyfxdrivethru.com/9178-revision-v1/', 0, 'revision', '', 0),
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