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(11694, 1049, '2018-05-16 13:04:23', '2018-05-16 18:04:23', '<span style=\"font-size: 12pt;\"><img class=\"alignleft\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/Scott-33-2.jpg\" alt=\"\" width=\"205\" height=\"320\" />I have over 20 years experience in the Banking and Finance industry, employed by major Banks based in the UK and Ireland.</span>\r\n\r\n<span style=\"font-size: 12pt;\">I started trading Forex In 2008. I would consider myself to be a fundamental trader first, then a technical trader as my macro views line up technically. Trading is basically continual repetition of finding chart patterns and confluences of buyers and sellers. I try my best to keep Forex Trading simple.</span>\r\n\r\n<span style=\"font-size: 12pt;\">To have longevity in trading one must apply very strong RISK MANAGEMENT principles and trade with a TRADING PLAN. I am a patient trader with strong disciplines I do not chase trades, I wait for them to come to me.</span>\r\n\r\n<span style=\"font-size: 12pt;\">I am an independent full-time Forex Trader. Trading Forex involves risk and may not be suitable to all investors.</span>\r\n\r\n<span style=\"font-size: 12pt;\">My trade set-ups (FLASH, RADAR, MOMENTUM, FUNDAMENTAL and POSITION) are suggested trades that interest me. If you follow my suggested trades you trade at your own risk.</span>\r\n\r\n<span style=\"font-size: 12pt;\">My tweets and blogs are my views only and should be considered as commentaries.</span>', 'About Me', '', 'inherit', 'closed', 'closed', '', '11679-revision-v1', '', '', '2018-05-16 13:04:23', '2018-05-16 18:04:23', '', 11679, 'https://weeklyfxdrivethru.com/2018/05/11679-revision-v1/', 0, 'revision', '', 0),
(11703, 1049, '2018-05-16 13:30:52', '2018-05-16 18:30:52', '<span style=\"font-size: 12pt;\"><img class=\"alignleft\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/Scott-33-2.jpg\" alt=\"\" width=\"205\" height=\"320\" /></span>\r\n<h1>Welcome to the weekly FX Drive Thru</h1>\r\n<span style=\"font-size: 12pt;\">I have over 20 years experience in the Banking and Finance industry, employed by major Banks based in the UK and Ireland.</span>\r\n\r\n<span style=\"font-size: 12pt;\">I started trading Forex In 2008. I would consider myself to be a fundamental trader first, then a technical trader as my macro views line up technically. Trading is basically continual repetition of finding chart patterns and confluences of buyers and sellers. I try my best to keep Forex Trading simple.</span>\r\n\r\n<span style=\"font-size: 12pt;\">To have longevity in trading one must apply very strong RISK MANAGEMENT principles and trade with a TRADING PLAN. I am a patient trader with strong disciplines I do not chase trades, I wait for them to come to me.</span>\r\n\r\n<span style=\"font-size: 12pt;\">I am an independent full-time Forex Trader. Trading Forex involves risk and may not be suitable to all investors.</span>\r\n\r\n<span style=\"font-size: 12pt;\">My trade set-ups (FLASH, RADAR, MOMENTUM, FUNDAMENTAL and POSITION) are suggested trades that interest me. If you follow my suggested trades you trade at your own risk.</span>\r\n\r\n<span style=\"font-size: 12pt;\">My tweets and blogs are my views only and should be considered as commentaries.</span>', 'About Me', '', 'inherit', 'closed', 'closed', '', '11679-revision-v1', '', '', '2018-05-16 13:30:52', '2018-05-16 18:30:52', '', 11679, 'https://weeklyfxdrivethru.com/2018/05/11679-revision-v1/', 0, 'revision', '', 0),
(11704, 1049, '2018-05-16 13:34:27', '2018-05-16 18:34:27', '', 'PROMOTIONS', '', 'publish', 'closed', 'closed', '', '11704', '', '', '2018-05-31 12:38:29', '2018-05-31 17:38:29', '', 0, 'https://weeklyfxdrivethru.com/?p=11704', 4, 'nav_menu_item', '', 0),
(11705, 1049, '2018-05-16 13:35:14', '2018-05-16 18:35:14', '<span style=\"font-size: 12pt;\">Content Pending</span>', 'WHAT IS THE WEEKLY FX PREMIUM', '', 'publish', 'closed', 'closed', '', 'what-is-the-weekly-fx-premium', '', '', '2018-05-16 20:34:07', '2018-05-17 01:34:07', '', 0, 'https://weeklyfxdrivethru.com/?page_id=11705', 0, 'page', '', 0),
(11706, 1049, '2018-05-16 13:35:14', '2018-05-16 18:35:14', '', 'WHAT IS THE WEEKLY FX PREMIUM', '', 'inherit', 'closed', 'closed', '', '11705-revision-v1', '', '', '2018-05-16 13:35:14', '2018-05-16 18:35:14', '', 11705, 'https://weeklyfxdrivethru.com/2018/05/11705-revision-v1/', 0, 'revision', '', 0),
(11707, 1049, '2018-05-16 13:35:48', '2018-05-16 18:35:48', '<span style=\"font-size: 12pt;\">Content Pending</span>', 'WHY SUBSCRIBE?', '', 'publish', 'closed', 'closed', '', 'why-subscribe', '', '', '2018-05-16 20:34:43', '2018-05-17 01:34:43', '', 0, 'https://weeklyfxdrivethru.com/?page_id=11707', 0, 'page', '', 0),
(11708, 1049, '2018-05-16 13:35:48', '2018-05-16 18:35:48', '', 'WHY SUBSCRIBE?', '', 'inherit', 'closed', 'closed', '', '11707-revision-v1', '', '', '2018-05-16 13:35:48', '2018-05-16 18:35:48', '', 11707, 'https://weeklyfxdrivethru.com/2018/05/11707-revision-v1/', 0, 'revision', '', 0),
(11709, 1049, '2018-05-16 13:36:42', '2018-05-16 18:36:42', '<span style=\"font-size: 12pt;\">Content Pending</span>', 'BENEFITS OF BEING A \"PLATINUM SUBSCRIBER\"', '', 'publish', 'closed', 'closed', '', 'subscription-communication-examples', '', '', '2018-05-16 20:31:21', '2018-05-17 01:31:21', '', 0, 'https://weeklyfxdrivethru.com/?page_id=11709', 0, 'page', '', 0),
(11716, 1049, '2018-05-16 13:40:23', '2018-05-16 18:40:23', '', 'BENEFITS OF BEING A \"PLATINUM SUBSCRIBER\"', '', 'publish', 'closed', 'closed', '', 'benefits-of-being-a-platinum-subscriber', '', '', '2018-05-31 12:38:29', '2018-05-31 17:38:29', '', 0, 'https://weeklyfxdrivethru.com/?p=11716', 10, 'nav_menu_item', '', 0),
(11830, 1049, '2018-05-16 20:32:16', '2018-05-17 01:32:16', '<pre></pre>\r\n<p style=\"text-align: left;\"><span style=\"font-family: arial, helvetica, sans-serif;\">Hello,</span></p>\r\nFrom time to time I will offer PROMOTIONS to join the WEEKLY FX PREMIUM .\r\n\r\nAt the present time there are no special subscriber promotions in place.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n31st January 2018.\r\n<h4></h4>', 'Promotions', '', 'inherit', 'closed', 'closed', '', '4984-revision-v1', '', '', '2018-05-16 20:32:16', '2018-05-17 01:32:16', '', 4984, 'https://weeklyfxdrivethru.com/2018/05/4984-revision-v1/', 0, 'revision', '', 0),
(11712, 1049, '2018-05-16 13:37:21', '2018-05-16 18:37:21', '', 'PERFORMANCE HISTORY', '', 'inherit', 'closed', 'closed', '', '11709-revision-v1', '', '', '2018-05-16 13:37:21', '2018-05-16 18:37:21', '', 11709, 'https://weeklyfxdrivethru.com/2018/05/11709-revision-v1/', 0, 'revision', '', 0),
(11686, 1049, '2018-05-16 12:39:36', '2018-05-16 17:39:36', '{\n    \"custom_css[eleven40-pro]\": {\n        \"value\": \"\",\n        \"type\": \"custom_css\",\n        \"user_id\": 1049,\n        \"date_modified_gmt\": \"2018-05-16 17:39:36\"\n    }\n}', '', '', 'trash', 'closed', 'closed', '', 'a5b4eb32-b783-4aa4-9bc1-f3ef36ee8bea', '', '', '2018-05-16 12:39:36', '2018-05-16 17:39:36', '', 0, 'https://weeklyfxdrivethru.com/2018/05/a5b4eb32-b783-4aa4-9bc1-f3ef36ee8bea/', 0, 'customize_changeset', '', 0),
(12137, 1049, '2018-05-31 19:47:35', '2018-06-01 00:47:35', '[content_block id=11890]\r\n<p class=\"p1\"><img class=\"alignleft size-full wp-image-12034\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/pdf.png\" alt=\"\" width=\"80\" height=\"80\" /></p>\r\n&nbsp;\r\n\r\n<span style=\"font-size: 12pt;\">\r\n<span style=\"font-size: 16pt;\"><strong><span style=\"color: #ff0000;\">These resources are in PDF format that will allow for easy printing</span></strong></span></span>\r\n\r\n&nbsp;\r\n<blockquote>\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/1.-CANDLESTICK-FORMATION.pdf\">1. CANDLESTICK FORMATION\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/2.-LONG-BLACK-WHITE-CANDLES.pdf\">2. LONG BLACK &amp; WHITE CANDLES\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/3.-SHORT-BLACK-WHITE-CANDLES.pdf\">3. SHORT BLACK &amp; WHITE CANDLES\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/4.-INSIDE-CANDLE.pdf\">4. INSIDE CANDLE\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/5.-OUTSIDE-CANDLE.pdf\">5. OUTSIDE CANDLE\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/6.-BULLISH-ENGULFING.pdf\">6. BULLISH ENGULFING\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/7.-BEARISH-ENGULFING.pdf\">7. BEARISH ENGULFING\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/8.-BULLISH-HARAMI.pdf\">8. BULLISH HARAMI\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/9.-BEARISH-HARAMI.pdf\">9. BEARISH HARAMI\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/10.-MORNING-STAR.pdf\">10. MORNING STAR\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/11.-EVENING-STAR.pdf\">11. EVENING STAR\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/12.-PIERCING-LINE.pdf\">12. PIERCING LINE\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/13.-DARK-CLOUD-COVER.pdf\">13. DARK CLOUD COVER\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/14.-HAMMER.pdf\">14. HAMMER\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/15.-HANGING-MAN.pdf\">15. HANGING MAN\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/16.-SHOOTING-STAR.pdf\">16. SHOOTING STAR\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/17.-INVERTED-HAMMER.pdf\">17. INVERTED HAMMER\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/18.-DOJI.pdf\">18. DOJI\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/19.-SPINNING-TOP.pdf\">19. SPINNING TOP\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/20.-TWEEZER-TOP.pdf\">20. TWEEZER TOP\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/21.-TWEEZER-BOTTOM.pdf\">21. TWEEZER BOTTOM\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/22.-MARUBOZU.pdf\">22. MARUBOZU</a></span></p>\r\n</blockquote>\r\n&nbsp;\r\n\r\n&nbsp;', 'TRADING BASICS - Candlestick Analysis', '', 'inherit', 'closed', 'closed', '', '11881-revision-v1', '', '', '2018-05-31 19:47:35', '2018-06-01 00:47:35', '', 11881, 'https://weeklyfxdrivethru.com/2018/05/11881-revision-v1/', 0, 'revision', '', 0),
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(12061, 1049, '2018-05-31 18:36:40', '2018-05-31 23:36:40', '<hr />\r\n\r\n<blockquote>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/newbie-traders/\">Newbie Traders &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/trade-plans-account-management/\">Accounts Management - Trade Plan &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/day-to-day-trading-trade-management/\">Account Management - Day to Day Trading &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/managing-risk-risk-management/\">Risk Management  &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/trading-psychology/\">Head Management - Trading Psychology  &gt;&gt;</a></span></h6>\r\n</blockquote>\r\n<p class=\"p1\"></p>', 'Education - trading essentials', '', 'inherit', 'closed', 'closed', '', '11767-revision-v1', '', '', '2018-05-31 18:36:40', '2018-05-31 23:36:40', '', 11767, 'https://weeklyfxdrivethru.com/2018/05/11767-revision-v1/', 0, 'revision', '', 0),
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(12119, 1049, '2018-05-31 19:24:06', '2018-06-01 00:24:06', '[content_block id=11890]\r\n<p class=\"p1\"><img class=\"alignleft size-full wp-image-12034\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/pdf.png\" alt=\"\" width=\"80\" height=\"80\" /></p>\r\n&nbsp;\r\n\r\n<span style=\"font-size: 12pt;\">\r\n<span style=\"font-size: 16pt;\"><strong><span style=\"color: #ff0000;\">These resources are in PDF format that will allow for easy printing</span></strong></span></span>\r\n\r\n&nbsp;\r\n<blockquote><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/1.-CANDLESTICK-FORMATION.pdf\">1. CANDLESTICK FORMATION</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/2.-LONG-BLACK-WHITE-CANDLES.pdf\">2. LONG BLACK &amp; WHITE CANDLES\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/3.-SHORT-BLACK-WHITE-CANDLES.pdf\">3. SHORT BLACK &amp; WHITE CANDLES</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/4.-INSIDE-CANDLE.pdf\">4. INSIDE CANDLE</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/5.-OUTSIDE-CANDLE.pdf\">5. OUTSIDE CANDLE</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/6.-BULLISH-ENGULFING.pdf\">6. BULLISH ENGULFING</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/7.-BEARISH-ENGULFING.pdf\">7. BEARISH ENGULFING\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/8.-BULLISH-HARAMI.pdf\">8. BULLISH HARAMI</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/9.-BEARISH-HARAMI.pdf\">9. BEARISH HARAMI</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/10.-MORNING-STAR.pdf\">10. MORNING STAR\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/11.-EVENING-STAR.pdf\">11. EVENING STAR</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/12.-PIERCING-LINE.pdf\">12. PIERCING LINE</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/13.-DARK-CLOUD-COVER.pdf\">13. DARK CLOUD COVER\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/14.-HAMMER.pdf\">14. HAMMER</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/15.-HANGING-MAN.pdf\">15. HANGING MAN</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/16.-SHOOTING-STAR.pdf\">16. SHOOTING STAR\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/17.-INVERTED-HAMMER.pdf\">17. INVERTED HAMMER\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/18.-DOJI.pdf\">18. DOJI</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/19.-SPINNING-TOP.pdf\">19. SPINNING TOP</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/20.-TWEEZER-TOP.pdf\">20. TWEEZER TOP</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/21.-TWEEZER-BOTTOM.pdf\">21. TWEEZER BOTTOM</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/22.-MARUBOZU.pdf\">22. MARUBOZU</a></span></blockquote>\r\n\r\n<hr />\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'Candlestick Analysis', '', 'inherit', 'closed', 'closed', '', '11881-revision-v1', '', '', '2018-05-31 19:24:06', '2018-06-01 00:24:06', '', 11881, 'https://weeklyfxdrivethru.com/2018/05/11881-revision-v1/', 0, 'revision', '', 0),
(12121, 1049, '2018-05-31 19:25:08', '2018-06-01 00:25:08', '[content_block id=11890]\r\n<p class=\"p1\"><img class=\"alignleft size-full wp-image-12034\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/pdf.png\" alt=\"\" width=\"80\" height=\"80\" /></p>\r\n&nbsp;\r\n\r\n<span style=\"font-size: 12pt;\">\r\n<span style=\"font-size: 16pt;\"><strong><span style=\"color: #ff0000;\">These resources are in PDF format that will allow for easy printing</span></strong></span></span>\r\n\r\n&nbsp;\r\n<blockquote>\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/1.-CANDLESTICK-FORMATION.pdf\">1. CANDLESTICK FORMATION</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/2.-LONG-BLACK-WHITE-CANDLES.pdf\">2. LONG BLACK &amp; WHITE CANDLES\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/3.-SHORT-BLACK-WHITE-CANDLES.pdf\">3. SHORT BLACK &amp; WHITE CANDLES</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/4.-INSIDE-CANDLE.pdf\">4. INSIDE CANDLE</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/5.-OUTSIDE-CANDLE.pdf\">5. OUTSIDE CANDLE</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/6.-BULLISH-ENGULFING.pdf\">6. BULLISH ENGULFING</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/7.-BEARISH-ENGULFING.pdf\">7. BEARISH ENGULFING\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/8.-BULLISH-HARAMI.pdf\">8. BULLISH HARAMI</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/9.-BEARISH-HARAMI.pdf\">9. BEARISH HARAMI</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/10.-MORNING-STAR.pdf\">10. MORNING STAR\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/11.-EVENING-STAR.pdf\">11. EVENING STAR</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/12.-PIERCING-LINE.pdf\">12. PIERCING LINE</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/13.-DARK-CLOUD-COVER.pdf\">13. DARK CLOUD COVER\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/14.-HAMMER.pdf\">14. HAMMER</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/15.-HANGING-MAN.pdf\">15. HANGING MAN</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/16.-SHOOTING-STAR.pdf\">16. SHOOTING STAR\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/17.-INVERTED-HAMMER.pdf\">17. INVERTED HAMMER\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/18.-DOJI.pdf\">18. DOJI</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/19.-SPINNING-TOP.pdf\">19. SPINNING TOP</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/20.-TWEEZER-TOP.pdf\">20. TWEEZER TOP</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/21.-TWEEZER-BOTTOM.pdf\">21. TWEEZER BOTTOM</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/22.-MARUBOZU.pdf\">22. MARUBOZU</a></span></p>\r\n</blockquote>\r\n&nbsp;\r\n\r\n&nbsp;', 'Candlestick Analysis', '', 'inherit', 'closed', 'closed', '', '11881-revision-v1', '', '', '2018-05-31 19:25:08', '2018-06-01 00:25:08', '', 11881, 'https://weeklyfxdrivethru.com/2018/05/11881-revision-v1/', 0, 'revision', '', 0),
(12120, 1049, '2018-05-31 19:24:44', '2018-06-01 00:24:44', '[content_block id=11890]\r\n<p class=\"p1\"><img class=\"alignleft size-full wp-image-12034\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/pdf.png\" alt=\"\" width=\"80\" height=\"80\" /></p>\r\n&nbsp;\r\n\r\n<span style=\"font-size: 12pt;\">\r\n<span style=\"font-size: 16pt;\"><strong><span style=\"color: #ff0000;\">These resources are in PDF format that will allow for easy printing</span></strong></span></span>\r\n\r\n&nbsp;\r\n<blockquote>\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/1.-CANDLESTICK-FORMATION.pdf\">1. CANDLESTICK FORMATION</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/2.-LONG-BLACK-WHITE-CANDLES.pdf\">2. LONG BLACK &amp; WHITE CANDLES\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/3.-SHORT-BLACK-WHITE-CANDLES.pdf\">3. SHORT BLACK &amp; WHITE CANDLES</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/4.-INSIDE-CANDLE.pdf\">4. INSIDE CANDLE</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/5.-OUTSIDE-CANDLE.pdf\">5. OUTSIDE CANDLE</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/6.-BULLISH-ENGULFING.pdf\">6. BULLISH ENGULFING</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/7.-BEARISH-ENGULFING.pdf\">7. BEARISH ENGULFING\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/8.-BULLISH-HARAMI.pdf\">8. BULLISH HARAMI</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/9.-BEARISH-HARAMI.pdf\">9. BEARISH HARAMI</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/10.-MORNING-STAR.pdf\">10. MORNING STAR\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/11.-EVENING-STAR.pdf\">11. EVENING STAR</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/12.-PIERCING-LINE.pdf\">12. PIERCING LINE</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/13.-DARK-CLOUD-COVER.pdf\">13. DARK CLOUD COVER\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/14.-HAMMER.pdf\">14. HAMMER</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/15.-HANGING-MAN.pdf\">15. HANGING MAN</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/16.-SHOOTING-STAR.pdf\">16. SHOOTING STAR\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/17.-INVERTED-HAMMER.pdf\">17. INVERTED HAMMER\r\n</a><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/18.-DOJI.pdf\">18. DOJI</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/19.-SPINNING-TOP.pdf\">19. SPINNING TOP</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/20.-TWEEZER-TOP.pdf\">20. TWEEZER TOP</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/21.-TWEEZER-BOTTOM.pdf\">21. TWEEZER BOTTOM</a></span>\r\n<span style=\"font-size: 12pt;\"> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/22.-MARUBOZU.pdf\">22. MARUBOZU</a></span></p>\r\n</blockquote>\r\n\r\n<hr />\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'Candlestick Analysis', '', 'inherit', 'closed', 'closed', '', '11881-revision-v1', '', '', '2018-05-31 19:24:44', '2018-06-01 00:24:44', '', 11881, 'https://weeklyfxdrivethru.com/2018/05/11881-revision-v1/', 0, 'revision', '', 0),
(11900, 1049, '2018-05-24 22:30:50', '2018-05-25 03:30:50', '<span style=\"font-size: 20pt; color: #0000ff;\">Weekly Fx Premium Blog </span>', 'Weekly Fx Premium Blog ', '', 'publish', 'closed', 'closed', '', '11900', '', '', '2018-05-24 22:33:14', '2018-05-25 03:33:14', '', 0, 'https://weeklyfxdrivethru.com/?post_type=content_block&#038;p=11900', 0, 'content_block', '', 0),
(11827, 1049, '2018-05-16 20:27:34', '2018-05-17 01:27:34', '', 'TRADE STYLE DEFINITIONS', '', 'publish', 'closed', 'closed', '', 'trade-style-difinitions', '', '', '2018-05-31 12:38:29', '2018-05-31 17:38:29', '', 0, 'https://weeklyfxdrivethru.com/?p=11827', 9, 'nav_menu_item', '', 0),
(11759, 1049, '2018-05-16 18:28:38', '0000-00-00 00:00:00', '', 'Auto Draft', '', 'auto-draft', 'closed', 'closed', '', '', '', '', '2018-05-16 18:28:38', '0000-00-00 00:00:00', '', 0, 'https://weeklyfxdrivethru.com/?page_id=11759', 0, 'page', '', 0),
(11760, 1049, '2018-05-16 18:30:28', '2018-05-16 23:30:28', '[content_block id=11767]\r\n\r\n<strong><span style=\"font-size: 14pt; color: #ff6600;\"><img class=\"alignleft size-full wp-image-12034\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/pdf.png\" alt=\"\" width=\"80\" height=\"80\" />\r\n<span style=\"color: #993300;\">These resources are in PDF format that will allow for easy printing</span></span></strong>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<blockquote>\r\n<p style=\"padding-left: 30px;\"><a style=\"font-size: 12pt; font-family: -apple-system, BlinkMacSystemFont, \'Segoe UI\', Roboto, Oxygen-Sans, Ubuntu, Cantarell, \'Helvetica Neue\', sans-serif;\" href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/8-QUICK-REMINDERS-BEFORE-MAKING-YOUR-2015-TRADING-GOALS.pdf\" target=\"_blank\" rel=\"noopener\">8 QUICK REMINDERS BEFORE MAKING YOUR 2015 TRADING GOAL\r\n</a></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/CREATING-A-TRADING-PLAN.pdf\" target=\"_blank\" rel=\"noopener\">CREATING A TRADING PLAN\r\n</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/PLANNING-YOUR-TRADES-.pdf\" target=\"_blank\" rel=\"noopener\">PLANNING YOUR TRADES</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/IDEAS-THAT-MAYBE-YOU-SHOULD-ADD-TO-YOUR-FOREX-TRADING-RESOLUTIONS.pdf\" target=\"_blank\" rel=\"noopener\">IDEAS THAT MAYBE YOU SHOULD ADD TO YOUR FOREX TRADING RESOLUTIONS</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/FOLLOWING-YOUR-TRADING-PLAN.pdf\" target=\"_blank\" rel=\"noopener\">FOLLOWING YOUR TRADING PLAN</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/DONT-GIVE-UP-ON-YOUR-TRADE-PLAN.pdf\" target=\"_blank\" rel=\"noopener\">DON\'T GIVE UP ON YOUR TRADE PLAN</a></span></p>\r\n</blockquote>', 'TRADE PLANS (ACCOUNT MANAGEMENT)', '', 'publish', 'closed', 'closed', '', 'trade-plans-account-management', '', '', '2018-05-31 19:39:19', '2018-06-01 00:39:19', '', 0, 'https://weeklyfxdrivethru.com/?page_id=11760', 0, 'page', '', 0),
(11763, 1049, '2018-05-16 18:33:10', '2018-05-16 23:33:10', '[content_block id=11767]\r\n\r\n<strong><span style=\"font-size: 14pt; color: #ff6600;\"><img class=\"alignleft size-full wp-image-12034\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/pdf.png\" alt=\"\" width=\"80\" height=\"80\" />\r\n<span style=\"color: #993300;\">These resources are in PDF format that will allow for easy printing</span></span></strong>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<blockquote>\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/3-WAYS-TO-ENHANCE-YOUR-FOREX-TRADING-SKILLS.pdf\" target=\"_blank\" rel=\"noopener\">3 WAYS TO ENHANCE YOUR FOREX TRADING SKILLS</a>\r\n</span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/TRADING-WITH-A-FLEXIBLE-MINDSET.pdf\" target=\"_blank\" rel=\"noopener\">TRADING WITH A FLEXIBLE MINDSET</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/TRADING-AROUND-THE-NEWS.pdf\" target=\"_blank\" rel=\"noopener\">TRADING AROUND THE NEWS</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/TIPS-ON-GETTING-BACK-INTO-TRADING-AFTER-A-BREAK.pdf\" target=\"_blank\" rel=\"noopener\">TIPS ON GETTING BACK INTO TRADING AFTER A BREAK</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/TIPS-IN-ADJUSTING-TO-THE-FOREX-MARKET-WHEN-THERE-IS-LOW-VOLATILITY.pdf\" target=\"_blank\" rel=\"noopener\">TIPS IN ADJUSTING TO THE FOREX MARKET WHEN THERE IS LOW VOLATILITY</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/STOP-PLACEMENT.pdf\" target=\"_blank\" rel=\"noopener\">STOP PLACEMENT</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/HOW-TO-PLAN-YOUR-FOREX-TRADE-EXITS.pdf\" target=\"_blank\" rel=\"noopener\">HOW TO PLAN YOUR FOREX TRADE EXITS</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/HEDGING.pdf\" target=\"_blank\" rel=\"noopener\">HEDGING</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/HANDLING-NEWS-WITH-AN-OPEN-POSITION.pdf\" target=\"_blank\" rel=\"noopener\">HANDLING NEWS WITH AN OPEN POSITION</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/ARE-YOU-PREDICTING-PRICE-ACTION.pdf\" target=\"_blank\" rel=\"noopener\">ARE YOU PREDICTING PRICE ACTION?</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/ARE-YOU-A-GREEDY-FOREX-TRADER_.pdf\" target=\"_blank\" rel=\"noopener\">ARE YOU A GREEDY FOREX TRADER</a></span></p>\r\n</blockquote>', 'DAY TO DAY TRADING (TRADE MANAGEMENT)', '', 'publish', 'closed', 'closed', '', 'day-to-day-trading-trade-management', '', '', '2018-05-31 19:41:52', '2018-06-01 00:41:52', '', 0, 'https://weeklyfxdrivethru.com/?page_id=11763', 0, 'page', '', 0),
(11766, 1049, '2018-05-16 18:53:58', '0000-00-00 00:00:00', '', 'Auto Draft', '', 'auto-draft', 'closed', 'closed', '', '', '', '', '2018-05-16 18:53:58', '0000-00-00 00:00:00', '', 0, 'https://weeklyfxdrivethru.com/?page_id=11766', 0, 'page', '', 0),
(11767, 1049, '2018-05-16 18:59:52', '2018-05-16 23:59:52', '<hr />\r\n\r\n<blockquote>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/newbie-traders/\">Newbie Traders &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/trade-plans-account-management/\">Accounts Management - Trade Plan &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/day-to-day-trading-trade-management/\">Account Management - Day to Day Trading &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/managing-risk-risk-management/\">Risk Management  &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/trading-psychology/\">Head Management - Trading Psychology  &gt;&gt;</a></span></h6>\r\n</blockquote>\r\n<p class=\"p1\"></p>', 'Education - trading essentials', '', 'publish', 'closed', 'closed', '', 'education-trading-essentials', '', '', '2018-05-31 18:36:40', '2018-05-31 23:36:40', '', 0, 'https://weeklyfxdrivethru.com/?post_type=content_block&#038;p=11767', 0, 'content_block', '', 0),
(12059, 1049, '2018-05-31 18:35:23', '2018-05-31 23:35:23', '<hr />\r\n\r\n<blockquote>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/newbie-traders/\">Newbie Traders &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/trade-plans-account-management/\">Accounts Management - Trade Plan &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/day-to-day-trading-trade-management/\">Account Management - Day to Day Trading &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/managing-risk-risk-management/\">Risk Management  &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/trading-psychology/\">Head Management - Trading Psychology  &gt;&gt;</a></span></h6>\r\n</blockquote>\r\n<blockquote>\r\n<p class=\"p1\"><img class=\"alignleft size-full wp-image-12034\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/pdf.png\" alt=\"\" width=\"80\" height=\"80\" />\r\nThese resources are in PDF format that will allow for easy printing</p>\r\n</blockquote>', 'Education - trading essentials', '', 'inherit', 'closed', 'closed', '', '11767-revision-v1', '', '', '2018-05-31 18:35:23', '2018-05-31 23:35:23', '', 11767, 'https://weeklyfxdrivethru.com/2018/05/11767-revision-v1/', 0, 'revision', '', 0),
(12014, 1049, '2018-05-31 13:19:15', '2018-05-31 18:19:15', '[content_block id=11767]\r\n\r\n<section class=\"pdf-links\">\r\n<div class=\"one-third first\"></div>\r\n<div class=\"one-third\">\r\n\r\n&nbsp;\r\n\r\n</div>\r\n</section>\r\n<div class=\"one-half first\"><span style=\"font-size: 12pt;\">These resources are in PDF format that will allow for easy printing</span></div>', 'Trading Essentials', '', 'inherit', 'closed', 'closed', '', '2538-revision-v1', '', '', '2018-05-31 13:19:15', '2018-05-31 18:19:15', '', 2538, 'https://weeklyfxdrivethru.com/2018/05/2538-revision-v1/', 0, 'revision', '', 0),
(12013, 1049, '2018-05-31 13:18:44', '2018-05-31 18:18:44', '[content_block id=11767]\r\n\r\n<section class=\"pdf-links\">\r\n<div class=\"one-third first\"></div>\r\n<div class=\"one-third\">\r\n\r\n<span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/FACTORS-FOR-DETERMINING-POSITION-SIZES.pdf\">FACTORS FOR DETERMINING POSITION SIZES</a> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/TRADING-HABITS-THAT-WILL-HELP-YOU-MANAGE-YOUR-OPEN-POSITIONS.pdf\">TRADING HABITS THAT WILL HELP YOU MANAGE YOUR OPEN POSITIONS</a> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/THE-5-MOST-COMMON-MISTAKES-NEWBIE-TRADERS-MAKE.pdf\">THE 5 MOST COMMON MISTAKES NEWBIE TRADERS MAKE</a> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/REASONS-WHY-SO-MANY-TRADERS-FAIL.pdf\">REASONS WHY SO MANY TRADERS FAIL</a> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/POSITION-SIZING...TIPS-ON-HOW-TO-AVOID-RISKING-TOO-MUCH.pdf\">POSITION SIZING...TIPS ON HOW TO AVOID RISKING TOO MUCH</a> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/LIVE-ACCOUNT-vs-DEMO-ACCOUNT.pdf\">LIVE ACCOUNT vs DEMO ACCOUNT</a></span>\r\n\r\n</div>\r\n</section>\r\n<div class=\"one-half first\"><span style=\"font-size: 12pt;\">These resources are in PDF format that will allow for easy printing</span></div>', 'Trading Essentials', '', 'inherit', 'closed', 'closed', '', '2538-revision-v1', '', '', '2018-05-31 13:18:44', '2018-05-31 18:18:44', '', 2538, 'https://weeklyfxdrivethru.com/2018/05/2538-revision-v1/', 0, 'revision', '', 0),
(11911, 1049, '2018-05-31 12:19:41', '2018-05-31 17:19:41', '[content_block id=11890]\r\n<p class=\"p1\"><img class=\"alignleft size-full wp-image-12034\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/pdf.png\" alt=\"\" width=\"80\" height=\"80\" /></p>\r\n&nbsp;\r\n\r\n<span style=\"font-size: 12pt;\">\r\n<span style=\"font-size: 16pt;\"><strong><span style=\"color: #ff0000;\">These resources are in PDF format that will allow for easy printing</span></strong></span></span>\r\n\r\n&nbsp;\r\n<blockquote>\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/COMMON-TECHNICAL-INDICATORS.pdf\" target=\"_blank\" rel=\"noopener\">COMMON TECHNICAL INDICATORS\r\n</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/MACRO-ANALYSIS.pdf\" target=\"_blank\" rel=\"noopener\">MACRO ANALYSIS\r\n</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/FUNDAMENTALS-OF-TECHNICAL-ANALYSIS.pdf\" target=\"_blank\" rel=\"noopener\">FUNDAMENTALS OF TECHNICAL ANALYSIS</a></span></p>\r\n</blockquote>', 'Trading Basics - Basic Analysis', '', 'publish', 'closed', 'closed', '', 'basic-analysis', '', '', '2018-05-31 19:48:28', '2018-06-01 00:48:28', '', 0, 'https://weeklyfxdrivethru.com/?page_id=11911', 0, 'page', '', 0),
(11997, 1049, '2018-05-31 12:52:05', '2018-05-31 17:52:05', '[content_block id=11890]\r\n\r\n<section class=\"pdf-links\"></section>\r\n<div class=\"one-half first\">\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 12pt;\">These resources are in PDF format that will allow for easy printing</span>\r\n\r\n</div>', 'Trading Basics', '', 'inherit', 'closed', 'closed', '', '2535-revision-v1', '', '', '2018-05-31 12:52:05', '2018-05-31 17:52:05', '', 2535, 'https://weeklyfxdrivethru.com/2018/05/2535-revision-v1/', 0, 'revision', '', 0),
(11892, 1049, '2018-05-22 12:47:12', '2018-05-22 17:47:12', '[content_block id=11890]\r\n\r\n<section class=\"pdf-links\">\r\n<div class=\"one-third first\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2014/01/Introduction-to-Chart-Patterns.pdf\">Introduction to Chart Patterns</a>\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2014/01/What-Are-Charts-.pdf\">What Are Charts</a></div>\r\n<div class=\"one-third\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2014/01/Gaps-and-Gap-Analysis.pdf\">Gaps and Gap Analysis</a>\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2014/01/Trend-Lines.pdf\">Trend Lines</a></div>\r\n<div class=\"one-third\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2014/01/Support-and-Resistance.pdf\">Support and Resistance</a></div>\r\n</section>\r\n<div class=\"one-half first\">\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 12pt;\">These resources are in PDF format that will allow for easy printing</span>\r\n\r\n</div>', 'Trading Basics', '', 'inherit', 'closed', 'closed', '', '2535-revision-v1', '', '', '2018-05-22 12:47:12', '2018-05-22 17:47:12', '', 2535, 'https://weeklyfxdrivethru.com/2018/05/2535-revision-v1/', 0, 'revision', '', 0),
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(11861, 1, '2018-05-22 04:11:10', '2018-05-22 09:11:10', '&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><span style=\"font-size: 18pt;\"><strong><u>TRADE STYLES 2018:</u></strong></span></p>\r\n<u>\r\n<span style=\"font-size: 14pt;\"><strong>FLASH TRADES (FT):</strong></span>\r\n</u><u>\r\n</u><span style=\"font-size: 12pt;\">Simply put, these are mainly opportunist trades in LIVE market conditions. These trades are usually based off economic news data releases or, based off a pullback strategy or a GIMME10 strategy.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TRADE STYLE GOAL: is to either take 10-30 pips or see a sufficient move to place a protective stop in place to see if a swing trade develops.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TARGET AUDIENCE: FLASH TRADES are realistically for traders with very short-term trading horizons. They are called FLASH because I see these as quick directional trades, although, should the momentum keep moving these trades in my trading direction they will remain in play as swing trades could develop.</span>\r\n\r\n<span style=\"font-size: 12pt;\">You will however notice that I will move stops to maintain profits and protect profits. It is rare that I hold onto these trades for more than a day. The usual life span is minutes rather than hours. In my opinion, traders need to be very active to participate with these trade set-ups.</span>\r\n\r\n<u>\r\n<span style=\"font-size: 14pt;\"><strong>RADAR TRADES (RT):</strong></span></u><u></u>\r\n\r\n<span style=\"font-size: 12pt;\">Essentially Day Trades than I hope will become Swing Trades. These are pre-meditated LIMIT ORDER entry trades set from either Fibonacci levels, pivot points or previous support and resistance levels based off a combination of horizontal or trend line support or resistance. In addition, sometimes chart patterns will help provide either a reason for or support for a trade set up being posted.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TRADE STYLE GOAL: if market conditions apply allow the trade to gather traction and develop into a swing or even a longer-term POSITION trade.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TARGET AUDIENCE: RADAR TRADES are realistically designed and more suitable to day traders, or traders with a shorter time framed horizon with open trades. In my opinion traders need to be active to participate in these trade set-ups.</span>\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\"><strong><u>MOMENTUM TRADES (MOM):</u></strong></span>\r\n\r\n<span style=\"font-size: 12pt;\">These are 100% either “BUY or SELL STOP ORDERS”, they are LIMIT ORDER entries but they are more often than position at the conclusion of a prior move in a currency pair. More often than not 90% of the time they will be posted at the end of a trading day, week or month.</span>\r\n\r\n<span style=\"font-size: 12pt;\">They offer an opportunity if triggered to capture pips in the Asian and European sessions based upon the time of the day the trades will be posted.</span>\r\n\r\n<span style=\"font-size: 12pt;\">They do have greater RISK attached to them on the basis the entry is based mainly on just the end of a move. Not a Fibonacci level, or pivot point, at best I hope to strengthen the proposed entry with a previous level of horizontal support or resistance. They are mostly reversal trades.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TRADE STYLE GOAL: Whilst these trade set ups could be described as opportunist if strengthened by prior levels of interest where buyers and sellers have fought for control, it is possible for these trades to develop into swing trades. When trading with MOMENTUM, and maybe coupled with a sentiment shift the moves can be very powerful.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TARGET AUDIENCE: MOMENTUM TRADES do have a higher degree of RISK associated with them. They are separated so that subscribers can decide whether to take the extra RISK or not. These trades will normally be posted at the close of the trading day and could be attractive to Asian traders as the potential for a reversal may be more opportunist in a new trading session.</span>\r\n\r\n<u>\r\n<span style=\"font-size: 14pt;\"><strong>FUNDAMENTAL TRADES (FUN):</strong></span></u>\r\n\r\n<span style=\"font-size: 12pt;\">These are LIMIT ORDER entry trades using either buy/sell stop/limit entries to enter the trade. The best way to describe these trades is that they are longer-term perspective trades than RADAR TRADES but not with as longer a term horizon as a POSITION trade.</span>\r\n\r\n<span style=\"font-size: 12pt;\">They are based off my longer-term FUNDAMENTAL views on a currency. Stops are based upon resistance / support levels, using chart patterns and Fibonacci levels to determine both entry and exit levels. They can be multiple position trades, although POSITION trades are my primary trade style for this approach.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TARGET AUDIENCE: FUNDAMENTAL TRADES are realistically targeted for traders with a longer-term trading horizon. These trades would also suit traders who have a limited access to check the status of their trades during the day.</span>\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\"><strong><u>POSITION TRADES (POS):</u></strong></span>\r\n\r\n<span style=\"font-size: 12pt;\">These trade set-ups are intended to have a longer-term trading perspective. Being frank, this goal has NEVER really worked so far. I have been too pre-occupied with the market sentiment shifts and not allowed these trades to progress.</span>\r\n\r\n<span style=\"font-size: 12pt;\">In 2018, these will be of a longer-term duration and a great deal of previous POSITION trading will now become FUNDAMENTAL moving forward.</span>\r\n\r\n<span style=\"font-size: 12pt;\">These trades are not only targeted at traders who consider they are part-time Forex traders; obviously, all traders can of course take advantage. (My definition of a part-time trader is one who is only able to look at their computer screens, or, mobile devices to check trades two or three times a day).</span>\r\n\r\n<span style=\"font-size: 12pt;\">These trades are initiated via LIMIT ORDERS, when on a stop or limit basis.</span>\r\n\r\n<span style=\"font-size: 12pt;\">A key feature of these set-ups is that they have much wider than normal stops to allow for market swings and volatility. The trades therefore have a smaller position size to allow for the swings in volatility, but multiple trades in the same currency pair are added when the core trade has gained traction in the desired direction.</span>\r\n<p style=\"text-align: left;\"><span style=\"font-size: 12pt;\">This last point above is VERY IMPORTANT TO NOTE. My stops in 2018 could be as much as Monthly Average True Ranges (ATR\'s). The contingent Liability RISK associated with these trades may be too high if you operate a small balanced broker account. Drawdowns could be at Monthly ATR maximums: -</span></p>\r\n<span style=\"font-size: 12pt;\">TYPICAL EXAMPLES:</span>\r\n\r\n<span style=\"font-size: 12pt;\">EUR/USD = 450 pips</span>\r\n<span style=\"font-size: 12pt;\"> GBP/USD = 600 pips</span>\r\n<span style=\"font-size: 12pt;\"> AUD/USD = 325 pips</span>\r\n<span style=\"font-size: 12pt;\"> EUR/AUD = 590 pips</span>\r\n<span style=\"font-size: 12pt;\"> GBP/AUD = 900 pips</span>\r\n<span style=\"font-size: 12pt;\"> GBP/NZD = 1,250 pips</span>\r\n<span style=\"font-size: 12pt;\"> EUR/JPY = 520 pips</span>\r\n<span style=\"font-size: 12pt;\"> GBP/JPY = 875 pips</span>\r\n\r\n<span style=\"font-size: 12pt;\">TRADE STYLE GOAL: is to have multiple trades open/live at any one time and maybe 2/3 open/live trades with the same currency pair. I will of course suggest taking some profits as the trade matures, but hopefully at the same time letting trades run as far as possible.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TARGET AUDIENCE: POSITION TRADES, these trades were initially launched for those traders who like to hold positions for weeks, even months, and for traders who do NOT want to sit in front of their screens 24 x 7. These trades suit the PART-TIME trader who can only check their trades on twitter alerts two or three times a day or are only able to look at their computer screens only a few times a day.</span>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><span style=\"font-size: 14pt;\"><strong>ANTICIPATED TRADE STYLE PENETRATION 2018 (BASED ON 600 COMPLETED TRADES):</strong></span></span>\r\n<p style=\"text-align: left;\"><span style=\"font-size: 12pt;\">FLASH TRADES (FT): 15% (90 trades)</span>\r\n<span style=\"font-size: 12pt;\"> RADAR TRADES (RT): 15% (90 trades)</span>\r\n<span style=\"font-size: 12pt;\"> MOMENTUM TRADES (MOM): 15% (90 trades)</span>\r\n<span style=\"font-size: 12pt;\"> FUNDAMENTAL TRADES (FUN): 35% (210 trades)</span>\r\n<span style=\"font-size: 12pt;\"> POSITION TRADES (POS): 20% (120 trades)</span></p>\r\n&nbsp;\r\n\r\n<span style=\"font-size: 12pt;\">Scott Pickering</span>\r\n<span style=\"font-size: 12pt;\"> The Pip Accumulator</span>\r\n<span style=\"font-size: 12pt;\"> 1st January 2018</span>\r\n<h3></h3>\r\n<h3></h3>\r\n<h3></h3>\r\n&nbsp;', 'Trade Style Definitions', '', 'inherit', 'closed', 'closed', '', '7582-revision-v1', '', '', '2018-05-22 04:11:10', '2018-05-22 09:11:10', '', 7582, 'https://weeklyfxdrivethru.com/2018/05/7582-revision-v1/', 0, 'revision', '', 0);
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(11828, 1049, '2018-05-16 20:30:06', '2018-05-17 01:30:06', '&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/03/PREM-SERV-BANNER.png\"><img class=\"aligncenter wp-image-11326\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/03/PREM-SERV-BANNER.png\" alt=\"\" width=\"712\" height=\"137\" /></a>\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><span style=\"font-size: 18pt;\"><strong><u>TRADE STYLES 2018:</u></strong></span></p>\r\n<u>\r\n<span style=\"font-size: 14pt;\"><strong>FLASH TRADES (FT):</strong></span>\r\n</u><u>\r\n</u><span style=\"font-size: 12pt;\">Simply put, these are mainly opportunist trades in LIVE market conditions. These trades are usually based off economic news data releases or, based off a pullback strategy or a GIMME10 strategy.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TRADE STYLE GOAL: is to either take 10-30 pips or see a sufficient move to place a protective stop in place to see if a swing trade develops.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TARGET AUDIENCE: FLASH TRADES are realistically for traders with very short-term trading horizons. They are called FLASH because I see these as quick directional trades, although, should the momentum keep moving these trades in my trading direction they will remain in play as swing trades could develop.</span>\r\n\r\n<span style=\"font-size: 12pt;\">You will however notice that I will move stops to maintain profits and protect profits. It is rare that I hold onto these trades for more than a day. The usual life span is minutes rather than hours. In my opinion, traders need to be very active to participate with these trade set-ups.</span>\r\n\r\n<u>\r\n<span style=\"font-size: 14pt;\"><strong>RADAR TRADES (RT):</strong></span></u><u></u>\r\n\r\n<span style=\"font-size: 12pt;\">Essentially Day Trades than I hope will become Swing Trades. These are pre-meditated LIMIT ORDER entry trades set from either Fibonacci levels, pivot points or previous support and resistance levels based off a combination of horizontal or trend line support or resistance. In addition, sometimes chart patterns will help provide either a reason for or support for a trade set up being posted.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TRADE STYLE GOAL: if market conditions apply allow the trade to gather traction and develop into a swing or even a longer-term POSITION trade.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TARGET AUDIENCE: RADAR TRADES are realistically designed and more suitable to day traders, or traders with a shorter time framed horizon with open trades. In my opinion traders need to be active to participate in these trade set-ups.</span>\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\"><strong><u>MOMENTUM TRADES (MOM):</u></strong></span>\r\n\r\n<span style=\"font-size: 12pt;\">These are 100% either “BUY or SELL STOP ORDERS”, they are LIMIT ORDER entries but they are more often than position at the conclusion of a prior move in a currency pair. More often than not 90% of the time they will be posted at the end of a trading day, week or month.</span>\r\n\r\n<span style=\"font-size: 12pt;\">They offer an opportunity if triggered to capture pips in the Asian and European sessions based upon the time of the day the trades will be posted.</span>\r\n\r\n<span style=\"font-size: 12pt;\">They do have greater RISK attached to them on the basis the entry is based mainly on just the end of a move. Not a Fibonacci level, or pivot point, at best I hope to strengthen the proposed entry with a previous level of horizontal support or resistance. They are mostly reversal trades.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TRADE STYLE GOAL: Whilst these trade set ups could be described as opportunist if strengthened by prior levels of interest where buyers and sellers have fought for control, it is possible for these trades to develop into swing trades. When trading with MOMENTUM, and maybe coupled with a sentiment shift the moves can be very powerful.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TARGET AUDIENCE: MOMENTUM TRADES do have a higher degree of RISK associated with them. They are separated so that subscribers can decide whether to take the extra RISK or not. These trades will normally be posted at the close of the trading day and could be attractive to Asian traders as the potential for a reversal may be more opportunist in a new trading session.</span>\r\n\r\n<u>\r\n<span style=\"font-size: 14pt;\"><strong>FUNDAMENTAL TRADES (FUN):</strong></span></u>\r\n\r\n<span style=\"font-size: 12pt;\">These are LIMIT ORDER entry trades using either buy/sell stop/limit entries to enter the trade. The best way to describe these trades is that they are longer-term perspective trades than RADAR TRADES but not with as longer a term horizon as a POSITION trade.</span>\r\n\r\n<span style=\"font-size: 12pt;\">They are based off my longer-term FUNDAMENTAL views on a currency. Stops are based upon resistance / support levels, using chart patterns and Fibonacci levels to determine both entry and exit levels. They can be multiple position trades, although POSITION trades are my primary trade style for this approach.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TARGET AUDIENCE: FUNDAMENTAL TRADES are realistically targeted for traders with a longer-term trading horizon. These trades would also suit traders who have a limited access to check the status of their trades during the day.</span>\r\n\r\n&nbsp;\r\n\r\n<span style=\"font-size: 14pt;\"><strong><u>POSITION TRADES (POS):</u></strong></span>\r\n\r\n<span style=\"font-size: 12pt;\">These trade set-ups are intended to have a longer-term trading perspective. Being frank, this goal has NEVER really worked so far. I have been too pre-occupied with the market sentiment shifts and not allowed these trades to progress.</span>\r\n\r\n<span style=\"font-size: 12pt;\">In 2018, these will be of a longer-term duration and a great deal of previous POSITION trading will now become FUNDAMENTAL moving forward.</span>\r\n\r\n<span style=\"font-size: 12pt;\">These trades are not only targeted at traders who consider they are part-time Forex traders; obviously, all traders can of course take advantage. (My definition of a part-time trader is one who is only able to look at their computer screens, or, mobile devices to check trades two or three times a day).</span>\r\n\r\n<span style=\"font-size: 12pt;\">These trades are initiated via LIMIT ORDERS, when on a stop or limit basis.</span>\r\n\r\n<span style=\"font-size: 12pt;\">A key feature of these set-ups is that they have much wider than normal stops to allow for market swings and volatility. The trades therefore have a smaller position size to allow for the swings in volatility, but multiple trades in the same currency pair are added when the core trade has gained traction in the desired direction.</span>\r\n<p style=\"text-align: left;\"><span style=\"font-size: 12pt;\">This last point above is VERY IMPORTANT TO NOTE. My stops in 2018 could be as much as Monthly Average True Ranges (ATR\'s). The contingent Liability RISK associated with these trades may be too high if you operate a small balanced broker account. Drawdowns could be at Monthly ATR maximums: -</span></p>\r\n<span style=\"font-size: 12pt;\">TYPICAL EXAMPLES:</span>\r\n\r\n<span style=\"font-size: 12pt;\">EUR/USD = 450 pips</span>\r\n<span style=\"font-size: 12pt;\"> GBP/USD = 600 pips</span>\r\n<span style=\"font-size: 12pt;\"> AUD/USD = 325 pips</span>\r\n<span style=\"font-size: 12pt;\"> EUR/AUD = 590 pips</span>\r\n<span style=\"font-size: 12pt;\"> GBP/AUD = 900 pips</span>\r\n<span style=\"font-size: 12pt;\"> GBP/NZD = 1,250 pips</span>\r\n<span style=\"font-size: 12pt;\"> EUR/JPY = 520 pips</span>\r\n<span style=\"font-size: 12pt;\"> GBP/JPY = 875 pips</span>\r\n\r\n<span style=\"font-size: 12pt;\">TRADE STYLE GOAL: is to have multiple trades open/live at any one time and maybe 2/3 open/live trades with the same currency pair. I will of course suggest taking some profits as the trade matures, but hopefully at the same time letting trades run as far as possible.</span>\r\n\r\n<span style=\"font-size: 12pt;\">TARGET AUDIENCE: POSITION TRADES, these trades were initially launched for those traders who like to hold positions for weeks, even months, and for traders who do NOT want to sit in front of their screens 24 x 7. These trades suit the PART-TIME trader who can only check their trades on twitter alerts two or three times a day or are only able to look at their computer screens only a few times a day.</span>\r\n\r\n&nbsp;\r\n\r\n<span style=\"text-decoration: underline;\"><span style=\"font-size: 14pt;\"><strong>ANTICIPATED TRADE STYLE PENETRATION 2018 (BASED ON 600 COMPLETED TRADES):</strong></span></span>\r\n<p style=\"text-align: left;\"><span style=\"font-size: 12pt;\">FLASH TRADES (FT): 15% (90 trades)</span>\r\n<span style=\"font-size: 12pt;\"> RADAR TRADES (RT): 15% (90 trades)</span>\r\n<span style=\"font-size: 12pt;\"> MOMENTUM TRADES (MOM): 15% (90 trades)</span>\r\n<span style=\"font-size: 12pt;\"> FUNDAMENTAL TRADES (FUN): 35% (210 trades)</span>\r\n<span style=\"font-size: 12pt;\"> POSITION TRADES (POS): 20% (120 trades)</span></p>\r\n&nbsp;\r\n\r\n<span style=\"font-size: 12pt;\">Scott Pickering</span>\r\n<span style=\"font-size: 12pt;\"> The Pip Accumulator</span>\r\n<span style=\"font-size: 12pt;\"> 1st January 2018</span>\r\n<h3></h3>\r\n<h3></h3>\r\n<h3></h3>\r\n&nbsp;', 'Trade Style Definitions', '', 'inherit', 'closed', 'closed', '', '7582-revision-v1', '', '', '2018-05-16 20:30:06', '2018-05-17 01:30:06', '', 7582, 'https://weeklyfxdrivethru.com/2018/05/7582-revision-v1/', 0, 'revision', '', 0),
(12058, 1049, '2018-05-31 18:34:06', '2018-05-31 23:34:06', '<hr />\r\n\r\n<blockquote>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/newbie-traders/\">Newbie Traders &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/trade-plans-account-management/\">Accounts Management - Trade Plan &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/day-to-day-trading-trade-management/\">Account Management - Day to Day Trading &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/managing-risk-risk-management/\">Risk Management  &gt;&gt;</a></span></h6>\r\n<h6><span style=\"font-family: arial, helvetica, sans-serif; font-size: 12pt; color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/trading-psychology/\">Head Management - Trading Psychology  &gt;&gt;</a></span></h6>\r\n<img class=\"alignleft size-full wp-image-12034\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/pdf.png\" alt=\"\" width=\"80\" height=\"80\" /></blockquote>', 'Education - trading essentials', '', 'inherit', 'closed', 'closed', '', '11767-revision-v1', '', '', '2018-05-31 18:34:06', '2018-05-31 23:34:06', '', 11767, 'https://weeklyfxdrivethru.com/2018/05/11767-revision-v1/', 0, 'revision', '', 0),
(11890, 1049, '2018-05-22 12:46:08', '2018-05-22 17:46:08', '<hr />\r\n\r\n<blockquote><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/chart-patterns/\"><span style=\"font-size: 12pt;\">Chart Patterns &gt;&gt;\r\n</span></a><span style=\"font-size: 12pt;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/candlestick-analysis/\">Candlestick Analysis &gt;&gt;\r\n</a></span><span style=\"font-size: 12pt;\"><a style=\"color: #0000ff;\" href=\"https://staging1.weeklyfxdrivethru.com/basic-analysis/\">Basic Analysis &gt;&gt;</a></span></span></blockquote>', 'Trading Basics', '', 'publish', 'closed', 'closed', '', 'trading-basics', '', '', '2018-05-31 18:26:33', '2018-05-31 23:26:33', '', 0, 'https://weeklyfxdrivethru.com/?post_type=content_block&#038;p=11890', 0, 'content_block', '', 0),
(12125, 1049, '2018-05-31 19:31:16', '2018-06-01 00:31:16', '[content_block id=11890]\r\n<p class=\"p1\"><img class=\"alignleft size-full wp-image-12034\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/pdf.png\" alt=\"\" width=\"80\" height=\"80\" /></p>\r\n&nbsp;\r\n\r\n<span style=\"font-size: 12pt;\">\r\n<span style=\"font-size: 16pt;\"><strong><span style=\"color: #ff0000;\">These resources are in PDF format that will allow for easy printing</span></strong></span></span>\r\n\r\n&nbsp;\r\n<blockquote>\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/1.-CANDLESTICK-FORMATION.pdf\">1. CANDLESTICK FORMATION\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/2.-LONG-BLACK-WHITE-CANDLES.pdf\">2. LONG BLACK &amp; WHITE CANDLES\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/3.-SHORT-BLACK-WHITE-CANDLES.pdf\">3. SHORT BLACK &amp; WHITE CANDLES\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/4.-INSIDE-CANDLE.pdf\">4. INSIDE CANDLE\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/5.-OUTSIDE-CANDLE.pdf\">5. OUTSIDE CANDLE\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/6.-BULLISH-ENGULFING.pdf\">6. BULLISH ENGULFING\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/7.-BEARISH-ENGULFING.pdf\">7. BEARISH ENGULFING\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/8.-BULLISH-HARAMI.pdf\">8. BULLISH HARAMI\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/9.-BEARISH-HARAMI.pdf\">9. BEARISH HARAMI\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/10.-MORNING-STAR.pdf\">10. MORNING STAR\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/11.-EVENING-STAR.pdf\">11. EVENING STAR\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/12.-PIERCING-LINE.pdf\">12. PIERCING LINE\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/13.-DARK-CLOUD-COVER.pdf\">13. DARK CLOUD COVER\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/14.-HAMMER.pdf\">14. HAMMER\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/15.-HANGING-MAN.pdf\">15. HANGING MAN\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/16.-SHOOTING-STAR.pdf\">16. SHOOTING STAR\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/17.-INVERTED-HAMMER.pdf\">17. INVERTED HAMMER\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/18.-DOJI.pdf\">18. DOJI\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/19.-SPINNING-TOP.pdf\">19. SPINNING TOP\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/20.-TWEEZER-TOP.pdf\">20. TWEEZER TOP\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/21.-TWEEZER-BOTTOM.pdf\">21. TWEEZER BOTTOM\r\n</a></span></p>\r\n\r\n\r\n<hr />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/22.-MARUBOZU.pdf\">22. MARUBOZU</a></span></p>\r\n</blockquote>\r\n&nbsp;\r\n\r\n&nbsp;', 'Candlestick Analysis', '', 'inherit', 'closed', 'closed', '', '11881-revision-v1', '', '', '2018-05-31 19:31:16', '2018-06-01 00:31:16', '', 11881, 'https://weeklyfxdrivethru.com/2018/05/11881-revision-v1/', 0, 'revision', '', 0),
(12126, 1049, '2018-05-31 19:32:05', '2018-06-01 00:32:05', '[content_block id=11890]\r\n\r\n<strong><span style=\"font-size: 14pt; color: #ff6600;\"><img class=\"alignleft size-full wp-image-12034\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/pdf.png\" alt=\"\" width=\"80\" height=\"80\" />\r\n<span style=\"color: #993300;\">These resources are in PDF format that will allow for easy printing</span></span></strong>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<div class=\"entry-content\">\r\n<blockquote>\r\n<p style=\"padding-left: 30px;\"><a style=\"font-size: 12pt; font-family: -apple-system, BlinkMacSystemFont, \'Segoe UI\', Roboto, Oxygen-Sans, Ubuntu, Cantarell, \'Helvetica Neue\', sans-serif;\" href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/1.-FLAG-PATTERNS.pdf\">1. FLAG PATTERNS\r\n</a></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/2.-PENNANT.pdf\">2. PENNANT</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/3.-BULLISH-BEARISH-WEDGE.pdf\">3. BULLISH : BEARISH WEDGE</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/4.-ASCENDING-DESCENDING-WEDGE.pdf\">4. ASCENDING : DESCENDING WEDGE</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/5.-CHANNEL.pdf\">5. CHANNEL</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/6.-DOUBLE-TOP-BOTTOM.pdf\">6. DOUBLE TOP : BOTTOM</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/7.-TRIPLE-TOP-BOTTOM.pdf\">7. TRIPLE TOP : BOTTOM</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/8.-HEAD-SHOULDERS.pdf\">8. HEAD &amp; SHOULDERS</a></span></p>\r\n\r\n\r\n<hr style=\"padding-left: 30px;\" />\r\n<p style=\"padding-left: 30px;\"><span style=\"font-size: 12pt;\"><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/9.-CUP-HANDLE.pdf\">9. CUP &amp; HANDLE</a></span></p>\r\n</blockquote>\r\n</div>', 'Chart Patterns', '', 'inherit', 'closed', 'closed', '', '11879-revision-v1', '', '', '2018-05-31 19:32:05', '2018-06-01 00:32:05', '', 11879, 'https://weeklyfxdrivethru.com/2018/05/11879-revision-v1/', 0, 'revision', '', 0),
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(12163, 1, '2018-06-01 08:47:36', '2018-06-01 13:47:36', 'Two weeks ago, my last blog in fact, I wrote about the UK and EUROPE being at the precipice. In the past 14 days sentiment has shifted and moves in the currencies I talked about have started, however, I never had ITALY as front runner to possibly drive the single currency lower to new 52 weeks lows.\r\n\r\nBack in the day...\r\n\r\nIt was during 2016, I think it was on CNBC when I heard some analyst talking about market uncertainties as he ran off a series of what if’s.\r\n<ul>\r\n 	<li>The first one was a, what if – TRUMP is elected President; following that he gave an opinion, which, I have long forgotten.</li>\r\n 	<li>The second was, what happens if the UK votes for a BREXIT and finally,</li>\r\n 	<li>The third rather surprising one, was based upon ITALIAN elections that came and went at that time, the result never played out as that commentator predicted then, but it did on the general election this past March.It was claimed that a victory for the FIVE STAR MOVEMENT and any government involving them would be tantamount to a “DOOMSDAY SCENARIO”.</li>\r\n</ul>\r\nWell, I wonder if this commentator had an open ticket at Ladbrokes or Paddy Power because his treble has come home!\r\n\r\nPolitics is a funny thing, never say never. The FIVE STAR MOVEMENT was the largest party in the Italian March elections and it had stated that it would never be in coalition with any other party.\r\n\r\nHowever, to move forward this was necessary, at one point, it looked like Berlusconi’s Forza Italia party was in line, but the FIVE STAR MOVEMENT selected the NORTHERN LEAGUE as partners to form a coalition.\r\n\r\nShame really not to have Berlusconi in power as a meeting with TRUMP would have been brilliant; you could just imagine the craic and the media headlines. For now toga parties at 1600 Pennsylvania Avenue, have been put on hold.\r\n\r\nMy question is: - Is this coalition still the “DOOMSDAY SCENARIO?”\r\n\r\nWithout doubt, populist parties are loved by the media for the headlines they can create. Are they populist or nationalist? Having read a bit over the past couple of days about these parties it would appear that have ditched a huge amount of the anti-EU rhetoric and I think I am correct in saying they have abandoned for now, the idea of dumping the single currency as well, although, I have also read stuff about wanting a parallel currency. I am not sure at all what this would involve and frankly I doubt anyone does at this stage.\r\n\r\nLast Friday the coalition agreed on a series of political objectives and released a working document to the media. The leaders of these parties are “unknowns” and therefore the MP’s will be unknown and frankly there is a massive cloud and thick fog about what will actually happen.\r\n\r\nAre they extreme?\r\n\r\nThe policy document released has called for: -\r\n<ul>\r\n 	<li>Tax Reform: Corporate Taxes at 15% and Personal Taxes at 20% - both proposed taxation levels are a significant reduction from where they are now.</li>\r\n 	<li>Relaxing EU Bail-in Rules: No surprise here given the state of Italian Bank Debt and the current market uncertainties.</li>\r\n 	<li>Removing the EU Russian sanctions.</li>\r\n 	<li>Lowering the Retirement Age.</li>\r\n 	<li>Nothing about the rumoured request for an EU Debt write-off of over €250 Billion.</li>\r\n 	<li>Nothing about nationalizing some of the banks such as Banc Monte Paschi Di Siena.</li>\r\n</ul>\r\nIs the above extreme?\r\n\r\nThere is nothing about leaving the EUROZONE or bringing back the Lira. There is also nothing how a debt riddled country is going to pay for this either, but hey, this is politics and in ITALY in particular because of extreme levels of bureaucracy, very little ever gets done as it is so difficult to reform. It is also very difficult to undo what is already in place. All you have to do is look at what Berlusconi, Monti, Letta, Renzi and Gentiloni have actually achieved since 2008. Remember Italy has had more elections in the past 50 years than the number of years that have passed by.\r\n\r\nIn my opinion, for what it’s worth it doesn’t seem like a “DOOMSDAY SCENARIO” yet and given the bureaucracy that exists in the Italian political system, one could argue that ITALY is in a permanent state of a “DOOMSDAY SCENARIO”\r\n\r\nFor sure, Italian 10 YR debt costs are rising. That is no surprise. Italian Banks are under pressure. Believe me it would be worse if the Lira printing presses were running!\r\n\r\nYes, Italian Banks have been under pressure to boost bad debt provisions and sell-off non-performing loans.  I think it has been quoted that it would take until the middle of the next decade if the ITALIAN BANKS started an aggressive program today to fix these well-known and documented issues and even then, the target is to be no better than the EU average!\r\n\r\nBelow is chart plucked from Wikipedia that shows the breakdown of seats by the Italian Major Political parties. There are 6 parties listed here, you can add another 60 to get a broader flavour of the number of parties looking for representation in ITALY. There lies part of Italy’s problem.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/THE-MAJOR-ITALIAN-POLITICAL-PARTIES.png\"><img class=\"aligncenter size-full wp-image-12152\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/THE-MAJOR-ITALIAN-POLITICAL-PARTIES.png\" alt=\"\" width=\"1836\" height=\"668\" /></a>\r\n\r\nTherefore, there is a bit (to say the least) of concern over the uncertainty of exactly what an ITALIAN government out of this coalition with Luigi Di Maio (5SM) and Matteo Salvini (NL) would look like moving forward.\r\n\r\nEnough of that what about the FX effect?\r\n\r\nOne would expect the EUR/USD and the crosses to be under some pressure given the current situation of uncertainty and the fact that ITALY is the third largest economy inside the EUROZONE.\r\n\r\nNot too much of an issue in this regard as far as I can see, and, I must admit I find this strange. One would have thought that one loose sound-byte on a Referendum on EU membership, or, a Referendum on dumping the single currency would be enough to send the single currency to 1.1500 and below and I have no doubt some extreme comments will be made.\r\n\r\nThe coalition is an unknown, and, who knows what position the government will take when in power. We are talking politics here with unknowns, it\'s a huge uncertainty and what alleged promises are made now, count for nothing moving forward.\r\n\r\nIt’s not that the single currency isn’t under enough pressure at the moment with, U.S. Tariffs, Russian Sanctions and a Central Bank (ECB) that looks like it will be entering the same policy stance as the BOJ, which is ultra-market accommodative financial measures and market support via QE until “Hell Freezes Over”.\r\n\r\nFor now, the single currency appears to have buyers support ahead of the 1.1715 level which was the December 2017 low from where the latest move higher to the February 2018 highs of c.1.2550 started. Beneath the 1.1715 lows we have the November 2017 lows of 1.1550, I see this as the pressured target for the EUR bears to aim for in the medium term. For now, Italian political uncertainty means little. Watch this space.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\"><img class=\"aligncenter size-full wp-image-12144\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\" alt=\"\" width=\"300\" height=\"200\" /></a>\r\n<p style=\"text-align: center;\"><span style=\"font-size: 24pt;\"><strong><u>FOREX REVIEW:</u></strong></span></p>\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong><span style=\"font-size: 14pt;\"> FX - FORWARDS, BACKWARDS &amp; SIDEWAYS:</span>\r\n</strong></li>\r\n</ol>\r\n<u>1.1. THIS WEEKS TRADE INFORMATION: ECONOMIC DATA:</u><u>\r\n</u>NOTE: Only the items that interest me are listed here.\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/ECON-DATA-19052018.png\"><img class=\"aligncenter size-full wp-image-12145\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/ECON-DATA-19052018.png\" alt=\"\" width=\"1504\" height=\"842\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.2. THIS WEEKS TRADE INFORMATION: GEOPOLITICAL EVENTS:</u>\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GEOPOLITICAL-19052018.png\"><img class=\"aligncenter size-full wp-image-12146\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GEOPOLITICAL-19052018.png\" alt=\"\" width=\"1908\" height=\"1560\" /></a></strong><strong> </strong>\r\n\r\n<u>1.3. BIAS CHART - </u><u>USD MAJORS SUPPORT and RESISTANCE:</u>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/TCHART-19052018.png\"><img class=\"aligncenter size-full wp-image-12148\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/TCHART-19052018.png\" alt=\"\" width=\"1226\" height=\"652\" /></a> </strong><strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.4. USD INDEX (DXY) OVERVIEW – MY THOUGHTS:</u><strong> </strong>\r\n\r\nLooking at the chart below: -\r\n<ol>\r\n 	<li>The TRUMP inaugural trend line and the 200 DAY SMA are now well behind current pricing and will now come into play as support on any downside move.</li>\r\n 	<li>My eyes are fixed on the 94.14 PIVOT POINT as being the next target.</li>\r\n</ol>\r\nThere is so much USD momentum at the moment and we have seen a sentiment shift. Obviously, a lot depends on the USD 10YR Treasury. It is now consolidated above 3% and, in my opinion, this will keep the USD March higher intact.\r\n\r\nThe bigger question is what happens at the PIVOT POINT?\r\n\r\nWe could get held up for a while but at the moment I am more in the camp of thinking we march onwards and upwards towards 95.20 rather than reverse the move and head lower in line with the trend. We could stop at 95.20 and downside trend would still be intact.\r\n\r\nIt is a tough call. We will have to wait and see, but I do think there is still some gas left in the tank to continue to push higher.\r\n\r\nThe EUR/USD which has a huge say in how the DXY moves looks like it has a move lower in it towards at the very least 1.1715 and maybe more, therefore this in itself could push the DXY higher.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/DXY-19052018.png\"><img class=\"aligncenter size-full wp-image-12156\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/DXY-19052018.png\" alt=\"\" width=\"1824\" height=\"868\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.5. USD MAJORS - TRADING CHARTS:</u><strong> </strong>\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\nITALY has the focus of the EUROZONE at the moment.\r\n\r\nThere is a lot of uncertainty around with the new government coalition.\r\n\r\nOn the chart below, I see resistance at 1.1820 and downside support resides initially at 1.1715 and then a full re-trace of the recent upside move at 1.1550.\r\n\r\nAt the moment I think you really need nerves of steel and big balls to get long the USD. The direction of least resistance is lower with this pair.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/EURUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12157\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/EURUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\nMy DOUBLE TOP pattern is in play as you can see on the chart below.  The 200 DAY SMA (Green line) should now act as resistance and the downside move should see an attack on 1.3300 and if the double top plays out the measured move is to 1.3030.\r\n\r\nNow, on the other hand the GBP has been finding buyers leaping in ahead of 1.3450. It is questionable how long this will last. Should the EUR/USD drop dramatically it will drag cable with it.\r\n\r\nWe also have to consider BREXIT. The EU27 are sticking to its guns and not giving anything away. This story has a long way to run and I can still see a “NO DEAL” as an option. It looks like there is a political deadlock over the IRISH border. The UK government cannot break the Good Friday agreement and the EU knows this and will push the UK to give in on what the UK government wants.  There will be blood in Westminster should Theresa May backdown, hence my thoughts of a “NO DEAL”.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GBPUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12158\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GBPUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\nI do not know what to do with this currency.\r\n\r\nAre we channeling?\r\n\r\nWe are definitely in a down trend, but it is a difficult trade. 0.7400 to 0.7550 seems to be a trading range at the moment.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/AUDUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12155\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/AUDUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\nThis is also a difficult pair to trade at the moment, it is neither one thing or another. Below 0.6850 opens up the move lower towards the 2017 lows at 0.6780.\r\n\r\nDespite encouraging words from the new RBNZ governor, Adrian Orr who is happy to see the NZD weaken, after its initial move it has retraced a bit and is now consolidating. Back above 0.6940-50 and NZD bulls may take full control once again.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NZDUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12159\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NZDUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\nThe NAFTA deadline came and went and I got caught on a 200 pip loss...argh!!\r\n\r\nWhere now for CAD?\r\n\r\nAllegedly, a lot of pork pies have been spoken about how close a NAFTA deal is, it is some way away. This therefore, in my opinion puts BOC policy on hold.\r\n\r\nThe danger here for USD/CAD bears is that we could move closer to 1.3000 before we see sellers stepping in once again. I am not sure what to do with this pair. I took my shorts off the table, but that does NOT mean that I want to go long.\r\n\r\nPatience and some credible news is required before I step back in again.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCAD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12160\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCAD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\nWe have broken free of the triangle pattern and now appear to be consolidating.\r\n\r\nHaving missed this entire move, from my perspective, one would have to see a move back to 0.9850 (trend line break) as a gift area to enter long.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCHF-W-19052018.png\"><img class=\"aligncenter size-full wp-image-12161\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCHF-W-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY</strong><strong> </strong>\r\n\r\nI am waiting for circa.112.00 before I think of shorting this pair. The three-year trend line comes in around 112.50 and this can be used to sell against.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDJPY-W-19052018.png\"><img class=\"aligncenter size-full wp-image-12162\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDJPY-W-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE WEEKLY FX PREMIUM TRADING SUMMARY:</strong></span></li>\r\n</ol>\r\n<u>2.1. WEEKLY FX PREMIUM PERFORMANCE HIGHLIGHTS:</u>\r\n\r\nMAY 2018 (So far):            1,120 net profitable pips\r\n2018 TOTAL (So far):        6,659 net profitable pips<u></u>\r\n\r\n2.2. WEEKLY FX PREMIUM PERFORMANCE SUMMARY:\r\n\r\n(Incorporating the last 5 WEEKLY FX PREMIUM TRADES)\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/PS-PERF-19052018.png\"><img class=\"aligncenter size-full wp-image-12149\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/PS-PERF-19052018.png\" alt=\"\" width=\"1344\" height=\"1266\" /></a>\r\n\r\nYou can get on board and join my FX PREMIUM subscribers and subscribe to the “10,000 pips a year” group from as little as CAD$10 for the first 10 days and then CAD$150.00 per month, currency conversions for CAD$150 are roughly as follows: -\r\n<ul>\r\n 	<li>GBP £90 per month</li>\r\n 	<li>EUR €100 per month</li>\r\n 	<li>USD $120 per month</li>\r\n 	<li>JPY 12,700 per month</li>\r\n 	<li>AUD $150 per month</li>\r\n</ul>\r\nGo to my website <a href=\"http://www.staging1.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a>for more details under the TAB – “SUBSCRIBE”.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong><span style=\"font-size: 14pt;\">TRADER EDUCATION:</span></strong></li>\r\n</ol>\r\nNo item this week.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>WEEKLY FX PREMIUM SUBSCRIBERS:</strong></span></li>\r\n</ol>\r\n(This section is for WEEKLY FX PREMIUM ONLY)\r\n\r\n<u>4.1. TRADING REVIEW:</u>\r\n\r\nTotal pips for this month so far = 1,120 pips.\r\nYear to date = 6,659 pips.\r\n\r\nI have to admit the market seems to be ready and primed for a big move. There is quite a strange relationship with FX and the broader markets at the moment, with U.S. bonds having quite an influence. I see this certainly with the USD/JPY, and of course, this trickles down through the JPY crosses. I think the JPY is more responsive to bonds than equities at the moment. Obviously, a personal feeling, but I think its maybe a reason for some JPY pricing during the past 5 days or so.\r\n\r\nThere is undoubted USD strength in the market and given that a NAFTA agreement of sorts by the deadline did not materialize, I took a bit of pain last Friday by closing off some loss-making trades. I removed EUR/AUD and USD/CAD trades, plus in the previous 24 hours my JPY long trades all fell by the wayside as well. I cannot complain too much about the CAD related trades, I have made some nice $$$ from CAD related trades this month.\r\n\r\nEven though I am recording some loss trades, I am still pip accumulating on a steady basis at the moment and I have to admit that I am looking forward to taking a break in July / August. My concentration levels of late have been tested vis-à-vis the broader issues with the website update, and, whilst I know that all will be good in the end, it is nevertheless stressful, but it should all be complete by my June 2018 deadline.\r\n\r\nI am a glutton for punishment, and, I am looking to make some significant fundamental changes to my daily routine, the blog, the website and my overall approach to trading later this year, hopefully before September starts after the summer break. More of this closer to the time.\r\n\r\nIt will be an interesting week this week as I feel all the geopolitical events hanging around will count for something, they all cannot simply go away.\r\n\r\n<u>4.2. OPEN TRADES... HOW WILL I TRADE THIS WEEK:</u>\r\n\r\nLast week: 17 x live trades &amp; 11 x limit orders.\r\nThis week: 9 x live trades &amp; 4 x limit orders.\r\n\r\nOverall trades are lower but my CONTINGENT LIABILITY (RISK) is higher as I am taking some modestly larger trading positions.\r\n\r\nWe are quite light on economic data this week although we have quite a sizeable chunk of geopolitical RISK to accommodate into our daily routines.\r\n\r\nI am still waiting for the USD Index to hit the 94.14 pivot point. At that level I am not sure that we will see the markets spring forward, although there are great arguments on both sides to remain bullish the USD or bearish the USD.\r\n\r\nIn my opinion, the single currency is one headline away from a large fall. With the EUR/USD the 1.1715 level looks tempting for bears to try and take stops, but I feel that the longer-term 1.1550 level may seem too good for the markets not to attack. Given the percentage domination of the DXY that the EUR holds, a move higher in the DXY and a corresponding move lower with the EUR across the board could see the DXY testing 95.20, which is a full retracement of the recent move from lower. Do not get carried away with this it’s just a possibility!\r\n\r\nHowever, with the DXY move as a possibility and with ITALY in focus, plus with the NAFTA trade agreement missing its deadline, I am taking stock and this will come as no surprise I will wait until this week has started properly before nailing my colours to the mast.\r\n\r\nLet me put it another way.... I am just NOT sure what to do.\r\n\r\n<u>\r\n4.3. SENTIMENT,</u><u>FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.1. OVERVIEW OF MY MACRO THOUGHTS &amp; IDEAS:</u>\r\n\r\nNo change in my longer-tern thoughts, although, I see moves on the back of Central Bank divergence dominating the markets for the foreseeable future.\r\n\r\nThe FED is at the opposite end of the spectrum in comparison to the BOJ, ECB and BOE. THE RBNZ and RBA are also on hold, the only G8 Central Bank that will possibly be looking to increase rates this year is the BOC.\r\n\r\n2018 MACRO THOUGHTS (Based upon USD major pair):\r\n\r\nCAD: I see a substantial move lower in the USD/CAD towards the 1.2000 level maybe lower.\r\n\r\nNZD: I see the ex. Prime Minister John Key target level when he was in power of 0.6600 being my objective. The new RBNZ Governor, Adrian Orr, is also keen to see the NZD weaken.\r\n\r\nGBP: I was hoping for a BREXIT deal to have been struck by now. When it is done I think we will be witnessing a relief rally back towards GBP/USD 1.5000.I will be ready to trade this with most of the GBP crosses, especially the EUR/GBP.\r\n\r\nAUD: I cannot make my mind up with this currency. I feel that the next rate move will be an increase from the RBA. But it is fast becoming the “BEIGE” currency of the USD majors, in the sense that it’s just in the background most of the time. It just seems to drift then consolidate threaten a reversal and then drift again.\r\n\r\nEUR: I just cannot see the EUR/USD hitting the well-publicized target by many banks of 1.3000 this year, in fact I see it ranging between 1.1500 and 1.2000 in to the year end.\r\n\r\nJPY: This currency has me HOT and COLD, thankfully not at the same time as that is uncomfortable! One minute I am bullish, the next bearish. My initial thoughts this year was for the USD/JPY to be back at 102.00 with JPY strength on the back of geopolitical worldwide issues pegging it back. If pushed I am in the camp of JPY strength rather than JPY weakness.\r\n\r\nCHF: This used to be one of my go to currencies and for some reason in 2018, I have really left it to one side despite the bearish EUR/USD action. I always have a fear at the back of my mind that EUROPEAN geopolitical issues and GOLD volatility as a result of general world uneasiness could make this pair very difficult to trade. Of late in fact it has been the best behaved of most of the majors and I regret not going long on the multi-year trend line support back at 0.9180-0.9200 a couple of months ago. Since hitting that support it has been a V shaped recovery.\r\n\r\n<u>\r\n4.3.2. THE MARKET SENTIMENT CHART:</u>\r\n\r\nThere is now a much greater alignment with the USD majors, and quite interesting to see that there was little change in the chart from last week.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/SENTIMENT-19052018.png\"><img class=\"aligncenter size-full wp-image-12147\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/SENTIMENT-19052018.png\" alt=\"\" width=\"1054\" height=\"1044\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.4.1. CURRENT LIVE TRADES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIVE-TRADES-19052018.png\"><img class=\"aligncenter size-full wp-image-12151\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIVE-TRADES-19052018.png\" alt=\"\" width=\"1090\" height=\"1506\" /></a>\r\n\r\n<u>4.4.2. CURRENT LIMIT ORDER TRADES:</u>\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIMIT-ORDERS-19052018.png\"><img class=\"aligncenter size-full wp-image-12150\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIMIT-ORDERS-19052018.png\" alt=\"\" width=\"1062\" height=\"1298\" /></a>\r\n\r\n4.5. FX BROKER NEWS:\r\n\r\nI have seen over the past couple of weeks increased chatter about margin calls on broker accounts. I found this slightly strange as we have just acknowledged that in the EUROPEAN marketplace leverage has been reduced quite dramatically.\r\n\r\nI mentioned a few weeks ago, that the leverage argument has never been one to really concern myself as I have traded on a maximum of 1:50 at the highest since I started trading and all of my accounts now are below 1:25.\r\n\r\nAnyway...\r\n\r\nIt looks like 50% margin calls are on the way. Most brokers will operate around 35% at the moment. Below is a snippet on the subject that I culled from Twitter.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NEW-BROKER-MARGINS-FOR-BLOG.png\"><img class=\"aligncenter size-full wp-image-12153\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NEW-BROKER-MARGINS-FOR-BLOG.png\" alt=\"\" width=\"1728\" height=\"896\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE FINAL SHOT:</strong></span><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @weeklyfxpremium\r\n\r\nhttps://staging1.weeklyfxdrivethru.com/disclaimer/\r\n\r\nBLOG VERSION: #178 WEEKLY FX PREMIUM\r\nDATE: 19th May 2018\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'ITALY - THE DOOMSDAY SCENARIO?', '', 'trash', 'open', 'closed', '', 'italy-the-doomsday-scenario__trashed', '', '', '2018-06-01 09:54:40', '2018-06-01 14:54:40', '', 0, 'https://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=12163', 0, 'member_posts', '', 0);
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(12172, 1, '2018-06-01 09:15:03', '2018-06-01 14:15:03', 'Two weeks ago, my last blog in fact, I wrote about the UK and EUROPE being at the precipice. In the past 14 days sentiment has shifted and moves in the currencies I talked about have started, however, I never had ITALY as front runner to possibly drive the single currency lower to new 52 weeks lows.\r\n\r\nBack in the day...\r\n\r\nIt was during 2016, I think it was on CNBC when I heard some analyst talking about market uncertainties as he ran off a series of what if’s.\r\n<ul>\r\n 	<li>The first one was a, what if – TRUMP is elected President; following that he gave an opinion, which, I have long forgotten.</li>\r\n 	<li>The second was, what happens if the UK votes for a BREXITand finally,</li>\r\n 	<li>The third rather surprising one, was based upon ITALIAN elections that came and went at that time, the result never played out as that commentator predicted then, but it did on the general election this past March.It was claimed that a victory for the FIVE STAR MOVEMENT and any government involving them would be tantamount to a “DOOMSDAY SCENARIO”.</li>\r\n</ul>\r\nWell, I wonder if this commentator had an open ticket at Ladbrokes or Paddy Power because his treble has come home!\r\n\r\nPolitics is a funny thing, never say never. The FIVE STAR MOVEMENT was the largest party in the Italian March elections and it had stated that it would never be in coalition with any other party.\r\n\r\nHowever, to move forward this was necessary, at one point, it looked like Berlusconi’s Forza Italia party was in line, but the FIVE STAR MOVEMENT selected the NORTHERN LEAGUE as partners to form a coalition.\r\n\r\nShame really not to have Berlusconi in power as a meeting with TRUMP would have been brilliant; you could just imagine the craic and the media headlines. For now toga parties at 1600 Pennsylvania Avenue, have been put on hold.\r\n\r\nMy question is: - Is this coalition still the “DOOMSDAY SCENARIO?”\r\n\r\nWithout doubt, populist parties are loved by the media for the headlines they can create. Are they populist or nationalist? Having read a bit over the past couple of days about these parties it would appear that have ditched a huge amount of the anti-EU rhetoric and I think I am correct in saying they have abandoned for now, the idea of dumping the single currency as well, although, I have also read stuff about wanting a parallel currency. I am not sure at all what this would involve and frankly I doubt anyone does at this stage.\r\n\r\nLast Friday the coalition agreed on a series of political objectives and released a working document to the media. The leaders of these parties are “unknowns” and therefore the MP’s will be unknown and frankly there is a massive cloud and thick fog about what will actually happen.\r\n\r\nAre they extreme?\r\n\r\nThe policy document released has called for: -\r\n<ul>\r\n 	<li>Tax Reform: Corporate Taxes at 15% and Personal Taxes at 20% - both proposed taxation levels are a significant reduction from where they are now.</li>\r\n 	<li>Relaxing EU Bail-in Rules: No surprise here given the state of Italian Bank Debt and the current market uncertainties.</li>\r\n 	<li>Removing the EU Russian sanctions.</li>\r\n 	<li>Lowering the Retirement Age.</li>\r\n 	<li>Nothing about the rumoured request for an EU Debt write-off of over €250 Billion.</li>\r\n 	<li>Nothing about nationalizing some of the banks such as Banc Monte Paschi Di Siena.</li>\r\n</ul>\r\nIs the above extreme?\r\n\r\nThere is nothing about leaving the EUROZONE or bringing back the Lira. There is also nothing how a debt riddled country is going to pay for this either, but hey, this is politics and in ITALY in particular because of extreme levels of bureaucracy, very little ever gets done as it is so difficult to reform. It is also very difficult to undo what is already in place. All you have to do is look at what Berlusconi, Monti, Letta, Renzi and Gentiloni have actually achieved since 2008. Remember Italy has had more elections in the past 50 years than the number of years that have passed by.\r\n\r\nIn my opinion, for what it’s worth it doesn’t seem like a “DOOMSDAY SCENARIO” yet and given the bureaucracy that exists in the Italian political system, one could argue that ITALY is in a permanent state of a “DOOMSDAY SCENARIO”\r\n\r\nFor sure, Italian 10 YR debt costs are rising. That is no surprise. Italian Banks are under pressure. Believe me it would be worse if the Lira printing presses were running!\r\n\r\nYes, Italian Banks have been under pressure to boost bad debt provisions and sell-off non-performing loans.  I think it has been quoted that it would take until the middle of the next decade if the ITALIAN BANKS started an aggressive program today to fix these well-known and documented issues and even then, the target is to be no better than the EU average!\r\n\r\nBelow is chart plucked from Wikipedia that shows the breakdown of seats by the Italian Major Political parties. There are 6 parties listed here, you can add another 60 to get a broader flavour of the number of parties looking for representation in ITALY. There lies part of Italy’s problem.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/THE-MAJOR-ITALIAN-POLITICAL-PARTIES.png\"><img class=\"aligncenter size-full wp-image-12152\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/THE-MAJOR-ITALIAN-POLITICAL-PARTIES.png\" alt=\"\" width=\"1836\" height=\"668\" /></a>\r\n\r\nTherefore, there is a bit (to say the least) of concern over the uncertainty of exactly what an ITALIAN government out of this coalition with Luigi Di Maio (5SM) and Matteo Salvini (NL) would look like moving forward.\r\n\r\nEnough of that what about the FX effect?\r\n\r\nOne would expect the EUR/USD and the crosses to be under some pressure given the current situation of uncertainty and the fact that ITALY is the third largest economy inside the EUROZONE.\r\n\r\nNot too much of an issue in this regard as far as I can see, and, I must admit I find this strange. One would have thought that one loose sound-byte on a Referendum on EU membership, or, a Referendum on dumping the single currency would be enough to send the single currency to 1.1500 and below and I have no doubt some extreme comments will be made.\r\n\r\nThe coalition is an unknown, and, who knows what position the government will take when in power. We are talking politics here with unknowns, it\'s a huge uncertainty and what alleged promises are made now, count for nothing moving forward.\r\n\r\nIt’s not that the single currency isn’t under enough pressure at the moment with, U.S. Tariffs, Russian Sanctions and a Central Bank (ECB) that looks like it will be entering the same policy stance as the BOJ, which is ultra-market accommodative financial measures and market support via QE until “Hell Freezes Over”.\r\n\r\nFor now, the single currency appears to have buyers support ahead of the 1.1715 level which was the December 2017 low from where the latest move higher to the February 2018 highs of c.1.2550 started. Beneath the 1.1715 lows we have the November 2017 lows of 1.1550, I see this as the pressured target for the EUR bears to aim for in the medium term. For now, Italian political uncertainty means little. Watch this space.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\"><img class=\"aligncenter size-full wp-image-12144\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\" alt=\"\" width=\"300\" height=\"200\" /></a>\r\n<p style=\"text-align: center;\"><span style=\"font-size: 24pt;\"><strong><u>FOREX REVIEW:</u></strong></span></p>\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong><span style=\"font-size: 14pt;\"> FX - FORWARDS, BACKWARDS &amp; SIDEWAYS:</span>\r\n</strong></li>\r\n</ol>\r\n<u>1.1. THIS WEEKS TRADE INFORMATION: ECONOMIC DATA:</u><u>\r\n</u>NOTE: Only the items that interest me are listed here.\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/ECON-DATA-19052018.png\"><img class=\"aligncenter size-full wp-image-12145\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/ECON-DATA-19052018.png\" alt=\"\" width=\"1504\" height=\"842\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.2. THIS WEEKS TRADE INFORMATION: GEOPOLITICAL EVENTS:</u>\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GEOPOLITICAL-19052018.png\"><img class=\"aligncenter size-full wp-image-12146\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GEOPOLITICAL-19052018.png\" alt=\"\" width=\"1908\" height=\"1560\" /></a></strong><strong> </strong>\r\n\r\n<u>1.3. BIAS CHART - </u><u>USD MAJORS SUPPORT and RESISTANCE:</u>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/TCHART-19052018.png\"><img class=\"aligncenter size-full wp-image-12148\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/TCHART-19052018.png\" alt=\"\" width=\"1226\" height=\"652\" /></a> </strong><strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.4. USD INDEX (DXY) OVERVIEW – MY THOUGHTS:</u><strong> </strong>\r\n\r\nLooking at the chart below: -\r\n<ol>\r\n 	<li>The TRUMP inaugural trend line and the 200 DAY SMA are now well behind current pricing and will now come into play as support on any downside move.</li>\r\n 	<li>My eyes are fixed on the 94.14 PIVOT POINT as being the next target.</li>\r\n</ol>\r\nThere is so much USD momentum at the moment and we have seen a sentiment shift. Obviously, a lot depends on the USD 10YR Treasury. It is now consolidated above 3% and, in my opinion, this will keep the USD March higher intact.\r\n\r\nThe bigger question is what happens at the PIVOT POINT?\r\n\r\nWe could get held up for a while but at the moment I am more in the camp of thinking we march onwards and upwards towards 95.20 rather than reverse the move and head lower in line with the trend. We could stop at 95.20 and downside trend would still be intact.\r\n\r\nIt is a tough call. We will have to wait and see, but I do think there is still some gas left in the tank to continue to push higher.\r\n\r\nThe EUR/USD which has a huge say in how the DXY moves looks like it has a move lower in it towards at the very least 1.1715 and maybe more, therefore this in itself could push the DXY higher.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/DXY-19052018.png\"><img class=\"aligncenter size-full wp-image-12156\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/DXY-19052018.png\" alt=\"\" width=\"1824\" height=\"868\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.5. USD MAJORS - TRADING CHARTS:</u><strong> </strong>\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\nITALY has the focus of the EUROZONE at the moment.\r\n\r\nThere is a lot of uncertainty around with the new government coalition.\r\n\r\nOn the chart below, I see resistance at 1.1820 and downside support resides initially at 1.1715 and then a full re-trace of the recent upside move at 1.1550.\r\n\r\nAt the moment I think you really need nerves of steel and big balls to get long the USD. The direction of least resistance is lower with this pair.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/EURUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12157\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/EURUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\nMy DOUBLE TOP pattern is in play as you can see on the chart below.  The 200 DAY SMA (Green line) should now act as resistance and the downside move should see an attack on 1.3300 and if the double top plays out the measured move is to 1.3030.\r\n\r\nNow, on the other hand the GBP has been finding buyers leaping in ahead of 1.3450. It is questionable how long this will last. Should the EUR/USD drop dramatically it will drag cable with it.\r\n\r\nWe also have to consider BREXIT. The EU27 are sticking to its guns and not giving anything away. This story has a long way to run and I can still see a “NO DEAL” as an option. It looks like there is a political deadlock over the IRISH border. The UK government cannot break the Good Friday agreement and the EU knows this and will push the UK to give in on what the UK government wants.  There will be blood in Westminster should Theresa May backdown, hence my thoughts of a “NO DEAL”.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GBPUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12158\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GBPUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\nI do not know what to do with this currency.\r\n\r\nAre we channeling?\r\n\r\nWe are definitely in a down trend, but it is a difficult trade. 0.7400 to 0.7550 seems to be a trading range at the moment.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/AUDUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12155\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/AUDUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\nThis is also a difficult pair to trade at the moment, it is neither one thing or another. Below 0.6850 opens up the move lower towards the 2017 lows at 0.6780.\r\n\r\nDespite encouraging words from the new RBNZ governor, Adrian Orr who is happy to see the NZD weaken, after its initial move it has retraced a bit and is now consolidating. Back above 0.6940-50 and NZD bulls may take full control once again.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NZDUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12159\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NZDUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\nThe NAFTA deadline came and went and I got caught on a 200 pip loss...argh!!\r\n\r\nWhere now for CAD?\r\n\r\nAllegedly, a lot of pork pies have been spoken about how close a NAFTA deal is, it is some way away. This therefore, in my opinion puts BOC policy on hold.\r\n\r\nThe danger here for USD/CAD bears is that we could move closer to 1.3000 before we see sellers stepping in once again. I am not sure what to do with this pair. I took my shorts off the table, but that does NOT mean that I want to go long.\r\n\r\nPatience and some credible news is required before I step back in again.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCAD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12160\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCAD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\nWe have broken free of the triangle pattern and now appear to be consolidating.\r\n\r\nHaving missed this entire move, from my perspective, one would have to see a move back to 0.9850 (trend line break) as a gift area to enter long.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCHF-W-19052018.png\"><img class=\"aligncenter size-full wp-image-12161\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCHF-W-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY</strong><strong> </strong>\r\n\r\nI am waiting for circa.112.00 before I think of shorting this pair. The three-year trend line comes in around 112.50 and this can be used to sell against.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDJPY-W-19052018.png\"><img class=\"aligncenter size-full wp-image-12162\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDJPY-W-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE WEEKLY FX PREMIUM TRADING SUMMARY:</strong></span></li>\r\n</ol>\r\n<u>2.1. WEEKLY FX PREMIUM PERFORMANCE HIGHLIGHTS:</u>\r\n\r\nMAY 2018 (So far):            1,120 net profitable pips\r\n2018 TOTAL (So far):        6,659 net profitable pips<u></u>\r\n\r\n2.2. WEEKLY FX PREMIUM PERFORMANCE SUMMARY:\r\n\r\n(Incorporating the last 5 WEEKLY FX PREMIUM TRADES)\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/PS-PERF-19052018.png\"><img class=\"aligncenter size-full wp-image-12149\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/PS-PERF-19052018.png\" alt=\"\" width=\"1344\" height=\"1266\" /></a>\r\n\r\nYou can get on board and join my FX PREMIUM subscribers and subscribe to the “10,000 pips a year” group from as little as CAD$10 for the first 10 days and then CAD$150.00 per month, currency conversions for CAD$150 are roughly as follows: -\r\n<ul>\r\n 	<li>GBP £90 per month</li>\r\n 	<li>EUR €100 per month</li>\r\n 	<li>USD $120 per month</li>\r\n 	<li>JPY 12,700 per month</li>\r\n 	<li>AUD $150 per month</li>\r\n</ul>\r\nGo to my website <a href=\"http://www.staging1.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a>for more details under the TAB – “SUBSCRIBE”.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong><span style=\"font-size: 14pt;\">TRADER EDUCATION:</span></strong></li>\r\n</ol>\r\nNo item this week.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>WEEKLY FX PREMIUM SUBSCRIBERS:</strong></span></li>\r\n</ol>\r\n(This section is for WEEKLY FX PREMIUM ONLY)\r\n\r\n<u>4.1. TRADING REVIEW:</u>\r\n\r\nTotal pips for this month so far = 1,120 pips.\r\nYear to date = 6,659 pips.\r\n\r\nI have to admit the market seems to be ready and primed for a big move. There is quite a strange relationship with FX and the broader markets at the moment, with U.S. bonds having quite an influence. I see this certainly with the USD/JPY, and of course, this trickles down through the JPY crosses. I think the JPY is more responsive to bonds than equities at the moment. Obviously, a personal feeling, but I think its maybe a reason for some JPY pricing during the past 5 days or so.\r\n\r\nThere is undoubted USD strength in the market and given that a NAFTA agreement of sorts by the deadline did not materialize, I took a bit of pain last Friday by closing off some loss-making trades. I removed EUR/AUD and USD/CAD trades, plus in the previous 24 hours my JPY long trades all fell by the wayside as well. I cannot complain too much about the CAD related trades, I have made some nice $$$ from CAD related trades this month.\r\n\r\nEven though I am recording some loss trades, I am still pip accumulating on a steady basis at the moment and I have to admit that I am looking forward to taking a break in July / August. My concentration levels of late have been tested vis-à-vis the broader issues with the website update, and, whilst I know that all will be good in the end, it is nevertheless stressful, but it should all be complete by my June 2018 deadline.\r\n\r\nI am a glutton for punishment, and, I am looking to make some significant fundamental changes to my daily routine, the blog, the website and my overall approach to trading later this year, hopefully before September starts after the summer break. More of this closer to the time.\r\n\r\nIt will be an interesting week this week as I feel all the geopolitical events hanging around will count for something, they all cannot simply go away.\r\n\r\n<u>4.2. OPEN TRADES... HOW WILL I TRADE THIS WEEK:</u>\r\n\r\nLast week: 17 x live trades &amp; 11 x limit orders.\r\nThis week: 9 x live trades &amp; 4 x limit orders.\r\n\r\nOverall trades are lower but my CONTINGENT LIABILITY (RISK) is higher as I am taking some modestly larger trading positions.\r\n\r\nWe are quite light on economic data this week although we have quite a sizeable chunk of geopolitical RISK to accommodate into our daily routines.\r\n\r\nI am still waiting for the USD Index to hit the 94.14 pivot point. At that level I am not sure that we will see the markets spring forward, although there are great arguments on both sides to remain bullish the USD or bearish the USD.\r\n\r\nIn my opinion, the single currency is one headline away from a large fall. With the EUR/USD the 1.1715 level looks tempting for bears to try and take stops, but I feel that the longer-term 1.1550 level may seem too good for the markets not to attack. Given the percentage domination of the DXY that the EUR holds, a move higher in the DXY and a corresponding move lower with the EUR across the board could see the DXY testing 95.20, which is a full retracement of the recent move from lower. Do not get carried away with this it’s just a possibility!\r\n\r\nHowever, with the DXY move as a possibility and with ITALY in focus, plus with the NAFTA trade agreement missing its deadline, I am taking stock and this will come as no surprise I will wait until this week has started properly before nailing my colours to the mast.\r\n\r\nLet me put it another way.... I am just NOT sure what to do.\r\n\r\n<u>\r\n4.3. SENTIMENT,</u><u>FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.1. OVERVIEW OF MY MACRO THOUGHTS &amp; IDEAS:</u>\r\n\r\nNo change in my longer-tern thoughts, although, I see moves on the back of Central Bank divergence dominating the markets for the foreseeable future.\r\n\r\nThe FED is at the opposite end of the spectrum in comparison to the BOJ, ECB and BOE. THE RBNZ and RBA are also on hold, the only G8 Central Bank that will possibly be looking to increase rates this year is the BOC.\r\n\r\n2018 MACRO THOUGHTS (Based upon USD major pair):\r\n\r\nCAD: I see a substantial move lower in the USD/CAD towards the 1.2000 level maybe lower.\r\n\r\nNZD: I see the ex. Prime Minister John Key target level when he was in power of 0.6600 being my objective. The new RBNZ Governor, Adrian Orr, is also keen to see the NZD weaken.\r\n\r\nGBP: I was hoping for a BREXIT deal to have been struck by now. When it is done I think we will be witnessing a relief rally back towards GBP/USD 1.5000.I will be ready to trade this with most of the GBP crosses, especially the EUR/GBP.\r\n\r\nAUD: I cannot make my mind up with this currency. I feel that the next rate move will be an increase from the RBA. But it is fast becoming the “BEIGE” currency of the USD majors, in the sense that it’s just in the background most of the time. It just seems to drift then consolidate threaten a reversal and then drift again.\r\n\r\nEUR: I just cannot see the EUR/USD hitting the well-publicized target by many banks of 1.3000 this year, in fact I see it ranging between 1.1500 and 1.2000 in to the year end.\r\n\r\nJPY: This currency has me HOT and COLD, thankfully not at the same time as that is uncomfortable! One minute I am bullish, the next bearish. My initial thoughts this year was for the USD/JPY to be back at 102.00 with JPY strength on the back of geopolitical worldwide issues pegging it back. If pushed I am in the camp of JPY strength rather than JPY weakness.\r\n\r\nCHF: This used to be one of my go to currencies and for some reason in 2018, I have really left it to one side despite the bearish EUR/USD action. I always have a fear at the back of my mind that EUROPEAN geopolitical issues and GOLD volatility as a result of general world uneasiness could make this pair very difficult to trade. Of late in fact it has been the best behaved of most of the majors and I regret not going long on the multi-year trend line support back at 0.9180-0.9200 a couple of months ago. Since hitting that support it has been a V shaped recovery.\r\n\r\n<u>\r\n4.3.2. THE MARKET SENTIMENT CHART:</u>\r\n\r\nThere is now a much greater alignment with the USD majors, and quite interesting to see that there was little change in the chart from last week.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/SENTIMENT-19052018.png\"><img class=\"aligncenter size-full wp-image-12147\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/SENTIMENT-19052018.png\" alt=\"\" width=\"1054\" height=\"1044\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.4.1. CURRENT LIVE TRADES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIVE-TRADES-19052018.png\"><img class=\"aligncenter size-full wp-image-12151\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIVE-TRADES-19052018.png\" alt=\"\" width=\"1090\" height=\"1506\" /></a>\r\n\r\n<u>4.4.2. CURRENT LIMIT ORDER TRADES:</u>\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIMIT-ORDERS-19052018.png\"><img class=\"aligncenter size-full wp-image-12150\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIMIT-ORDERS-19052018.png\" alt=\"\" width=\"1062\" height=\"1298\" /></a>\r\n\r\n4.5. FX BROKER NEWS:\r\n\r\nI have seen over the past couple of weeks increased chatter about margin calls on broker accounts. I found this slightly strange as we have just acknowledged that in the EUROPEAN marketplace leverage has been reduced quite dramatically.\r\n\r\nI mentioned a few weeks ago, that the leverage argument has never been one to really concern myself as I have traded on a maximum of 1:50 at the highest since I started trading and all of my accounts now are below 1:25.\r\n\r\nAnyway...\r\n\r\nIt looks like 50% margin calls are on the way. Most brokers will operate around 35% at the moment. Below is a snippet on the subject that I culled from Twitter.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NEW-BROKER-MARGINS-FOR-BLOG.png\"><img class=\"aligncenter size-full wp-image-12153\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NEW-BROKER-MARGINS-FOR-BLOG.png\" alt=\"\" width=\"1728\" height=\"896\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE FINAL SHOT:</strong></span><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @weeklyfxpremium\r\n\r\nhttps://weeklyfxdrivethru.com/disclaimer/\r\n\r\nBLOG VERSION: #178 WEEKLY FX PREMIUM\r\nDATE: 19th May 2018\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'ITALY - THE DOOMSDAY SCENARIO?', '', 'inherit', 'closed', 'closed', '', '12163-revision-v1', '', '', '2018-06-01 09:15:03', '2018-06-01 14:15:03', '', 12163, 'https://weeklyfxdrivethru.com/2018/06/12163-revision-v1/', 0, 'revision', '', 0);
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(12173, 1, '2018-06-01 09:15:24', '2018-06-01 14:15:24', 'Two weeks ago, my last blog in fact, I wrote about the UK and EUROPE being at the precipice. In the past 14 days sentiment has shifted and moves in the currencies I talked about have started, however, I never had ITALY as front runner to possibly drive the single currency lower to new 52 weeks lows.\r\n\r\nBack in the day...\r\n\r\nIt was during 2016, I think it was on CNBC when I heard some analyst talking about market uncertainties as he ran off a series of what if’s.\r\n<ul>\r\n 	<li>The first one was a, what if – TRUMP is elected President; following that he gave an opinion, which, I have long forgotten.</li>\r\n 	<li>The second was, what happens if the UK votes for a BREXIT and finally,</li>\r\n 	<li>The third rather surprising one, was based upon ITALIAN elections that came and went at that time, the result never played out as that commentator predicted then, but it did on the general election this past March.It was claimed that a victory for the FIVE STAR MOVEMENT and any government involving them would be tantamount to a “DOOMSDAY SCENARIO”.</li>\r\n</ul>\r\nWell, I wonder if this commentator had an open ticket at Ladbrokes or Paddy Power because his treble has come home!\r\n\r\nPolitics is a funny thing, never say never. The FIVE STAR MOVEMENT was the largest party in the Italian March elections and it had stated that it would never be in coalition with any other party.\r\n\r\nHowever, to move forward this was necessary, at one point, it looked like Berlusconi’s Forza Italia party was in line, but the FIVE STAR MOVEMENT selected the NORTHERN LEAGUE as partners to form a coalition.\r\n\r\nShame really not to have Berlusconi in power as a meeting with TRUMP would have been brilliant; you could just imagine the craic and the media headlines. For now toga parties at 1600 Pennsylvania Avenue, have been put on hold.\r\n\r\nMy question is: - Is this coalition still the “DOOMSDAY SCENARIO?”\r\n\r\nWithout doubt, populist parties are loved by the media for the headlines they can create. Are they populist or nationalist? Having read a bit over the past couple of days about these parties it would appear that have ditched a huge amount of the anti-EU rhetoric and I think I am correct in saying they have abandoned for now, the idea of dumping the single currency as well, although, I have also read stuff about wanting a parallel currency. I am not sure at all what this would involve and frankly I doubt anyone does at this stage.\r\n\r\nLast Friday the coalition agreed on a series of political objectives and released a working document to the media. The leaders of these parties are “unknowns” and therefore the MP’s will be unknown and frankly there is a massive cloud and thick fog about what will actually happen.\r\n\r\nAre they extreme?\r\n\r\nThe policy document released has called for: -\r\n<ul>\r\n 	<li>Tax Reform: Corporate Taxes at 15% and Personal Taxes at 20% - both proposed taxation levels are a significant reduction from where they are now.</li>\r\n 	<li>Relaxing EU Bail-in Rules: No surprise here given the state of Italian Bank Debt and the current market uncertainties.</li>\r\n 	<li>Removing the EU Russian sanctions.</li>\r\n 	<li>Lowering the Retirement Age.</li>\r\n 	<li>Nothing about the rumoured request for an EU Debt write-off of over €250 Billion.</li>\r\n 	<li>Nothing about nationalizing some of the banks such as Banc Monte Paschi Di Siena.</li>\r\n</ul>\r\nIs the above extreme?\r\n\r\nThere is nothing about leaving the EUROZONE or bringing back the Lira. There is also nothing how a debt riddled country is going to pay for this either, but hey, this is politics and in ITALY in particular because of extreme levels of bureaucracy, very little ever gets done as it is so difficult to reform. It is also very difficult to undo what is already in place. All you have to do is look at what Berlusconi, Monti, Letta, Renzi and Gentiloni have actually achieved since 2008. Remember Italy has had more elections in the past 50 years than the number of years that have passed by.\r\n\r\nIn my opinion, for what it’s worth it doesn’t seem like a “DOOMSDAY SCENARIO” yet and given the bureaucracy that exists in the Italian political system, one could argue that ITALY is in a permanent state of a “DOOMSDAY SCENARIO”\r\n\r\nFor sure, Italian 10 YR debt costs are rising. That is no surprise. Italian Banks are under pressure. Believe me it would be worse if the Lira printing presses were running!\r\n\r\nYes, Italian Banks have been under pressure to boost bad debt provisions and sell-off non-performing loans.  I think it has been quoted that it would take until the middle of the next decade if the ITALIAN BANKS started an aggressive program today to fix these well-known and documented issues and even then, the target is to be no better than the EU average!\r\n\r\nBelow is chart plucked from Wikipedia that shows the breakdown of seats by the Italian Major Political parties. There are 6 parties listed here, you can add another 60 to get a broader flavour of the number of parties looking for representation in ITALY. There lies part of Italy’s problem.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/THE-MAJOR-ITALIAN-POLITICAL-PARTIES.png\"><img class=\"aligncenter size-full wp-image-12152\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/THE-MAJOR-ITALIAN-POLITICAL-PARTIES.png\" alt=\"\" width=\"1836\" height=\"668\" /></a>\r\n\r\nTherefore, there is a bit (to say the least) of concern over the uncertainty of exactly what an ITALIAN government out of this coalition with Luigi Di Maio (5SM) and Matteo Salvini (NL) would look like moving forward.\r\n\r\nEnough of that what about the FX effect?\r\n\r\nOne would expect the EUR/USD and the crosses to be under some pressure given the current situation of uncertainty and the fact that ITALY is the third largest economy inside the EUROZONE.\r\n\r\nNot too much of an issue in this regard as far as I can see, and, I must admit I find this strange. One would have thought that one loose sound-byte on a Referendum on EU membership, or, a Referendum on dumping the single currency would be enough to send the single currency to 1.1500 and below and I have no doubt some extreme comments will be made.\r\n\r\nThe coalition is an unknown, and, who knows what position the government will take when in power. We are talking politics here with unknowns, it\'s a huge uncertainty and what alleged promises are made now, count for nothing moving forward.\r\n\r\nIt’s not that the single currency isn’t under enough pressure at the moment with, U.S. Tariffs, Russian Sanctions and a Central Bank (ECB) that looks like it will be entering the same policy stance as the BOJ, which is ultra-market accommodative financial measures and market support via QE until “Hell Freezes Over”.\r\n\r\nFor now, the single currency appears to have buyers support ahead of the 1.1715 level which was the December 2017 low from where the latest move higher to the February 2018 highs of c.1.2550 started. Beneath the 1.1715 lows we have the November 2017 lows of 1.1550, I see this as the pressured target for the EUR bears to aim for in the medium term. For now, Italian political uncertainty means little. Watch this space.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\"><img class=\"aligncenter size-full wp-image-12144\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\" alt=\"\" width=\"300\" height=\"200\" /></a>\r\n<p style=\"text-align: center;\"><span style=\"font-size: 24pt;\"><strong><u>FOREX REVIEW:</u></strong></span></p>\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong><span style=\"font-size: 14pt;\"> FX - FORWARDS, BACKWARDS &amp; SIDEWAYS:</span>\r\n</strong></li>\r\n</ol>\r\n<u>1.1. THIS WEEKS TRADE INFORMATION: ECONOMIC DATA:</u><u>\r\n</u>NOTE: Only the items that interest me are listed here.\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/ECON-DATA-19052018.png\"><img class=\"aligncenter size-full wp-image-12145\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/ECON-DATA-19052018.png\" alt=\"\" width=\"1504\" height=\"842\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.2. THIS WEEKS TRADE INFORMATION: GEOPOLITICAL EVENTS:</u>\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GEOPOLITICAL-19052018.png\"><img class=\"aligncenter size-full wp-image-12146\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GEOPOLITICAL-19052018.png\" alt=\"\" width=\"1908\" height=\"1560\" /></a></strong><strong> </strong>\r\n\r\n<u>1.3. BIAS CHART - </u><u>USD MAJORS SUPPORT and RESISTANCE:</u>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/TCHART-19052018.png\"><img class=\"aligncenter size-full wp-image-12148\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/TCHART-19052018.png\" alt=\"\" width=\"1226\" height=\"652\" /></a> </strong><strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.4. USD INDEX (DXY) OVERVIEW – MY THOUGHTS:</u><strong> </strong>\r\n\r\nLooking at the chart below: -\r\n<ol>\r\n 	<li>The TRUMP inaugural trend line and the 200 DAY SMA are now well behind current pricing and will now come into play as support on any downside move.</li>\r\n 	<li>My eyes are fixed on the 94.14 PIVOT POINT as being the next target.</li>\r\n</ol>\r\nThere is so much USD momentum at the moment and we have seen a sentiment shift. Obviously, a lot depends on the USD 10YR Treasury. It is now consolidated above 3% and, in my opinion, this will keep the USD March higher intact.\r\n\r\nThe bigger question is what happens at the PIVOT POINT?\r\n\r\nWe could get held up for a while but at the moment I am more in the camp of thinking we march onwards and upwards towards 95.20 rather than reverse the move and head lower in line with the trend. We could stop at 95.20 and downside trend would still be intact.\r\n\r\nIt is a tough call. We will have to wait and see, but I do think there is still some gas left in the tank to continue to push higher.\r\n\r\nThe EUR/USD which has a huge say in how the DXY moves looks like it has a move lower in it towards at the very least 1.1715 and maybe more, therefore this in itself could push the DXY higher.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/DXY-19052018.png\"><img class=\"aligncenter size-full wp-image-12156\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/DXY-19052018.png\" alt=\"\" width=\"1824\" height=\"868\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.5. USD MAJORS - TRADING CHARTS:</u><strong> </strong>\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\nITALY has the focus of the EUROZONE at the moment.\r\n\r\nThere is a lot of uncertainty around with the new government coalition.\r\n\r\nOn the chart below, I see resistance at 1.1820 and downside support resides initially at 1.1715 and then a full re-trace of the recent upside move at 1.1550.\r\n\r\nAt the moment I think you really need nerves of steel and big balls to get long the USD. The direction of least resistance is lower with this pair.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/EURUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12157\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/EURUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\nMy DOUBLE TOP pattern is in play as you can see on the chart below.  The 200 DAY SMA (Green line) should now act as resistance and the downside move should see an attack on 1.3300 and if the double top plays out the measured move is to 1.3030.\r\n\r\nNow, on the other hand the GBP has been finding buyers leaping in ahead of 1.3450. It is questionable how long this will last. Should the EUR/USD drop dramatically it will drag cable with it.\r\n\r\nWe also have to consider BREXIT. The EU27 are sticking to its guns and not giving anything away. This story has a long way to run and I can still see a “NO DEAL” as an option. It looks like there is a political deadlock over the IRISH border. The UK government cannot break the Good Friday agreement and the EU knows this and will push the UK to give in on what the UK government wants.  There will be blood in Westminster should Theresa May backdown, hence my thoughts of a “NO DEAL”.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GBPUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12158\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GBPUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\nI do not know what to do with this currency.\r\n\r\nAre we channeling?\r\n\r\nWe are definitely in a down trend, but it is a difficult trade. 0.7400 to 0.7550 seems to be a trading range at the moment.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/AUDUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12155\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/AUDUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\nThis is also a difficult pair to trade at the moment, it is neither one thing or another. Below 0.6850 opens up the move lower towards the 2017 lows at 0.6780.\r\n\r\nDespite encouraging words from the new RBNZ governor, Adrian Orr who is happy to see the NZD weaken, after its initial move it has retraced a bit and is now consolidating. Back above 0.6940-50 and NZD bulls may take full control once again.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NZDUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12159\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NZDUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\nThe NAFTA deadline came and went and I got caught on a 200 pip loss...argh!!\r\n\r\nWhere now for CAD?\r\n\r\nAllegedly, a lot of pork pies have been spoken about how close a NAFTA deal is, it is some way away. This therefore, in my opinion puts BOC policy on hold.\r\n\r\nThe danger here for USD/CAD bears is that we could move closer to 1.3000 before we see sellers stepping in once again. I am not sure what to do with this pair. I took my shorts off the table, but that does NOT mean that I want to go long.\r\n\r\nPatience and some credible news is required before I step back in again.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCAD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12160\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCAD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\nWe have broken free of the triangle pattern and now appear to be consolidating.\r\n\r\nHaving missed this entire move, from my perspective, one would have to see a move back to 0.9850 (trend line break) as a gift area to enter long.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCHF-W-19052018.png\"><img class=\"aligncenter size-full wp-image-12161\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCHF-W-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY</strong><strong> </strong>\r\n\r\nI am waiting for circa.112.00 before I think of shorting this pair. The three-year trend line comes in around 112.50 and this can be used to sell against.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDJPY-W-19052018.png\"><img class=\"aligncenter size-full wp-image-12162\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDJPY-W-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE WEEKLY FX PREMIUM TRADING SUMMARY:</strong></span></li>\r\n</ol>\r\n<u>2.1. WEEKLY FX PREMIUM PERFORMANCE HIGHLIGHTS:</u>\r\n\r\nMAY 2018 (So far):            1,120 net profitable pips\r\n2018 TOTAL (So far):        6,659 net profitable pips<u></u>\r\n\r\n2.2. WEEKLY FX PREMIUM PERFORMANCE SUMMARY:\r\n\r\n(Incorporating the last 5 WEEKLY FX PREMIUM TRADES)\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/PS-PERF-19052018.png\"><img class=\"aligncenter size-full wp-image-12149\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/PS-PERF-19052018.png\" alt=\"\" width=\"1344\" height=\"1266\" /></a>\r\n\r\nYou can get on board and join my FX PREMIUM subscribers and subscribe to the “10,000 pips a year” group from as little as CAD$10 for the first 10 days and then CAD$150.00 per month, currency conversions for CAD$150 are roughly as follows: -\r\n<ul>\r\n 	<li>GBP £90 per month</li>\r\n 	<li>EUR €100 per month</li>\r\n 	<li>USD $120 per month</li>\r\n 	<li>JPY 12,700 per month</li>\r\n 	<li>AUD $150 per month</li>\r\n</ul>\r\nGo to my website <a href=\"http://www.staging1.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a>for more details under the TAB – “SUBSCRIBE”.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong><span style=\"font-size: 14pt;\">TRADER EDUCATION:</span></strong></li>\r\n</ol>\r\nNo item this week.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>WEEKLY FX PREMIUM SUBSCRIBERS:</strong></span></li>\r\n</ol>\r\n(This section is for WEEKLY FX PREMIUM ONLY)\r\n\r\n<u>4.1. TRADING REVIEW:</u>\r\n\r\nTotal pips for this month so far = 1,120 pips.\r\nYear to date = 6,659 pips.\r\n\r\nI have to admit the market seems to be ready and primed for a big move. There is quite a strange relationship with FX and the broader markets at the moment, with U.S. bonds having quite an influence. I see this certainly with the USD/JPY, and of course, this trickles down through the JPY crosses. I think the JPY is more responsive to bonds than equities at the moment. Obviously, a personal feeling, but I think its maybe a reason for some JPY pricing during the past 5 days or so.\r\n\r\nThere is undoubted USD strength in the market and given that a NAFTA agreement of sorts by the deadline did not materialize, I took a bit of pain last Friday by closing off some loss-making trades. I removed EUR/AUD and USD/CAD trades, plus in the previous 24 hours my JPY long trades all fell by the wayside as well. I cannot complain too much about the CAD related trades, I have made some nice $$$ from CAD related trades this month.\r\n\r\nEven though I am recording some loss trades, I am still pip accumulating on a steady basis at the moment and I have to admit that I am looking forward to taking a break in July / August. My concentration levels of late have been tested vis-à-vis the broader issues with the website update, and, whilst I know that all will be good in the end, it is nevertheless stressful, but it should all be complete by my June 2018 deadline.\r\n\r\nI am a glutton for punishment, and, I am looking to make some significant fundamental changes to my daily routine, the blog, the website and my overall approach to trading later this year, hopefully before September starts after the summer break. More of this closer to the time.\r\n\r\nIt will be an interesting week this week as I feel all the geopolitical events hanging around will count for something, they all cannot simply go away.\r\n\r\n<u>4.2. OPEN TRADES... HOW WILL I TRADE THIS WEEK:</u>\r\n\r\nLast week: 17 x live trades &amp; 11 x limit orders.\r\nThis week: 9 x live trades &amp; 4 x limit orders.\r\n\r\nOverall trades are lower but my CONTINGENT LIABILITY (RISK) is higher as I am taking some modestly larger trading positions.\r\n\r\nWe are quite light on economic data this week although we have quite a sizeable chunk of geopolitical RISK to accommodate into our daily routines.\r\n\r\nI am still waiting for the USD Index to hit the 94.14 pivot point. At that level I am not sure that we will see the markets spring forward, although there are great arguments on both sides to remain bullish the USD or bearish the USD.\r\n\r\nIn my opinion, the single currency is one headline away from a large fall. With the EUR/USD the 1.1715 level looks tempting for bears to try and take stops, but I feel that the longer-term 1.1550 level may seem too good for the markets not to attack. Given the percentage domination of the DXY that the EUR holds, a move higher in the DXY and a corresponding move lower with the EUR across the board could see the DXY testing 95.20, which is a full retracement of the recent move from lower. Do not get carried away with this it’s just a possibility!\r\n\r\nHowever, with the DXY move as a possibility and with ITALY in focus, plus with the NAFTA trade agreement missing its deadline, I am taking stock and this will come as no surprise I will wait until this week has started properly before nailing my colours to the mast.\r\n\r\nLet me put it another way.... I am just NOT sure what to do.\r\n\r\n<u>\r\n4.3. SENTIMENT,</u><u>FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.1. OVERVIEW OF MY MACRO THOUGHTS &amp; IDEAS:</u>\r\n\r\nNo change in my longer-tern thoughts, although, I see moves on the back of Central Bank divergence dominating the markets for the foreseeable future.\r\n\r\nThe FED is at the opposite end of the spectrum in comparison to the BOJ, ECB and BOE. THE RBNZ and RBA are also on hold, the only G8 Central Bank that will possibly be looking to increase rates this year is the BOC.\r\n\r\n2018 MACRO THOUGHTS (Based upon USD major pair):\r\n\r\nCAD: I see a substantial move lower in the USD/CAD towards the 1.2000 level maybe lower.\r\n\r\nNZD: I see the ex. Prime Minister John Key target level when he was in power of 0.6600 being my objective. The new RBNZ Governor, Adrian Orr, is also keen to see the NZD weaken.\r\n\r\nGBP: I was hoping for a BREXIT deal to have been struck by now. When it is done I think we will be witnessing a relief rally back towards GBP/USD 1.5000.I will be ready to trade this with most of the GBP crosses, especially the EUR/GBP.\r\n\r\nAUD: I cannot make my mind up with this currency. I feel that the next rate move will be an increase from the RBA. But it is fast becoming the “BEIGE” currency of the USD majors, in the sense that it’s just in the background most of the time. It just seems to drift then consolidate threaten a reversal and then drift again.\r\n\r\nEUR: I just cannot see the EUR/USD hitting the well-publicized target by many banks of 1.3000 this year, in fact I see it ranging between 1.1500 and 1.2000 in to the year end.\r\n\r\nJPY: This currency has me HOT and COLD, thankfully not at the same time as that is uncomfortable! One minute I am bullish, the next bearish. My initial thoughts this year was for the USD/JPY to be back at 102.00 with JPY strength on the back of geopolitical worldwide issues pegging it back. If pushed I am in the camp of JPY strength rather than JPY weakness.\r\n\r\nCHF: This used to be one of my go to currencies and for some reason in 2018, I have really left it to one side despite the bearish EUR/USD action. I always have a fear at the back of my mind that EUROPEAN geopolitical issues and GOLD volatility as a result of general world uneasiness could make this pair very difficult to trade. Of late in fact it has been the best behaved of most of the majors and I regret not going long on the multi-year trend line support back at 0.9180-0.9200 a couple of months ago. Since hitting that support it has been a V shaped recovery.\r\n\r\n<u>\r\n4.3.2. THE MARKET SENTIMENT CHART:</u>\r\n\r\nThere is now a much greater alignment with the USD majors, and quite interesting to see that there was little change in the chart from last week.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/SENTIMENT-19052018.png\"><img class=\"aligncenter size-full wp-image-12147\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/SENTIMENT-19052018.png\" alt=\"\" width=\"1054\" height=\"1044\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.4.1. CURRENT LIVE TRADES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIVE-TRADES-19052018.png\"><img class=\"aligncenter size-full wp-image-12151\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIVE-TRADES-19052018.png\" alt=\"\" width=\"1090\" height=\"1506\" /></a>\r\n\r\n<u>4.4.2. CURRENT LIMIT ORDER TRADES:</u>\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIMIT-ORDERS-19052018.png\"><img class=\"aligncenter size-full wp-image-12150\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIMIT-ORDERS-19052018.png\" alt=\"\" width=\"1062\" height=\"1298\" /></a>\r\n\r\n4.5. FX BROKER NEWS:\r\n\r\nI have seen over the past couple of weeks increased chatter about margin calls on broker accounts. I found this slightly strange as we have just acknowledged that in the EUROPEAN marketplace leverage has been reduced quite dramatically.\r\n\r\nI mentioned a few weeks ago, that the leverage argument has never been one to really concern myself as I have traded on a maximum of 1:50 at the highest since I started trading and all of my accounts now are below 1:25.\r\n\r\nAnyway...\r\n\r\nIt looks like 50% margin calls are on the way. Most brokers will operate around 35% at the moment. Below is a snippet on the subject that I culled from Twitter.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NEW-BROKER-MARGINS-FOR-BLOG.png\"><img class=\"aligncenter size-full wp-image-12153\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NEW-BROKER-MARGINS-FOR-BLOG.png\" alt=\"\" width=\"1728\" height=\"896\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE FINAL SHOT:</strong></span><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @weeklyfxpremium\r\n\r\nhttps://staging1.weeklyfxdrivethru.com/disclaimer/\r\n\r\nBLOG VERSION: #178 WEEKLY FX PREMIUM\r\nDATE: 19th May 2018\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'ITALY - THE DOOMSDAY SCENARIO?', '', 'inherit', 'closed', 'closed', '', '12163-revision-v1', '', '', '2018-06-01 09:15:24', '2018-06-01 14:15:24', '', 12163, 'https://weeklyfxdrivethru.com/2018/06/12163-revision-v1/', 0, 'revision', '', 0);
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(12166, 1, '2018-06-01 08:58:49', '2018-06-01 13:58:49', 'Two weeks ago, my last blog in fact, I wrote about the UK and EUROPE being at the precipice. In the past 14 days sentiment has shifted and moves in the currencies I talked about have started, however, I never had ITALY as front runner to possibly drive the single currency lower to new 52 weeks lows.\r\n\r\nBack in the day...\r\n\r\nIt was during 2016, I think it was on CNBC when I heard some analyst talking about market uncertainties as he ran off a series of what if’s.\r\n<ul>\r\n 	<li>The first one was a, what if – TRUMP is elected President; following that he gave an opinion, which, I have long forgotten.</li>\r\n 	<li>The second was, what happens if the UK votes for a BREXITand finally,</li>\r\n 	<li>The third rather surprising one, was based upon ITALIAN elections that came and went at that time, the result never played out as that commentator predicted then, but it did on the general election this past March.It was claimed that a victory for the FIVE STAR MOVEMENT and any government involving them would be tantamount to a “DOOMSDAY SCENARIO”.</li>\r\n</ul>\r\nWell, I wonder if this commentator had an open ticket at Ladbrokes or Paddy Power because his treble has come home!\r\n\r\nPolitics is a funny thing, never say never. The FIVE STAR MOVEMENT was the largest party in the Italian March elections and it had stated that it would never be in coalition with any other party.\r\n\r\nHowever, to move forward this was necessary, at one point, it looked like Berlusconi’s Forza Italia party was in line, but the FIVE STAR MOVEMENT selected the NORTHERN LEAGUE as partners to form a coalition.\r\n\r\nShame really not to have Berlusconi in power as a meeting with TRUMP would have been brilliant; you could just imagine the craic and the media headlines. For now toga parties at 1600 Pennsylvania Avenue, have been put on hold.\r\n\r\nMy question is: - Is this coalition still the “DOOMSDAY SCENARIO?”\r\n\r\nWithout doubt, populist parties are loved by the media for the headlines they can create. Are they populist or nationalist? Having read a bit over the past couple of days about these parties it would appear that have ditched a huge amount of the anti-EU rhetoric and I think I am correct in saying they have abandoned for now, the idea of dumping the single currency as well, although, I have also read stuff about wanting a parallel currency. I am not sure at all what this would involve and frankly I doubt anyone does at this stage.\r\n\r\nLast Friday the coalition agreed on a series of political objectives and released a working document to the media. The leaders of these parties are “unknowns” and therefore the MP’s will be unknown and frankly there is a massive cloud and thick fog about what will actually happen.\r\n\r\nAre they extreme?\r\n\r\nThe policy document released has called for: -\r\n<ul>\r\n 	<li>Tax Reform: Corporate Taxes at 15% and Personal Taxes at 20% - both proposed taxation levels are a significant reduction from where they are now.</li>\r\n 	<li>Relaxing EU Bail-in Rules: No surprise here given the state of Italian Bank Debt and the current market uncertainties.</li>\r\n 	<li>Removing the EU Russian sanctions.</li>\r\n 	<li>Lowering the Retirement Age.</li>\r\n 	<li>Nothing about the rumoured request for an EU Debt write-off of over €250 Billion.</li>\r\n 	<li>Nothing about nationalizing some of the banks such as Banc Monte Paschi Di Siena.</li>\r\n</ul>\r\nIs the above extreme?\r\n\r\nThere is nothing about leaving the EUROZONE or bringing back the Lira. There is also nothing how a debt riddled country is going to pay for this either, but hey, this is politics and in ITALY in particular because of extreme levels of bureaucracy, very little ever gets done as it is so difficult to reform. It is also very difficult to undo what is already in place. All you have to do is look at what Berlusconi, Monti, Letta, Renzi and Gentiloni have actually achieved since 2008. Remember Italy has had more elections in the past 50 years than the number of years that have passed by.\r\n\r\nIn my opinion, for what it’s worth it doesn’t seem like a “DOOMSDAY SCENARIO” yet and given the bureaucracy that exists in the Italian political system, one could argue that ITALY is in a permanent state of a “DOOMSDAY SCENARIO”\r\n\r\nFor sure, Italian 10 YR debt costs are rising. That is no surprise. Italian Banks are under pressure. Believe me it would be worse if the Lira printing presses were running!\r\n\r\nYes, Italian Banks have been under pressure to boost bad debt provisions and sell-off non-performing loans.  I think it has been quoted that it would take until the middle of the next decade if the ITALIAN BANKS started an aggressive program today to fix these well-known and documented issues and even then, the target is to be no better than the EU average!\r\n\r\nBelow is chart plucked from Wikipedia that shows the breakdown of seats by the Italian Major Political parties. There are 6 parties listed here, you can add another 60 to get a broader flavour of the number of parties looking for representation in ITALY. There lies part of Italy’s problem.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/THE-MAJOR-ITALIAN-POLITICAL-PARTIES.png\"><img class=\"aligncenter size-full wp-image-12152\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/THE-MAJOR-ITALIAN-POLITICAL-PARTIES.png\" alt=\"\" width=\"1836\" height=\"668\" /></a>\r\n\r\nTherefore, there is a bit (to say the least) of concern over the uncertainty of exactly what an ITALIAN government out of this coalition with Luigi Di Maio (5SM) and Matteo Salvini (NL) would look like moving forward.\r\n\r\nEnough of that what about the FX effect?\r\n\r\nOne would expect the EUR/USD and the crosses to be under some pressure given the current situation of uncertainty and the fact that ITALY is the third largest economy inside the EUROZONE.\r\n\r\nNot too much of an issue in this regard as far as I can see, and, I must admit I find this strange. One would have thought that one loose sound-byte on a Referendum on EU membership, or, a Referendum on dumping the single currency would be enough to send the single currency to 1.1500 and below and I have no doubt some extreme comments will be made.\r\n\r\nThe coalition is an unknown, and, who knows what position the government will take when in power. We are talking politics here with unknowns, it\'s a huge uncertainty and what alleged promises are made now, count for nothing moving forward.\r\n\r\nIt’s not that the single currency isn’t under enough pressure at the moment with, U.S. Tariffs, Russian Sanctions and a Central Bank (ECB) that looks like it will be entering the same policy stance as the BOJ, which is ultra-market accommodative financial measures and market support via QE until “Hell Freezes Over”.\r\n\r\nFor now, the single currency appears to have buyers support ahead of the 1.1715 level which was the December 2017 low from where the latest move higher to the February 2018 highs of c.1.2550 started. Beneath the 1.1715 lows we have the November 2017 lows of 1.1550, I see this as the pressured target for the EUR bears to aim for in the medium term. For now, Italian political uncertainty means little. Watch this space.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\"><img class=\"aligncenter size-full wp-image-12144\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\" alt=\"\" width=\"300\" height=\"200\" /></a>\r\n<p style=\"text-align: center;\"><span style=\"font-size: 24pt;\"><strong><u>FOREX REVIEW:</u></strong></span></p>\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong><span style=\"font-size: 14pt;\"> FX - FORWARDS, BACKWARDS &amp; SIDEWAYS:</span>\r\n</strong></li>\r\n</ol>\r\n<u>1.1. THIS WEEKS TRADE INFORMATION: ECONOMIC DATA:</u><u>\r\n</u>NOTE: Only the items that interest me are listed here.\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/ECON-DATA-19052018.png\"><img class=\"aligncenter size-full wp-image-12145\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/ECON-DATA-19052018.png\" alt=\"\" width=\"1504\" height=\"842\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.2. THIS WEEKS TRADE INFORMATION: GEOPOLITICAL EVENTS:</u>\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GEOPOLITICAL-19052018.png\"><img class=\"aligncenter size-full wp-image-12146\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GEOPOLITICAL-19052018.png\" alt=\"\" width=\"1908\" height=\"1560\" /></a></strong><strong> </strong>\r\n\r\n<u>1.3. BIAS CHART - </u><u>USD MAJORS SUPPORT and RESISTANCE:</u>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/TCHART-19052018.png\"><img class=\"aligncenter size-full wp-image-12148\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/TCHART-19052018.png\" alt=\"\" width=\"1226\" height=\"652\" /></a> </strong><strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.4. USD INDEX (DXY) OVERVIEW – MY THOUGHTS:</u><strong> </strong>\r\n\r\nLooking at the chart below: -\r\n<ol>\r\n 	<li>The TRUMP inaugural trend line and the 200 DAY SMA are now well behind current pricing and will now come into play as support on any downside move.</li>\r\n 	<li>My eyes are fixed on the 94.14 PIVOT POINT as being the next target.</li>\r\n</ol>\r\nThere is so much USD momentum at the moment and we have seen a sentiment shift. Obviously, a lot depends on the USD 10YR Treasury. It is now consolidated above 3% and, in my opinion, this will keep the USD March higher intact.\r\n\r\nThe bigger question is what happens at the PIVOT POINT?\r\n\r\nWe could get held up for a while but at the moment I am more in the camp of thinking we march onwards and upwards towards 95.20 rather than reverse the move and head lower in line with the trend. We could stop at 95.20 and downside trend would still be intact.\r\n\r\nIt is a tough call. We will have to wait and see, but I do think there is still some gas left in the tank to continue to push higher.\r\n\r\nThe EUR/USD which has a huge say in how the DXY moves looks like it has a move lower in it towards at the very least 1.1715 and maybe more, therefore this in itself could push the DXY higher.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/DXY-19052018.png\"><img class=\"aligncenter size-full wp-image-12156\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/DXY-19052018.png\" alt=\"\" width=\"1824\" height=\"868\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.5. USD MAJORS - TRADING CHARTS:</u><strong> </strong>\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\nITALY has the focus of the EUROZONE at the moment.\r\n\r\nThere is a lot of uncertainty around with the new government coalition.\r\n\r\nOn the chart below, I see resistance at 1.1820 and downside support resides initially at 1.1715 and then a full re-trace of the recent upside move at 1.1550.\r\n\r\nAt the moment I think you really need nerves of steel and big balls to get long the USD. The direction of least resistance is lower with this pair.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/EURUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12157\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/EURUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\nMy DOUBLE TOP pattern is in play as you can see on the chart below.  The 200 DAY SMA (Green line) should now act as resistance and the downside move should see an attack on 1.3300 and if the double top plays out the measured move is to 1.3030.\r\n\r\nNow, on the other hand the GBP has been finding buyers leaping in ahead of 1.3450. It is questionable how long this will last. Should the EUR/USD drop dramatically it will drag cable with it.\r\n\r\nWe also have to consider BREXIT. The EU27 are sticking to its guns and not giving anything away. This story has a long way to run and I can still see a “NO DEAL” as an option. It looks like there is a political deadlock over the IRISH border. The UK government cannot break the Good Friday agreement and the EU knows this and will push the UK to give in on what the UK government wants.  There will be blood in Westminster should Theresa May backdown, hence my thoughts of a “NO DEAL”.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GBPUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12158\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GBPUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\nI do not know what to do with this currency.\r\n\r\nAre we channeling?\r\n\r\nWe are definitely in a down trend, but it is a difficult trade. 0.7400 to 0.7550 seems to be a trading range at the moment.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/AUDUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12155\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/AUDUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\nThis is also a difficult pair to trade at the moment, it is neither one thing or another. Below 0.6850 opens up the move lower towards the 2017 lows at 0.6780.\r\n\r\nDespite encouraging words from the new RBNZ governor, Adrian Orr who is happy to see the NZD weaken, after its initial move it has retraced a bit and is now consolidating. Back above 0.6940-50 and NZD bulls may take full control once again.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NZDUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12159\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NZDUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\nThe NAFTA deadline came and went and I got caught on a 200 pip loss...argh!!\r\n\r\nWhere now for CAD?\r\n\r\nAllegedly, a lot of pork pies have been spoken about how close a NAFTA deal is, it is some way away. This therefore, in my opinion puts BOC policy on hold.\r\n\r\nThe danger here for USD/CAD bears is that we could move closer to 1.3000 before we see sellers stepping in once again. I am not sure what to do with this pair. I took my shorts off the table, but that does NOT mean that I want to go long.\r\n\r\nPatience and some credible news is required before I step back in again.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCAD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12160\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCAD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\nWe have broken free of the triangle pattern and now appear to be consolidating.\r\n\r\nHaving missed this entire move, from my perspective, one would have to see a move back to 0.9850 (trend line break) as a gift area to enter long.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCHF-W-19052018.png\"><img class=\"aligncenter size-full wp-image-12161\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCHF-W-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY</strong><strong> </strong>\r\n\r\nI am waiting for circa.112.00 before I think of shorting this pair. The three-year trend line comes in around 112.50 and this can be used to sell against.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDJPY-W-19052018.png\"><img class=\"aligncenter size-full wp-image-12162\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDJPY-W-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE WEEKLY FX PREMIUM TRADING SUMMARY:</strong></span></li>\r\n</ol>\r\n<u>2.1. WEEKLY FX PREMIUM PERFORMANCE HIGHLIGHTS:</u>\r\n\r\nMAY 2018 (So far):            1,120 net profitable pips\r\n2018 TOTAL (So far):        6,659 net profitable pips<u></u>\r\n\r\n2.2. WEEKLY FX PREMIUM PERFORMANCE SUMMARY:\r\n\r\n(Incorporating the last 5 WEEKLY FX PREMIUM TRADES)\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/PS-PERF-19052018.png\"><img class=\"aligncenter size-full wp-image-12149\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/PS-PERF-19052018.png\" alt=\"\" width=\"1344\" height=\"1266\" /></a>\r\n\r\nYou can get on board and join my FX PREMIUM subscribers and subscribe to the “10,000 pips a year” group from as little as CAD$10 for the first 10 days and then CAD$150.00 per month, currency conversions for CAD$150 are roughly as follows: -\r\n<ul>\r\n 	<li>GBP £90 per month</li>\r\n 	<li>EUR €100 per month</li>\r\n 	<li>USD $120 per month</li>\r\n 	<li>JPY 12,700 per month</li>\r\n 	<li>AUD $150 per month</li>\r\n</ul>\r\nGo to my website <a href=\"http://www.staging1.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a>for more details under the TAB – “SUBSCRIBE”.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong><span style=\"font-size: 14pt;\">TRADER EDUCATION:</span></strong></li>\r\n</ol>\r\nNo item this week.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>WEEKLY FX PREMIUM SUBSCRIBERS:</strong></span></li>\r\n</ol>\r\n(This section is for WEEKLY FX PREMIUM ONLY)\r\n\r\n<u>4.1. TRADING REVIEW:</u>\r\n\r\nTotal pips for this month so far = 1,120 pips.\r\nYear to date = 6,659 pips.\r\n\r\nI have to admit the market seems to be ready and primed for a big move. There is quite a strange relationship with FX and the broader markets at the moment, with U.S. bonds having quite an influence. I see this certainly with the USD/JPY, and of course, this trickles down through the JPY crosses. I think the JPY is more responsive to bonds than equities at the moment. Obviously, a personal feeling, but I think its maybe a reason for some JPY pricing during the past 5 days or so.\r\n\r\nThere is undoubted USD strength in the market and given that a NAFTA agreement of sorts by the deadline did not materialize, I took a bit of pain last Friday by closing off some loss-making trades. I removed EUR/AUD and USD/CAD trades, plus in the previous 24 hours my JPY long trades all fell by the wayside as well. I cannot complain too much about the CAD related trades, I have made some nice $$$ from CAD related trades this month.\r\n\r\nEven though I am recording some loss trades, I am still pip accumulating on a steady basis at the moment and I have to admit that I am looking forward to taking a break in July / August. My concentration levels of late have been tested vis-à-vis the broader issues with the website update, and, whilst I know that all will be good in the end, it is nevertheless stressful, but it should all be complete by my June 2018 deadline.\r\n\r\nI am a glutton for punishment, and, I am looking to make some significant fundamental changes to my daily routine, the blog, the website and my overall approach to trading later this year, hopefully before September starts after the summer break. More of this closer to the time.\r\n\r\nIt will be an interesting week this week as I feel all the geopolitical events hanging around will count for something, they all cannot simply go away.\r\n\r\n<u>4.2. OPEN TRADES... HOW WILL I TRADE THIS WEEK:</u>\r\n\r\nLast week: 17 x live trades &amp; 11 x limit orders.\r\nThis week: 9 x live trades &amp; 4 x limit orders.\r\n\r\nOverall trades are lower but my CONTINGENT LIABILITY (RISK) is higher as I am taking some modestly larger trading positions.\r\n\r\nWe are quite light on economic data this week although we have quite a sizeable chunk of geopolitical RISK to accommodate into our daily routines.\r\n\r\nI am still waiting for the USD Index to hit the 94.14 pivot point. At that level I am not sure that we will see the markets spring forward, although there are great arguments on both sides to remain bullish the USD or bearish the USD.\r\n\r\nIn my opinion, the single currency is one headline away from a large fall. With the EUR/USD the 1.1715 level looks tempting for bears to try and take stops, but I feel that the longer-term 1.1550 level may seem too good for the markets not to attack. Given the percentage domination of the DXY that the EUR holds, a move higher in the DXY and a corresponding move lower with the EUR across the board could see the DXY testing 95.20, which is a full retracement of the recent move from lower. Do not get carried away with this it’s just a possibility!\r\n\r\nHowever, with the DXY move as a possibility and with ITALY in focus, plus with the NAFTA trade agreement missing its deadline, I am taking stock and this will come as no surprise I will wait until this week has started properly before nailing my colours to the mast.\r\n\r\nLet me put it another way.... I am just NOT sure what to do.\r\n\r\n<u>\r\n4.3. SENTIMENT,</u><u>FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.1. OVERVIEW OF MY MACRO THOUGHTS &amp; IDEAS:</u>\r\n\r\nNo change in my longer-tern thoughts, although, I see moves on the back of Central Bank divergence dominating the markets for the foreseeable future.\r\n\r\nThe FED is at the opposite end of the spectrum in comparison to the BOJ, ECB and BOE. THE RBNZ and RBA are also on hold, the only G8 Central Bank that will possibly be looking to increase rates this year is the BOC.\r\n\r\n2018 MACRO THOUGHTS (Based upon USD major pair):\r\n\r\nCAD: I see a substantial move lower in the USD/CAD towards the 1.2000 level maybe lower.\r\n\r\nNZD: I see the ex. Prime Minister John Key target level when he was in power of 0.6600 being my objective. The new RBNZ Governor, Adrian Orr, is also keen to see the NZD weaken.\r\n\r\nGBP: I was hoping for a BREXIT deal to have been struck by now. When it is done I think we will be witnessing a relief rally back towards GBP/USD 1.5000.I will be ready to trade this with most of the GBP crosses, especially the EUR/GBP.\r\n\r\nAUD: I cannot make my mind up with this currency. I feel that the next rate move will be an increase from the RBA. But it is fast becoming the “BEIGE” currency of the USD majors, in the sense that it’s just in the background most of the time. It just seems to drift then consolidate threaten a reversal and then drift again.\r\n\r\nEUR: I just cannot see the EUR/USD hitting the well-publicized target by many banks of 1.3000 this year, in fact I see it ranging between 1.1500 and 1.2000 in to the year end.\r\n\r\nJPY: This currency has me HOT and COLD, thankfully not at the same time as that is uncomfortable! One minute I am bullish, the next bearish. My initial thoughts this year was for the USD/JPY to be back at 102.00 with JPY strength on the back of geopolitical worldwide issues pegging it back. If pushed I am in the camp of JPY strength rather than JPY weakness.\r\n\r\nCHF: This used to be one of my go to currencies and for some reason in 2018, I have really left it to one side despite the bearish EUR/USD action. I always have a fear at the back of my mind that EUROPEAN geopolitical issues and GOLD volatility as a result of general world uneasiness could make this pair very difficult to trade. Of late in fact it has been the best behaved of most of the majors and I regret not going long on the multi-year trend line support back at 0.9180-0.9200 a couple of months ago. Since hitting that support it has been a V shaped recovery.\r\n\r\n<u>\r\n4.3.2. THE MARKET SENTIMENT CHART:</u>\r\n\r\nThere is now a much greater alignment with the USD majors, and quite interesting to see that there was little change in the chart from last week.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/SENTIMENT-19052018.png\"><img class=\"aligncenter size-full wp-image-12147\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/SENTIMENT-19052018.png\" alt=\"\" width=\"1054\" height=\"1044\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.4.1. CURRENT LIVE TRADES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIVE-TRADES-19052018.png\"><img class=\"aligncenter size-full wp-image-12151\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIVE-TRADES-19052018.png\" alt=\"\" width=\"1090\" height=\"1506\" /></a>\r\n\r\n<u>4.4.2. CURRENT LIMIT ORDER TRADES:</u>\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIMIT-ORDERS-19052018.png\"><img class=\"aligncenter size-full wp-image-12150\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIMIT-ORDERS-19052018.png\" alt=\"\" width=\"1062\" height=\"1298\" /></a>\r\n\r\n4.5. FX BROKER NEWS:\r\n\r\nI have seen over the past couple of weeks increased chatter about margin calls on broker accounts. I found this slightly strange as we have just acknowledged that in the EUROPEAN marketplace leverage has been reduced quite dramatically.\r\n\r\nI mentioned a few weeks ago, that the leverage argument has never been one to really concern myself as I have traded on a maximum of 1:50 at the highest since I started trading and all of my accounts now are below 1:25.\r\n\r\nAnyway...\r\n\r\nIt looks like 50% margin calls are on the way. Most brokers will operate around 35% at the moment. Below is a snippet on the subject that I culled from Twitter.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NEW-BROKER-MARGINS-FOR-BLOG.png\"><img class=\"aligncenter size-full wp-image-12153\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NEW-BROKER-MARGINS-FOR-BLOG.png\" alt=\"\" width=\"1728\" height=\"896\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE FINAL SHOT:</strong></span><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @weeklyfxpremium\r\n\r\n<a href=\"http://staging1.weeklyfxdrivethru.com/disclaimer/\">http://staging1.weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #178 WEEKLY FX PREMIUM\r\nDATE: 19th May 2018\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'ITALY - THE DOOMSDAY SCENARIO?', '', 'inherit', 'closed', 'closed', '', '12163-autosave-v1', '', '', '2018-06-01 08:58:49', '2018-06-01 13:58:49', '', 12163, 'https://weeklyfxdrivethru.com/2018/06/12163-autosave-v1/', 0, 'revision', '', 0);
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(12167, 1, '2018-06-01 09:01:42', '2018-06-01 14:01:42', 'Probably like many other FX traders given the improving economic position seen across the EUROZONE, I was rubbing my palms with excitement thinking that there would be thousands of pips up for grabs in 2018 as Draghi brought the ECB dovish accommodation to an end and the ECB began tapering out of QE (Quantitative Easing). The same FX traders are no doubt like myself saying WTF.\r\n\r\nThe EUR/USD was to all intense and purpose seen as a nailed on 1.3000 exchange rate this year, now I am in the 1.1600 camp before we see 1.3000.\r\n\r\nWhy, I can hear you asking?\r\n\r\nThe latest set of EUROZONE inflation data continues to show weakness, and when the weather, combined with the timing of Easter are both used as excuses, for me this is clutching at straws. The rot had already set in. This is just bull on top of camel shit and it is something that the markets are fed on a consistent basis at the moment.\r\n\r\nThe last set of data last week showed consumer price growth to be just 1.2% and core inflation taking out food, was only 0.7%. Both sets of data were way below estimates, in fact the worst set of data for over a year.\r\n\r\nIt is getting to the point that I can imagine in Q1 2019, some flute stating that the Q4 2018 objective was missed because Christmas Day fell on December 25<sup>th</sup>!  You know it’s coming, it’s only a matter of time, not if but when.\r\n\r\nBoth the ECB and the “Pen pushing, Desk sucking, Jotter blotters” at the European Commission predict an upturn in data. But against a backdrop of tariffs and huge uncertainty on trade negotiations, you can only guess that major capital outlays are being postponed until matters are clearer.\r\n\r\nThe weak inflation data must have the ECB thinking that if no improvement is seen before the summer, they may have to look at extending the bond purchasing program timescales and either delay tapering or have a much longer than anticipated tapering period.\r\n\r\nLet’s face a simple fact; the 2% EUROZONE inflation is a dream, there is simply no evidence at all that it is in the offing, in fact the EUROZONE is heading closer to DEFLATION than INFLATION. With this as a backdrop there is no way on planet earth that Draghi will try to normalize under these conditions.\r\n\r\nOf late, Draghi’s forward guidance has been a “finger in the air” approach to see which way the wind is blowing.\r\n\r\nGiven the fact the FED is on a three or four rake hike cycle in 2018, the Central Bank Interest Rate divergence trade comes into play and the USD will strengthen over the single currency. This is why I believe that as the FED continues to normalize and as the ECB continues to accommodate there is no doubt in my mind that the EUR/USD exchange rate will move lower towards 1.1500.\r\n\r\nThe only factor that will change this is an about turn in ECB monetary policy and the same with the FED. Given that there is more chance of getting shit out of a rocking horse my 1.1500 objective remains in place.\r\n\r\nMoving on...\r\n\r\nGod love her, poor Theresa May must wonder what the feck she did wrong in an earlier life (if you believe in such things).\r\n\r\nAnother day another crisis...\r\n\r\nThe BREXIT deal just cannot be delivered.\r\n\r\nThis time the EU27, well at the moment Michel Barnier, Chief EU27 negotiator on the BREXIT deal, is not happy with Theresa May’s proposed solutions for border controls between IRELAND and NORTHERN IRELAND (If Joe Kernan from CNBC is reading this which I doubt... these are TWO DIFFERENT COUNTRIES).\r\n\r\nBarnier did not support the UK governments idea on a compromise to retain a borderless border.\r\n\r\nPutting it simply, late last year BRUSSELS produced a working EU paper in which it drew up its own version of negotiation RED LINES on the BREXIT agreement.\r\n<ul>\r\n 	<li>The EU wants common customs across the island of IRELAND, and this means that the EU wants border controls between NORTHERN IRELAND and the UK mainland. This is a UK government RED LINE not to have.</li>\r\n 	<li>The EU paper also proposed that the European Court of Justice retain the power to arbitrate disputes involving the UK after Brexit. Another UK government RED LINE not to cross.</li>\r\n</ul>\r\nThe issue is that the “GOOD FRIDAY AGREEMENT” that brought peace to NORTHERN IRELAND is in jeopardy if a frictionless border is NOT maintained. Whether the eventual agreement on customs is called, a union or a bilateral free-trade agreement, a hard border on the island of IRELAND cannot be built.\r\n\r\nTheresa May is in a no-win situation. She has so many rebels within her party that do not want a customs union of any sort with the EU after BREXIT, she cannot possibly win a House of Commons vote without the support of the Labour Party, who frankly appear to have policies on all sides and they would probably not support her so that it could possibly force another general election. Her cabinet is split on the issue and many are euro skeptics who reside there as well as in the House of Commons. She could also face a vote of no-confidence if matters were brought to a head.\r\n\r\nThe Conservative Party had some by-election results during the week and this should give strength to her position as leader, which, always seems to be hanging by a thread. But personally, I just cannot see it that being enough to sway party rebels and euro skeptics.\r\n\r\nJacob Rees-Mogg, who is seen as the voice outside of the cabinet leader of the BREXITEERS through what is called the “European Research Group”, has consistently stated that a “Customs partnership” between the EU and UK, where the UK would collect EU tariffs and refund later just wouldn’t work. On a point of interest, he has in his group over 60 supporters and this if a vote of confidence was taken would be enough to oust Theresa May from her office.\r\n\r\nI am just not sure where this ends up. It’s too simple to say, back to the drawing board.\r\n\r\nI can once again envisage calls that a NO DEAL BREXIT should be the preferred option. This would neither be good for IRELAND, the UK or the EUROZONE. The ferocity of “anti- Brussels” sentiment in the UK should NEVER be under estimated.\r\n\r\nExtending the deadline date. This may be the only option as both sides are trenched in.\r\n\r\nIt’s high stakes poker whichever route she takes.... Cabinet rebellion, House of Commons rebellion and then the House of Lords rejecting everything anyhow! Who would be a politician?\r\n\r\nThe simple fact lost here is that the UK electorate voted BREXIT, and, given the midweek by-election results, I would suspect that the Jacob Rees-Mogg support in the country with voters has gathered more momentum.\r\n\r\nI can see Theresa May having to back track and try to sell the concept of an extension to remain in the customs union to all in Westminster, ousted as leader of the government, a no confidence vote and another general election are all options moving forward.\r\n\r\nThe uncertainty could send the GBP/USD lower and back towards 1.2000 again. Political uncertainty, economic uncertainty, a potential recession, you can envisage the Sunday Paper headlines already!\r\n\r\nIt never just rains it pours.... back to the EUROZONE:\r\n\r\nUS tariffs takes a new twist. In a rather bizarre move, the EU, through the President of the European Commission, Jean Claude Juncker, ex. Luxembourg politician now based in Brussels, with a huge expense account and no fears about domestic voter popularity, has stated the EU27 will not deal with the US on tariffs whilst the US is threatening the EU27 with tariffs. TRUMP will just love this.\r\n\r\nThe EU is potentially taking itself deep down a huge black hole.\r\n\r\nI immediately think, UK customs issues already implies uncertainty moving forward, add US uncertainty and tariffs just being loaded by TRUMP, which, he will do in order to drive reciprocity, could potentially kill German motor vehicle exports very quickly.\r\n\r\nThis story will develop, TRUMP thrives on confusion and uncertainty. Brussels bureaucrats are like insurance actuaries, boring and anally retentive. All boxes must be ticked with i’s dotted and t’s crossed before we move from stage one to stage two. Directly opposite to the way TRUMP works.\r\n\r\nIf German cars were loaded with duties to match US car imports into the EU, i.e.: raised from 2.5% to 25%, think it through. It could get very messy, very quickly.\r\n\r\nAnother reason for supporting a weaker EUR/USD trade lower.\r\n\r\nMoving on...\r\n\r\nBTW we had NFP last week as well!\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\"><img class=\"aligncenter size-full wp-image-12144\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\" alt=\"\" width=\"300\" height=\"200\" /></a>\r\n<p style=\"text-align: center;\"><span style=\"font-size: 20pt;\"><strong><u>FOREX REVIEW:</u></strong></span></p>\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong><span style=\"font-size: 14pt;\"> FX - FORWARDS, BACKWARDS &amp; SIDEWAYS:</span>\r\n</strong></li>\r\n</ol>\r\n<u>1.1. THIS WEEKS TRADE INFORMATION: ECONOMIC DATA:</u><u>\r\n</u>NOTE: Only the items that interest me are listed here.\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/ECON-DATA-05052018.png\"><img class=\"aligncenter size-full wp-image-11625\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/ECON-DATA-05052018.png\" alt=\"\" width=\"1024\" height=\"712\" /></a></strong><strong> </strong>\r\n\r\n&nbsp;\r\n\r\n<u>1.2. THIS WEEKS TRADE INFORMATION: GEOPOLITICAL EVENTS:</u>\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/GEOPOLITICAL-DATA-05052018.png\"><img class=\"aligncenter size-full wp-image-11626\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/GEOPOLITICAL-DATA-05052018.png\" alt=\"\" width=\"1024\" height=\"836\" /></a></strong>\r\n\r\n&nbsp;\r\n\r\n<u>1.3. BIAS CHART - </u><u>USD MAJORS SUPPORT and RESISTANCE:</u>\r\n\r\n<strong>\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/TCHART-05052018.png\"><img class=\"aligncenter size-full wp-image-11638\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/TCHART-05052018.png\" alt=\"\" width=\"1232\" height=\"652\" /></a>\r\n</strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.4. USD INDEX (DXY) OVERVIEW – MY THOUGHTS:</u>\r\n\r\nLooking at the chart below: -\r\n<ol>\r\n 	<li>We have an INVERTED HAMMER CANDLE to close off last week.</li>\r\n 	<li>The TRUMP inaugural trend line and the 200 DAY SMA are now well behind current pricing and will now come into play as support on any downside move.</li>\r\n 	<li>My eyes are fixed on the 94.14 PIVOT POINT as being the next target.</li>\r\n</ol>\r\nThere is so much USD momentum at the moment and we have seen a sentiment shift. Obviously, a lot depends on the USD 10YR Treasury. If it consolidates its position above 3% this week, in my opinion, this will keep the USD March higher intact.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/DXY-05052018.png\"><img class=\"aligncenter size-full wp-image-11640\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/DXY-05052018.png\" alt=\"\" width=\"1824\" height=\"868\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>1.5. USD MAJORS - TRADING CHARTS:</u><strong> </strong>\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\nWe are seeing continued EUROZONE weak economic data. It seems never-ending and when one adds the USD strength that has come through the markets with a vengeance last week the move lower with this pair has been explosive given we had been range bound for most of 2018 prior to the recent move lower.\r\n\r\nWe have a confluence of Fibonacci levels supporting price action at the moment. On the chart below you can see the 61.8% retracement at 1.1932, this level is also the 161.8% extension of the move higher in December 2017 to the highs in February 2018.\r\n\r\nI feel that this pair is heading a lot lower, for reasons already discussed in the introduction section of the blog.\r\n\r\nThe RSi at 30 whilst demonstrates an oversold condition is not as low as it has been of late.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/EURUSD-D-05052018.png\"><img class=\"aligncenter size-full wp-image-11641\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/EURUSD-D-05052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\nCurrently the 127.6% Fibonacci extension is supporting price. You can also see that price gravitates to the GREEN LINE which is the 200 DAY SMA, and this is currently around the Fibonacci extension level.\r\n\r\nI am expecting the UK press to go “to town” over this weekend on the recent political and BREXIT events in the UK.\r\n\r\nWe have a double top in play as you can see from the chart and I see no reasons at this time why it should not play out. My only caveat is that should there be an announcement that concludes BREXIT negotiations on a positive note, this pair is heading much lower.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/GBPUSD-D-05052018.png\"><img class=\"aligncenter size-full wp-image-11642\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/GBPUSD-D-05052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>AUD/USD:</strong><strong> </strong>\r\n\r\nA false breakdown?\r\n\r\nThis pair is struggling to break down through 0.7500. The longer it takes the more likely it is to spike higher. The only issue is with the USD being so strong this pair although not in the weighted basket will still move in the general direction of the USD.\r\n\r\nI think that as long as we are below 0.7640 this pair is bearish, in fact, if the truth be told the downtrend is not broken unless we peek back through 0.7800.\r\n\r\nI would view any pullbacks as opportunities to sell into.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/AUDUSD-W-05052018.png\"><img class=\"aligncenter size-full wp-image-11639\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/AUDUSD-W-05052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\nThe Double Top is in play with a measured move to 0.6910. Any spikes or rips higher with this pair are in my opinion selling opportunities.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/NZDUSD-D-05052018.png\"><img class=\"aligncenter size-full wp-image-11643\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/NZDUSD-D-05052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\nAs mentioned last week 1.2900 appears to be controlling spikes higher. After NFP last week, it still held as resistance.\r\n\r\nRips are selling opportunities in my opinion given the NAFTA trade agreement. I think that a reasonable short objective longer term as the BOC will soon start raising rates is back to 1.2400 – 1.2500.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/USDCAD-D-05052018.png\"><img class=\"aligncenter size-full wp-image-11644\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/USDCAD-D-05052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\nWe have broken free of the triangle pattern.\r\n\r\nHaving missed this entire move. From my perspective one would have to see a move back to 0.9850 (trend line break) as a gift area to enter long.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/USDCHF-W-05052018.png\"><img class=\"aligncenter size-full wp-image-11645\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/USDCHF-W-05052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\nMovement in US treasuries are encouraging me to enter short this pair and once again to look at the JPY cross rates.\r\n\r\nI need to look at this pair once again early this week. Price was held at 110.00 last week and I think that is significant.\r\n\r\n<strong><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/USDJPY-W-05052018.png\"><img class=\"aligncenter size-full wp-image-11646\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/USDJPY-W-05052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a> </strong>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE WEEKLY FX PREMIUM TRADING SUMMARY:</strong></span></li>\r\n</ol>\r\n<u>2.1. WEEKLY FX PREMIUM PERFORMANCE YEAR TO DATE:</u>\r\n\r\n(Incorporating the last 5 WEEKLY FX PREMIUM TRADES)\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/PS-SUMMARY-05052018.png\"><img class=\"aligncenter size-full wp-image-11627\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/PS-SUMMARY-05052018.png\" alt=\"\" width=\"1024\" height=\"619\" /></a>\r\n\r\nYou can get on board and join my FX PREMIUM subscribers and subscribe to the “10,000 pips a year” group from as little as CAD$10 for 10 days and then CAD$150.00 per month, currency conversions for CAD$150 are roughly as follows: -\r\n<ul>\r\n 	<li>GBP £90 per month</li>\r\n 	<li>EUR €100 per month</li>\r\n 	<li>USD $120 per month</li>\r\n 	<li>JPY 12,700 per month</li>\r\n 	<li>AUD $150 per month</li>\r\n</ul>\r\nThis represents a great value way to subscribe…\r\n\r\nGo to my website <a href=\"http://www.staging1.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a>for more details under the TAB – “SUBSCRIBE HERE”.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong></strong><strong><span style=\"font-size: 14pt;\">TRADER EDUCATION:</span></strong>&nbsp;</li>\r\n</ol>\r\nNo item this week.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>WEEKLY FX PREMIUM SUBSCRIBERS:</strong></span></li>\r\n</ol>\r\n(This section is for WEEKLY FX PREMIUM ONLY\r\n\r\n<u>4.1. TRADING REVIEW:</u>\r\n\r\nTotal pips for this month so far = 601 pips.\r\nYear to date = 6,140 pips.\r\n\r\nI took a few trades off the table ahead of the NFP data. CAD related trades accounted for more than 50% of the pips so far in the first 4 days of trading.\r\n\r\nI always find this particular area of the website the hardest to complete for a number of reasons, one of which is repetition. Quite strange really as FX trading is nothing but repetition for most of the time.\r\n\r\nDespite adding over 600 pips in the first week of the month I am not firing on all cylinders at the moment. I do not suffer from any medical condition, but I have found myself almost in two minds with a fair percentage of trade set ups that I place.\r\n\r\nMIND MANAGEMENT is as important to me as TRADE MANAGEMENT, I am very lucky as I was explaining to a long-time subscriber last week, I trade virtually with no leverage, in fact, it is rather bizarre trying to find brokers that will accept almost zero leverage is hard (for obvious reasons) and I do not want to trade direct with a bank either (for obvious reasons).\r\n\r\nBack to my point...\r\n\r\nConviction in trading is a confidence matter in my opinion, and I am OK 6 months down the road with my thoughts, at least I feel OK! it is this period at the moment of transition, if it is actually transition, that has me in two minds at times. Anyway, I was chatting about LEVERAGE and in my opinion the lower the leverage the less RISK EXPOSURE you have in the market.\r\n\r\nIt was decided that I should place a few lines about my LEVERAGE in this area of the blog.\r\n\r\nI operate on a 1:25 to a 1:50 maximum across my broker accounts and this is one major reason why I do not fear leverage too much when negative pips start to appear. At the end of the day, it’s all about RISK MANAGEMENT and your TRADING PLAN. If you operate on a 1:500 leveraged trading account and do not manage your position sizes tightly your account would be at RISK should you let trades get away from you.\r\n\r\nI fully understand that those of you trading with smaller account balances use leverage to try to yield an edge but at the end of the day, I would always say trade MINI or MICRO lots to minimize the leveraged effect on your account balance should you have negative trades.\r\n\r\nI let trades run; my style is to give trades breathing space in which to move about. I am NOT a 15 second tick by tick trader, although in the same breath my longer-term trades are not as long term as I want them to be. I am still influenced by market noise. I am creating a plan for this for 2019 as I type.\r\n\r\nTrading with small leverage does give you the WYSIWYG approach to trading that I can afford to do.\r\n\r\nMoving on...\r\n\r\nThere are still several discussions taking place on website upgrades. The initial plans have been scrapped, in favour of a more modest upgrade. I hope to have this completed pre the end of June 2018.\r\n\r\n&nbsp;\r\n\r\n<u>4.2. OPEN TRADES... HOW WILL I TRADE THIS WEEK:</u>\r\n\r\nLast week: 12 x live trades &amp; 6 x limit orders.\r\nThis week: 17 x live trades &amp; 11 x limit orders.\r\n\r\nI am in two minds at the moment and I am playing both sides of this market.\r\n\r\nI can see the USD Index stretching to the 94.14 pivot point. At that level I am not sure that we see the markets spring forward, although there are great arguments on both sides to remain bullish the USD or bearish the USD.\r\n\r\nI am both sitting with RISK ON and RISK OFF live trades and whilst this may appear strange to some of you, my position sizes are small, albeit one or two of them are stretched a little further following NFP.\r\n\r\nWe have two Central Banks reporting on interest rates and monetary policy this week, the RBNZ and the BOE and I have several trades that will be affected by their decisions. These are both CORE currencies to my 2018 fundamental views and therefore I am reluctant to add ahead of these announcements.Apart from adding a USD/NOK short trade once again, I have no real intentions to add further trades or limit orders. Having said that, if I see an opportunity I will add trades, but I am not going out of my way to find them until after the big news events of the week are out of the way.\r\n\r\n&nbsp;\r\n\r\n<u>4.3. SENTIMENT,</u><u>FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.1. OVERVIEW THOUGHTS (MY MACRO PLAN &amp; IDEAS):</u>\r\n\r\nNo change in my longer-tern thoughts, although, I see moves on the back of Central Bank divergence dominating the markets for the foreseeable future.\r\n\r\nThe FED is at the opposite end of the spectrum in comparison to the BOJ, ECB and BOE. THE RBNZ and RBA are also on hold, the only G8 Central Bank that will be possibly be looking to increase rates this year is the BOC.\r\n\r\nI am however, in two minds. Is the correction we are witnessing now correctional or not?\r\n\r\nI am still for this year looking to be short the USD/CAD, USD/NOK, NZD/USD and long the EUR/USD and GBP/USD.\r\n\r\nAt the moment however, I have huge reluctance in testing for the EUR/USD and GBP/USD on the long side. I have mentioned the 94.14 pivot point with USD Index and this level is over 100 points away from current pricing. This DXY level could see the EUR/USD in my target zone of 1.1500 – 1.1600.\r\n\r\nThe CHF, JPY and AUD I am just not as convinced about at the moment for the medium to longer-terms.\r\n\r\nAt the moment it is difficult for me to step in front of the USD given its relentless strength, but I do see it weakening later in the year, that is why I hold the 94.14 pivot area in such high esteem.\r\n\r\nCentral Bank activity is always important to me via-a-vis direction and at the moment there is no compelling reason for me to be short the USD.\r\n\r\nWe have to be patient for the market to deliver. We consolidated pre NFP and then we saw a huge short squeeze about an hour after the NFP data was released to wipe out the initial moves. This tells me that the market participants are having difficulty assessing the reaction to data in line with the suite of geopolitical events to absorb at the same time.\r\n\r\n&nbsp;\r\n\r\n<u>4.3.2. THE MARKET SENTIMENT CHART:</u>\r\n\r\nThere is now a much greater alignment with the USD majors, and quite interesting to see that there was little change in the chart from last week.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/SENTIMENT-05052018.png\"><img class=\"aligncenter size-full wp-image-11628\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/SENTIMENT-05052018.png\" alt=\"\" width=\"1054\" height=\"1030\" /></a>\r\n\r\n<u>4.4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.4.1. CURRENT LIVE TRADES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/LIVE-TRADES-05052018.png\"><img class=\"aligncenter size-full wp-image-11629\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/LIVE-TRADES-05052018.png\" alt=\"\" width=\"686\" height=\"1024\" /></a>\r\n\r\n<u>4.4.2. CURRENT LIMIT ORDER TRADES:</u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/LIMIT-ORDERS-05052018.png\"><img class=\"aligncenter size-full wp-image-11630\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/LIMIT-ORDERS-05052018.png\" alt=\"\" width=\"700\" height=\"1024\" /></a>\r\n<ol start=\"5\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE FINAL SHOT:</strong></span><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @weeklyfxpremium\r\n\r\n<a href=\"http://staging1.weeklyfxdrivethru.com/disclaimer/\">http://staging1.weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\n<span style=\"font-size: 10pt;\">BLOG VERSION: #177 FX PREMIUM </span>\r\n<span style=\"font-size: 10pt;\">DATE: 5<sup>th</sup>May 2018</span>', 'ARE BOTH EUROPE & UK AT THE PRECIPICE?', '', 'inherit', 'closed', 'closed', '', '11647-revision-v1', '', '', '2018-06-01 09:01:42', '2018-06-01 14:01:42', '', 11647, 'https://weeklyfxdrivethru.com/2018/06/11647-revision-v1/', 0, 'revision', '', 0);
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(12168, 1, '2018-06-01 09:01:55', '2018-06-01 14:01:55', 'Probably like many other FX traders given the improving economic position seen across the EUROZONE, I was rubbing my palms with excitement thinking that there would be thousands of pips up for grabs in 2018 as Draghi brought the ECB dovish accommodation to an end and the ECB began tapering out of QE (Quantitative Easing). The same FX traders are no doubt like myself saying WTF.\r\n\r\nThe EUR/USD was to all intense and purpose seen as a nailed on 1.3000 exchange rate this year, now I am in the 1.1600 camp before we see 1.3000.\r\n\r\nWhy, I can hear you asking?\r\n\r\nThe latest set of EUROZONE inflation data continues to show weakness, and when the weather, combined with the timing of Easter are both used as excuses, for me this is clutching at straws. The rot had already set in. This is just bull on top of camel shit and it is something that the markets are fed on a consistent basis at the moment.\r\n\r\nThe last set of data last week showed consumer price growth to be just 1.2% and core inflation taking out food, was only 0.7%. Both sets of data were way below estimates, in fact the worst set of data for over a year.\r\n\r\nIt is getting to the point that I can imagine in Q1 2019, some flute stating that the Q4 2018 objective was missed because Christmas Day fell on December 25<sup>th</sup>!  You know it’s coming, it’s only a matter of time, not if but when.\r\n\r\nBoth the ECB and the “Pen pushing, Desk sucking, Jotter blotters” at the European Commission predict an upturn in data. But against a backdrop of tariffs and huge uncertainty on trade negotiations, you can only guess that major capital outlays are being postponed until matters are clearer.\r\n\r\nThe weak inflation data must have the ECB thinking that if no improvement is seen before the summer, they may have to look at extending the bond purchasing program timescales and either delay tapering or have a much longer than anticipated tapering period.\r\n\r\nLet’s face a simple fact; the 2% EUROZONE inflation is a dream, there is simply no evidence at all that it is in the offing, in fact the EUROZONE is heading closer to DEFLATION than INFLATION. With this as a backdrop there is no way on planet earth that Draghi will try to normalize under these conditions.\r\n\r\nOf late, Draghi’s forward guidance has been a “finger in the air” approach to see which way the wind is blowing.\r\n\r\nGiven the fact the FED is on a three or four rake hike cycle in 2018, the Central Bank Interest Rate divergence trade comes into play and the USD will strengthen over the single currency. This is why I believe that as the FED continues to normalize and as the ECB continues to accommodate there is no doubt in my mind that the EUR/USD exchange rate will move lower towards 1.1500.\r\n\r\nThe only factor that will change this is an about turn in ECB monetary policy and the same with the FED. Given that there is more chance of getting shit out of a rocking horse my 1.1500 objective remains in place.\r\n\r\nMoving on...\r\n\r\nGod love her, poor Theresa May must wonder what the feck she did wrong in an earlier life (if you believe in such things).\r\n\r\nAnother day another crisis...\r\n\r\nThe BREXIT deal just cannot be delivered.\r\n\r\nThis time the EU27, well at the moment Michel Barnier, Chief EU27 negotiator on the BREXIT deal, is not happy with Theresa May’s proposed solutions for border controls between IRELAND and NORTHERN IRELAND (If Joe Kernan from CNBC is reading this which I doubt... these are TWO DIFFERENT COUNTRIES).\r\n\r\nBarnier did not support the UK governments idea on a compromise to retain a borderless border.\r\n\r\nPutting it simply, late last year BRUSSELS produced a working EU paper in which it drew up its own version of negotiation RED LINES on the BREXIT agreement.\r\n<ul>\r\n 	<li>The EU wants common customs across the island of IRELAND, and this means that the EU wants border controls between NORTHERN IRELAND and the UK mainland. This is a UK government RED LINE not to have.</li>\r\n 	<li>The EU paper also proposed that the European Court of Justice retain the power to arbitrate disputes involving the UK after Brexit. Another UK government RED LINE not to cross.</li>\r\n</ul>\r\nThe issue is that the “GOOD FRIDAY AGREEMENT” that brought peace to NORTHERN IRELAND is in jeopardy if a frictionless border is NOT maintained. Whether the eventual agreement on customs is called, a union or a bilateral free-trade agreement, a hard border on the island of IRELAND cannot be built.\r\n\r\nTheresa May is in a no-win situation. She has so many rebels within her party that do not want a customs union of any sort with the EU after BREXIT, she cannot possibly win a House of Commons vote without the support of the Labour Party, who frankly appear to have policies on all sides and they would probably not support her so that it could possibly force another general election. Her cabinet is split on the issue and many are euro skeptics who reside there as well as in the House of Commons. She could also face a vote of no-confidence if matters were brought to a head.\r\n\r\nThe Conservative Party had some by-election results during the week and this should give strength to her position as leader, which, always seems to be hanging by a thread. But personally, I just cannot see it that being enough to sway party rebels and euro skeptics.\r\n\r\nJacob Rees-Mogg, who is seen as the voice outside of the cabinet leader of the BREXITEERS through what is called the “European Research Group”, has consistently stated that a “Customs partnership” between the EU and UK, where the UK would collect EU tariffs and refund later just wouldn’t work. On a point of interest, he has in his group over 60 supporters and this if a vote of confidence was taken would be enough to oust Theresa May from her office.\r\n\r\nI am just not sure where this ends up. It’s too simple to say, back to the drawing board.\r\n\r\nI can once again envisage calls that a NO DEAL BREXIT should be the preferred option. This would neither be good for IRELAND, the UK or the EUROZONE. The ferocity of “anti- Brussels” sentiment in the UK should NEVER be under estimated.\r\n\r\nExtending the deadline date. This may be the only option as both sides are trenched in.\r\n\r\nIt’s high stakes poker whichever route she takes.... Cabinet rebellion, House of Commons rebellion and then the House of Lords rejecting everything anyhow! Who would be a politician?\r\n\r\nThe simple fact lost here is that the UK electorate voted BREXIT, and, given the midweek by-election results, I would suspect that the Jacob Rees-Mogg support in the country with voters has gathered more momentum.\r\n\r\nI can see Theresa May having to back track and try to sell the concept of an extension to remain in the customs union to all in Westminster, ousted as leader of the government, a no confidence vote and another general election are all options moving forward.\r\n\r\nThe uncertainty could send the GBP/USD lower and back towards 1.2000 again. Political uncertainty, economic uncertainty, a potential recession, you can envisage the Sunday Paper headlines already!\r\n\r\nIt never just rains it pours.... back to the EUROZONE:\r\n\r\nUS tariffs takes a new twist. In a rather bizarre move, the EU, through the President of the European Commission, Jean Claude Juncker, ex. Luxembourg politician now based in Brussels, with a huge expense account and no fears about domestic voter popularity, has stated the EU27 will not deal with the US on tariffs whilst the US is threatening the EU27 with tariffs. TRUMP will just love this.\r\n\r\nThe EU is potentially taking itself deep down a huge black hole.\r\n\r\nI immediately think, UK customs issues already implies uncertainty moving forward, add US uncertainty and tariffs just being loaded by TRUMP, which, he will do in order to drive reciprocity, could potentially kill German motor vehicle exports very quickly.\r\n\r\nThis story will develop, TRUMP thrives on confusion and uncertainty. Brussels bureaucrats are like insurance actuaries, boring and anally retentive. All boxes must be ticked with i’s dotted and t’s crossed before we move from stage one to stage two. Directly opposite to the way TRUMP works.\r\n\r\nIf German cars were loaded with duties to match US car imports into the EU, i.e.: raised from 2.5% to 25%, think it through. It could get very messy, very quickly.\r\n\r\nAnother reason for supporting a weaker EUR/USD trade lower.\r\n\r\nMoving on...\r\n\r\nBTW we had NFP last week as well!\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\"><img class=\"aligncenter size-full wp-image-12144\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\" alt=\"\" width=\"300\" height=\"200\" /></a>\r\n<p style=\"text-align: center;\"><span style=\"font-size: 20pt;\"><strong><u>FOREX REVIEW:</u></strong></span></p>\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong><span style=\"font-size: 14pt;\"> FX - FORWARDS, BACKWARDS &amp; SIDEWAYS:</span>\r\n</strong></li>\r\n</ol>\r\n<u>1.1. THIS WEEKS TRADE INFORMATION: ECONOMIC DATA:</u><u>\r\n</u>NOTE: Only the items that interest me are listed here.\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/ECON-DATA-05052018.png\"><img class=\"aligncenter size-full wp-image-11625\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/ECON-DATA-05052018.png\" alt=\"\" width=\"1024\" height=\"712\" /></a></strong><strong> </strong>\r\n\r\n&nbsp;\r\n\r\n<u>1.2. THIS WEEKS TRADE INFORMATION: GEOPOLITICAL EVENTS:</u>\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/GEOPOLITICAL-DATA-05052018.png\"><img class=\"aligncenter size-full wp-image-11626\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/GEOPOLITICAL-DATA-05052018.png\" alt=\"\" width=\"1024\" height=\"836\" /></a></strong>\r\n\r\n&nbsp;\r\n\r\n<u>1.3. BIAS CHART - </u><u>USD MAJORS SUPPORT and RESISTANCE:</u>\r\n\r\n<strong>\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/TCHART-05052018.png\"><img class=\"aligncenter size-full wp-image-11638\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/TCHART-05052018.png\" alt=\"\" width=\"1232\" height=\"652\" /></a>\r\n</strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.4. USD INDEX (DXY) OVERVIEW – MY THOUGHTS:</u>\r\n\r\nLooking at the chart below: -\r\n<ol>\r\n 	<li>We have an INVERTED HAMMER CANDLE to close off last week.</li>\r\n 	<li>The TRUMP inaugural trend line and the 200 DAY SMA are now well behind current pricing and will now come into play as support on any downside move.</li>\r\n 	<li>My eyes are fixed on the 94.14 PIVOT POINT as being the next target.</li>\r\n</ol>\r\nThere is so much USD momentum at the moment and we have seen a sentiment shift. Obviously, a lot depends on the USD 10YR Treasury. If it consolidates its position above 3% this week, in my opinion, this will keep the USD March higher intact.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/DXY-05052018.png\"><img class=\"aligncenter size-full wp-image-11640\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/DXY-05052018.png\" alt=\"\" width=\"1824\" height=\"868\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>1.5. USD MAJORS - TRADING CHARTS:</u><strong> </strong>\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\nWe are seeing continued EUROZONE weak economic data. It seems never-ending and when one adds the USD strength that has come through the markets with a vengeance last week the move lower with this pair has been explosive given we had been range bound for most of 2018 prior to the recent move lower.\r\n\r\nWe have a confluence of Fibonacci levels supporting price action at the moment. On the chart below you can see the 61.8% retracement at 1.1932, this level is also the 161.8% extension of the move higher in December 2017 to the highs in February 2018.\r\n\r\nI feel that this pair is heading a lot lower, for reasons already discussed in the introduction section of the blog.\r\n\r\nThe RSi at 30 whilst demonstrates an oversold condition is not as low as it has been of late.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/EURUSD-D-05052018.png\"><img class=\"aligncenter size-full wp-image-11641\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/EURUSD-D-05052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\nCurrently the 127.6% Fibonacci extension is supporting price. You can also see that price gravitates to the GREEN LINE which is the 200 DAY SMA, and this is currently around the Fibonacci extension level.\r\n\r\nI am expecting the UK press to go “to town” over this weekend on the recent political and BREXIT events in the UK.\r\n\r\nWe have a double top in play as you can see from the chart and I see no reasons at this time why it should not play out. My only caveat is that should there be an announcement that concludes BREXIT negotiations on a positive note, this pair is heading much lower.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/GBPUSD-D-05052018.png\"><img class=\"aligncenter size-full wp-image-11642\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/GBPUSD-D-05052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>AUD/USD:</strong><strong> </strong>\r\n\r\nA false breakdown?\r\n\r\nThis pair is struggling to break down through 0.7500. The longer it takes the more likely it is to spike higher. The only issue is with the USD being so strong this pair although not in the weighted basket will still move in the general direction of the USD.\r\n\r\nI think that as long as we are below 0.7640 this pair is bearish, in fact, if the truth be told the downtrend is not broken unless we peek back through 0.7800.\r\n\r\nI would view any pullbacks as opportunities to sell into.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/AUDUSD-W-05052018.png\"><img class=\"aligncenter size-full wp-image-11639\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/AUDUSD-W-05052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\nThe Double Top is in play with a measured move to 0.6910. Any spikes or rips higher with this pair are in my opinion selling opportunities.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/NZDUSD-D-05052018.png\"><img class=\"aligncenter size-full wp-image-11643\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/NZDUSD-D-05052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\nAs mentioned last week 1.2900 appears to be controlling spikes higher. After NFP last week, it still held as resistance.\r\n\r\nRips are selling opportunities in my opinion given the NAFTA trade agreement. I think that a reasonable short objective longer term as the BOC will soon start raising rates is back to 1.2400 – 1.2500.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/USDCAD-D-05052018.png\"><img class=\"aligncenter size-full wp-image-11644\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/USDCAD-D-05052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\nWe have broken free of the triangle pattern.\r\n\r\nHaving missed this entire move. From my perspective one would have to see a move back to 0.9850 (trend line break) as a gift area to enter long.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/USDCHF-W-05052018.png\"><img class=\"aligncenter size-full wp-image-11645\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/USDCHF-W-05052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\nMovement in US treasuries are encouraging me to enter short this pair and once again to look at the JPY cross rates.\r\n\r\nI need to look at this pair once again early this week. Price was held at 110.00 last week and I think that is significant.\r\n\r\n<strong><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/USDJPY-W-05052018.png\"><img class=\"aligncenter size-full wp-image-11646\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/USDJPY-W-05052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a> </strong>\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE WEEKLY FX PREMIUM TRADING SUMMARY:</strong></span></li>\r\n</ol>\r\n<u>2.1. WEEKLY FX PREMIUM PERFORMANCE YEAR TO DATE:</u>\r\n\r\n(Incorporating the last 5 WEEKLY FX PREMIUM TRADES)\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/PS-SUMMARY-05052018.png\"><img class=\"aligncenter size-full wp-image-11627\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/PS-SUMMARY-05052018.png\" alt=\"\" width=\"1024\" height=\"619\" /></a>\r\n\r\nYou can get on board and join my FX PREMIUM subscribers and subscribe to the “10,000 pips a year” group from as little as CAD$10 for 10 days and then CAD$150.00 per month, currency conversions for CAD$150 are roughly as follows: -\r\n<ul>\r\n 	<li>GBP £90 per month</li>\r\n 	<li>EUR €100 per month</li>\r\n 	<li>USD $120 per month</li>\r\n 	<li>JPY 12,700 per month</li>\r\n 	<li>AUD $150 per month</li>\r\n</ul>\r\nThis represents a great value way to subscribe…\r\n\r\nGo to my website <a href=\"http://www.staging1.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a>for more details under the TAB – “SUBSCRIBE HERE”.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong><span style=\"font-size: 14pt;\">TRADER EDUCATION:</span></strong></li>\r\n</ol>\r\nNo item this week.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>WEEKLY FX PREMIUM SUBSCRIBERS:</strong></span></li>\r\n</ol>\r\n(This section is for WEEKLY FX PREMIUM ONLY\r\n\r\n<u>4.1. TRADING REVIEW:</u>\r\n\r\nTotal pips for this month so far = 601 pips.\r\nYear to date = 6,140 pips.\r\n\r\nI took a few trades off the table ahead of the NFP data. CAD related trades accounted for more than 50% of the pips so far in the first 4 days of trading.\r\n\r\nI always find this particular area of the website the hardest to complete for a number of reasons, one of which is repetition. Quite strange really as FX trading is nothing but repetition for most of the time.\r\n\r\nDespite adding over 600 pips in the first week of the month I am not firing on all cylinders at the moment. I do not suffer from any medical condition, but I have found myself almost in two minds with a fair percentage of trade set ups that I place.\r\n\r\nMIND MANAGEMENT is as important to me as TRADE MANAGEMENT, I am very lucky as I was explaining to a long-time subscriber last week, I trade virtually with no leverage, in fact, it is rather bizarre trying to find brokers that will accept almost zero leverage is hard (for obvious reasons) and I do not want to trade direct with a bank either (for obvious reasons).\r\n\r\nBack to my point...\r\n\r\nConviction in trading is a confidence matter in my opinion, and I am OK 6 months down the road with my thoughts, at least I feel OK! it is this period at the moment of transition, if it is actually transition, that has me in two minds at times. Anyway, I was chatting about LEVERAGE and in my opinion the lower the leverage the less RISK EXPOSURE you have in the market.\r\n\r\nIt was decided that I should place a few lines about my LEVERAGE in this area of the blog.\r\n\r\nI operate on a 1:25 to a 1:50 maximum across my broker accounts and this is one major reason why I do not fear leverage too much when negative pips start to appear. At the end of the day, it’s all about RISK MANAGEMENT and your TRADING PLAN. If you operate on a 1:500 leveraged trading account and do not manage your position sizes tightly your account would be at RISK should you let trades get away from you.\r\n\r\nI fully understand that those of you trading with smaller account balances use leverage to try to yield an edge but at the end of the day, I would always say trade MINI or MICRO lots to minimize the leveraged effect on your account balance should you have negative trades.\r\n\r\nI let trades run; my style is to give trades breathing space in which to move about. I am NOT a 15 second tick by tick trader, although in the same breath my longer-term trades are not as long term as I want them to be. I am still influenced by market noise. I am creating a plan for this for 2019 as I type.\r\n\r\nTrading with small leverage does give you the WYSIWYG approach to trading that I can afford to do.\r\n\r\nMoving on...\r\n\r\nThere are still several discussions taking place on website upgrades. The initial plans have been scrapped, in favour of a more modest upgrade. I hope to have this completed pre the end of June 2018.\r\n\r\n&nbsp;\r\n\r\n<u>4.2. OPEN TRADES... HOW WILL I TRADE THIS WEEK:</u>\r\n\r\nLast week: 12 x live trades &amp; 6 x limit orders.\r\nThis week: 17 x live trades &amp; 11 x limit orders.\r\n\r\nI am in two minds at the moment and I am playing both sides of this market.\r\n\r\nI can see the USD Index stretching to the 94.14 pivot point. At that level I am not sure that we see the markets spring forward, although there are great arguments on both sides to remain bullish the USD or bearish the USD.\r\n\r\nI am both sitting with RISK ON and RISK OFF live trades and whilst this may appear strange to some of you, my position sizes are small, albeit one or two of them are stretched a little further following NFP.\r\n\r\nWe have two Central Banks reporting on interest rates and monetary policy this week, the RBNZ and the BOE and I have several trades that will be affected by their decisions. These are both CORE currencies to my 2018 fundamental views and therefore I am reluctant to add ahead of these announcements.Apart from adding a USD/NOK short trade once again, I have no real intentions to add further trades or limit orders. Having said that, if I see an opportunity I will add trades, but I am not going out of my way to find them until after the big news events of the week are out of the way.\r\n\r\n&nbsp;\r\n\r\n<u>4.3. SENTIMENT,</u><u>FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.1. OVERVIEW THOUGHTS (MY MACRO PLAN &amp; IDEAS):</u>\r\n\r\nNo change in my longer-tern thoughts, although, I see moves on the back of Central Bank divergence dominating the markets for the foreseeable future.\r\n\r\nThe FED is at the opposite end of the spectrum in comparison to the BOJ, ECB and BOE. THE RBNZ and RBA are also on hold, the only G8 Central Bank that will be possibly be looking to increase rates this year is the BOC.\r\n\r\nI am however, in two minds. Is the correction we are witnessing now correctional or not?\r\n\r\nI am still for this year looking to be short the USD/CAD, USD/NOK, NZD/USD and long the EUR/USD and GBP/USD.\r\n\r\nAt the moment however, I have huge reluctance in testing for the EUR/USD and GBP/USD on the long side. I have mentioned the 94.14 pivot point with USD Index and this level is over 100 points away from current pricing. This DXY level could see the EUR/USD in my target zone of 1.1500 – 1.1600.\r\n\r\nThe CHF, JPY and AUD I am just not as convinced about at the moment for the medium to longer-terms.\r\n\r\nAt the moment it is difficult for me to step in front of the USD given its relentless strength, but I do see it weakening later in the year, that is why I hold the 94.14 pivot area in such high esteem.\r\n\r\nCentral Bank activity is always important to me via-a-vis direction and at the moment there is no compelling reason for me to be short the USD.\r\n\r\nWe have to be patient for the market to deliver. We consolidated pre NFP and then we saw a huge short squeeze about an hour after the NFP data was released to wipe out the initial moves. This tells me that the market participants are having difficulty assessing the reaction to data in line with the suite of geopolitical events to absorb at the same time.\r\n\r\n&nbsp;\r\n\r\n<u>4.3.2. THE MARKET SENTIMENT CHART:</u>\r\n\r\nThere is now a much greater alignment with the USD majors, and quite interesting to see that there was little change in the chart from last week.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/SENTIMENT-05052018.png\"><img class=\"aligncenter size-full wp-image-11628\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/SENTIMENT-05052018.png\" alt=\"\" width=\"1054\" height=\"1030\" /></a>\r\n\r\n<u>4.4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.4.1. CURRENT LIVE TRADES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/LIVE-TRADES-05052018.png\"><img class=\"aligncenter size-full wp-image-11629\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/LIVE-TRADES-05052018.png\" alt=\"\" width=\"686\" height=\"1024\" /></a>\r\n\r\n<u>4.4.2. CURRENT LIMIT ORDER TRADES:</u>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/LIMIT-ORDERS-05052018.png\"><img class=\"aligncenter size-full wp-image-11630\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/05/LIMIT-ORDERS-05052018.png\" alt=\"\" width=\"700\" height=\"1024\" /></a>\r\n<ol start=\"5\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE FINAL SHOT:</strong></span><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @weeklyfxpremium\r\n\r\n<a href=\"http://staging1.weeklyfxdrivethru.com/disclaimer/\">http://staging1.weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\n<span style=\"font-size: 10pt;\">BLOG VERSION: #177 FX PREMIUM </span>\r\n<span style=\"font-size: 10pt;\">DATE: 5<sup>th</sup>May 2018</span>', 'ARE BOTH EUROPE & UK AT THE PRECIPICE?', '', 'inherit', 'closed', 'closed', '', '11647-revision-v1', '', '', '2018-06-01 09:01:55', '2018-06-01 14:01:55', '', 11647, 'https://weeklyfxdrivethru.com/2018/06/11647-revision-v1/', 0, 'revision', '', 0);
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(12169, 1, '2018-06-01 09:02:39', '2018-06-01 14:02:39', 'Two weeks ago, my last blog in fact, I wrote about the UK and EUROPE being at the precipice. In the past 14 days sentiment has shifted and moves in the currencies I talked about have started, however, I never had ITALY as front runner to possibly drive the single currency lower to new 52 weeks lows.\r\n\r\nBack in the day...\r\n\r\nIt was during 2016, I think it was on CNBC when I heard some analyst talking about market uncertainties as he ran off a series of what if’s.\r\n<ul>\r\n 	<li>The first one was a, what if – TRUMP is elected President; following that he gave an opinion, which, I have long forgotten.</li>\r\n 	<li>The second was, what happens if the UK votes for a BREXITand finally,</li>\r\n 	<li>The third rather surprising one, was based upon ITALIAN elections that came and went at that time, the result never played out as that commentator predicted then, but it did on the general election this past March.It was claimed that a victory for the FIVE STAR MOVEMENT and any government involving them would be tantamount to a “DOOMSDAY SCENARIO”.</li>\r\n</ul>\r\nWell, I wonder if this commentator had an open ticket at Ladbrokes or Paddy Power because his treble has come home!\r\n\r\nPolitics is a funny thing, never say never. The FIVE STAR MOVEMENT was the largest party in the Italian March elections and it had stated that it would never be in coalition with any other party.\r\n\r\nHowever, to move forward this was necessary, at one point, it looked like Berlusconi’s Forza Italia party was in line, but the FIVE STAR MOVEMENT selected the NORTHERN LEAGUE as partners to form a coalition.\r\n\r\nShame really not to have Berlusconi in power as a meeting with TRUMP would have been brilliant; you could just imagine the craic and the media headlines. For now toga parties at 1600 Pennsylvania Avenue, have been put on hold.\r\n\r\nMy question is: - Is this coalition still the “DOOMSDAY SCENARIO?”\r\n\r\nWithout doubt, populist parties are loved by the media for the headlines they can create. Are they populist or nationalist? Having read a bit over the past couple of days about these parties it would appear that have ditched a huge amount of the anti-EU rhetoric and I think I am correct in saying they have abandoned for now, the idea of dumping the single currency as well, although, I have also read stuff about wanting a parallel currency. I am not sure at all what this would involve and frankly I doubt anyone does at this stage.\r\n\r\nLast Friday the coalition agreed on a series of political objectives and released a working document to the media. The leaders of these parties are “unknowns” and therefore the MP’s will be unknown and frankly there is a massive cloud and thick fog about what will actually happen.\r\n\r\nAre they extreme?\r\n\r\nThe policy document released has called for: -\r\n<ul>\r\n 	<li>Tax Reform: Corporate Taxes at 15% and Personal Taxes at 20% - both proposed taxation levels are a significant reduction from where they are now.</li>\r\n 	<li>Relaxing EU Bail-in Rules: No surprise here given the state of Italian Bank Debt and the current market uncertainties.</li>\r\n 	<li>Removing the EU Russian sanctions.</li>\r\n 	<li>Lowering the Retirement Age.</li>\r\n 	<li>Nothing about the rumoured request for an EU Debt write-off of over €250 Billion.</li>\r\n 	<li>Nothing about nationalizing some of the banks such as Banc Monte Paschi Di Siena.</li>\r\n</ul>\r\nIs the above extreme?\r\n\r\nThere is nothing about leaving the EUROZONE or bringing back the Lira. There is also nothing how a debt riddled country is going to pay for this either, but hey, this is politics and in ITALY in particular because of extreme levels of bureaucracy, very little ever gets done as it is so difficult to reform. It is also very difficult to undo what is already in place. All you have to do is look at what Berlusconi, Monti, Letta, Renzi and Gentiloni have actually achieved since 2008. Remember Italy has had more elections in the past 50 years than the number of years that have passed by.\r\n\r\nIn my opinion, for what it’s worth it doesn’t seem like a “DOOMSDAY SCENARIO” yet and given the bureaucracy that exists in the Italian political system, one could argue that ITALY is in a permanent state of a “DOOMSDAY SCENARIO”\r\n\r\nFor sure, Italian 10 YR debt costs are rising. That is no surprise. Italian Banks are under pressure. Believe me it would be worse if the Lira printing presses were running!\r\n\r\nYes, Italian Banks have been under pressure to boost bad debt provisions and sell-off non-performing loans.  I think it has been quoted that it would take until the middle of the next decade if the ITALIAN BANKS started an aggressive program today to fix these well-known and documented issues and even then, the target is to be no better than the EU average!\r\n\r\nBelow is chart plucked from Wikipedia that shows the breakdown of seats by the Italian Major Political parties. There are 6 parties listed here, you can add another 60 to get a broader flavour of the number of parties looking for representation in ITALY. There lies part of Italy’s problem.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/THE-MAJOR-ITALIAN-POLITICAL-PARTIES.png\"><img class=\"aligncenter size-full wp-image-12152\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/THE-MAJOR-ITALIAN-POLITICAL-PARTIES.png\" alt=\"\" width=\"1836\" height=\"668\" /></a>\r\n\r\nTherefore, there is a bit (to say the least) of concern over the uncertainty of exactly what an ITALIAN government out of this coalition with Luigi Di Maio (5SM) and Matteo Salvini (NL) would look like moving forward.\r\n\r\nEnough of that what about the FX effect?\r\n\r\nOne would expect the EUR/USD and the crosses to be under some pressure given the current situation of uncertainty and the fact that ITALY is the third largest economy inside the EUROZONE.\r\n\r\nNot too much of an issue in this regard as far as I can see, and, I must admit I find this strange. One would have thought that one loose sound-byte on a Referendum on EU membership, or, a Referendum on dumping the single currency would be enough to send the single currency to 1.1500 and below and I have no doubt some extreme comments will be made.\r\n\r\nThe coalition is an unknown, and, who knows what position the government will take when in power. We are talking politics here with unknowns, it\'s a huge uncertainty and what alleged promises are made now, count for nothing moving forward.\r\n\r\nIt’s not that the single currency isn’t under enough pressure at the moment with, U.S. Tariffs, Russian Sanctions and a Central Bank (ECB) that looks like it will be entering the same policy stance as the BOJ, which is ultra-market accommodative financial measures and market support via QE until “Hell Freezes Over”.\r\n\r\nFor now, the single currency appears to have buyers support ahead of the 1.1715 level which was the December 2017 low from where the latest move higher to the February 2018 highs of c.1.2550 started. Beneath the 1.1715 lows we have the November 2017 lows of 1.1550, I see this as the pressured target for the EUR bears to aim for in the medium term. For now, Italian political uncertainty means little. Watch this space.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\"><img class=\"aligncenter size-full wp-image-12144\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\" alt=\"\" width=\"300\" height=\"200\" /></a>\r\n<p style=\"text-align: center;\"><span style=\"font-size: 24pt;\"><strong><u>FOREX REVIEW:</u></strong></span></p>\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong><span style=\"font-size: 14pt;\"> FX - FORWARDS, BACKWARDS &amp; SIDEWAYS:</span>\r\n</strong></li>\r\n</ol>\r\n<u>1.1. THIS WEEKS TRADE INFORMATION: ECONOMIC DATA:</u><u>\r\n</u>NOTE: Only the items that interest me are listed here.\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/ECON-DATA-19052018.png\"><img class=\"aligncenter size-full wp-image-12145\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/ECON-DATA-19052018.png\" alt=\"\" width=\"1504\" height=\"842\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.2. THIS WEEKS TRADE INFORMATION: GEOPOLITICAL EVENTS:</u>\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GEOPOLITICAL-19052018.png\"><img class=\"aligncenter size-full wp-image-12146\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GEOPOLITICAL-19052018.png\" alt=\"\" width=\"1908\" height=\"1560\" /></a></strong><strong> </strong>\r\n\r\n<u>1.3. BIAS CHART - </u><u>USD MAJORS SUPPORT and RESISTANCE:</u>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/TCHART-19052018.png\"><img class=\"aligncenter size-full wp-image-12148\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/TCHART-19052018.png\" alt=\"\" width=\"1226\" height=\"652\" /></a> </strong><strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.4. USD INDEX (DXY) OVERVIEW – MY THOUGHTS:</u><strong> </strong>\r\n\r\nLooking at the chart below: -\r\n<ol>\r\n 	<li>The TRUMP inaugural trend line and the 200 DAY SMA are now well behind current pricing and will now come into play as support on any downside move.</li>\r\n 	<li>My eyes are fixed on the 94.14 PIVOT POINT as being the next target.</li>\r\n</ol>\r\nThere is so much USD momentum at the moment and we have seen a sentiment shift. Obviously, a lot depends on the USD 10YR Treasury. It is now consolidated above 3% and, in my opinion, this will keep the USD March higher intact.\r\n\r\nThe bigger question is what happens at the PIVOT POINT?\r\n\r\nWe could get held up for a while but at the moment I am more in the camp of thinking we march onwards and upwards towards 95.20 rather than reverse the move and head lower in line with the trend. We could stop at 95.20 and downside trend would still be intact.\r\n\r\nIt is a tough call. We will have to wait and see, but I do think there is still some gas left in the tank to continue to push higher.\r\n\r\nThe EUR/USD which has a huge say in how the DXY moves looks like it has a move lower in it towards at the very least 1.1715 and maybe more, therefore this in itself could push the DXY higher.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/DXY-19052018.png\"><img class=\"aligncenter size-full wp-image-12156\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/DXY-19052018.png\" alt=\"\" width=\"1824\" height=\"868\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.5. USD MAJORS - TRADING CHARTS:</u><strong> </strong>\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\nITALY has the focus of the EUROZONE at the moment.\r\n\r\nThere is a lot of uncertainty around with the new government coalition.\r\n\r\nOn the chart below, I see resistance at 1.1820 and downside support resides initially at 1.1715 and then a full re-trace of the recent upside move at 1.1550.\r\n\r\nAt the moment I think you really need nerves of steel and big balls to get long the USD. The direction of least resistance is lower with this pair.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/EURUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12157\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/EURUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\nMy DOUBLE TOP pattern is in play as you can see on the chart below.  The 200 DAY SMA (Green line) should now act as resistance and the downside move should see an attack on 1.3300 and if the double top plays out the measured move is to 1.3030.\r\n\r\nNow, on the other hand the GBP has been finding buyers leaping in ahead of 1.3450. It is questionable how long this will last. Should the EUR/USD drop dramatically it will drag cable with it.\r\n\r\nWe also have to consider BREXIT. The EU27 are sticking to its guns and not giving anything away. This story has a long way to run and I can still see a “NO DEAL” as an option. It looks like there is a political deadlock over the IRISH border. The UK government cannot break the Good Friday agreement and the EU knows this and will push the UK to give in on what the UK government wants.  There will be blood in Westminster should Theresa May backdown, hence my thoughts of a “NO DEAL”.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GBPUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12158\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GBPUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\nI do not know what to do with this currency.\r\n\r\nAre we channeling?\r\n\r\nWe are definitely in a down trend, but it is a difficult trade. 0.7400 to 0.7550 seems to be a trading range at the moment.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/AUDUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12155\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/AUDUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\nThis is also a difficult pair to trade at the moment, it is neither one thing or another. Below 0.6850 opens up the move lower towards the 2017 lows at 0.6780.\r\n\r\nDespite encouraging words from the new RBNZ governor, Adrian Orr who is happy to see the NZD weaken, after its initial move it has retraced a bit and is now consolidating. Back above 0.6940-50 and NZD bulls may take full control once again.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NZDUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12159\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NZDUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\nThe NAFTA deadline came and went and I got caught on a 200 pip loss...argh!!\r\n\r\nWhere now for CAD?\r\n\r\nAllegedly, a lot of pork pies have been spoken about how close a NAFTA deal is, it is some way away. This therefore, in my opinion puts BOC policy on hold.\r\n\r\nThe danger here for USD/CAD bears is that we could move closer to 1.3000 before we see sellers stepping in once again. I am not sure what to do with this pair. I took my shorts off the table, but that does NOT mean that I want to go long.\r\n\r\nPatience and some credible news is required before I step back in again.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCAD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12160\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCAD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\nWe have broken free of the triangle pattern and now appear to be consolidating.\r\n\r\nHaving missed this entire move, from my perspective, one would have to see a move back to 0.9850 (trend line break) as a gift area to enter long.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCHF-W-19052018.png\"><img class=\"aligncenter size-full wp-image-12161\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCHF-W-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY</strong><strong> </strong>\r\n\r\nI am waiting for circa.112.00 before I think of shorting this pair. The three-year trend line comes in around 112.50 and this can be used to sell against.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDJPY-W-19052018.png\"><img class=\"aligncenter size-full wp-image-12162\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDJPY-W-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE WEEKLY FX PREMIUM TRADING SUMMARY:</strong></span></li>\r\n</ol>\r\n<u>2.1. WEEKLY FX PREMIUM PERFORMANCE HIGHLIGHTS:</u>\r\n\r\nMAY 2018 (So far):            1,120 net profitable pips\r\n2018 TOTAL (So far):        6,659 net profitable pips<u></u>\r\n\r\n2.2. WEEKLY FX PREMIUM PERFORMANCE SUMMARY:\r\n\r\n(Incorporating the last 5 WEEKLY FX PREMIUM TRADES)\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/PS-PERF-19052018.png\"><img class=\"aligncenter size-full wp-image-12149\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/PS-PERF-19052018.png\" alt=\"\" width=\"1344\" height=\"1266\" /></a>\r\n\r\nYou can get on board and join my FX PREMIUM subscribers and subscribe to the “10,000 pips a year” group from as little as CAD$10 for the first 10 days and then CAD$150.00 per month, currency conversions for CAD$150 are roughly as follows: -\r\n<ul>\r\n 	<li>GBP £90 per month</li>\r\n 	<li>EUR €100 per month</li>\r\n 	<li>USD $120 per month</li>\r\n 	<li>JPY 12,700 per month</li>\r\n 	<li>AUD $150 per month</li>\r\n</ul>\r\nGo to my website <a href=\"http://www.staging1.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a>for more details under the TAB – “SUBSCRIBE”.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong><span style=\"font-size: 14pt;\">TRADER EDUCATION:</span></strong></li>\r\n</ol>\r\nNo item this week.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>WEEKLY FX PREMIUM SUBSCRIBERS:</strong></span></li>\r\n</ol>\r\n(This section is for WEEKLY FX PREMIUM ONLY)\r\n\r\n<u>4.1. TRADING REVIEW:</u>\r\n\r\nTotal pips for this month so far = 1,120 pips.\r\nYear to date = 6,659 pips.\r\n\r\nI have to admit the market seems to be ready and primed for a big move. There is quite a strange relationship with FX and the broader markets at the moment, with U.S. bonds having quite an influence. I see this certainly with the USD/JPY, and of course, this trickles down through the JPY crosses. I think the JPY is more responsive to bonds than equities at the moment. Obviously, a personal feeling, but I think its maybe a reason for some JPY pricing during the past 5 days or so.\r\n\r\nThere is undoubted USD strength in the market and given that a NAFTA agreement of sorts by the deadline did not materialize, I took a bit of pain last Friday by closing off some loss-making trades. I removed EUR/AUD and USD/CAD trades, plus in the previous 24 hours my JPY long trades all fell by the wayside as well. I cannot complain too much about the CAD related trades, I have made some nice $$$ from CAD related trades this month.\r\n\r\nEven though I am recording some loss trades, I am still pip accumulating on a steady basis at the moment and I have to admit that I am looking forward to taking a break in July / August. My concentration levels of late have been tested vis-à-vis the broader issues with the website update, and, whilst I know that all will be good in the end, it is nevertheless stressful, but it should all be complete by my June 2018 deadline.\r\n\r\nI am a glutton for punishment, and, I am looking to make some significant fundamental changes to my daily routine, the blog, the website and my overall approach to trading later this year, hopefully before September starts after the summer break. More of this closer to the time.\r\n\r\nIt will be an interesting week this week as I feel all the geopolitical events hanging around will count for something, they all cannot simply go away.\r\n\r\n<u>4.2. OPEN TRADES... HOW WILL I TRADE THIS WEEK:</u>\r\n\r\nLast week: 17 x live trades &amp; 11 x limit orders.\r\nThis week: 9 x live trades &amp; 4 x limit orders.\r\n\r\nOverall trades are lower but my CONTINGENT LIABILITY (RISK) is higher as I am taking some modestly larger trading positions.\r\n\r\nWe are quite light on economic data this week although we have quite a sizeable chunk of geopolitical RISK to accommodate into our daily routines.\r\n\r\nI am still waiting for the USD Index to hit the 94.14 pivot point. At that level I am not sure that we will see the markets spring forward, although there are great arguments on both sides to remain bullish the USD or bearish the USD.\r\n\r\nIn my opinion, the single currency is one headline away from a large fall. With the EUR/USD the 1.1715 level looks tempting for bears to try and take stops, but I feel that the longer-term 1.1550 level may seem too good for the markets not to attack. Given the percentage domination of the DXY that the EUR holds, a move higher in the DXY and a corresponding move lower with the EUR across the board could see the DXY testing 95.20, which is a full retracement of the recent move from lower. Do not get carried away with this it’s just a possibility!\r\n\r\nHowever, with the DXY move as a possibility and with ITALY in focus, plus with the NAFTA trade agreement missing its deadline, I am taking stock and this will come as no surprise I will wait until this week has started properly before nailing my colours to the mast.\r\n\r\nLet me put it another way.... I am just NOT sure what to do.\r\n\r\n<u>\r\n4.3. SENTIMENT,</u><u>FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.1. OVERVIEW OF MY MACRO THOUGHTS &amp; IDEAS:</u>\r\n\r\nNo change in my longer-tern thoughts, although, I see moves on the back of Central Bank divergence dominating the markets for the foreseeable future.\r\n\r\nThe FED is at the opposite end of the spectrum in comparison to the BOJ, ECB and BOE. THE RBNZ and RBA are also on hold, the only G8 Central Bank that will possibly be looking to increase rates this year is the BOC.\r\n\r\n2018 MACRO THOUGHTS (Based upon USD major pair):\r\n\r\nCAD: I see a substantial move lower in the USD/CAD towards the 1.2000 level maybe lower.\r\n\r\nNZD: I see the ex. Prime Minister John Key target level when he was in power of 0.6600 being my objective. The new RBNZ Governor, Adrian Orr, is also keen to see the NZD weaken.\r\n\r\nGBP: I was hoping for a BREXIT deal to have been struck by now. When it is done I think we will be witnessing a relief rally back towards GBP/USD 1.5000.I will be ready to trade this with most of the GBP crosses, especially the EUR/GBP.\r\n\r\nAUD: I cannot make my mind up with this currency. I feel that the next rate move will be an increase from the RBA. But it is fast becoming the “BEIGE” currency of the USD majors, in the sense that it’s just in the background most of the time. It just seems to drift then consolidate threaten a reversal and then drift again.\r\n\r\nEUR: I just cannot see the EUR/USD hitting the well-publicized target by many banks of 1.3000 this year, in fact I see it ranging between 1.1500 and 1.2000 in to the year end.\r\n\r\nJPY: This currency has me HOT and COLD, thankfully not at the same time as that is uncomfortable! One minute I am bullish, the next bearish. My initial thoughts this year was for the USD/JPY to be back at 102.00 with JPY strength on the back of geopolitical worldwide issues pegging it back. If pushed I am in the camp of JPY strength rather than JPY weakness.\r\n\r\nCHF: This used to be one of my go to currencies and for some reason in 2018, I have really left it to one side despite the bearish EUR/USD action. I always have a fear at the back of my mind that EUROPEAN geopolitical issues and GOLD volatility as a result of general world uneasiness could make this pair very difficult to trade. Of late in fact it has been the best behaved of most of the majors and I regret not going long on the multi-year trend line support back at 0.9180-0.9200 a couple of months ago. Since hitting that support it has been a V shaped recovery.\r\n\r\n<u>\r\n4.3.2. THE MARKET SENTIMENT CHART:</u>\r\n\r\nThere is now a much greater alignment with the USD majors, and quite interesting to see that there was little change in the chart from last week.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/SENTIMENT-19052018.png\"><img class=\"aligncenter size-full wp-image-12147\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/SENTIMENT-19052018.png\" alt=\"\" width=\"1054\" height=\"1044\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.4.1. CURRENT LIVE TRADES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIVE-TRADES-19052018.png\"><img class=\"aligncenter size-full wp-image-12151\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIVE-TRADES-19052018.png\" alt=\"\" width=\"1090\" height=\"1506\" /></a>\r\n\r\n<u>4.4.2. CURRENT LIMIT ORDER TRADES:</u>\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIMIT-ORDERS-19052018.png\"><img class=\"aligncenter size-full wp-image-12150\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIMIT-ORDERS-19052018.png\" alt=\"\" width=\"1062\" height=\"1298\" /></a>\r\n\r\n4.5. FX BROKER NEWS:\r\n\r\nI have seen over the past couple of weeks increased chatter about margin calls on broker accounts. I found this slightly strange as we have just acknowledged that in the EUROPEAN marketplace leverage has been reduced quite dramatically.\r\n\r\nI mentioned a few weeks ago, that the leverage argument has never been one to really concern myself as I have traded on a maximum of 1:50 at the highest since I started trading and all of my accounts now are below 1:25.\r\n\r\nAnyway...\r\n\r\nIt looks like 50% margin calls are on the way. Most brokers will operate around 35% at the moment. Below is a snippet on the subject that I culled from Twitter.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NEW-BROKER-MARGINS-FOR-BLOG.png\"><img class=\"aligncenter size-full wp-image-12153\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NEW-BROKER-MARGINS-FOR-BLOG.png\" alt=\"\" width=\"1728\" height=\"896\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE FINAL SHOT:</strong></span><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @weeklyfxpremium\r\n\r\n<a href=\"http://staging1.weeklyfxdrivethru.com/disclaimer/\">http://staging1.weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #178 WEEKLY FX PREMIUM\r\nDATE: 19th May 2018\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'ITALY - THE DOOMSDAY SCENARIO?', '', 'inherit', 'closed', 'closed', '', '12163-revision-v1', '', '', '2018-06-01 09:02:39', '2018-06-01 14:02:39', '', 12163, 'https://weeklyfxdrivethru.com/2018/06/12163-revision-v1/', 0, 'revision', '', 0);
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(12170, 1, '2018-06-01 09:11:29', '2018-06-01 14:11:29', 'Two weeks ago, my last blog in fact, I wrote about the UK and EUROPE being at the precipice. In the past 14 days sentiment has shifted and moves in the currencies I talked about have started, however, I never had ITALY as front runner to possibly drive the single currency lower to new 52 weeks lows.\r\n\r\nBack in the day...\r\n\r\nIt was during 2016, I think it was on CNBC when I heard some analyst talking about market uncertainties as he ran off a series of what if’s.\r\n<ul>\r\n 	<li>The first one was a, what if – TRUMP is elected President; following that he gave an opinion, which, I have long forgotten.</li>\r\n 	<li>The second was, what happens if the UK votes for a BREXITand finally,</li>\r\n 	<li>The third rather surprising one, was based upon ITALIAN elections that came and went at that time, the result never played out as that commentator predicted then, but it did on the general election this past March.It was claimed that a victory for the FIVE STAR MOVEMENT and any government involving them would be tantamount to a “DOOMSDAY SCENARIO”.</li>\r\n</ul>\r\nWell, I wonder if this commentator had an open ticket at Ladbrokes or Paddy Power because his treble has come home!\r\n\r\nPolitics is a funny thing, never say never. The FIVE STAR MOVEMENT was the largest party in the Italian March elections and it had stated that it would never be in coalition with any other party.\r\n\r\nHowever, to move forward this was necessary, at one point, it looked like Berlusconi’s Forza Italia party was in line, but the FIVE STAR MOVEMENT selected the NORTHERN LEAGUE as partners to form a coalition.\r\n\r\nShame really not to have Berlusconi in power as a meeting with TRUMP would have been brilliant; you could just imagine the craic and the media headlines. For now toga parties at 1600 Pennsylvania Avenue, have been put on hold.\r\n\r\nMy question is: - Is this coalition still the “DOOMSDAY SCENARIO?”\r\n\r\nWithout doubt, populist parties are loved by the media for the headlines they can create. Are they populist or nationalist? Having read a bit over the past couple of days about these parties it would appear that have ditched a huge amount of the anti-EU rhetoric and I think I am correct in saying they have abandoned for now, the idea of dumping the single currency as well, although, I have also read stuff about wanting a parallel currency. I am not sure at all what this would involve and frankly I doubt anyone does at this stage.\r\n\r\nLast Friday the coalition agreed on a series of political objectives and released a working document to the media. The leaders of these parties are “unknowns” and therefore the MP’s will be unknown and frankly there is a massive cloud and thick fog about what will actually happen.\r\n\r\nAre they extreme?\r\n\r\nThe policy document released has called for: -\r\n<ul>\r\n 	<li>Tax Reform: Corporate Taxes at 15% and Personal Taxes at 20% - both proposed taxation levels are a significant reduction from where they are now.</li>\r\n 	<li>Relaxing EU Bail-in Rules: No surprise here given the state of Italian Bank Debt and the current market uncertainties.</li>\r\n 	<li>Removing the EU Russian sanctions.</li>\r\n 	<li>Lowering the Retirement Age.</li>\r\n 	<li>Nothing about the rumoured request for an EU Debt write-off of over €250 Billion.</li>\r\n 	<li>Nothing about nationalizing some of the banks such as Banc Monte Paschi Di Siena.</li>\r\n</ul>\r\nIs the above extreme?\r\n\r\nThere is nothing about leaving the EUROZONE or bringing back the Lira. There is also nothing how a debt riddled country is going to pay for this either, but hey, this is politics and in ITALY in particular because of extreme levels of bureaucracy, very little ever gets done as it is so difficult to reform. It is also very difficult to undo what is already in place. All you have to do is look at what Berlusconi, Monti, Letta, Renzi and Gentiloni have actually achieved since 2008. Remember Italy has had more elections in the past 50 years than the number of years that have passed by.\r\n\r\nIn my opinion, for what it’s worth it doesn’t seem like a “DOOMSDAY SCENARIO” yet and given the bureaucracy that exists in the Italian political system, one could argue that ITALY is in a permanent state of a “DOOMSDAY SCENARIO”\r\n\r\nFor sure, Italian 10 YR debt costs are rising. That is no surprise. Italian Banks are under pressure. Believe me it would be worse if the Lira printing presses were running!\r\n\r\nYes, Italian Banks have been under pressure to boost bad debt provisions and sell-off non-performing loans.  I think it has been quoted that it would take until the middle of the next decade if the ITALIAN BANKS started an aggressive program today to fix these well-known and documented issues and even then, the target is to be no better than the EU average!\r\n\r\nBelow is chart plucked from Wikipedia that shows the breakdown of seats by the Italian Major Political parties. There are 6 parties listed here, you can add another 60 to get a broader flavour of the number of parties looking for representation in ITALY. There lies part of Italy’s problem.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/THE-MAJOR-ITALIAN-POLITICAL-PARTIES.png\"><img class=\"aligncenter size-full wp-image-12152\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/THE-MAJOR-ITALIAN-POLITICAL-PARTIES.png\" alt=\"\" width=\"1836\" height=\"668\" /></a>\r\n\r\nTherefore, there is a bit (to say the least) of concern over the uncertainty of exactly what an ITALIAN government out of this coalition with Luigi Di Maio (5SM) and Matteo Salvini (NL) would look like moving forward.\r\n\r\nEnough of that what about the FX effect?\r\n\r\nOne would expect the EUR/USD and the crosses to be under some pressure given the current situation of uncertainty and the fact that ITALY is the third largest economy inside the EUROZONE.\r\n\r\nNot too much of an issue in this regard as far as I can see, and, I must admit I find this strange. One would have thought that one loose sound-byte on a Referendum on EU membership, or, a Referendum on dumping the single currency would be enough to send the single currency to 1.1500 and below and I have no doubt some extreme comments will be made.\r\n\r\nThe coalition is an unknown, and, who knows what position the government will take when in power. We are talking politics here with unknowns, it\'s a huge uncertainty and what alleged promises are made now, count for nothing moving forward.\r\n\r\nIt’s not that the single currency isn’t under enough pressure at the moment with, U.S. Tariffs, Russian Sanctions and a Central Bank (ECB) that looks like it will be entering the same policy stance as the BOJ, which is ultra-market accommodative financial measures and market support via QE until “Hell Freezes Over”.\r\n\r\nFor now, the single currency appears to have buyers support ahead of the 1.1715 level which was the December 2017 low from where the latest move higher to the February 2018 highs of c.1.2550 started. Beneath the 1.1715 lows we have the November 2017 lows of 1.1550, I see this as the pressured target for the EUR bears to aim for in the medium term. For now, Italian political uncertainty means little. Watch this space.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\"><img class=\"aligncenter size-full wp-image-12144\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\" alt=\"\" width=\"300\" height=\"200\" /></a>\r\n<p style=\"text-align: center;\"><span style=\"font-size: 24pt;\"><strong><u>FOREX REVIEW:</u></strong></span></p>\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong><span style=\"font-size: 14pt;\"> FX - FORWARDS, BACKWARDS &amp; SIDEWAYS:</span>\r\n</strong></li>\r\n</ol>\r\n<u>1.1. THIS WEEKS TRADE INFORMATION: ECONOMIC DATA:</u><u>\r\n</u>NOTE: Only the items that interest me are listed here.\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/ECON-DATA-19052018.png\"><img class=\"aligncenter size-full wp-image-12145\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/ECON-DATA-19052018.png\" alt=\"\" width=\"1504\" height=\"842\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.2. THIS WEEKS TRADE INFORMATION: GEOPOLITICAL EVENTS:</u>\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GEOPOLITICAL-19052018.png\"><img class=\"aligncenter size-full wp-image-12146\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GEOPOLITICAL-19052018.png\" alt=\"\" width=\"1908\" height=\"1560\" /></a></strong><strong> </strong>\r\n\r\n<u>1.3. BIAS CHART - </u><u>USD MAJORS SUPPORT and RESISTANCE:</u>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/TCHART-19052018.png\"><img class=\"aligncenter size-full wp-image-12148\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/TCHART-19052018.png\" alt=\"\" width=\"1226\" height=\"652\" /></a> </strong><strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.4. USD INDEX (DXY) OVERVIEW – MY THOUGHTS:</u><strong> </strong>\r\n\r\nLooking at the chart below: -\r\n<ol>\r\n 	<li>The TRUMP inaugural trend line and the 200 DAY SMA are now well behind current pricing and will now come into play as support on any downside move.</li>\r\n 	<li>My eyes are fixed on the 94.14 PIVOT POINT as being the next target.</li>\r\n</ol>\r\nThere is so much USD momentum at the moment and we have seen a sentiment shift. Obviously, a lot depends on the USD 10YR Treasury. It is now consolidated above 3% and, in my opinion, this will keep the USD March higher intact.\r\n\r\nThe bigger question is what happens at the PIVOT POINT?\r\n\r\nWe could get held up for a while but at the moment I am more in the camp of thinking we march onwards and upwards towards 95.20 rather than reverse the move and head lower in line with the trend. We could stop at 95.20 and downside trend would still be intact.\r\n\r\nIt is a tough call. We will have to wait and see, but I do think there is still some gas left in the tank to continue to push higher.\r\n\r\nThe EUR/USD which has a huge say in how the DXY moves looks like it has a move lower in it towards at the very least 1.1715 and maybe more, therefore this in itself could push the DXY higher.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/DXY-19052018.png\"><img class=\"aligncenter size-full wp-image-12156\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/DXY-19052018.png\" alt=\"\" width=\"1824\" height=\"868\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.5. USD MAJORS - TRADING CHARTS:</u><strong> </strong>\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\nITALY has the focus of the EUROZONE at the moment.\r\n\r\nThere is a lot of uncertainty around with the new government coalition.\r\n\r\nOn the chart below, I see resistance at 1.1820 and downside support resides initially at 1.1715 and then a full re-trace of the recent upside move at 1.1550.\r\n\r\nAt the moment I think you really need nerves of steel and big balls to get long the USD. The direction of least resistance is lower with this pair.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/EURUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12157\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/EURUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\nMy DOUBLE TOP pattern is in play as you can see on the chart below.  The 200 DAY SMA (Green line) should now act as resistance and the downside move should see an attack on 1.3300 and if the double top plays out the measured move is to 1.3030.\r\n\r\nNow, on the other hand the GBP has been finding buyers leaping in ahead of 1.3450. It is questionable how long this will last. Should the EUR/USD drop dramatically it will drag cable with it.\r\n\r\nWe also have to consider BREXIT. The EU27 are sticking to its guns and not giving anything away. This story has a long way to run and I can still see a “NO DEAL” as an option. It looks like there is a political deadlock over the IRISH border. The UK government cannot break the Good Friday agreement and the EU knows this and will push the UK to give in on what the UK government wants.  There will be blood in Westminster should Theresa May backdown, hence my thoughts of a “NO DEAL”.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GBPUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12158\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GBPUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\nI do not know what to do with this currency.\r\n\r\nAre we channeling?\r\n\r\nWe are definitely in a down trend, but it is a difficult trade. 0.7400 to 0.7550 seems to be a trading range at the moment.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/AUDUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12155\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/AUDUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\nThis is also a difficult pair to trade at the moment, it is neither one thing or another. Below 0.6850 opens up the move lower towards the 2017 lows at 0.6780.\r\n\r\nDespite encouraging words from the new RBNZ governor, Adrian Orr who is happy to see the NZD weaken, after its initial move it has retraced a bit and is now consolidating. Back above 0.6940-50 and NZD bulls may take full control once again.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NZDUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12159\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NZDUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\nThe NAFTA deadline came and went and I got caught on a 200 pip loss...argh!!\r\n\r\nWhere now for CAD?\r\n\r\nAllegedly, a lot of pork pies have been spoken about how close a NAFTA deal is, it is some way away. This therefore, in my opinion puts BOC policy on hold.\r\n\r\nThe danger here for USD/CAD bears is that we could move closer to 1.3000 before we see sellers stepping in once again. I am not sure what to do with this pair. I took my shorts off the table, but that does NOT mean that I want to go long.\r\n\r\nPatience and some credible news is required before I step back in again.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCAD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12160\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCAD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\nWe have broken free of the triangle pattern and now appear to be consolidating.\r\n\r\nHaving missed this entire move, from my perspective, one would have to see a move back to 0.9850 (trend line break) as a gift area to enter long.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCHF-W-19052018.png\"><img class=\"aligncenter size-full wp-image-12161\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCHF-W-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY</strong><strong> </strong>\r\n\r\nI am waiting for circa.112.00 before I think of shorting this pair. The three-year trend line comes in around 112.50 and this can be used to sell against.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDJPY-W-19052018.png\"><img class=\"aligncenter size-full wp-image-12162\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDJPY-W-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE WEEKLY FX PREMIUM TRADING SUMMARY:</strong></span></li>\r\n</ol>\r\n<u>2.1. WEEKLY FX PREMIUM PERFORMANCE HIGHLIGHTS:</u>\r\n\r\nMAY 2018 (So far):            1,120 net profitable pips\r\n2018 TOTAL (So far):        6,659 net profitable pips<u></u>\r\n\r\n2.2. WEEKLY FX PREMIUM PERFORMANCE SUMMARY:\r\n\r\n(Incorporating the last 5 WEEKLY FX PREMIUM TRADES)\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/PS-PERF-19052018.png\"><img class=\"aligncenter size-full wp-image-12149\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/PS-PERF-19052018.png\" alt=\"\" width=\"1344\" height=\"1266\" /></a>\r\n\r\nYou can get on board and join my FX PREMIUM subscribers and subscribe to the “10,000 pips a year” group from as little as CAD$10 for the first 10 days and then CAD$150.00 per month, currency conversions for CAD$150 are roughly as follows: -\r\n<ul>\r\n 	<li>GBP £90 per month</li>\r\n 	<li>EUR €100 per month</li>\r\n 	<li>USD $120 per month</li>\r\n 	<li>JPY 12,700 per month</li>\r\n 	<li>AUD $150 per month</li>\r\n</ul>\r\nGo to my website <a href=\"http://www.staging1.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a>for more details under the TAB – “SUBSCRIBE”.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong><span style=\"font-size: 14pt;\">TRADER EDUCATION:</span></strong></li>\r\n</ol>\r\nNo item this week.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>WEEKLY FX PREMIUM SUBSCRIBERS:</strong></span></li>\r\n</ol>\r\n(This section is for WEEKLY FX PREMIUM ONLY)\r\n\r\n<u>4.1. TRADING REVIEW:</u>\r\n\r\nTotal pips for this month so far = 1,120 pips.\r\nYear to date = 6,659 pips.\r\n\r\nI have to admit the market seems to be ready and primed for a big move. There is quite a strange relationship with FX and the broader markets at the moment, with U.S. bonds having quite an influence. I see this certainly with the USD/JPY, and of course, this trickles down through the JPY crosses. I think the JPY is more responsive to bonds than equities at the moment. Obviously, a personal feeling, but I think its maybe a reason for some JPY pricing during the past 5 days or so.\r\n\r\nThere is undoubted USD strength in the market and given that a NAFTA agreement of sorts by the deadline did not materialize, I took a bit of pain last Friday by closing off some loss-making trades. I removed EUR/AUD and USD/CAD trades, plus in the previous 24 hours my JPY long trades all fell by the wayside as well. I cannot complain too much about the CAD related trades, I have made some nice $$$ from CAD related trades this month.\r\n\r\nEven though I am recording some loss trades, I am still pip accumulating on a steady basis at the moment and I have to admit that I am looking forward to taking a break in July / August. My concentration levels of late have been tested vis-à-vis the broader issues with the website update, and, whilst I know that all will be good in the end, it is nevertheless stressful, but it should all be complete by my June 2018 deadline.\r\n\r\nI am a glutton for punishment, and, I am looking to make some significant fundamental changes to my daily routine, the blog, the website and my overall approach to trading later this year, hopefully before September starts after the summer break. More of this closer to the time.\r\n\r\nIt will be an interesting week this week as I feel all the geopolitical events hanging around will count for something, they all cannot simply go away.\r\n\r\n<u>4.2. OPEN TRADES... HOW WILL I TRADE THIS WEEK:</u>\r\n\r\nLast week: 17 x live trades &amp; 11 x limit orders.\r\nThis week: 9 x live trades &amp; 4 x limit orders.\r\n\r\nOverall trades are lower but my CONTINGENT LIABILITY (RISK) is higher as I am taking some modestly larger trading positions.\r\n\r\nWe are quite light on economic data this week although we have quite a sizeable chunk of geopolitical RISK to accommodate into our daily routines.\r\n\r\nI am still waiting for the USD Index to hit the 94.14 pivot point. At that level I am not sure that we will see the markets spring forward, although there are great arguments on both sides to remain bullish the USD or bearish the USD.\r\n\r\nIn my opinion, the single currency is one headline away from a large fall. With the EUR/USD the 1.1715 level looks tempting for bears to try and take stops, but I feel that the longer-term 1.1550 level may seem too good for the markets not to attack. Given the percentage domination of the DXY that the EUR holds, a move higher in the DXY and a corresponding move lower with the EUR across the board could see the DXY testing 95.20, which is a full retracement of the recent move from lower. Do not get carried away with this it’s just a possibility!\r\n\r\nHowever, with the DXY move as a possibility and with ITALY in focus, plus with the NAFTA trade agreement missing its deadline, I am taking stock and this will come as no surprise I will wait until this week has started properly before nailing my colours to the mast.\r\n\r\nLet me put it another way.... I am just NOT sure what to do.\r\n\r\n<u>\r\n4.3. SENTIMENT,</u><u>FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.1. OVERVIEW OF MY MACRO THOUGHTS &amp; IDEAS:</u>\r\n\r\nNo change in my longer-tern thoughts, although, I see moves on the back of Central Bank divergence dominating the markets for the foreseeable future.\r\n\r\nThe FED is at the opposite end of the spectrum in comparison to the BOJ, ECB and BOE. THE RBNZ and RBA are also on hold, the only G8 Central Bank that will possibly be looking to increase rates this year is the BOC.\r\n\r\n2018 MACRO THOUGHTS (Based upon USD major pair):\r\n\r\nCAD: I see a substantial move lower in the USD/CAD towards the 1.2000 level maybe lower.\r\n\r\nNZD: I see the ex. Prime Minister John Key target level when he was in power of 0.6600 being my objective. The new RBNZ Governor, Adrian Orr, is also keen to see the NZD weaken.\r\n\r\nGBP: I was hoping for a BREXIT deal to have been struck by now. When it is done I think we will be witnessing a relief rally back towards GBP/USD 1.5000.I will be ready to trade this with most of the GBP crosses, especially the EUR/GBP.\r\n\r\nAUD: I cannot make my mind up with this currency. I feel that the next rate move will be an increase from the RBA. But it is fast becoming the “BEIGE” currency of the USD majors, in the sense that it’s just in the background most of the time. It just seems to drift then consolidate threaten a reversal and then drift again.\r\n\r\nEUR: I just cannot see the EUR/USD hitting the well-publicized target by many banks of 1.3000 this year, in fact I see it ranging between 1.1500 and 1.2000 in to the year end.\r\n\r\nJPY: This currency has me HOT and COLD, thankfully not at the same time as that is uncomfortable! One minute I am bullish, the next bearish. My initial thoughts this year was for the USD/JPY to be back at 102.00 with JPY strength on the back of geopolitical worldwide issues pegging it back. If pushed I am in the camp of JPY strength rather than JPY weakness.\r\n\r\nCHF: This used to be one of my go to currencies and for some reason in 2018, I have really left it to one side despite the bearish EUR/USD action. I always have a fear at the back of my mind that EUROPEAN geopolitical issues and GOLD volatility as a result of general world uneasiness could make this pair very difficult to trade. Of late in fact it has been the best behaved of most of the majors and I regret not going long on the multi-year trend line support back at 0.9180-0.9200 a couple of months ago. Since hitting that support it has been a V shaped recovery.\r\n\r\n<u>\r\n4.3.2. THE MARKET SENTIMENT CHART:</u>\r\n\r\nThere is now a much greater alignment with the USD majors, and quite interesting to see that there was little change in the chart from last week.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/SENTIMENT-19052018.png\"><img class=\"aligncenter size-full wp-image-12147\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/SENTIMENT-19052018.png\" alt=\"\" width=\"1054\" height=\"1044\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.4.1. CURRENT LIVE TRADES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIVE-TRADES-19052018.png\"><img class=\"aligncenter size-full wp-image-12151\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIVE-TRADES-19052018.png\" alt=\"\" width=\"1090\" height=\"1506\" /></a>\r\n\r\n<u>4.4.2. CURRENT LIMIT ORDER TRADES:</u>\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIMIT-ORDERS-19052018.png\"><img class=\"aligncenter size-full wp-image-12150\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIMIT-ORDERS-19052018.png\" alt=\"\" width=\"1062\" height=\"1298\" /></a>\r\n\r\n4.5. FX BROKER NEWS:\r\n\r\nI have seen over the past couple of weeks increased chatter about margin calls on broker accounts. I found this slightly strange as we have just acknowledged that in the EUROPEAN marketplace leverage has been reduced quite dramatically.\r\n\r\nI mentioned a few weeks ago, that the leverage argument has never been one to really concern myself as I have traded on a maximum of 1:50 at the highest since I started trading and all of my accounts now are below 1:25.\r\n\r\nAnyway...\r\n\r\nIt looks like 50% margin calls are on the way. Most brokers will operate around 35% at the moment. Below is a snippet on the subject that I culled from Twitter.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NEW-BROKER-MARGINS-FOR-BLOG.png\"><img class=\"aligncenter size-full wp-image-12153\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NEW-BROKER-MARGINS-FOR-BLOG.png\" alt=\"\" width=\"1728\" height=\"896\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE FINAL SHOT:</strong></span><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @weeklyfxpremium\r\n\r\n<a href=\"http://staging1.weeklyfxdrivethru.com/disclaimer/\">https://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #178 WEEKLY FX PREMIUM\r\nDATE: 19th May 2018\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'ITALY - THE DOOMSDAY SCENARIO?', '', 'inherit', 'closed', 'closed', '', '12163-revision-v1', '', '', '2018-06-01 09:11:29', '2018-06-01 14:11:29', '', 12163, 'https://weeklyfxdrivethru.com/2018/06/12163-revision-v1/', 0, 'revision', '', 0);
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(12171, 1, '2018-06-01 09:11:41', '2018-06-01 14:11:41', 'Two weeks ago, my last blog in fact, I wrote about the UK and EUROPE being at the precipice. In the past 14 days sentiment has shifted and moves in the currencies I talked about have started, however, I never had ITALY as front runner to possibly drive the single currency lower to new 52 weeks lows.\r\n\r\nBack in the day...\r\n\r\nIt was during 2016, I think it was on CNBC when I heard some analyst talking about market uncertainties as he ran off a series of what if’s.\r\n<ul>\r\n 	<li>The first one was a, what if – TRUMP is elected President; following that he gave an opinion, which, I have long forgotten.</li>\r\n 	<li>The second was, what happens if the UK votes for a BREXITand finally,</li>\r\n 	<li>The third rather surprising one, was based upon ITALIAN elections that came and went at that time, the result never played out as that commentator predicted then, but it did on the general election this past March.It was claimed that a victory for the FIVE STAR MOVEMENT and any government involving them would be tantamount to a “DOOMSDAY SCENARIO”.</li>\r\n</ul>\r\nWell, I wonder if this commentator had an open ticket at Ladbrokes or Paddy Power because his treble has come home!\r\n\r\nPolitics is a funny thing, never say never. The FIVE STAR MOVEMENT was the largest party in the Italian March elections and it had stated that it would never be in coalition with any other party.\r\n\r\nHowever, to move forward this was necessary, at one point, it looked like Berlusconi’s Forza Italia party was in line, but the FIVE STAR MOVEMENT selected the NORTHERN LEAGUE as partners to form a coalition.\r\n\r\nShame really not to have Berlusconi in power as a meeting with TRUMP would have been brilliant; you could just imagine the craic and the media headlines. For now toga parties at 1600 Pennsylvania Avenue, have been put on hold.\r\n\r\nMy question is: - Is this coalition still the “DOOMSDAY SCENARIO?”\r\n\r\nWithout doubt, populist parties are loved by the media for the headlines they can create. Are they populist or nationalist? Having read a bit over the past couple of days about these parties it would appear that have ditched a huge amount of the anti-EU rhetoric and I think I am correct in saying they have abandoned for now, the idea of dumping the single currency as well, although, I have also read stuff about wanting a parallel currency. I am not sure at all what this would involve and frankly I doubt anyone does at this stage.\r\n\r\nLast Friday the coalition agreed on a series of political objectives and released a working document to the media. The leaders of these parties are “unknowns” and therefore the MP’s will be unknown and frankly there is a massive cloud and thick fog about what will actually happen.\r\n\r\nAre they extreme?\r\n\r\nThe policy document released has called for: -\r\n<ul>\r\n 	<li>Tax Reform: Corporate Taxes at 15% and Personal Taxes at 20% - both proposed taxation levels are a significant reduction from where they are now.</li>\r\n 	<li>Relaxing EU Bail-in Rules: No surprise here given the state of Italian Bank Debt and the current market uncertainties.</li>\r\n 	<li>Removing the EU Russian sanctions.</li>\r\n 	<li>Lowering the Retirement Age.</li>\r\n 	<li>Nothing about the rumoured request for an EU Debt write-off of over €250 Billion.</li>\r\n 	<li>Nothing about nationalizing some of the banks such as Banc Monte Paschi Di Siena.</li>\r\n</ul>\r\nIs the above extreme?\r\n\r\nThere is nothing about leaving the EUROZONE or bringing back the Lira. There is also nothing how a debt riddled country is going to pay for this either, but hey, this is politics and in ITALY in particular because of extreme levels of bureaucracy, very little ever gets done as it is so difficult to reform. It is also very difficult to undo what is already in place. All you have to do is look at what Berlusconi, Monti, Letta, Renzi and Gentiloni have actually achieved since 2008. Remember Italy has had more elections in the past 50 years than the number of years that have passed by.\r\n\r\nIn my opinion, for what it’s worth it doesn’t seem like a “DOOMSDAY SCENARIO” yet and given the bureaucracy that exists in the Italian political system, one could argue that ITALY is in a permanent state of a “DOOMSDAY SCENARIO”\r\n\r\nFor sure, Italian 10 YR debt costs are rising. That is no surprise. Italian Banks are under pressure. Believe me it would be worse if the Lira printing presses were running!\r\n\r\nYes, Italian Banks have been under pressure to boost bad debt provisions and sell-off non-performing loans.  I think it has been quoted that it would take until the middle of the next decade if the ITALIAN BANKS started an aggressive program today to fix these well-known and documented issues and even then, the target is to be no better than the EU average!\r\n\r\nBelow is chart plucked from Wikipedia that shows the breakdown of seats by the Italian Major Political parties. There are 6 parties listed here, you can add another 60 to get a broader flavour of the number of parties looking for representation in ITALY. There lies part of Italy’s problem.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/THE-MAJOR-ITALIAN-POLITICAL-PARTIES.png\"><img class=\"aligncenter size-full wp-image-12152\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/THE-MAJOR-ITALIAN-POLITICAL-PARTIES.png\" alt=\"\" width=\"1836\" height=\"668\" /></a>\r\n\r\nTherefore, there is a bit (to say the least) of concern over the uncertainty of exactly what an ITALIAN government out of this coalition with Luigi Di Maio (5SM) and Matteo Salvini (NL) would look like moving forward.\r\n\r\nEnough of that what about the FX effect?\r\n\r\nOne would expect the EUR/USD and the crosses to be under some pressure given the current situation of uncertainty and the fact that ITALY is the third largest economy inside the EUROZONE.\r\n\r\nNot too much of an issue in this regard as far as I can see, and, I must admit I find this strange. One would have thought that one loose sound-byte on a Referendum on EU membership, or, a Referendum on dumping the single currency would be enough to send the single currency to 1.1500 and below and I have no doubt some extreme comments will be made.\r\n\r\nThe coalition is an unknown, and, who knows what position the government will take when in power. We are talking politics here with unknowns, it\'s a huge uncertainty and what alleged promises are made now, count for nothing moving forward.\r\n\r\nIt’s not that the single currency isn’t under enough pressure at the moment with, U.S. Tariffs, Russian Sanctions and a Central Bank (ECB) that looks like it will be entering the same policy stance as the BOJ, which is ultra-market accommodative financial measures and market support via QE until “Hell Freezes Over”.\r\n\r\nFor now, the single currency appears to have buyers support ahead of the 1.1715 level which was the December 2017 low from where the latest move higher to the February 2018 highs of c.1.2550 started. Beneath the 1.1715 lows we have the November 2017 lows of 1.1550, I see this as the pressured target for the EUR bears to aim for in the medium term. For now, Italian political uncertainty means little. Watch this space.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\"><img class=\"aligncenter size-full wp-image-12144\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\" alt=\"\" width=\"300\" height=\"200\" /></a>\r\n<p style=\"text-align: center;\"><span style=\"font-size: 24pt;\"><strong><u>FOREX REVIEW:</u></strong></span></p>\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong><span style=\"font-size: 14pt;\"> FX - FORWARDS, BACKWARDS &amp; SIDEWAYS:</span>\r\n</strong></li>\r\n</ol>\r\n<u>1.1. THIS WEEKS TRADE INFORMATION: ECONOMIC DATA:</u><u>\r\n</u>NOTE: Only the items that interest me are listed here.\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/ECON-DATA-19052018.png\"><img class=\"aligncenter size-full wp-image-12145\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/ECON-DATA-19052018.png\" alt=\"\" width=\"1504\" height=\"842\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.2. THIS WEEKS TRADE INFORMATION: GEOPOLITICAL EVENTS:</u>\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GEOPOLITICAL-19052018.png\"><img class=\"aligncenter size-full wp-image-12146\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GEOPOLITICAL-19052018.png\" alt=\"\" width=\"1908\" height=\"1560\" /></a></strong><strong> </strong>\r\n\r\n<u>1.3. BIAS CHART - </u><u>USD MAJORS SUPPORT and RESISTANCE:</u>\r\n\r\n<strong> </strong>\r\n\r\n<strong><a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/TCHART-19052018.png\"><img class=\"aligncenter size-full wp-image-12148\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/TCHART-19052018.png\" alt=\"\" width=\"1226\" height=\"652\" /></a> </strong><strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.4. USD INDEX (DXY) OVERVIEW – MY THOUGHTS:</u><strong> </strong>\r\n\r\nLooking at the chart below: -\r\n<ol>\r\n 	<li>The TRUMP inaugural trend line and the 200 DAY SMA are now well behind current pricing and will now come into play as support on any downside move.</li>\r\n 	<li>My eyes are fixed on the 94.14 PIVOT POINT as being the next target.</li>\r\n</ol>\r\nThere is so much USD momentum at the moment and we have seen a sentiment shift. Obviously, a lot depends on the USD 10YR Treasury. It is now consolidated above 3% and, in my opinion, this will keep the USD March higher intact.\r\n\r\nThe bigger question is what happens at the PIVOT POINT?\r\n\r\nWe could get held up for a while but at the moment I am more in the camp of thinking we march onwards and upwards towards 95.20 rather than reverse the move and head lower in line with the trend. We could stop at 95.20 and downside trend would still be intact.\r\n\r\nIt is a tough call. We will have to wait and see, but I do think there is still some gas left in the tank to continue to push higher.\r\n\r\nThe EUR/USD which has a huge say in how the DXY moves looks like it has a move lower in it towards at the very least 1.1715 and maybe more, therefore this in itself could push the DXY higher.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/DXY-19052018.png\"><img class=\"aligncenter size-full wp-image-12156\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/DXY-19052018.png\" alt=\"\" width=\"1824\" height=\"868\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.5. USD MAJORS - TRADING CHARTS:</u><strong> </strong>\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\nITALY has the focus of the EUROZONE at the moment.\r\n\r\nThere is a lot of uncertainty around with the new government coalition.\r\n\r\nOn the chart below, I see resistance at 1.1820 and downside support resides initially at 1.1715 and then a full re-trace of the recent upside move at 1.1550.\r\n\r\nAt the moment I think you really need nerves of steel and big balls to get long the USD. The direction of least resistance is lower with this pair.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/EURUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12157\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/EURUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\nMy DOUBLE TOP pattern is in play as you can see on the chart below.  The 200 DAY SMA (Green line) should now act as resistance and the downside move should see an attack on 1.3300 and if the double top plays out the measured move is to 1.3030.\r\n\r\nNow, on the other hand the GBP has been finding buyers leaping in ahead of 1.3450. It is questionable how long this will last. Should the EUR/USD drop dramatically it will drag cable with it.\r\n\r\nWe also have to consider BREXIT. The EU27 are sticking to its guns and not giving anything away. This story has a long way to run and I can still see a “NO DEAL” as an option. It looks like there is a political deadlock over the IRISH border. The UK government cannot break the Good Friday agreement and the EU knows this and will push the UK to give in on what the UK government wants.  There will be blood in Westminster should Theresa May backdown, hence my thoughts of a “NO DEAL”.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GBPUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12158\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/GBPUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\nI do not know what to do with this currency.\r\n\r\nAre we channeling?\r\n\r\nWe are definitely in a down trend, but it is a difficult trade. 0.7400 to 0.7550 seems to be a trading range at the moment.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/AUDUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12155\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/AUDUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\nThis is also a difficult pair to trade at the moment, it is neither one thing or another. Below 0.6850 opens up the move lower towards the 2017 lows at 0.6780.\r\n\r\nDespite encouraging words from the new RBNZ governor, Adrian Orr who is happy to see the NZD weaken, after its initial move it has retraced a bit and is now consolidating. Back above 0.6940-50 and NZD bulls may take full control once again.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NZDUSD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12159\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NZDUSD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\nThe NAFTA deadline came and went and I got caught on a 200 pip loss...argh!!\r\n\r\nWhere now for CAD?\r\n\r\nAllegedly, a lot of pork pies have been spoken about how close a NAFTA deal is, it is some way away. This therefore, in my opinion puts BOC policy on hold.\r\n\r\nThe danger here for USD/CAD bears is that we could move closer to 1.3000 before we see sellers stepping in once again. I am not sure what to do with this pair. I took my shorts off the table, but that does NOT mean that I want to go long.\r\n\r\nPatience and some credible news is required before I step back in again.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCAD-D-19052018.png\"><img class=\"aligncenter size-full wp-image-12160\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCAD-D-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\nWe have broken free of the triangle pattern and now appear to be consolidating.\r\n\r\nHaving missed this entire move, from my perspective, one would have to see a move back to 0.9850 (trend line break) as a gift area to enter long.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCHF-W-19052018.png\"><img class=\"aligncenter size-full wp-image-12161\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDCHF-W-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY</strong><strong> </strong>\r\n\r\nI am waiting for circa.112.00 before I think of shorting this pair. The three-year trend line comes in around 112.50 and this can be used to sell against.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDJPY-W-19052018.png\"><img class=\"aligncenter size-full wp-image-12162\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/USDJPY-W-19052018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE WEEKLY FX PREMIUM TRADING SUMMARY:</strong></span></li>\r\n</ol>\r\n<u>2.1. WEEKLY FX PREMIUM PERFORMANCE HIGHLIGHTS:</u>\r\n\r\nMAY 2018 (So far):            1,120 net profitable pips\r\n2018 TOTAL (So far):        6,659 net profitable pips<u></u>\r\n\r\n2.2. WEEKLY FX PREMIUM PERFORMANCE SUMMARY:\r\n\r\n(Incorporating the last 5 WEEKLY FX PREMIUM TRADES)\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/PS-PERF-19052018.png\"><img class=\"aligncenter size-full wp-image-12149\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/PS-PERF-19052018.png\" alt=\"\" width=\"1344\" height=\"1266\" /></a>\r\n\r\nYou can get on board and join my FX PREMIUM subscribers and subscribe to the “10,000 pips a year” group from as little as CAD$10 for the first 10 days and then CAD$150.00 per month, currency conversions for CAD$150 are roughly as follows: -\r\n<ul>\r\n 	<li>GBP £90 per month</li>\r\n 	<li>EUR €100 per month</li>\r\n 	<li>USD $120 per month</li>\r\n 	<li>JPY 12,700 per month</li>\r\n 	<li>AUD $150 per month</li>\r\n</ul>\r\nGo to my website <a href=\"http://www.staging1.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a>for more details under the TAB – “SUBSCRIBE”.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong><span style=\"font-size: 14pt;\">TRADER EDUCATION:</span></strong></li>\r\n</ol>\r\nNo item this week.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>WEEKLY FX PREMIUM SUBSCRIBERS:</strong></span></li>\r\n</ol>\r\n(This section is for WEEKLY FX PREMIUM ONLY)\r\n\r\n<u>4.1. TRADING REVIEW:</u>\r\n\r\nTotal pips for this month so far = 1,120 pips.\r\nYear to date = 6,659 pips.\r\n\r\nI have to admit the market seems to be ready and primed for a big move. There is quite a strange relationship with FX and the broader markets at the moment, with U.S. bonds having quite an influence. I see this certainly with the USD/JPY, and of course, this trickles down through the JPY crosses. I think the JPY is more responsive to bonds than equities at the moment. Obviously, a personal feeling, but I think its maybe a reason for some JPY pricing during the past 5 days or so.\r\n\r\nThere is undoubted USD strength in the market and given that a NAFTA agreement of sorts by the deadline did not materialize, I took a bit of pain last Friday by closing off some loss-making trades. I removed EUR/AUD and USD/CAD trades, plus in the previous 24 hours my JPY long trades all fell by the wayside as well. I cannot complain too much about the CAD related trades, I have made some nice $$$ from CAD related trades this month.\r\n\r\nEven though I am recording some loss trades, I am still pip accumulating on a steady basis at the moment and I have to admit that I am looking forward to taking a break in July / August. My concentration levels of late have been tested vis-à-vis the broader issues with the website update, and, whilst I know that all will be good in the end, it is nevertheless stressful, but it should all be complete by my June 2018 deadline.\r\n\r\nI am a glutton for punishment, and, I am looking to make some significant fundamental changes to my daily routine, the blog, the website and my overall approach to trading later this year, hopefully before September starts after the summer break. More of this closer to the time.\r\n\r\nIt will be an interesting week this week as I feel all the geopolitical events hanging around will count for something, they all cannot simply go away.\r\n\r\n<u>4.2. OPEN TRADES... HOW WILL I TRADE THIS WEEK:</u>\r\n\r\nLast week: 17 x live trades &amp; 11 x limit orders.\r\nThis week: 9 x live trades &amp; 4 x limit orders.\r\n\r\nOverall trades are lower but my CONTINGENT LIABILITY (RISK) is higher as I am taking some modestly larger trading positions.\r\n\r\nWe are quite light on economic data this week although we have quite a sizeable chunk of geopolitical RISK to accommodate into our daily routines.\r\n\r\nI am still waiting for the USD Index to hit the 94.14 pivot point. At that level I am not sure that we will see the markets spring forward, although there are great arguments on both sides to remain bullish the USD or bearish the USD.\r\n\r\nIn my opinion, the single currency is one headline away from a large fall. With the EUR/USD the 1.1715 level looks tempting for bears to try and take stops, but I feel that the longer-term 1.1550 level may seem too good for the markets not to attack. Given the percentage domination of the DXY that the EUR holds, a move higher in the DXY and a corresponding move lower with the EUR across the board could see the DXY testing 95.20, which is a full retracement of the recent move from lower. Do not get carried away with this it’s just a possibility!\r\n\r\nHowever, with the DXY move as a possibility and with ITALY in focus, plus with the NAFTA trade agreement missing its deadline, I am taking stock and this will come as no surprise I will wait until this week has started properly before nailing my colours to the mast.\r\n\r\nLet me put it another way.... I am just NOT sure what to do.\r\n\r\n<u>\r\n4.3. SENTIMENT,</u><u>FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.1. OVERVIEW OF MY MACRO THOUGHTS &amp; IDEAS:</u>\r\n\r\nNo change in my longer-tern thoughts, although, I see moves on the back of Central Bank divergence dominating the markets for the foreseeable future.\r\n\r\nThe FED is at the opposite end of the spectrum in comparison to the BOJ, ECB and BOE. THE RBNZ and RBA are also on hold, the only G8 Central Bank that will possibly be looking to increase rates this year is the BOC.\r\n\r\n2018 MACRO THOUGHTS (Based upon USD major pair):\r\n\r\nCAD: I see a substantial move lower in the USD/CAD towards the 1.2000 level maybe lower.\r\n\r\nNZD: I see the ex. Prime Minister John Key target level when he was in power of 0.6600 being my objective. The new RBNZ Governor, Adrian Orr, is also keen to see the NZD weaken.\r\n\r\nGBP: I was hoping for a BREXIT deal to have been struck by now. When it is done I think we will be witnessing a relief rally back towards GBP/USD 1.5000.I will be ready to trade this with most of the GBP crosses, especially the EUR/GBP.\r\n\r\nAUD: I cannot make my mind up with this currency. I feel that the next rate move will be an increase from the RBA. But it is fast becoming the “BEIGE” currency of the USD majors, in the sense that it’s just in the background most of the time. It just seems to drift then consolidate threaten a reversal and then drift again.\r\n\r\nEUR: I just cannot see the EUR/USD hitting the well-publicized target by many banks of 1.3000 this year, in fact I see it ranging between 1.1500 and 1.2000 in to the year end.\r\n\r\nJPY: This currency has me HOT and COLD, thankfully not at the same time as that is uncomfortable! One minute I am bullish, the next bearish. My initial thoughts this year was for the USD/JPY to be back at 102.00 with JPY strength on the back of geopolitical worldwide issues pegging it back. If pushed I am in the camp of JPY strength rather than JPY weakness.\r\n\r\nCHF: This used to be one of my go to currencies and for some reason in 2018, I have really left it to one side despite the bearish EUR/USD action. I always have a fear at the back of my mind that EUROPEAN geopolitical issues and GOLD volatility as a result of general world uneasiness could make this pair very difficult to trade. Of late in fact it has been the best behaved of most of the majors and I regret not going long on the multi-year trend line support back at 0.9180-0.9200 a couple of months ago. Since hitting that support it has been a V shaped recovery.\r\n\r\n<u>\r\n4.3.2. THE MARKET SENTIMENT CHART:</u>\r\n\r\nThere is now a much greater alignment with the USD majors, and quite interesting to see that there was little change in the chart from last week.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/SENTIMENT-19052018.png\"><img class=\"aligncenter size-full wp-image-12147\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/SENTIMENT-19052018.png\" alt=\"\" width=\"1054\" height=\"1044\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.4.1. CURRENT LIVE TRADES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIVE-TRADES-19052018.png\"><img class=\"aligncenter size-full wp-image-12151\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIVE-TRADES-19052018.png\" alt=\"\" width=\"1090\" height=\"1506\" /></a>\r\n\r\n<u>4.4.2. CURRENT LIMIT ORDER TRADES:</u>\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIMIT-ORDERS-19052018.png\"><img class=\"aligncenter size-full wp-image-12150\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/LIMIT-ORDERS-19052018.png\" alt=\"\" width=\"1062\" height=\"1298\" /></a>\r\n\r\n4.5. FX BROKER NEWS:\r\n\r\nI have seen over the past couple of weeks increased chatter about margin calls on broker accounts. I found this slightly strange as we have just acknowledged that in the EUROPEAN marketplace leverage has been reduced quite dramatically.\r\n\r\nI mentioned a few weeks ago, that the leverage argument has never been one to really concern myself as I have traded on a maximum of 1:50 at the highest since I started trading and all of my accounts now are below 1:25.\r\n\r\nAnyway...\r\n\r\nIt looks like 50% margin calls are on the way. Most brokers will operate around 35% at the moment. Below is a snippet on the subject that I culled from Twitter.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NEW-BROKER-MARGINS-FOR-BLOG.png\"><img class=\"aligncenter size-full wp-image-12153\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/NEW-BROKER-MARGINS-FOR-BLOG.png\" alt=\"\" width=\"1728\" height=\"896\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE FINAL SHOT:</strong></span><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @weeklyfxpremium\r\n\r\n<a href=\"http://staging1.weeklyfxdrivethru.com/disclaimer/\">https://staging1.weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #178 WEEKLY FX PREMIUM\r\nDATE: 19th May 2018\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'ITALY - THE DOOMSDAY SCENARIO?', '', 'inherit', 'closed', 'closed', '', '12163-revision-v1', '', '', '2018-06-01 09:11:41', '2018-06-01 14:11:41', '', 12163, 'https://weeklyfxdrivethru.com/2018/06/12163-revision-v1/', 0, 'revision', '', 0);
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(12174, 1, '2018-06-01 09:16:38', '2018-06-01 14:16:38', 'Last week was not a week that I particularly enjoyed. I was caught the wrong way with two trading positions, GBP/USD long and USD/CAD short. I had multiple small positions across the two trades and whilst my loss in $$$ was not huge my loss in pips was circa. 1,000 pips. I made the novice mistake of holding the trades a day too long when the sensible move would have been to cover and exit the trades...argh!!\r\n\r\nUS10 YR bond finally overcame the 3% resistance. So much has been made of this move and the implications of passing above 3%. What does it all mean to us as FX traders. Here are a few of my takeaways: -\r\n<ul>\r\n 	<li>Before getting too excited. We need to see consolidation above 3%.</li>\r\n 	<li>This is the current psychological level. The rate has been much higher back in the day!</li>\r\n 	<li>Prior to the 2008 GFC, the US10YR yield was 5%.</li>\r\n 	<li>With yields rising this usually indicates higher interest rates.</li>\r\n 	<li>Higher costs for companies result. Increased borrowing costs, less money to return back to shareholders, which means equities as an asset to invest in are less attractive.</li>\r\n 	<li>Eventually this will affect mortgage rates and reduce personal spending power via disposable income.</li>\r\n</ul>\r\nFrom an FX perspective this should also strengthen the USD across the board and the USD index (DXY) should rise.\r\n\r\nAs always, the exception will be the USD/JPY, although it’s moves are linked somewhat to moves in US Treasuries many more factors affect the movement with the USD/JPY. For example, as it follows moves in equities as well this pair will probably strengthen, and head lower should we see US equities come under some serious selling pressure.In addition, we enter the state of “RISK OFF”. This is where we can look at commodity currencies and the commodity currency cross-rates.\r\n\r\nBasically, should the 10YR consolidate above 3%, it should give FX traders something that they have not had for a while, which is a directional trading environment for an extended period.\r\n\r\nWe also had an ECB (Draghi) Press Conference last Thursday. The market, myself included, were expecting a quite dovish Draghi based upon recent EUROZONE economic data. Given the fact it is well known that the ECB and exporters in the EU19 would like the weakest EUR exchange rate possible to keep their exports competitive, I thought this a no brainer, but in a rather surprising move I found Mario Draghi balanced, with both dovish and hawkish commentary.\r\n\r\nI did note that Draghi now appears to have contracted the “Yellen disease”, everything is transitory, Draghi uses “temporary” instead when describing areas of failure of poor data contrary to objectives. We also saw references to the weather and the timing of Easter as reasons for failure. FFS next it will Christmas Day’s date of December 25<sup>th</sup>was a surprise.\r\n\r\nMy takeaways from the ECB: -\r\n<ul>\r\n 	<li>Was the move lower towards 1.2100 following the press conference all about EUR weakness or was it USD strength?</li>\r\n 	<li>I was aware of huge option strikes circa. 1.2200 it could have been those expirations that allowed the markets to bring the pair lower?</li>\r\n 	<li>Draghi despite recent mixed data which was probably leaning towards poor overall, was upbeat.</li>\r\n 	<li>Banging the drum on inflation is now getting boring and overdone. This is more like a prayer than a fact.</li>\r\n 	<li>Draghi emphasized downside risks mostly due to global factors but viewed them as temporary.</li>\r\n 	<li>No announcements re: completion of QE program.</li>\r\n 	<li>The “can” was kicked down the road once again and now the markets will be pressurizing the ECB for some facts on normalization in the June and July meetings.</li>\r\n</ul>\r\nOverall, from my perspective Draghi delivered more of the same stuff as we have\r\n\r\nheard before just re-hashed in a different order.\r\n\r\nI do however believe he could have really sent the single currency lower, it was a great opportunity missed in my opinion, he lacked the killer instinct. There is no doubt that most, if not all, of the EU27 would have liked the EUR/USD below 1.2000.\r\n\r\nFrom an FX perspective the EUR/USD, despite Draghi’s missed opportunity looks like a pair on a one-way path lower with continued USD strength. The USD despite a short correction at the end of last week into the close looks like it was just setting up trading opportunities at better entry prices.\r\n\r\nMy question is; is the USD ready to go, is it ready for liftoff back to the mid 90’s? We will have to see we had a rejection on the TRUMP trend line Friday, but this was just the first attempt. Personally, I think a great deal depends on the reaction with US 10YR yields. A break through and consolidation above 3% should see the DXY rise.\r\n\r\nMoving on...\r\n\r\nMichel Barnier was out last week stirring it up again on BREXIT: -\r\n<ul>\r\n 	<li>Costs of exit greater for UK than the EU27.</li>\r\n 	<li>EU27 Businesses do NOT need City of London.</li>\r\n 	<li>Transition deal NOT a “done deal”.</li>\r\n 	<li>Market participants should prepare for no transition.</li>\r\n 	<li>No special privileges between UK banks and EU27.</li>\r\n</ul>\r\nIt all inflammatory stuff probably as a result of the UK dragging its heels on the UK/IRELAND border issue and other issues surrounding the Customs Union.\r\n\r\nThe bottom line is that this talk keeps the lid on the GBP/USD currency pair, but this also affects the movements of the EUR/GBP.\r\n\r\nIf Barnier beating his chest wasn’t enough to put Theresa May in a bad mood pouring out her cornflakes at breakfast, the Friday print of Q1 2018 GDP would have soured the milk.\r\n\r\nA miss; expected was 0.3% but actual print was 0.1%. A poor number was expected given the adverse weather in the UK during Q1. Much is being made of the fact that construction was basically closed for three weeks as the “Beast from the East” weather system gripped the UK. I have read that without the 0.21% miss on construction, the 0.3% expected figure would have been beaten.\r\n\r\nOne note of interest checking through my notes. The BOE Chief Economist Andy Haldane had forward guidance of 0.4% for UK Q1 GBP. Bet he feels like a bit of a numpty at the moment!\r\n\r\nNevertheless, the GBP dropped over 1% against the USD. On the news and in the hour following a 180-pip range on the day against a daily ATR of just 105 pips.\r\n\r\nFrom an FX perspective the GBP is well oversold. I would do nothing for now let it consolidate.\r\n\r\nFinally, ...\r\n\r\nThe final noteworthy piece of news from last week, ignoring the TRUMP tweets and his bromance with the French President or Melania’s hat, was the first print of US Q1 GDP, which was a beat at 2.3% versus 2.0% expected.\r\n\r\nThe USD initially strengthened and then retreated. I put this down to a Friday with institutional traders looking to square off positions going into the weekend.\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\"><img class=\"aligncenter size-full wp-image-12144\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/06/300-x-200.png\" alt=\"\" width=\"300\" height=\"200\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<p style=\"text-align: center;\"><span style=\"font-size: 20pt;\"><strong><u>FOREX REVIEW:</u></strong></span></p>\r\n<strong> </strong>\r\n<ol>\r\n 	<li><strong><span style=\"font-size: 14pt;\"> FX - FORWARDS, BACKWARDS &amp; SIDEWAYS:</span>\r\n</strong></li>\r\n</ol>\r\n<u>1.1. THIS WEEKS TRADE INFORMATION: ECONOMIC DATA:</u><u>\r\n</u>NOTE: Only the items that interest me are listed here.\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/ECON-DATA-28042018.png\"><img class=\"aligncenter size-full wp-image-11540\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/ECON-DATA-28042018.png\" alt=\"\" width=\"1440\" height=\"1268\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.2. THIS WEEKS TRADE INFORMATION: GEOPOLITICAL EVENTS:</u>\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/GEOPOLITICAL-28042018.png\"><img class=\"aligncenter size-full wp-image-11541\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/GEOPOLITICAL-28042018.png\" alt=\"\" width=\"1024\" height=\"992\" /></a></strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.3. BIAS CHART - </u><u>USD MAJORS SUPPORT and RESISTANCE:</u>\r\n\r\n<strong> <a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/TCHART-28042018.png\"><img class=\"aligncenter size-full wp-image-11553\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/TCHART-28042018.png\" alt=\"\" width=\"1242\" height=\"652\" /></a></strong>\r\n\r\n&nbsp;\r\n\r\n<u>1.4. USD INDEX (DXY) OVERVIEW – MY THOUGHTS:</u>\r\n\r\nLooking at the chart below: -\r\n<ol>\r\n 	<li>The move on Friday after the GDP data was held back at the 200 DAY SMA (Orange Line).</li>\r\n 	<li>The TRUMP inaugural trend line was pierced but pricing fell back to close the week below the resistance trend line.</li>\r\n 	<li>The 50% Fibonacci level at 91.73 is supporting price at the moment.</li>\r\n</ol>\r\nMoving forward I think we are destined to test the 61.8% Fibonacci retracement level at 92.56. There is so much USD momentum at the moment and we have seen a sentiment shift. Obviously, a lot depends on the USD 10YR Treasury, it really needs to consolidate above 3% to keep the DXY move higher intact.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/DXY-28042018.png\"><img class=\"aligncenter size-full wp-image-11556\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/DXY-28042018.png\" alt=\"\" width=\"1824\" height=\"868\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n\r\n<u>1.5. USD MAJORS - TRADING CHARTS:</u>\r\n\r\n<strong>EUR/USD:</strong>\r\n\r\nHave we had a false breakdown?\r\n\r\nFor several weeks I have been talking about quite boring sideways trading inside two range patterns on the chart below.\r\n\r\nWe have two ranges: MAROON Lines 1.2090 to 1.2550 and the BLACK Lines signify a range within a range at 1.2220 to 1.2480.\r\n\r\nFollowing Draghi’s Press Conference and what I believe a huge option sale the markets took the single currency lower and this continued 24 hours later ahead of the Q1 print of US GDP.\r\n\r\nHowever, rather strangely the selloff stopped, and the EUR/USD popped back above the lower MAROON trend line (Friday’s candle is circled).\r\n\r\nWe will have to wait and see into Monday’s trading this week if it was a false move or not?\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/EURUSD-D-28042018.png\"><img class=\"aligncenter size-full wp-image-11557\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/EURUSD-D-28042018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>GBP/USD:</strong>\r\n\r\nWhat a nasty looking closing DAILY CANDLE for last week. Usually with a pig of a candle like this there are more to come. With 8 out of the last 9 days being down days one has the think how much downside is left.\r\n\r\nFrom my perspective, I think that if 1.3700 is tested and gives way, we are free and clear down to 1.3500. At this level that would be a 900 pip move from the highs.\r\n\r\nMy initial thoughts are great, what an opportunity to get back in long.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/GBPUSD-D-28042018.png\"><img class=\"aligncenter size-full wp-image-11558\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/GBPUSD-D-28042018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>AUD/USD:</strong>\r\n\r\nA false breakdown?\r\n\r\nWe pierced though the channel supporting trend line and made lower lows but on Friday we spiked higher.\r\n\r\nI think that as long as we are below 0.7640 this pair is bearish, in fact, if the truth be told the downtrend is not broken unless we peek back through 0.7800.\r\n\r\nI would view any pullbacks as opportunities to sell into.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/AUDUSD-D-28042018.png\"><img class=\"aligncenter size-full wp-image-11555\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/AUDUSD-D-28042018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n&nbsp;\r\n\r\n<strong>NZD/USD:</strong>\r\n\r\nThe Double Top is in play with a measured move to 0.6910. Any spikes or rips higher with this pair are in my opinion selling opportunities.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/NZDUSD-D-28042018.png\"><img class=\"aligncenter size-full wp-image-11559\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/NZDUSD-D-28042018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CAD:</strong>\r\n\r\nA nice rejection at 1.2900. I must admit I thought that the 2106 trend line was going to be tested circa.1.3000. So, I was both surprised and frustrated at the 1.2900 stop. I took short trades off the table just prior to 1.2900 as at the time the USD and the CAD looked very squeezy.\r\n\r\nAm I using 1.2900 as a top from where to re-initiate shorts from?\r\n\r\nNot yet, although I am now thinking that may have been the level to short from. I am short EUR/CAD, which I believe is the perfect foil for the CAD at the moment.\r\n\r\nRips are selling opportunities in my opinion given the NAFTA trade agreement. I think that a reasonable short objective longer term as the BOC will soon start raising rates is back to 1.2500.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/USDCAD-D-28042018.png\"><img class=\"aligncenter size-full wp-image-11560\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/USDCAD-D-28042018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/CHF:</strong>\r\n\r\nBugger... damn... and, well glaze my nipples and call me Rita!\r\n\r\nWe have broken free of the triangle pattern. I have been no more than a voyeur of this move higher off the 0.9195 lows.\r\n\r\nA couple of years ago....fadó fadó.... I was always long either the USD/CHF or EUR/CHF and of late with the 1.2000 level coming close to the EUR/CHF I have backed off.\r\n\r\nShould the EUR/USD fail to re-capture 1.2200 this pair would make an obvious choice to long if you are shorting the USD/CHF due to their inverse relationship.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/USDCHF-WEEKLY-28042018.png\"><img class=\"aligncenter size-full wp-image-11561\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/USDCHF-WEEKLY-28042018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong>USD/JPY:</strong>\r\n\r\nI do not know what to do with this pair at the moment.\r\n\r\nI am sorry, I have no opinion. It is on the back burner for me at the moment.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/USDJPY-WEEKLY-28042018.png\"><img class=\"aligncenter size-full wp-image-11562\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/USDJPY-WEEKLY-28042018.png\" alt=\"\" width=\"1411\" height=\"566\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE WEEKLY FX PREMIUM TRADING SUMMARY:</strong></span></li>\r\n</ol>\r\n<u>2.1. WEEKLY FX PREMIUM PERFORMANCE YEAR TO DATE:</u>\r\n\r\n(Incorporating the last 5 WEEKLY FX PREMIUM TRADES)\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/PS-SUMMARY-28042018.png\"><img class=\"aligncenter size-full wp-image-11542\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/PS-SUMMARY-28042018.png\" alt=\"\" width=\"1024\" height=\"622\" /></a>\r\n\r\nYou can get on board and join my FX PREMIUM subscribers and subscribe to the “10,000 pips a year” group from as little as CAD$10 for 10 days and then CAD$150.00 per month, currency conversions for CAD$150 are roughly as follows: -\r\n<ul>\r\n 	<li>GBP £90 per month</li>\r\n 	<li>EUR €100 per month</li>\r\n 	<li>USD $120 per month</li>\r\n 	<li>JPY 12,700 per month</li>\r\n 	<li>AUD $150 per month</li>\r\n</ul>\r\nThis represents a great value way to subscribe…\r\n\r\nGo to my website <a href=\"http://www.staging1.weeklyfxdrivethru.com/\">www.weeklyfxdrivethru.com</a>for more details under the TAB – “SUBSCRIBE HERE”.\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong><span style=\"font-size: 14pt;\">TRADER EDUCATION:</span></strong></li>\r\n</ol>\r\nNo item this week.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>WEEKLY FX PREMIUM SUBSCRIBERS:</strong></span></li>\r\n</ol>\r\n(This section is for WEEKLY FX PREMIUM ONLY)\r\n\r\n<u>4.1. TRADING REVIEW:</u>\r\n\r\nI traded the GBP/USD and USD/CAD very poorly last week. I took big pip losses on these trades which totaled about 1,000 pips. I am very annoyed with myself for allowing the trades to get away...bugger!\r\n\r\nMoving on...\r\n\r\nAfter such large moves last week, it is time to sit back and review the closing weekly candles and end of week daily candles and plan ahead.\r\n\r\nNo surprises here, FX is all about repetition (the good stuff hopefully), as mentioned on twitter last Friday, I will be looking to build up my CORE POSITIONS once again.\r\n\r\nThe GBP cross rates were a dream last week pre- the GDP data and despite lodging losses, the month to date pip tally is still quite healthy.\r\n\r\n<u>4.2. OPEN TRADES... HOW WILL I TRADE THIS WEEK:</u>\r\n\r\nLast week: 20 x live trades &amp; 11 x limit orders.\r\nThis week: 12 x live trades &amp; 6 x limit orders.\r\n\r\nThis is a far more manageable number of a LIVE and LIMIT ORDER combination to work with.\r\n<ol>\r\n 	<li>EUR:\r\nRT839 EUR/JPY: This is my current EUR short that is working nicely for me, it is breaking down and I think that the 130.00 objective looks good moving forward.POS793 EUR/USD: This limit order may now be too far away from the market as I feel that any spikes in the EUR/USD will be sold into. I may be too greedy for an entry at 1.2140FUN923 EUR/AUD: Is under water at the moment. I am holding this as a HEDGE against the current EUR sentiment and direction.\r\nPOS746 and POS778: EUR/GBP shorts. Both under the water but longer term I believe these to be effective trades more based upon the GBP moves rather than the moves with the single currency.\r\n\r\nPOS777 EUR/CAD: Given the EUR move lower and possible NAFTA deal I believe that this is the EUR cross rate of preference to hold despite what is currently happening with the CAD currency itself.</li>\r\n 	<li>NZD: I will continue to add selectively moving forward to my CORE SHORT NZD POSITION.</li>\r\n 	<li>GBP: I have two cross-rates pairs long the GBP/AUD and GBP/NZD in addition to the two short EUR/GBP trades at the moment. I am going to hold these and I will be looking at levels from which to add early this week.</li>\r\n 	<li>AUD: I have my AUD/CAD short and a long GBP/AUD cross rate as well as two AUD/NZD long trades in position. I have a couple of LIMIT ORDERS with AUD/USD short from 0.7640 in place as well.</li>\r\n 	<li>CAD: Apart from the AUD//CAD short trade I am on hold for the time being.</li>\r\n 	<li>JPY: Not sure how to play this currency at the moment apart from my short EUR cross rate trade.</li>\r\n 	<li>CHF: Missed the boat here I was at the railway station!</li>\r\n</ol>\r\n&nbsp;\r\n\r\n<u>4.3. SENTIMENT,</u><u>FUNDAMENTAL &amp; MACRO THOUGHTS</u><u>:</u>\r\n\r\n&nbsp;\r\n\r\n<u>4.3.1. OVERVIEW THOUGHTS (MY MACRO PLAN &amp; IDEAS):</u>\r\n\r\nWe have stretched ranges and poked out below and above major levels. I had thought it would have been a straightforward plan from here but having broken support and resistances and pulled back I have to ask if these are these false breakouts and false breakdowns?\r\n\r\nThe EUR/USD breakdown through 1.2086 was a key one to observe. This currency pair whether we like it or not tends to flavour the market and whether this was a false breakdown or not requires investigation and it requires monitoring.\r\n\r\nMy goals are to add to and re-establish when possible my CORE POSITIONS. There is no secret, FX is all about repetition.\r\n\r\nI will be looking for bottoms in GBP and EUR and tops with the CAD.\r\n\r\nI do not know what to do with the JPY, so I am ignoring the USD/JPY for a while until I can gather my thoughts. The CHF I have missed the boat on and so this is at the bottom of my list at the moment, although I am tempted to go long the USD/CHF should my EUR/USD short LIMIT ORDER trigger.\r\n\r\nI am holding back on the CHF primarily because the EUR/CHF is at 1.2000 and expected a pullback, but when I look at the DAILY CHART I think that we are potentially building a BULL FLAG with a 1.2150 measured move on a break above 1.1990/1.2000. Should this move happen the entire CHF pairs will be dragged higher and it will be a big event for the CHF.\r\n\r\n&nbsp;\r\n\r\n<u>4.3.2. THE MARKET SENTIMENT CHART:</u>\r\n\r\nThere is now a much greater alignment with the USD majors.\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/SENTIMENT-28042018.png\"><img class=\"aligncenter size-full wp-image-11543\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/SENTIMENT-28042018.png\" alt=\"\" width=\"1056\" height=\"1032\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>4.4. CURRENT LIVE TRADES &amp; LIMIT ORDERS:</u>\r\n\r\n<u>4.4.1. CURRENT LIVE TRADES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/LIVE-28042018.png\"><img class=\"aligncenter size-full wp-image-11544\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/LIVE-28042018.png\" alt=\"\" width=\"742\" height=\"1024\" /></a>\r\n\r\n<u>4.4.2. CURRENT LIMIT ORDER TRADES:</u>\r\n\r\n<a href=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/LIMIT-ORDERS-28042018.png\"><img class=\"aligncenter size-full wp-image-11545\" src=\"https://staging1.weeklyfxdrivethru.com/wp-content/uploads/2018/04/LIMIT-ORDERS-28042018.png\" alt=\"\" width=\"1062\" height=\"1386\" /></a><strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><span style=\"font-size: 14pt;\"><strong>THE FINAL SHOT:</strong></span></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\n&nbsp;\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @weeklyfxpremium\r\n\r\n<a href=\"http://staging1.weeklyfxdrivethru.com/disclaimer/\">http://staging1.weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #176 WEEKLY FX PREMIUM\r\nDATE: 28th April 2018', 'USD READY TO GO?', '', 'inherit', 'closed', 'closed', '', '11570-revision-v1', '', '', '2018-06-01 09:16:38', '2018-06-01 14:16:38', '', 11570, 'https://weeklyfxdrivethru.com/2018/06/11570-revision-v1/', 0, 'revision', '', 0);

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