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(8950, 1, '2017-01-14 12:38:18', '2017-01-14 17:38:18', '&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nTo say that the first week back trading after the holidays was “interesting” would be the biggest understatement ever and worthy of a paragraph or two in the “Guinness Book of Records”.\r\n\r\nI have never witnessed a press conference like “THE DONALDS”, (I can’t even keep a straight face when I write President Elect) ever in my 60 years on this planet. To say that it was a circus is an insult to Chipperfields, Barnum’s and Billy Smarts, however, it was so entertaining I let trades fly way in the aftermath as I wanted to see how CNN (The fake news TV network) would react.\r\n\r\nLet me just say, I think that CNN is condescending to its viewers, trashy, badly programmed with smug presenters who think they know everything about everyone and every subject in the world. Frankly it is NOT a news channel, it lost that classification months ago when it gave up news in favour of the nightly 8 around the table lets shout at and across each other broadcast. These people were alleged well informed guests and mostly “paid contributors” brought on to say what the station wanted. At times, it was a toss-up, between the comedy channel and CNN, they both made me laugh as much as each other.\r\n\r\nI firmly believe the career politicians on the hill who are blockages to reform, will be called out the same way that CNN was last Wednesday. TRUMP could not give a shit. He has his agenda. He will work it and like Mr. Magoo he will boldly walk forward never looking back to see the chaos and disorder left behind him. Get used to it. This is the way that things are going to be. Expect the unexpected. CNN look like they are screwed moving forwards as far as THE DONALD is concerned and in a very rushed, one could say childish response they released a press statement denying all charges.\r\n\r\nIn the run up to the election the “experts” on CNN had a real go at TRUMP, for what may be good reason, but the “He’s just not doing it the right way” approach and consistent message was way off point. They missed the feelings of the voters just like the Democrats and were completely perplexed by the election result.\r\n\r\nAll this stuff in the US about the popular vote is sour grapes and frankly is energy that could be put to better use. In an election that is NOT based upon proportional representation, it happens lots of times that the winner may not have the popular vote as well. Suck it up and move on. The only solution is electoral reform, and if you go down the route of proportional representation, you end up with coalitions that are usually weak and bugger all that was proposed and mandated never gets done.\r\n\r\nSo…. welcome 2017... not just a new year but a new way.\r\n\r\nI had EUR/USD and USD/CHF long term trades open during the press conference. They are long, long-term trades. They were up and down, up and down like a hooker’s knickers. Small positions based on POSITION STYLE trades off the monthly ATR so they do not worry me, but the volatility was huge…”bigly” (as Trump would say).\r\n\r\nHere is an easy prediction for the next 4 years... more of the same!!\r\n\r\nMoving on…\r\n\r\nI did my first PERISCOPE BROADCAST last Monday, despite my microphone not working. This Monday the 16<sup>th</sup> at 5:30PM EST is PERISCOPE #2 and I am borrowing my wife’s headset, therefore the “hearing me” issues should be eradicated. If you want to hear me log into PERISCOPE, my twitter address is @pipaccumulator.\r\n\r\nFinally, <a href=\"mailto:jc*******@gmail.com\">jc*******@gmail.com</a> is the first subscriber this year to receive a FREE 10 week PREMIUM SERVICE subscription, valued at CAD$1,000.00\r\n\r\nThis could be you. All you have to do to be a winner of the monthly draw is to register to receive this blog via email by signing up for the FREE NEWSLETTER on my welcome page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> it is as simple as that.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-DATA-15012017.png\"><img class=\"aligncenter size-large wp-image-8934\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-DATA-15012017-1021x1024.png\" alt=\"\" width=\"1021\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nA lot more economic data being released this coming week.\r\n\r\nThe high spot in the FX world, will of course be the ECB Press Conference, I doubt even another attacker on Draghi could create the same effect as the “TRUMP” press conference last week. It should be a far more businesslike sedate affair with the high noteworthy comments based around either a blue tie or red tie being worn!!\r\n\r\nThe BOC press conference in Canada will be very similar to that of the RBNZ… a few of the chaps sitting around drinking coffee and biscuits hanging on every breath that Stephen Poloz the BOC Governor takes. Apart from Vancouver, high-end house prices are rampant in Canada. Measures taken in Vancouver to stop outside investors bumping up prices have worked, but all that has happened is that those investors have moved east. There is a huge bubble about to burst in the housing market and this drive a wedge like a hot knife through butter, possibly triggering recession talks.\r\n\r\nI do not expect a rate cut this week, in fact, I expect Poloz to keep a neutral position like the RBNZ and to some extent the RBA. However, beneath his comments the Canadian economy has big risks in play.\r\n\r\nI have given up on the BOC being anything other than ultra Conservative; their reaction is comparable to that of a dinosaur.\r\n\r\nUK and Australian jobs are also on the agenda and they are usually market movers. Do not forget the Dairy auction prices, I wish I could. The NZD is without doubt the most over-valued pain in the arse currency to trade…. I always feel a little better after I have written that…. that damn flightless bird!! Those of you who are PREMIUM SERVICE subscribers will know where I am coming from.\r\n\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-15012017.png\"><img class=\"aligncenter size-large wp-image-8933\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-15012017-1024x805.png\" alt=\"\" width=\"1024\" height=\"805\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8938\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8939\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8937\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-17012017.png\"><img class=\"aligncenter size-large wp-image-8940\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-17012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8941\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8942\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8943\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong>THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong>SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\nIf you recall, in my final “DRIVE THRU” of 2016, I provided a list of TRADING PREDICTIONS for 2017. I basically named several geopolitical events that I feel will weigh on the markets this year. Therefore, for the first few weeks of 2017, I want to look at these events in a little more detail.\r\n\r\nAs you will be aware, so much has been said already on the subjects that I have highlighted, I can only add points and views that are my own, based upon how I see things and how I am going to view trading around these events.\r\n<p style=\"text-align: center;\"><strong>THE EUROZONE “RISKS”</strong></p>\r\nI am a simple guy; originally from Liverpool, England. I like my football and I love Cricket and Formula 1 racing. I am neat and tidy about the house, everything has its place. My computers are orderly; everything is in folders. I have spreadsheets everywhere and spreadsheets for everything. I consider myself reasonably well organized.\r\n\r\nCan you possibly understand what a person with my disciplines at home must think of the EUROZONE?\r\n\r\nThe EUROZONE is everything I am not. Yet given the headcount and the minimal amount of actual work required to function, the EUROZONE could be the envy of all administrators and desk office organizers in the world. Why aren’t they?\r\n\r\nThe EUROZONE could be the “best practice” example touted all over the globe. However, it is not.\r\n\r\nThe EUROZONE is wasteful, costly, still an experiment and frankly completely lacking in an effective organizational structure. It is basically a shamble.\r\n\r\nThis begs the obvious question…\r\n\r\n“In the name of all that is Holy how the feck is still in existence?”\r\n\r\nThat is the “Who wants to be a Millionaire” $64,000.00 question… I don\'t know the answer.\r\n\r\nHow does this shambolic organization still manage to remain in existence? I did not use the words work or working deliberately when writing about the EUROZONE because that would mislead people.\r\n\r\nIf a visiting spaceship was to land in Brussels and go into one of the many EUROPEAN UNION buildings to “suss” out us humans of the planet earth, I reckon the would be fecked off out of Brussels within the hour, reporting back to base along the lines of “This planet is full of fecking idiots who do not know their arse’s from their elbows, leave these numpties alone - nothing to see here”.\r\n\r\nOn a serious note if there are beings from outer space let’s hope they do land in Brussels and not Silicone Valley. It’s a well-known fact you will get no common sense out of Brussels and any response you do get, you will not understand anyway. In Silicon Valley, they might actually see something worth talking.\r\n\r\nMoving on…\r\n\r\nOver the past five years or so, I have written so many times about the EUROZONE it just has to be my favourite subject. There is NOTHING about the EUROZONE that makes sense to me… I struggle to find just one thing.\r\n\r\nMaybe the fact that Brussels is connected via the Channel Tunnel by high speed train from London is a good thing. Feck all use that\'s going to be after BREXIT… no nothing good about Brussels.\r\n\r\nBack on track…\r\n\r\nBrussels is the “Can kicking down the road” world’s best champion. Every major issue, results with fudging the answer or providing a stop gap the solution. It is paradise for civil servants… maintain the status quo… do not rock the boat and plunder your way from catastrophe to catastrophe all without consequence as these people are all non-elected individuals. It is a Sir Humphrey Appleton existence, a plethora of pen pushing, desk sucking jotter blotters.\r\n\r\nThe EUROPEAN UNION politicians are only interested in popularity and accusations, pointing fingers and blaming their predecessors, they are simply not good at, or interested in fixing things and along with the Brussels civil service it is a marriage made in heaven.\r\n\r\nAll of this comes at a cost.\r\n\r\nWe have seen a dreadful failed German initiated policy of austerity, which plunged huge percentages of the population of Europe into unemployment, with failing support services like health, education and welfare being starved of cash at a time when it was needed the most.\r\n\r\nPensions were reduced, terms of employment extended… so much hardship was inflicted on the poorest part of the EU. Not exactly what you would call a union!!\r\n\r\nThere are 28 countries (at the moment) in the EUROPEAN UNION. 19 of these countries has adopted the single currency (EUR). This is effectively 19 countries with different needs, wants and desires and cultures using the same cheque book to function.\r\n\r\n19 into 1 does not go…!\r\n\r\nWhen times are hard this scenario of 19 into 1 is just exacerbated more and more. The one size fits all just DOES NOT work.\r\n\r\nBorn out of the EEC in 1999, the EUROPEAN UNION has had 17 years to fix basic standards of membership on:\r\n<ul>\r\n 	<li>Tax Harmonization.</li>\r\n 	<li>Banking procedures.</li>\r\n 	<li>Social integration.</li>\r\n 	<li>Immigration</li>\r\n 	<li>Defence</li>\r\n</ul>\r\nI could write more. None of the above work. We are 17 years into a project, an experiment and frankly 17 years from now if the EUROZONE / EUROPEAN UNION is still in existence, it will probably mean that, “Hell must have frozen over” there can be no other explanation.\r\n\r\nThis year the EUROZONE / EUROPEAN UNION faces its biggest test so far, the “RISKS” are monumental.\r\n<ul>\r\n 	<li>BREXIT</li>\r\n 	<li>A BREXIT CONTAGION</li>\r\n 	<li>RISE IN THE POPULIST VOTE</li>\r\n 	<li>IMMIGRATION INTO THE UNION</li>\r\n 	<li>ELECTIONS IN FRANCE, HOLLAND &amp; GERMANY</li>\r\n 	<li>GREEK DEBT – ACT IV</li>\r\n</ul>\r\nThere are a few more but let’s just stick with these standouts.\r\n\r\nThe EU is a disaster at problem solving, it could NOT coordinate a round of drinks for everyone even if they were sat in a brewery at the time.\r\n\r\nThere are concerns over a BREXIT CONTAGION, this is a real fear and it has never been addressed fully by the remaining EU partners.\r\n\r\nI sometimes wonder does GERMANY want the EU to fail so they can blame the BREXIT and its fallout. This matter would definitely help all the German politicians and growing number of anti-European voices being heard in Germany.\r\n\r\nThe fact that apart from the “No special deals for the UK” nothing has been done to unify the remaining members to keep the far-right parties under wraps. In fact, the very opposite has taken place in FRANCE and ITALY…so far.\r\n\r\nThe immigration issue was the primary factor that pushed the BREXIT vote to win the day. Border controls are critical at most times given the terrorist society that we all live in now. Immigration into the EU is like a leaky bucket. Access into the EU illegally is simple through GREECE, ITALY, FRANCE and SPAIN etc. Whilst there are measures in place they are over-whelmed. The legal routes are at breaking point.  There are some really sad cases and immigration rights can be argued for some, but for the volumes and costs that go with it, it is crippling and it is not measured accurately because the authorities at the access points are snowed under.\r\n\r\nThe populist vote is on the rise.\r\n<ul>\r\n 	<li>Sovereignty</li>\r\n 	<li>Representation</li>\r\n 	<li>Immigration</li>\r\n 	<li>Trade</li>\r\n 	<li>Redistribution</li>\r\n 	<li>Anti-corporatism</li>\r\n</ul>\r\nThese are the hallmarks of the far right. We now find these topics used in everyday conversations, something we didn’t see before. The following are right wing parties/groups that are now becoming more than just household names: -\r\n<ul>\r\n 	<li>The Freedom Party (Austria)</li>\r\n 	<li>Vlaams Belang (Belgium)</li>\r\n 	<li>The Danish Peoples Party (Denmark)</li>\r\n 	<li>National Front (France)</li>\r\n 	<li>Syriza (Greece)</li>\r\n 	<li>Five Star Movement (Italy)</li>\r\n 	<li>Lega Nord ((Italy)</li>\r\n 	<li>Party for Freedom (Holland)</li>\r\n 	<li>Podermos (Spain)</li>\r\n 	<li>Swedish Democrats (Sweden)</li>\r\n</ul>\r\nThere was a time these political parties would never get “air time” that\'s all changed now.\r\n\r\nGREECE cannot afford to repay the loans that the EU has saddled them with. It is a fact. Even with 10% inflation, which would never be allowed in the EU, the Greek government just could not repay its way out.\r\n\r\n“Can we have some more sir” please… will be heard again in Brussels and Frankfurt sooner rather than later this year. Debt relief is the only answer…talk to yerself Pickering!!\r\n\r\nWe also have parliamentary elections in FRANCE, HOLLAND and GERMANY this year. There are zero guarantees on the outcomes.\r\n\r\nThe biggie is BREXIT. I cannot utter anything else on BREXIT other than given the general state of the EUROPEAN UNION partner economies, the EUROPEAN UNION has more to fear from a BREXIT than the UK in my opinion.  I know that in recent months it could be argued that we have seen a bottom in the EUROZONE numbers and that data is improving. I would concede this point. However, we are working off such a low base, the recovery is quite fragile that in my opinion one huge geopolitical risk will place back a square one once again. There is more than one such geopolitical risk facing the EUROZONE.\r\n\r\nAll the above offers one thing… UNCERTAINTY… in fact its HUGE UNCERTAINTY on a scale not seen before. Given its record of dealing with major issues, I just cannot see the EUROPEAN UNION / EUROZONE surviving in its present shape.\r\n\r\nIt is so fecked up now before any of this really bites, it has real survival issues in my opinion.\r\n\r\nSell the EUR/USD on spikes is the trade. Hold your trades, do not oversize your positions. I believe it may stabilize in Q3 after the summer but prior to the summer of 2017 the EURO trade is just, in my opinion “SELL THE RIPS”\r\n\r\nThere are massive RISKS in EUROPE.\r\n\r\nI know I am a little biased but you check it out yourself. I am not that far away from reality.\r\n\r\n<strong> </strong>\r\n<ol start=\"6\">\r\n 	<li><strong>CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #227 FREE NEWSLETTER VERSION\r\nDATE: 15<sup>th</sup> January 2017.<strong>\r\n\r\n</strong>', 'THE EUROZONE “RISKS”', '', 'inherit', 'closed', 'closed', '', '8949-revision-v1', '', '', '2017-01-14 12:38:18', '2017-01-14 17:38:18', '', 8949, 'http://weeklyfxdrivethru.com/8949-revision-v1/', 0, 'revision', '', 0),
(8951, 1, '2017-01-14 12:43:57', '2017-01-14 17:43:57', '&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nTo say that the first week back trading after the holidays was “interesting” would be the biggest understatement ever and worthy of a paragraph or two in the “Guinness Book of Records”.\r\n\r\nI have never witnessed a press conference like “THE DONALDS”, (I can’t even keep a straight face when I write President Elect) ever in my 60 years on this planet. To say that it was a circus is an insult to Chipperfields, Barnum’s and Billy Smarts, however, it was so entertaining I let trades fly way in the aftermath as I wanted to see how CNN (The fake news TV network) would react.\r\n\r\nLet me just say, I think that CNN is condescending to its viewers, trashy, badly programmed with smug presenters who think they know everything about everyone and every subject in the world. Frankly it is NOT a news channel, it lost that classification months ago when it gave up news in favour of the nightly 8 around the table lets shout at and across each other broadcast. These people were alleged well informed guests and mostly “paid contributors” brought on to say what the station wanted. At times, it was a toss-up, between the comedy channel and CNN, they both made me laugh as much as each other.\r\n\r\nI firmly believe the career politicians on the hill who are blockages to reform, will be called out the same way that CNN was last Wednesday. TRUMP could not give a shit. He has his agenda. He will work it and like Mr. Magoo he will boldly walk forward never looking back to see the chaos and disorder left behind him. Get used to it. This is the way that things are going to be. Expect the unexpected. CNN look like they are screwed moving forwards as far as THE DONALD is concerned and in a very rushed, one could say childish response they released a press statement denying all charges.\r\n\r\nIn the run up to the election the “experts” on CNN had a real go at TRUMP, for what may be good reason, but the “He’s just not doing it the right way” approach and consistent message was way off point. They missed the feelings of the voters just like the Democrats and were completely perplexed by the election result.\r\n\r\nAll this stuff in the US about the popular vote is sour grapes and frankly is energy that could be put to better use. In an election that is NOT based upon proportional representation, it happens lots of times that the winner may not have the popular vote as well. Suck it up and move on. The only solution is electoral reform, and if you go down the route of proportional representation, you end up with coalitions that are usually weak and bugger all that was proposed and mandated never gets done.\r\n\r\nSo…. welcome 2017... not just a new year but a new way.\r\n\r\nI had EUR/USD and USD/CHF long term trades open during the press conference. They are long, long-term trades. They were up and down, up and down like a hooker’s knickers. Small positions based on POSITION STYLE trades off the monthly ATR so they do not worry me, but the volatility was huge…”bigly” (as Trump would say).\r\n\r\nHere is an easy prediction for the next 4 years... more of the same!!\r\n\r\nMoving on…\r\n\r\nI did my first PERISCOPE BROADCAST last Monday, despite my microphone not working. This Monday the 16<sup>th</sup> at 5:30PM EST is PERISCOPE #2 and I am borrowing my wife’s headset, therefore the “hearing me” issues should be eradicated. If you want to hear me log into PERISCOPE, my twitter address is @pipaccumulator.\r\n\r\nFinally, <a href=\"mailto:jc*******@gmail.com\">jc*******@gmail.com</a> is the first subscriber this year to receive a FREE 10 week PREMIUM SERVICE subscription, valued at CAD$1,000.00\r\n\r\nThis could be you. All you have to do to be a winner of the monthly draw is to register to receive this blog via email by signing up for the FREE NEWSLETTER on my welcome page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> it is as simple as that.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-DATA-15012017.png\"><img class=\"aligncenter size-large wp-image-8934\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-DATA-15012017-1021x1024.png\" alt=\"\" width=\"1021\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nA lot more economic data being released this coming week.\r\n\r\nThe high spot in the FX world, will of course be the ECB Press Conference, I doubt even another attacker on Draghi could create the same effect as the “TRUMP” press conference last week. It should be a far more businesslike sedate affair with the high noteworthy comments based around either a blue tie or red tie being worn!!\r\n\r\nThe BOC press conference in Canada will be very similar to that of the RBNZ… a few of the chaps sitting around drinking coffee and biscuits hanging on every breath that Stephen Poloz the BOC Governor takes. Apart from Vancouver, high-end house prices are rampant in Canada. Measures taken in Vancouver to stop outside investors bumping up prices have worked, but all that has happened is that those investors have moved east. There is a huge bubble about to burst in the housing market and this drive a wedge like a hot knife through butter, possibly triggering recession talks.\r\n\r\nI do not expect a rate cut this week, in fact, I expect Poloz to keep a neutral position like the RBNZ and to some extent the RBA. However, beneath his comments the Canadian economy has big risks in play.\r\n\r\nI have given up on the BOC being anything other than ultra Conservative; their reaction is comparable to that of a dinosaur.\r\n\r\nUK and Australian jobs are also on the agenda and they are usually market movers. Do not forget the Dairy auction prices, I wish I could. The NZD is without doubt the most over-valued pain in the arse currency to trade…. I always feel a little better after I have written that…. that damn flightless bird!! Those of you who are PREMIUM SERVICE subscribers will know where I am coming from.\r\n\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-15012017.png\"><img class=\"aligncenter size-large wp-image-8933\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-15012017-1024x805.png\" alt=\"\" width=\"1024\" height=\"805\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8938\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8939\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8937\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-17012017.png\"><img class=\"aligncenter size-large wp-image-8940\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-17012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8941\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8942\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-15012017.png\"><img class=\"aligncenter size-large wp-image-8943\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-15012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong>THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\n<strong> </strong>\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong>SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\nIf you recall, in my final “DRIVE THRU” of 2016, I provided a list of TRADING PREDICTIONS for 2017. I basically named several geopolitical events that I feel will weigh on the markets this year. Therefore, for the first few weeks of 2017, I want to look at these events in a little more detail.\r\n\r\nAs you will be aware, so much has been said already on the subjects that I have highlighted, I can only add points and views that are my own, based upon how I see things and how I am going to view trading around these events.\r\n<p style=\"text-align: center;\"><strong>THE EUROZONE “RISKS”</strong></p>\r\nI am a simple guy; originally from Liverpool, England. I like my football and I love Cricket and Formula 1 racing. I am neat and tidy about the house, everything has its place. My computers are orderly; everything is in folders. I have spreadsheets everywhere and spreadsheets for everything. I consider myself reasonably well organized.\r\n\r\nCan you possibly understand what a person with my disciplines at home must think of the EUROZONE?\r\n\r\nThe EUROZONE is everything I am not. Yet given the headcount and the minimal amount of actual work required to function, the EUROZONE could be the envy of all administrators and desk office organizers in the world. Why aren’t they?\r\n\r\nThe EUROZONE could be the “best practice” example touted all over the globe. However, it is not.\r\n\r\nThe EUROZONE is wasteful, costly, still an experiment and frankly completely lacking in an effective organizational structure. It is basically a shamble.\r\n\r\nThis begs the obvious question…\r\n\r\n“In the name of all that is Holy how the feck is still in existence?”\r\n\r\nThat is the “Who wants to be a Millionaire” $64,000.00 question… I don\'t know the answer.\r\n\r\nHow does this shambolic organization still manage to remain in existence? I did not use the words work or working deliberately when writing about the EUROZONE because that would mislead people.\r\n\r\nIf a visiting spaceship was to land in Brussels and go into one of the many EUROPEAN UNION buildings to “suss” out us humans of the planet earth, I reckon the would be fecked off out of Brussels within the hour, reporting back to base along the lines of “This planet is full of fecking idiots who do not know their arse’s from their elbows, leave these numpties alone - nothing to see here”.\r\n\r\nOn a serious note if there are beings from outer space let’s hope they do land in Brussels and not Silicone Valley. It’s a well-known fact you will get no common sense out of Brussels and any response you do get, you will not understand anyway. In Silicon Valley, they might actually see something worth talking.\r\n\r\nMoving on…\r\n\r\nOver the past five years or so, I have written so many times about the EUROZONE it just has to be my favourite subject. There is NOTHING about the EUROZONE that makes sense to me… I struggle to find just one thing.\r\n\r\nMaybe the fact that Brussels is connected via the Channel Tunnel by high speed train from London is a good thing. Feck all use that\'s going to be after BREXIT… no nothing good about Brussels.\r\n\r\nBack on track…\r\n\r\nBrussels is the “Can kicking down the road” world’s best champion. Every major issue, results with fudging the answer or providing a stop gap the solution. It is paradise for civil servants… maintain the status quo… do not rock the boat and plunder your way from catastrophe to catastrophe all without consequence as these people are all non-elected individuals. It is a Sir Humphrey Appleton existence, a plethora of pen pushing, desk sucking jotter blotters.\r\n\r\nThe EUROPEAN UNION politicians are only interested in popularity and accusations, pointing fingers and blaming their predecessors, they are simply not good at, or interested in fixing things and along with the Brussels civil service it is a marriage made in heaven.\r\n\r\nAll of this comes at a cost.\r\n\r\nWe have seen a dreadful failed German initiated policy of austerity, which plunged huge percentages of the population of Europe into unemployment, with failing support services like health, education and welfare being starved of cash at a time when it was needed the most.\r\n\r\nPensions were reduced, terms of employment extended… so much hardship was inflicted on the poorest part of the EU. Not exactly what you would call a union!!\r\n\r\nThere are 28 countries (at the moment) in the EUROPEAN UNION. 19 of these countries has adopted the single currency (EUR). This is effectively 19 countries with different needs, wants and desires and cultures using the same cheque book to function.\r\n\r\n19 into 1 does not go…!\r\n\r\nWhen times are hard this scenario of 19 into 1 is just exacerbated more and more. The one size fits all just DOES NOT work.\r\n\r\nBorn out of the EEC in 1999, the EUROPEAN UNION has had 17 years to fix basic standards of membership on:\r\n<ul>\r\n 	<li>Tax Harmonization.</li>\r\n 	<li>Banking procedures.</li>\r\n 	<li>Social integration.</li>\r\n 	<li>Immigration</li>\r\n 	<li>Defence</li>\r\n</ul>\r\nI could write more. None of the above work. We are 17 years into a project, an experiment and frankly 17 years from now if the EUROZONE / EUROPEAN UNION is still in existence, it will probably mean that, “Hell must have frozen over” there can be no other explanation.\r\n\r\nThis year the EUROZONE / EUROPEAN UNION faces its biggest test so far, the “RISKS” are monumental.\r\n<ul>\r\n 	<li>BREXIT</li>\r\n 	<li>A BREXIT CONTAGION</li>\r\n 	<li>RISE IN THE POPULIST VOTE</li>\r\n 	<li>IMMIGRATION INTO THE UNION</li>\r\n 	<li>ELECTIONS IN FRANCE, HOLLAND &amp; GERMANY</li>\r\n 	<li>GREEK DEBT – ACT IV</li>\r\n</ul>\r\nThere are a few more but let’s just stick with these standouts.\r\n\r\nThe EU is a disaster at problem solving, it could NOT coordinate a round of drinks for everyone even if they were sat in a brewery at the time.\r\n\r\nThere are concerns over a BREXIT CONTAGION, this is a real fear and it has never been addressed fully by the remaining EU partners.\r\n\r\nI sometimes wonder does GERMANY want the EU to fail so they can blame the BREXIT and its fallout. This matter would definitely help all the German politicians and growing number of anti-European voices being heard in Germany.\r\n\r\nThe fact that apart from the “No special deals for the UK” nothing has been done to unify the remaining members to keep the far-right parties under wraps. In fact, the very opposite has taken place in FRANCE and ITALY…so far.\r\n\r\nThe immigration issue was the primary factor that pushed the BREXIT vote to win the day. Border controls are critical at most times given the terrorist society that we all live in now. Immigration into the EU is like a leaky bucket. Access into the EU illegally is simple through GREECE, ITALY, FRANCE and SPAIN etc. Whilst there are measures in place they are over-whelmed. The legal routes are at breaking point.  There are some really sad cases and immigration rights can be argued for some, but for the volumes and costs that go with it, it is crippling and it is not measured accurately because the authorities at the access points are snowed under.\r\n\r\nThe populist vote is on the rise.\r\n<ul>\r\n 	<li>Sovereignty</li>\r\n 	<li>Representation</li>\r\n 	<li>Immigration</li>\r\n 	<li>Trade</li>\r\n 	<li>Redistribution</li>\r\n 	<li>Anti-corporatism</li>\r\n</ul>\r\nThese are the hallmarks of the far right. We now find these topics used in everyday conversations, something we didn’t see before. The following are right wing parties/groups that are now becoming more than just household names: -\r\n<ul>\r\n 	<li>The Freedom Party (Austria)</li>\r\n 	<li>Vlaams Belang (Belgium)</li>\r\n 	<li>The Danish Peoples Party (Denmark)</li>\r\n 	<li>National Front (France)</li>\r\n 	<li>Syriza (Greece)</li>\r\n 	<li>Five Star Movement (Italy)</li>\r\n 	<li>Lega Nord ((Italy)</li>\r\n 	<li>Party for Freedom (Holland)</li>\r\n 	<li>Podermos (Spain)</li>\r\n 	<li>Swedish Democrats (Sweden)</li>\r\n</ul>\r\nThere was a time these political parties would never get “air time” that\'s all changed now.\r\n\r\nGREECE cannot afford to repay the loans that the EU has saddled them with. It is a fact. Even with 10% inflation, which would never be allowed in the EU, the Greek government just could not repay its way out.\r\n\r\n“Can we have some more sir” please… will be heard again in Brussels and Frankfurt sooner rather than later this year. Debt relief is the only answer…talk to yerself Pickering!!\r\n\r\nWe also have parliamentary elections in FRANCE, HOLLAND and GERMANY this year. There are zero guarantees on the outcomes.\r\n\r\nThe biggie is BREXIT. I cannot utter anything else on BREXIT other than given the general state of the EUROPEAN UNION partner economies, the EUROPEAN UNION has more to fear from a BREXIT than the UK in my opinion.  I know that in recent months it could be argued that we have seen a bottom in the EUROZONE numbers and that data is improving. I would concede this point. However, we are working off such a low base, the recovery is quite fragile that in my opinion one huge geopolitical risk will place back a square one once again. There is more than one such geopolitical risk facing the EUROZONE.\r\n\r\nAll the above offers one thing… UNCERTAINTY… in fact its HUGE UNCERTAINTY on a scale not seen before. Given its record of dealing with major issues, I just cannot see the EUROPEAN UNION / EUROZONE surviving in its present shape.\r\n\r\nIt is so fecked up now before any of this really bites, it has real survival issues in my opinion.\r\n\r\nSell the EUR/USD on spikes is the trade. Hold your trades, do not oversize your positions. I believe it may stabilize in Q3 after the summer but prior to the summer of 2017 the EURO trade is just, in my opinion “SELL THE RIPS”\r\n\r\nThere are massive RISKS in EUROPE.\r\n\r\nI know I am a little biased but you check it out yourself. I am not that far away from reality.\r\n\r\n<strong> </strong>\r\n<ol start=\"6\">\r\n 	<li><strong>CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #227 FREE NEWSLETTER VERSION\r\nDATE: 15<sup>th</sup> January 2017.\r\n\r\n&nbsp;', 'THE EUROZONE “RISKS”', '', 'inherit', 'closed', 'closed', '', '8949-revision-v1', '', '', '2017-01-14 12:43:57', '2017-01-14 17:43:57', '', 8949, 'http://weeklyfxdrivethru.com/8949-revision-v1/', 0, 'revision', '', 0),
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(8990, 1, '2017-01-21 14:55:00', '2017-01-21 19:55:00', '&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nWelcome.\r\n\r\nAlmost through the first trading month of the year and I feel progress so far is “one step forwards… two steps back”. As things stand right now, I think that the month will be marginally up or marginally down measured by both pips and cash. In no way is it anything like a blowout month… I know that there is still a week left, let’s see if have a hallelujah moment or two.\r\n\r\nSo, last week.\r\n\r\nWe had a Theresa May moment, a Draghi Press Conference and the fashion show in Washington aka THE DONALD comes to town for his signing in ceremony.\r\n\r\nDraghi was a bore; and, frankly he had to present that way. Still lots to do, still dovish, need governmental support, the ECB cannot do it alone, headwinds getting stronger, fragile recovery, signs are good but much more to be done. We did NOT discuss tapering…. yeah right!! It was enough for the markets, and the single currency weakened a little across the board a perfect delivery by Draghi and the ECB.\r\n\r\nTheresa May, came out all guns blazing. We are leaving the EUROPEAN UNION but we are not leaving EUROPE. Not quite so sure the Brussels bureaucrats would view it quite the same. I have no doubt they were sat back with a good bottle red digesting all of May’s comments and poking fun.\r\n\r\nTheresa May placed a very positive spin on the BREXIT. “Play ball and all will be good for both sides”, however, she cherry picked all the goodies that she knows the EU will never agree to this because it would cause a CONTAGION. Despite all the previous commentary she tried once again to pre-negotiate.\r\n\r\nLet’s get this 100% clear and unambiguous; until article 50 is triggered, the UK is in the EU. You cannot negotiate an exit until you are in the exit process. This is basic stuff.\r\n\r\nI tweeted a bit about this last week. Hard BREXIT soft BREXIT? Come on its an exit and it will be difficult as both sides have lines in the sand that they simply cannot cross. The cable rallied on a cherry-picking speech. It was a great speech, very well written and very well delivered but the quality of the content in my opinion was a little “Mickey Mouse” and more of a dream than a belief that it could be possible. The markets as usual bought it, but the short squeeze rally was in my opinion overdone… “bigly”!\r\n\r\nFinally, the DONALD’S inauguration; I am covering THE DONALD in section 5 “SCOTT’S SOAPBOX”, so I write it all there.\r\n\r\nMoving on… “LIVE Broadcasts”\r\n\r\nI did not broadcast PERISCOPE #2 last Monday. The vehicle (PERISCOPE) is just not what I needed to meet the objectives that I have moving forward.\r\n\r\nThis coming Monday 23<sup>rd</sup> January at 5:30PM EST, I am launching the “WEEKLY FX DRIVE THRU – LIVE” via a “live in the market” webinar with my partners “demio”.\r\n\r\nThis arrangement allows me to share screens, office documents and LIVE charting screens. Hopefully after a few fumbles as I gain competencies it will be a seamless affair for all parties. All I ask is for you to be patient with me.\r\n\r\nWhilst this format gives me 100% what I want, there are a couple of issues, at the moment, that you as potential viewers need to be made aware of: -\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\n<a href=\"https://my.demio.com/ref/4ZHMGqgfLACTvJXm\">https://my.demio.com/ref/4ZHMGqgfLACTvJXm</a>\r\n\r\nNot that I want to keep placing links in front of readers, but as this blog ends up in the strangest of places when it is redistributed on the web, I do have another one to add. I know via feedback that non-Forex Traders read it, not sure why, my humour is poor, my grammar weak, my swearing predictable and overall it does not get great Google feedback as they say it’s hard to read.\r\n\r\nFeck me I’m from Liverpool, we do not know big words. When I was a teenager growing up, and my Dad was a Policeman (Cop) we lived in a great area.  However, in general conversation, anything over two syllables and you were deemed a snob in danger of getting your head kicked in by a local gang! What I am saying here is I am no Fraser Crane I use small words.\r\n\r\nBack to the point…\r\n\r\nThe blog ends up in on-line newspapers and the like, and non-Forex traders read it and I have had a few communications asking me what is FX all about and how do I fit in? (After Christmas just gone, I don’t fit in very easily at all following massive over-indulgence).\r\n\r\nThe link below, to which you need to register tells you all about the PREMIUM SERVICE and how you can be a part of it.\r\n\r\nIt is titled “How to add an additional income stream with the PREMIUM SERVICE”. It is FREE to watch and takes 40 minutes. If you do not yet trade Forex, it could be just what you want. If you currently trade Forex, it could also be just what you want.\r\n\r\nRemember, it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FX-NEWS-22012017.png\"><img class=\"aligncenter size-large wp-image-8959\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FX-NEWS-22012017-1024x966.png\" alt=\"\" width=\"1024\" height=\"966\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nPhew!\r\n\r\nI completely got the BOC wrong last week. The rate statement OK, but I did not foresee Stephen Poloz announcing that rate cuts were back as options moving forwards. Let’s hope I am better this week.\r\n\r\nOn the docket this week in no particular order: -\r\n\r\nCPi data from Australia and New Zealand and GDP data from the UK and US. Also, Draghi speaks on Sunday night just after the open and that awfully nice chap from the RBNZ Graeme Wheeler chats to probably a bewildered audience on Wednesday…if the audience is not bewildered at the beginning there is a better than 50-50 chance by the end!\r\n\r\nThe big one should be the Supreme court ruling over the UK BREXIT. IF the House of Commons must vote on the BREXIT to ratify the referendum vote by the people, this will have enormous constitutional issues. Never mind the democratic issues that this will throw up. It could be a tasty piece of news. It’s one thing allowing Parliament to debate the BREXIT but the people in a democracy have decided and surely this (excuse the pun) “TRUMPS” parliament.\r\n\r\nI am no constitutional expert, not by any stretch, but if the people elect parliamentarians by voting for whom they choose, the people have the vote that should decide in a referendum. Let’s see.\r\n\r\nI see this week as a week where we could be and probably will be pushed up and down on the back of the number of executive orders placed by THE DONALD in his first few days of his presidency, plus, how many tweets the US Commander-in–chief issues and if he’s started any new wars, currency, trade or military!\r\n\r\nExpect the chop fest.\r\n\r\nAs Monty Python once said “No-one expects the Spanish Inquisition” … in 2017 it will be “No-one expects THE DONALD”.\r\n\r\nGet ready for it.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-22012017.png\"><img class=\"aligncenter size-large wp-image-8960\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-22012017-1024x797.png\" alt=\"\" width=\"1024\" height=\"797\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8967\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8968\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8966\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8969\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8970\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8971\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8972\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nWhat a stop start, stop start, start to 2017 trading.\r\n\r\nI am up in pips but a lot down on cash with a week to go to close month one this year. I have been trading for 10 years now, seen this before. If truth be told, I think I jumped back into trading a few days earlier than usual this year and I was hit initially without a doubt by low volatility markets. Not making any excuses I should have known better.\r\n\r\nAnyway, chin up, still a week and a couple of days left of trading before the month end, anything can happen.\r\n\r\nGenerally speaking the markets are I think in re-balance mode following what can only be described as a rather over-cooked rally based on THE DONALD’S plans regarding infrastructure, jobs, trade and investment domestically. Eventually, the chickens come home to roost and that is what we have right now. The markets are trying to consolidate the recent move in a market where the President is happy to contradict anyone and everyone via Twitter. The rules of engagement have changed and this will take time to adjust to.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nThe FED is on a policy of divergence with other central banks, therefore fundamentally, I still feel comfortable with the trades in play.\r\n\r\nMy discomfort is in selecting additional trades at the moment. As you know I love trading the commodity currencies (AUD/USD, NZD/USD &amp; USD/CAD), in addition the EUR/GBP and GBP/CHF.\r\n\r\nFor now, I am just not reading these at all well. It is chop, chop, chop and nothing else. Correlations are off in places and until these align again, the safer trade is to stick with the POSITION trade policy in place and look to add trades with other styles once we see a true direction in play. I am thinking that after the TRUMP first few days are out of the way all will be good.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – Frustrating as it is I am still a believer. I will continue to add on pullbacks and lift off 50 -100 pip gains as they become available. Patience is the key.</li>\r\n 	<li>I have also added the EUR/NZD to the NZD portfolio. I have two LIVE trades plus a “BUY STOP” limit order in place. I did believe that this pair would be well in a healthy positive position by now. It looks like I will need to be patient and bide my time.</li>\r\n 	<li>NZD/USD: – I have started to build, and I will be adding again.\r\n\r\nThe RBNZ is in control, and in my opinion, this is one of the most overpriced currencies in the market at this moment in time. Central Bank divergence should play its part in having this currency revalue organically, but with most, if not all FX fundamentals, patience will be required.\r\n\r\nChina does concern me. I believe the GDT auctions will be more NZD negative this year as the China family birth control factors will kick in stronger.\r\n\r\nThe TRUMP factor on China may help my longer-term views?</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add more trades as the month progresses.\r\n\r\nAlways going to be looking to add, I think that for at least Q1 and Q2 the EUROZONE will remain under downside pressures. If BREXIT negotiations are difficult, which I believe they should be, the German desire for the ECB to raise rates could be seen for what it is, which is, in an election year pure and utter propaganda to win over the German savers who have been taken to the cleaners with zero savings interest rates for many years now and at all elections they are being fed a plate of empty promises.</li>\r\n 	<li>GBP/USD: - started building and have taken profits already on this position. This could be an annoying trade, as you know only too well, the cable can be a slippery little fecker at the best of times. It has the ability to take out all longs and all shorts out of the market in a single session.\r\n\r\nOne will require patience with this pair as it will flip flop all over the place.</li>\r\n</ol>\r\n<u>THE WEEKLY FX DRIVE THRU – LIVE:</u>\r\n\r\nAs mentioned earlier in the blog, I have partnered up with Demio to launch weekly LIVE webinars.\r\n\r\nThe first one is on Monday January 23<sup>rd</sup> 2017 at 5:30PM EST.\r\n\r\nYou can register on the link below; they will be recorded and distributed after the event. To access the webinar or see the recording you will need Google Chrome as your browser, and, for a short initial period the webinars will NOT play on smart phones or tablets.\r\n\r\n<a href=\"https://my.demio.com/ref/4ZHMGqgfLACTvJXm\">https://my.demio.com/ref/4ZHMGqgfLACTvJXm</a>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/DEMIO-WEB-FOR-NOTICEBOARD.png\"><img class=\"aligncenter size-large wp-image-8983\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/DEMIO-WEB-FOR-NOTICEBOARD-1024x960.png\" alt=\"\" width=\"1024\" height=\"960\" /></a></strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE-TRADES-22012017.png\"><img class=\"aligncenter size-large wp-image-8974\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE-TRADES-22012017-756x1024.png\" alt=\"\" width=\"756\" height=\"1024\" /></a>\r\n\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIMIT-ORDERS-22012017.png\"><img class=\"aligncenter size-large wp-image-8973\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIMIT-ORDERS-22012017-765x1024.png\" alt=\"\" width=\"765\" height=\"1024\" /></a>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\nIf you recall, in my final “DRIVE THRU” of 2016, I provided a list of TRADING PREDICTIONS for 2017. I basically named several geopolitical events that I feel will weigh on the markets this year. Therefore, for the first few weeks of 2017, I want to look at these events in a little more detail.\r\n\r\nAs you will be aware, so much has been said already on the subjects that I have highlighted, I can only add points and views that are my own, based upon how I see things and how I am going to view trading around these events.<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>TRUMP, PROZAC, OXYCONTIN and THE USD</strong></p>\r\nThere always seems to be something similar to a theatrical overtone to anything that is TRUMP associated in my opinion. I cannot put my finger on exactly what, but it’s almost as if one is expecting some TV style stunt to happen in the middle of a speech or something like that.\r\n\r\nI am not sure whether it’s an overriding feeling of dis-belief that he actually pulled it off, beat the odds, beat a well-oiled machine, claimed victory with his whole party against him, in fact, he alone, with just the help of his family and his running partner, took on the might of the Presidency and the Billions of dollars behind a Clinton campaign and won.\r\n\r\nThe Republican party that hid under rocks during the campaign are now only too happy to crawl out from under that rock and feast on the spoils of victory to which their added value was zero, in fact in some cases minus.\r\n\r\nThis is one main reason why I have a low opinion of politicians. They are only fair weather friends. I realize that there are some good ones, but in most countries, you can count them on one hand. I now have first-hand experience of 5 countries.\r\n\r\nMoving on…\r\n\r\nThanks be to God, that neither Piers Morgan or Omarosa parachuted in on the parade on Pennsylvania Avenue, that would have really put my, “it’s about to happen”, reality TV, TV stunt thoughts front and centre.\r\n\r\nDefinitely moving on now….\r\n\r\nThe fashion show in DC went off without a snag just 30 minutes late…I must say that the Brits would never stand for the delay, being the masters of pomp and ceremony everything in the UK is rehearsed and timed repeatedly down to almost the tenth of a second for accuracy.\r\n\r\nHowever, one must say that despite what we may think of THE DONALD the fashion police in DC will take on a new role for at least the next four years commenting on Melania, Ivanka and wives of Don Jnr and Eric. In some ways, it could be a pleasant distraction from the twitter account!\r\n\r\nThe speech in my opinion was just like one from the stump. He had to do that, I cannot for the life of me get over the debate about it.  It was 100% expected.\r\n\r\nSo; all over Washington right now, Republican and Democrats alike are in front their GP (Doctor), requesting drugs to get them through the first 100 days of the TRUMP administration.  I never give out any recommendations on stocks or even FX trades, I cannot, but what I can tell you is that we should all watch the shares of PROZAC and OXYCONTIN, I think these could be good buys, whoever manufactures them.\r\n\r\nThe whirlwind is in town and I would expect that blockages to change will be named and shamed publicly like never before to alert the people who voted them in that they do not have the future of a United States in their heart, or words to that effect.\r\n\r\nPoliticians the world over, hide behind the party line as a reason to oppose, this is how career politicians survive. If they can blame someone instead of defending their own actions, it suits them better as they need continual good approval rates to be good in order to survive. Popularity is a like an addictive drug to career politicians. Solving problems and fixing things is not in their chemistry, just not in their DNA. It is better to blame someone for something that is not working than actually try to make it work by doing something about it. That would be courageous, thinking outside the box.\r\n\r\nIf the DONALD is true to his word and I have or see no reason why he won’t stick to his beliefs and run Washington like a business, career politicians must change or get out. Sure, there will be negotiation, but if the DONALD is seen early on to have a couple of wins under his belt, should anyone block change that he sees as another win, God help them.\r\n\r\nThe changes will be radical, possibly very innovative but definitely a new chapter away from the way the dysfunctional way that DC has operated in the past. It should be interesting. Politicians with lots of severe headaches, finding tranquilly and calm hiding under their desks frightened to speak to the gathering press to answer accusations. Hence the OXYCONTIN and PROZAC references.\r\n\r\nFrom my selfish perspective as a Forex trader where does all that leave me?\r\n\r\nThe simple answer is… I wish I knew! Right now, I am as uncertain about what happens and how it all unfolds as much as players who are in the know.\r\n\r\nWithout doubt the USD will be smacked up and smashed down. What do I know for certain at the moment?\r\n<ul>\r\n 	<li>The US is almost at full employment.</li>\r\n 	<li>The economy is looking to be on the up.</li>\r\n 	<li>The DONALD wants to make huge capital expenditure projects.</li>\r\n 	<li>The is good for inflation.</li>\r\n 	<li>This will be good for morale and consumer confidence.</li>\r\n 	<li>This will feed into retail sales.</li>\r\n 	<li>This will feed into housing, new home sales and re-sales.</li>\r\n 	<li>This will feed in home improvements.</li>\r\n 	<li>This will feed into earnings as demands for the right skills increase.</li>\r\n 	<li>Better deposit rates for savers!</li>\r\n</ul>\r\nThe above list and there’s more will be great for the US.\r\n\r\nThere are some negatives though.\r\n<ul>\r\n 	<li>Inflation on goods and services.</li>\r\n 	<li>Gas price increases.</li>\r\n 	<li>Higher Interest Rates.</li>\r\n 	<li>Increased Mortgage Costs.</li>\r\n</ul>\r\nThen of course we have the FED. Uber DOVE, Janet Yellen, who I think operates behind the curve is on a path of Monetary Policy Divergence away from all the other major central banks in the G7. With the positives and negatives that I’ve listed above and there are probably pages more of them, she runs the risk of being left behind.\r\n\r\nAs stated soooooo many times last year, it is so easy to be a DOVE. Keep things as they are, move after the event. Being a HAWK requires conviction, belief and a commanding authority. Does Janet Yellen have this skill set? Can she prepare the Financial Markets in advance for changes in the economy? I am NOT convinced. I think it’s so easy in a low rate environment but in an expansionary environment it requires a whole new skill set, the main one being to stand up to Wall Street.\r\n\r\nAs a Forex trader, the movement in the USD over the next four years is paramount to everything we do. It is at the heart of every trade we if we are trading the AUD/NZD. The way the USD moves and its correlation to commodities that can have a direct bearing on either the AUD or the NZD currency must be borne in mind. In this example the relationship between COPPER and GOLD and the USD directly affects the AUD.\r\n\r\nIf you remember, the plans that the DONALD had before coming to power have not altered, the alleged market experts, (I would say 100% of them) said that if the DONALD was elected the USD would dump and the USD/JPY would hit 95.00-98.00. What happened was the USD rallied like crazy to 103.50 from a low of 96.00 and the USD/JPY from 101.00 hit 118.00 both in less than a month after he was elected. Given the experts were about a much use a chocolate teapot, I think we have a difficult answer to the basic question on the USD.\r\n\r\nSo, keeping things simple here’s my take.\r\n\r\nIf THE DONALD starts getting his agenda passed and gets the funding on infrastructure, personally I think we are off. This alone creates jobs, spending, raw materials the whole nine yards.\r\n\r\nThe affordable care act (Obamacare), does not concern me, personally, I thought Obama was onto something but the drug companies have way too much power and influence in US. Health care will NEVER get fixed in the US, there is too much money at stake, it will be “a fudge” in my opinion. This may be a vote winner but it’s not a continual USD market mover like infrastructure.\r\n\r\nInfrastructure spending is the key to re-start the merry-go-round.\r\n\r\nWhere can the USD (DXY) go?\r\n\r\nThe overriding thought that is stuck in my head when I think about TRUMPECONOMICS, is extremes. Everything associated with THE DONALD is glitter and bright lights. He is Marmite (you either love him or hate him). His policies are in the same mold.\r\n\r\nIn my opinion the range here is dead simple. With success on infrastructure spending and an 8-year program I see 120.00 again on the DXY. Failure and the dysfunctional DC continues I see the USD toying with 80.00 maybe back to financial crisis lows of around 70.00.\r\n\r\nEither move will have spectacular results, vis-à-vis the Forex market. Recession and QE again, possibly negative interest rates on failure to succeed and buoyancy like never seen before on the other side of the equation.\r\n\r\nUSD/JPY at 150.00 or 75.00.\r\n\r\nEUR/USD at 90.00 or 1.4000.\r\n\r\nThese sound crazy numbers. I am 100% sober writing this blog.\r\n\r\nWe are living in extreme times. The new President is sworn in on a mandate of shake ‘em up. Everything he touches will be seen as RISK by the traditional hierarchy. He will face battles to move on policy. He will use whatever he can to force his agenda, twitter and the like, it will be messy, there will be blood and for these reasons I see extremes on the spectrum of success.\r\n\r\nSure, when first looking at my currency ranges they are not only massive but extreme but it’s horses for courses, in my opinion these are realistic ranges to consider in the event of success or failure.\r\n\r\nIn my opinion, to say that THE DONALD has stepped up and placed a noose around his own neck is an understatement. This is why, I firmly believe he will name and shame those who block jobs and US prosperity. He has a big reputation, much of it by self-proclamation, therefore failure is not an option.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #124 PREMIUM SERVICE\r\nDATE: 22nd January 2017.<strong>\r\n\r\n</strong>', 'TRUMP, PROZAC, OXYCONTIN and THE USD', '', 'publish', 'open', 'closed', '', 'trump-prozac-oxycontin-usd', '', '', '2017-01-21 14:55:00', '2017-01-21 19:55:00', '', 0, 'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=8990', 0, 'member_posts', '', 0);
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(8991, 1, '2017-01-21 14:55:00', '2017-01-21 19:55:00', '&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong></li>\r\n</ol>\r\nWelcome.\r\n\r\nAlmost through the first trading month of the year and I feel progress so far is “one step forwards… two steps back”. As things stand right now, I think that the month will be marginally up or marginally down measured by both pips and cash. In no way is it anything like a blowout month… I know that there is still a week left, let’s see if have a hallelujah moment or two.\r\n\r\nSo, last week.\r\n\r\nWe had a Theresa May moment, a Draghi Press Conference and the fashion show in Washington aka THE DONALD comes to town for his signing in ceremony.\r\n\r\nDraghi was a bore; and, frankly he had to present that way. Still lots to do, still dovish, need governmental support, the ECB cannot do it alone, headwinds getting stronger, fragile recovery, signs are good but much more to be done. We did NOT discuss tapering…. yeah right!! It was enough for the markets, and the single currency weakened a little across the board a perfect delivery by Draghi and the ECB.\r\n\r\nTheresa May, came out all guns blazing. We are leaving the EUROPEAN UNION but we are not leaving EUROPE. Not quite so sure the Brussels bureaucrats would view it quite the same. I have no doubt they were sat back with a good bottle red digesting all of May’s comments and poking fun.\r\n\r\nTheresa May placed a very positive spin on the BREXIT. “Play ball and all will be good for both sides”, however, she cherry picked all the goodies that she knows the EU will never agree to this because it would cause a CONTAGION. Despite all the previous commentary she tried once again to pre-negotiate.\r\n\r\nLet’s get this 100% clear and unambiguous; until article 50 is triggered, the UK is in the EU. You cannot negotiate an exit until you are in the exit process. This is basic stuff.\r\n\r\nI tweeted a bit about this last week. Hard BREXIT soft BREXIT? Come on its an exit and it will be difficult as both sides have lines in the sand that they simply cannot cross. The cable rallied on a cherry-picking speech. It was a great speech, very well written and very well delivered but the quality of the content in my opinion was a little “Mickey Mouse” and more of a dream than a belief that it could be possible. The markets as usual bought it, but the short squeeze rally was in my opinion overdone… “bigly”!\r\n\r\nFinally, the DONALD’S inauguration; I am covering THE DONALD in section 5 “SCOTT’S SOAPBOX”, so I write it all there.\r\n\r\nMoving on… “LIVE Broadcasts”\r\n\r\nI did not broadcast PERISCOPE #2 last Monday. The vehicle (PERISCOPE) is just not what I needed to meet the objectives that I have moving forward.\r\n\r\nThis coming Monday 23<sup>rd</sup> January at 5:30PM EST, I am launching the “WEEKLY FX DRIVE THRU – LIVE” via a “live in the market” webinar with my partners “demio”.\r\n\r\nThis arrangement allows me to share screens, office documents and LIVE charting screens. Hopefully after a few fumbles as I gain competencies it will be a seamless affair for all parties. All I ask is for you to be patient with me.\r\n\r\nWhilst this format gives me 100% what I want, there are a couple of issues, at the moment, that you as potential viewers need to be made aware of: -\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\n<a href=\"https://my.demio.com/ref/4ZHMGqgfLACTvJXm\">https://my.demio.com/ref/4ZHMGqgfLACTvJXm</a>\r\n\r\nNot that I want to keep placing links in front of readers, but as this blog ends up in the strangest of places when it is redistributed on the web, I do have another one to add. I know via feedback that non-Forex Traders read it, not sure why, my humour is poor, my grammar weak, my swearing predictable and overall it does not get great Google feedback as they say it’s hard to read.\r\n\r\nFeck me I’m from Liverpool, we do not know big words. When I was a teenager growing up, and my Dad was a Policeman (Cop) we lived in a great area.  However, in general conversation, anything over two syllables and you were deemed a snob in danger of getting your head kicked in by a local gang! What I am saying here is I am no Fraser Crane I use small words.\r\n\r\nBack to the point…\r\n\r\nThe blog ends up in on-line newspapers and the like, and non-Forex traders read it and I have had a few communications asking me what is FX all about and how do I fit in? (After Christmas just gone, I don’t fit in very easily at all following massive over-indulgence).\r\n\r\nThe link below, to which you need to register tells you all about the PREMIUM SERVICE and how you can be a part of it.\r\n\r\nIt is titled “How to add an additional income stream with the PREMIUM SERVICE”. It is FREE to watch and takes 40 minutes. If you do not yet trade Forex, it could be just what you want. If you currently trade Forex, it could also be just what you want.\r\n\r\nRemember, it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FX-NEWS-22012017.png\"><img class=\"aligncenter size-large wp-image-8959\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FX-NEWS-22012017-1024x966.png\" alt=\"\" width=\"1024\" height=\"966\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nPhew!\r\n\r\nI completely got the BOC wrong last week. The rate statement OK, but I did not foresee Stephen Poloz announcing that rate cuts were back as options moving forwards. Let’s hope I am better this week.\r\n\r\nOn the docket this week in no particular order: -\r\n\r\nCPi data from Australia and New Zealand and GDP data from the UK and US. Also, Draghi speaks on Sunday night just after the open and that awfully nice chap from the RBNZ Graeme Wheeler chats to probably a bewildered audience on Wednesday…if the audience is not bewildered at the beginning there is a better than 50-50 chance by the end!\r\n\r\nThe big one should be the Supreme court ruling over the UK BREXIT. IF the House of Commons must vote on the BREXIT to ratify the referendum vote by the people, this will have enormous constitutional issues. Never mind the democratic issues that this will throw up. It could be a tasty piece of news. It’s one thing allowing Parliament to debate the BREXIT but the people in a democracy have decided and surely this (excuse the pun) “TRUMPS” parliament.\r\n\r\nI am no constitutional expert, not by any stretch, but if the people elect parliamentarians by voting for whom they choose, the people have the vote that should decide in a referendum. Let’s see.\r\n\r\nI see this week as a week where we could be and probably will be pushed up and down on the back of the number of executive orders placed by THE DONALD in his first few days of his presidency, plus, how many tweets the US Commander-in–chief issues and if he’s started any new wars, currency, trade or military!\r\n\r\nExpect the chop fest.\r\n\r\nAs Monty Python once said “No-one expects the Spanish Inquisition” … in 2017 it will be “No-one expects THE DONALD”.\r\n\r\nGet ready for it.\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-22012017.png\"><img class=\"aligncenter size-large wp-image-8960\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-22012017-1024x797.png\" alt=\"\" width=\"1024\" height=\"797\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8967\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8968\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8966\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8969\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8970\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8971\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8972\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n<strong>\r\n</strong>\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nWhat a stop start, stop start, start to 2017 trading.\r\n\r\nI am up in pips but a lot down on cash with a week to go to close month one this year. I have been trading for 10 years now, seen this before. If truth be told, I think I jumped back into trading a few days earlier than usual this year and I was hit initially without a doubt by low volatility markets. Not making any excuses I should have known better.\r\n\r\nAnyway, chin up, still a week and a couple of days left of trading before the month end, anything can happen.\r\n\r\nGenerally speaking the markets are I think in re-balance mode following what can only be described as a rather over-cooked rally based on THE DONALD’S plans regarding infrastructure, jobs, trade and investment domestically. Eventually, the chickens come home to roost and that is what we have right now. The markets are trying to consolidate the recent move in a market where the President is happy to contradict anyone and everyone via Twitter. The rules of engagement have changed and this will take time to adjust to.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nThe FED is on a policy of divergence with other central banks, therefore fundamentally, I still feel comfortable with the trades in play.\r\n\r\nMy discomfort is in selecting additional trades at the moment. As you know I love trading the commodity currencies (AUD/USD, NZD/USD &amp; USD/CAD), in addition the EUR/GBP and GBP/CHF.\r\n\r\nFor now, I am just not reading these at all well. It is chop, chop, chop and nothing else. Correlations are off in places and until these align again, the safer trade is to stick with the POSITION trade policy in place and look to add trades with other styles once we see a true direction in play. I am thinking that after the TRUMP first few days are out of the way all will be good.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – Frustrating as it is I am still a believer. I will continue to add on pullbacks and lift off 50 -100 pip gains as they become available. Patience is the key.</li>\r\n 	<li>I have also added the EUR/NZD to the NZD portfolio. I have two LIVE trades plus a “BUY STOP” limit order in place. I did believe that this pair would be well in a healthy positive position by now. It looks like I will need to be patient and bide my time.</li>\r\n 	<li>NZD/USD: – I have started to build, and I will be adding again.\r\n\r\nThe RBNZ is in control, and in my opinion, this is one of the most overpriced currencies in the market at this moment in time. Central Bank divergence should play its part in having this currency revalue organically, but with most, if not all FX fundamentals, patience will be required.\r\n\r\nChina does concern me. I believe the GDT auctions will be more NZD negative this year as the China family birth control factors will kick in stronger.\r\n\r\nThe TRUMP factor on China may help my longer-term views?</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add more trades as the month progresses.\r\n\r\nAlways going to be looking to add, I think that for at least Q1 and Q2 the EUROZONE will remain under downside pressures. If BREXIT negotiations are difficult, which I believe they should be, the German desire for the ECB to raise rates could be seen for what it is, which is, in an election year pure and utter propaganda to win over the German savers who have been taken to the cleaners with zero savings interest rates for many years now and at all elections they are being fed a plate of empty promises.</li>\r\n 	<li>GBP/USD: - started building and have taken profits already on this position. This could be an annoying trade, as you know only too well, the cable can be a slippery little fecker at the best of times. It has the ability to take out all longs and all shorts out of the market in a single session.\r\n\r\nOne will require patience with this pair as it will flip flop all over the place.</li>\r\n</ol>\r\n<u>THE WEEKLY FX DRIVE THRU – LIVE:</u>\r\n\r\nAs mentioned earlier in the blog, I have partnered up with Demio to launch weekly LIVE webinars.\r\n\r\nThe first one is on Monday January 23<sup>rd</sup> 2017 at 5:30PM EST.\r\n\r\nYou can register on the link below; they will be recorded and distributed after the event. To access the webinar or see the recording you will need Google Chrome as your browser, and, for a short initial period the webinars will NOT play on smart phones or tablets.\r\n\r\n<a href=\"https://my.demio.com/ref/4ZHMGqgfLACTvJXm\">https://my.demio.com/ref/4ZHMGqgfLACTvJXm</a>\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/DEMIO-WEB-FOR-NOTICEBOARD.png\"><img class=\"aligncenter size-large wp-image-8983\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/DEMIO-WEB-FOR-NOTICEBOARD-1024x960.png\" alt=\"\" width=\"1024\" height=\"960\" /></a></strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE-TRADES-22012017.png\"><img class=\"aligncenter size-large wp-image-8974\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE-TRADES-22012017-756x1024.png\" alt=\"\" width=\"756\" height=\"1024\" /></a>\r\n\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIMIT-ORDERS-22012017.png\"><img class=\"aligncenter size-large wp-image-8973\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIMIT-ORDERS-22012017-765x1024.png\" alt=\"\" width=\"765\" height=\"1024\" /></a>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\nIf you recall, in my final “DRIVE THRU” of 2016, I provided a list of TRADING PREDICTIONS for 2017. I basically named several geopolitical events that I feel will weigh on the markets this year. Therefore, for the first few weeks of 2017, I want to look at these events in a little more detail.\r\n\r\nAs you will be aware, so much has been said already on the subjects that I have highlighted, I can only add points and views that are my own, based upon how I see things and how I am going to view trading around these events.<strong> </strong>\r\n<p style=\"text-align: center;\"><strong>TRUMP, PROZAC, OXYCONTIN and THE USD</strong></p>\r\nThere always seems to be something similar to a theatrical overtone to anything that is TRUMP associated in my opinion. I cannot put my finger on exactly what, but it’s almost as if one is expecting some TV style stunt to happen in the middle of a speech or something like that.\r\n\r\nI am not sure whether it’s an overriding feeling of dis-belief that he actually pulled it off, beat the odds, beat a well-oiled machine, claimed victory with his whole party against him, in fact, he alone, with just the help of his family and his running partner, took on the might of the Presidency and the Billions of dollars behind a Clinton campaign and won.\r\n\r\nThe Republican party that hid under rocks during the campaign are now only too happy to crawl out from under that rock and feast on the spoils of victory to which their added value was zero, in fact in some cases minus.\r\n\r\nThis is one main reason why I have a low opinion of politicians. They are only fair weather friends. I realize that there are some good ones, but in most countries, you can count them on one hand. I now have first-hand experience of 5 countries.\r\n\r\nMoving on…\r\n\r\nThanks be to God, that neither Piers Morgan or Omarosa parachuted in on the parade on Pennsylvania Avenue, that would have really put my, “it’s about to happen”, reality TV, TV stunt thoughts front and centre.\r\n\r\nDefinitely moving on now….\r\n\r\nThe fashion show in DC went off without a snag just 30 minutes late…I must say that the Brits would never stand for the delay, being the masters of pomp and ceremony everything in the UK is rehearsed and timed repeatedly down to almost the tenth of a second for accuracy.\r\n\r\nHowever, one must say that despite what we may think of THE DONALD the fashion police in DC will take on a new role for at least the next four years commenting on Melania, Ivanka and wives of Don Jnr and Eric. In some ways, it could be a pleasant distraction from the twitter account!\r\n\r\nThe speech in my opinion was just like one from the stump. He had to do that, I cannot for the life of me get over the debate about it.  It was 100% expected.\r\n\r\nSo; all over Washington right now, Republican and Democrats alike are in front their GP (Doctor), requesting drugs to get them through the first 100 days of the TRUMP administration.  I never give out any recommendations on stocks or even FX trades, I cannot, but what I can tell you is that we should all watch the shares of PROZAC and OXYCONTIN, I think these could be good buys, whoever manufactures them.\r\n\r\nThe whirlwind is in town and I would expect that blockages to change will be named and shamed publicly like never before to alert the people who voted them in that they do not have the future of a United States in their heart, or words to that effect.\r\n\r\nPoliticians the world over, hide behind the party line as a reason to oppose, this is how career politicians survive. If they can blame someone instead of defending their own actions, it suits them better as they need continual good approval rates to be good in order to survive. Popularity is a like an addictive drug to career politicians. Solving problems and fixing things is not in their chemistry, just not in their DNA. It is better to blame someone for something that is not working than actually try to make it work by doing something about it. That would be courageous, thinking outside the box.\r\n\r\nIf the DONALD is true to his word and I have or see no reason why he won’t stick to his beliefs and run Washington like a business, career politicians must change or get out. Sure, there will be negotiation, but if the DONALD is seen early on to have a couple of wins under his belt, should anyone block change that he sees as another win, God help them.\r\n\r\nThe changes will be radical, possibly very innovative but definitely a new chapter away from the way the dysfunctional way that DC has operated in the past. It should be interesting. Politicians with lots of severe headaches, finding tranquilly and calm hiding under their desks frightened to speak to the gathering press to answer accusations. Hence the OXYCONTIN and PROZAC references.\r\n\r\nFrom my selfish perspective as a Forex trader where does all that leave me?\r\n\r\nThe simple answer is… I wish I knew! Right now, I am as uncertain about what happens and how it all unfolds as much as players who are in the know.\r\n\r\nWithout doubt the USD will be smacked up and smashed down. What do I know for certain at the moment?\r\n<ul>\r\n 	<li>The US is almost at full employment.</li>\r\n 	<li>The economy is looking to be on the up.</li>\r\n 	<li>The DONALD wants to make huge capital expenditure projects.</li>\r\n 	<li>The is good for inflation.</li>\r\n 	<li>This will be good for morale and consumer confidence.</li>\r\n 	<li>This will feed into retail sales.</li>\r\n 	<li>This will feed into housing, new home sales and re-sales.</li>\r\n 	<li>This will feed in home improvements.</li>\r\n 	<li>This will feed into earnings as demands for the right skills increase.</li>\r\n 	<li>Better deposit rates for savers!</li>\r\n</ul>\r\nThe above list and there’s more will be great for the US.\r\n\r\nThere are some negatives though.\r\n<ul>\r\n 	<li>Inflation on goods and services.</li>\r\n 	<li>Gas price increases.</li>\r\n 	<li>Higher Interest Rates.</li>\r\n 	<li>Increased Mortgage Costs.</li>\r\n</ul>\r\nThen of course we have the FED. Uber DOVE, Janet Yellen, who I think operates behind the curve is on a path of Monetary Policy Divergence away from all the other major central banks in the G7. With the positives and negatives that I’ve listed above and there are probably pages more of them, she runs the risk of being left behind.\r\n\r\nAs stated soooooo many times last year, it is so easy to be a DOVE. Keep things as they are, move after the event. Being a HAWK requires conviction, belief and a commanding authority. Does Janet Yellen have this skill set? Can she prepare the Financial Markets in advance for changes in the economy? I am NOT convinced. I think it’s so easy in a low rate environment but in an expansionary environment it requires a whole new skill set, the main one being to stand up to Wall Street.\r\n\r\nAs a Forex trader, the movement in the USD over the next four years is paramount to everything we do. It is at the heart of every trade we if we are trading the AUD/NZD. The way the USD moves and its correlation to commodities that can have a direct bearing on either the AUD or the NZD currency must be borne in mind. In this example the relationship between COPPER and GOLD and the USD directly affects the AUD.\r\n\r\nIf you remember, the plans that the DONALD had before coming to power have not altered, the alleged market experts, (I would say 100% of them) said that if the DONALD was elected the USD would dump and the USD/JPY would hit 95.00-98.00. What happened was the USD rallied like crazy to 103.50 from a low of 96.00 and the USD/JPY from 101.00 hit 118.00 both in less than a month after he was elected. Given the experts were about a much use a chocolate teapot, I think we have a difficult answer to the basic question on the USD.\r\n\r\nSo, keeping things simple here’s my take.\r\n\r\nIf THE DONALD starts getting his agenda passed and gets the funding on infrastructure, personally I think we are off. This alone creates jobs, spending, raw materials the whole nine yards.\r\n\r\nThe affordable care act (Obamacare), does not concern me, personally, I thought Obama was onto something but the drug companies have way too much power and influence in US. Health care will NEVER get fixed in the US, there is too much money at stake, it will be “a fudge” in my opinion. This may be a vote winner but it’s not a continual USD market mover like infrastructure.\r\n\r\nInfrastructure spending is the key to re-start the merry-go-round.\r\n\r\nWhere can the USD (DXY) go?\r\n\r\nThe overriding thought that is stuck in my head when I think about TRUMPECONOMICS, is extremes. Everything associated with THE DONALD is glitter and bright lights. He is Marmite (you either love him or hate him). His policies are in the same mold.\r\n\r\nIn my opinion the range here is dead simple. With success on infrastructure spending and an 8-year program I see 120.00 again on the DXY. Failure and the dysfunctional DC continues I see the USD toying with 80.00 maybe back to financial crisis lows of around 70.00.\r\n\r\nEither move will have spectacular results, vis-à-vis the Forex market. Recession and QE again, possibly negative interest rates on failure to succeed and buoyancy like never seen before on the other side of the equation.\r\n\r\nUSD/JPY at 150.00 or 75.00.\r\n\r\nEUR/USD at 90.00 or 1.4000.\r\n\r\nThese sound crazy numbers. I am 100% sober writing this blog.\r\n\r\nWe are living in extreme times. The new President is sworn in on a mandate of shake ‘em up. Everything he touches will be seen as RISK by the traditional hierarchy. He will face battles to move on policy. He will use whatever he can to force his agenda, twitter and the like, it will be messy, there will be blood and for these reasons I see extremes on the spectrum of success.\r\n\r\nSure, when first looking at my currency ranges they are not only massive but extreme but it’s horses for courses, in my opinion these are realistic ranges to consider in the event of success or failure.\r\n\r\nIn my opinion, to say that THE DONALD has stepped up and placed a noose around his own neck is an understatement. This is why, I firmly believe he will name and shame those who block jobs and US prosperity. He has a big reputation, much of it by self-proclamation, therefore failure is not an option.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #124 PREMIUM SERVICE\r\nDATE: 22nd January 2017.<strong>\r\n\r\n</strong>', 'TRUMP, PROZAC, OXYCONTIN and THE USD', '', 'inherit', 'closed', 'closed', '', '8990-revision-v1', '', '', '2017-01-21 14:55:00', '2017-01-21 19:55:00', '', 8990, 'http://weeklyfxdrivethru.com/8990-revision-v1/', 0, 'revision', '', 0);
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(8992, 1, '2017-01-21 15:09:13', '2017-01-21 20:09:13', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nWelcome.\r\n\r\nAlmost through the first trading month of the year and I feel progress so far is “one step forwards… two steps back”. As things stand right now, I think that the month will be marginally up or marginally down measured by both pips and cash. In no way is it anything like a blowout month… I know that there is still a week left, let’s see if have a hallelujah moment or two.\r\n\r\nSo, last week.\r\n\r\nWe had a Theresa May moment, a Draghi Press Conference and the fashion show in Washington aka THE DONALD comes to town for his signing in ceremony.\r\n\r\nDraghi was a bore; and, frankly he had to present that way. Still lots to do, still dovish, need governmental support, the ECB cannot do it alone, headwinds getting stronger, fragile recovery, signs are good but much more to be done. We did NOT discuss tapering…. yeah right!! It was enough for the markets, and the single currency weakened a little across the board a perfect delivery by Draghi and the ECB.\r\n\r\nTheresa May, came out all guns blazing. We are leaving the EUROPEAN UNION but we are not leaving EUROPE. Not quite so sure the Brussels bureaucrats would view it quite the same. I have no doubt they were sat back with a good bottle red digesting all of May’s comments and poking fun.\r\n\r\nTheresa May placed a very positive spin on the BREXIT. “Play ball and all will be good for both sides”, however, she cherry picked all the goodies that she knows the EU will never agree to this because it would cause a CONTAGION. Despite all the previous commentary she tried once again to pre-negotiate.\r\n\r\nLet’s get this 100% clear and unambiguous; until article 50 is triggered, the UK is in the EU. You cannot negotiate an exit until you are in the exit process. This is basic stuff.\r\n\r\nI tweeted a bit about this last week. Hard BREXIT soft BREXIT? Come on its an exit and it will be difficult as both sides have lines in the sand that they simply cannot cross. The cable rallied on a cherry-picking speech. It was a great speech, very well written and very well delivered but the quality of the content in my opinion was a little “Mickey Mouse” and more of a dream than a belief that it could be possible. The markets as usual bought it, but the short squeeze rally was in my opinion overdone… “bigly”!\r\n\r\nFinally, the DONALD’S inauguration; I am covering THE DONALD in section 5 “SCOTT’S SOAPBOX”, so I write it all there.\r\n\r\nMoving on… “LIVE Broadcasts”\r\n\r\nI did not broadcast PERISCOPE #2 last Monday. The vehicle (PERISCOPE) is just not what I needed to meet the objectives that I have moving forward.\r\n\r\nThis coming Monday 23<sup>rd</sup> January at 5:30PM EST, I am launching the “WEEKLY FX DRIVE THRU – LIVE” via a “live in the market” webinar with my partners “demio”.\r\n\r\nThis arrangement allows me to share screens, office documents and LIVE charting screens. Hopefully after a few fumbles as I gain competencies it will be a seamless affair for all parties. All I ask is for you to be patient with me.\r\n\r\nWhilst this format gives me 100% what I want, there are a couple of issues, at the moment, that you as potential viewers need to be made aware of: -\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\n<a href=\"https://my.demio.com/ref/4ZHMGqgfLACTvJXm\">https://my.demio.com/ref/4ZHMGqgfLACTvJXm</a>\r\n\r\nNot that I want to keep placing links in front of readers, but as this blog ends up in the strangest of places when it is redistributed on the web, I do have another one to add. I know via feedback that non-Forex Traders read it, not sure why, my humour is poor, my grammar weak, my swearing predictable and overall it does not get great Google feedback as they say it’s hard to read.\r\n\r\nFeck me I’m from Liverpool, we do not know big words. When I was a teenager growing up, and my Dad was a Policeman (Cop) we lived in a great area.  However, in general conversation, anything over two syllables and you were deemed a snob in danger of getting your head kicked in by a local gang! What I am saying here is I am no Fraser Crane I use small words.\r\n\r\nBack to the point…\r\n\r\nThe blog ends up in on-line newspapers and the like, and non-Forex traders read it and I have had a few communications asking me what is FX all about and how do I fit in? (After Christmas just gone, I don’t fit in very easily at all following massive over-indulgence).\r\n\r\nThe link below, to which you need to register tells you all about the PREMIUM SERVICE and how you can be a part of it.\r\n\r\nIt is titled “How to add an additional income stream with the PREMIUM SERVICE”. It is FREE to watch and takes 40 minutes. If you do not yet trade Forex, it could be just what you want. If you currently trade Forex, it could also be just what you want.\r\n\r\nRemember, it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FX-NEWS-22012017.png\"><img class=\"aligncenter size-large wp-image-8959\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FX-NEWS-22012017-1024x966.png\" alt=\"\" width=\"1024\" height=\"966\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nPhew!\r\n\r\nI completely got the BOC wrong last week. The rate statement OK, but I did not foresee Stephen Poloz announcing that rate cuts were back as options moving forwards. Let’s hope I am better this week.\r\n\r\nOn the docket this week in no particular order: -\r\n\r\nCPi data from Australia and New Zealand and GDP data from the UK and US. Also, Draghi speaks on Sunday night just after the open and that awfully nice chap from the RBNZ Graeme Wheeler chats to probably a bewildered audience on Wednesday…if the audience is not bewildered at the beginning there is a better than 50-50 chance by the end!\r\n\r\nThe big one should be the Supreme court ruling over the UK BREXIT. IF the House of Commons must vote on the BREXIT to ratify the referendum vote by the people, this will have enormous constitutional issues. Never mind the democratic issues that this will throw up. It could be a tasty piece of news. It’s one thing allowing Parliament to debate the BREXIT but the people in a democracy have decided and surely this (excuse the pun) “TRUMPS” parliament.\r\n\r\nI am no constitutional expert, not by any stretch, but if the people elect parliamentarians by voting for whom they choose, the people have the vote that should decide in a referendum. Let’s see.\r\n\r\nI see this week as a week where we could be and probably will be pushed up and down on the back of the number of executive orders placed by THE DONALD in his first few days of his presidency, plus, how many tweets the US Commander-in–chief issues and if he’s started any new wars, currency, trade or military!\r\n\r\nExpect the chop fest.\r\n\r\nAs Monty Python once said “No-one expects the Spanish Inquisition” … in 2017 it will be “No-one expects THE DONALD”.\r\n\r\nGet ready for it.\r\n\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-22012017.png\"><img class=\"aligncenter size-large wp-image-8960\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-22012017-1024x797.png\" alt=\"\" width=\"1024\" height=\"797\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8967\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8968\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8966\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8969\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8970\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8971\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8972\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\nIf you recall, in my final “DRIVE THRU” of 2016, I provided a list of TRADING PREDICTIONS for 2017. I basically named several geopolitical events that I feel will weigh on the markets this year. Therefore, for the first few weeks of 2017, I want to look at these events in a little more detail.\r\n\r\nAs you will be aware, so much has been said already on the subjects that I have highlighted, I can only add points and views that are my own, based upon how I see things and how I am going to view trading around these events.\r\n<p style=\"text-align: center;\"><strong>TRUMP, PROZAC, OXYCONTIN and THE USD</strong></p>\r\nThere always seems to be something similar to a theatrical overtone to anything that is TRUMP associated in my opinion. I cannot put my finger on exactly what, but it’s almost as if one is expecting some TV style stunt to happen in the middle of a speech or something like that.\r\n\r\nI am not sure whether it’s an overriding feeling of dis-belief that he actually pulled it off, beat the odds, beat a well-oiled machine, claimed victory with his whole party against him, in fact, he alone, with just the help of his family and his running partner, took on the might of the Presidency and the Billions of dollars behind a Clinton campaign and won.\r\n\r\nThe Republican party that hid under rocks during the campaign are now only too happy to crawl out from under that rock and feast on the spoils of victory to which their added value was zero, in fact in some cases minus.\r\n\r\nThis is one main reason why I have a low opinion of politicians. They are only fair weather friends. I realize that there are some good ones, but in most countries, you can count them on one hand. I now have first-hand experience of 5 countries.\r\n\r\nMoving on…\r\n\r\nThanks be to God, that neither Piers Morgan or Omarosa parachuted in on the parade on Pennsylvania Avenue, that would have really put my, “it’s about to happen”, reality TV, TV stunt thoughts front and centre.\r\n\r\nDefinitely moving on now….\r\n\r\nThe fashion show in DC went off without a snag just 30 minutes late…I must say that the Brits would never stand for the delay, being the masters of pomp and ceremony everything in the UK is rehearsed and timed repeatedly down to almost the tenth of a second for accuracy.\r\n\r\nHowever, one must say that despite what we may think of THE DONALD the fashion police in DC will take on a new role for at least the next four years commenting on Melania, Ivanka and wives of Don Jnr and Eric. In some ways, it could be a pleasant distraction from the twitter account!\r\n\r\nThe speech in my opinion was just like one from the stump. He had to do that, I cannot for the life of me get over the debate about it.  It was 100% expected.\r\n\r\nSo; all over Washington right now, Republican and Democrats alike are in front their GP (Doctor), requesting drugs to get them through the first 100 days of the TRUMP administration.  I never give out any recommendations on stocks or even FX trades, I cannot, but what I can tell you is that we should all watch the shares of PROZAC and OXYCONTIN, I think these could be good buys, whoever manufactures them.\r\n\r\nThe whirlwind is in town and I would expect that blockages to change will be named and shamed publicly like never before to alert the people who voted them in that they do not have the future of a United States in their heart, or words to that effect.\r\n\r\nPoliticians the world over, hide behind the party line as a reason to oppose, this is how career politicians survive. If they can blame someone instead of defending their own actions, it suits them better as they need continual good approval rates to be good in order to survive. Popularity is a like an addictive drug to career politicians. Solving problems and fixing things is not in their chemistry, just not in their DNA. It is better to blame someone for something that is not working than actually try to make it work by doing something about it. That would be courageous, thinking outside the box.\r\n\r\nIf the DONALD is true to his word and I have or see no reason why he won’t stick to his beliefs and run Washington like a business, career politicians must change or get out. Sure, there will be negotiation, but if the DONALD is seen early on to have a couple of wins under his belt, should anyone block change that he sees as another win, God help them.\r\n\r\nThe changes will be radical, possibly very innovative but definitely a new chapter away from the way the dysfunctional way that DC has operated in the past. It should be interesting. Politicians with lots of severe headaches, finding tranquilly and calm hiding under their desks frightened to speak to the gathering press to answer accusations. Hence the OXYCONTIN and PROZAC references.\r\n\r\nFrom my selfish perspective as a Forex trader where does all that leave me?\r\n\r\nThe simple answer is… I wish I knew! Right now, I am as uncertain about what happens and how it all unfolds as much as players who are in the know.\r\n\r\nWithout doubt the USD will be smacked up and smashed down. What do I know for certain at the moment?\r\n<ul>\r\n 	<li>The US is almost at full employment.</li>\r\n 	<li>The economy is looking to be on the up.</li>\r\n 	<li>The DONALD wants to make huge capital expenditure projects.</li>\r\n 	<li>The is good for inflation.</li>\r\n 	<li>This will be good for morale and consumer confidence.</li>\r\n 	<li>This will feed into retail sales.</li>\r\n 	<li>This will feed into housing, new home sales and re-sales.</li>\r\n 	<li>This will feed in home improvements.</li>\r\n 	<li>This will feed into earnings as demands for the right skills increase.</li>\r\n 	<li>Better deposit rates for savers!</li>\r\n</ul>\r\nThe above list and there’s more will be great for the US.\r\n\r\nThere are some negatives though.\r\n<ul>\r\n 	<li>Inflation on goods and services.</li>\r\n 	<li>Gas price increases.</li>\r\n 	<li>Higher Interest Rates.</li>\r\n 	<li>Increased Mortgage Costs.</li>\r\n</ul>\r\nThen of course we have the FED. Uber DOVE, Janet Yellen, who I think operates behind the curve is on a path of Monetary Policy Divergence away from all the other major central banks in the G7. With the positives and negatives that I’ve listed above and there are probably pages more of them, she runs the risk of being left behind.\r\n\r\nAs stated soooooo many times last year, it is so easy to be a DOVE. Keep things as they are, move after the event. Being a HAWK requires conviction, belief and a commanding authority. Does Janet Yellen have this skill set? Can she prepare the Financial Markets in advance for changes in the economy? I am NOT convinced. I think it’s so easy in a low rate environment but in an expansionary environment it requires a whole new skill set, the main one being to stand up to Wall Street.\r\n\r\nAs a Forex trader, the movement in the USD over the next four years is paramount to everything we do. It is at the heart of every trade we if we are trading the AUD/NZD. The way the USD moves and its correlation to commodities that can have a direct bearing on either the AUD or the NZD currency must be borne in mind. In this example the relationship between COPPER and GOLD and the USD directly affects the AUD.\r\n\r\nIf you remember, the plans that the DONALD had before coming to power have not altered, the alleged market experts, (I would say 100% of them) said that if the DONALD was elected the USD would dump and the USD/JPY would hit 95.00-98.00. What happened was the USD rallied like crazy to 103.50 from a low of 96.00 and the USD/JPY from 101.00 hit 118.00 both in less than a month after he was elected. Given the experts were about a much use a chocolate teapot, I think we have a difficult answer to the basic question on the USD.\r\n\r\nSo, keeping things simple here’s my take.\r\n\r\nIf THE DONALD starts getting his agenda passed and gets the funding on infrastructure, personally I think we are off. This alone creates jobs, spending, raw materials the whole nine yards.\r\n\r\nThe affordable care act (Obamacare), does not concern me, personally, I thought Obama was onto something but the drug companies have way too much power and influence in US. Health care will NEVER get fixed in the US, there is too much money at stake, it will be “a fudge” in my opinion. This may be a vote winner but it’s not a continual USD market mover like infrastructure.\r\n\r\nInfrastructure spending is the key to re-start the merry-go-round.\r\n\r\nWhere can the USD (DXY) go?\r\n\r\nThe overriding thought that is stuck in my head when I think about TRUMPECONOMICS, is extremes. Everything associated with THE DONALD is glitter and bright lights. He is Marmite (you either love him or hate him). His policies are in the same mold.\r\n\r\nIn my opinion the range here is dead simple. With success on infrastructure spending and an 8-year program I see 120.00 again on the DXY. Failure and the dysfunctional DC continues I see the USD toying with 80.00 maybe back to financial crisis lows of around 70.00.\r\n\r\nEither move will have spectacular results, vis-à-vis the Forex market. Recession and QE again, possibly negative interest rates on failure to succeed and buoyancy like never seen before on the other side of the equation.\r\n\r\nUSD/JPY at 150.00 or 75.00.\r\n\r\nEUR/USD at 90.00 or 1.4000.\r\n\r\nThese sound crazy numbers. I am 100% sober writing this blog.\r\n\r\nWe are living in extreme times. The new President is sworn in on a mandate of shake ‘em up. Everything he touches will be seen as RISK by the traditional hierarchy. He will face battles to move on policy. He will use whatever he can to force his agenda, twitter and the like, it will be messy, there will be blood and for these reasons I see extremes on the spectrum of success.\r\n\r\nSure, when first looking at my currency ranges they are not only massive but extreme but it’s horses for courses, in my opinion these are realistic ranges to consider in the event of success or failure.\r\n\r\nIn my opinion, to say that THE DONALD has stepped up and placed a noose around his own neck is an understatement. This is why, I firmly believe he will name and shame those who block jobs and US prosperity. He has a big reputation, much of it by self-proclamation, therefore failure is not an option.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #228 FREE NEWSLETTER\r\nDATE: 22nd January 2017.<strong>\r\n\r\n</strong>', 'TRUMP, PROZAC, OXYCONTIN and THE USD', '', 'publish', 'open', 'closed', '', 'trump-prozac-oxycontin-usd', '', '', '2017-01-21 15:09:13', '2017-01-21 20:09:13', '', 0, 'http://weeklyfxdrivethru.com/?p=8992', 0, 'post', '', 0),
(8993, 1, '2017-01-21 15:09:13', '2017-01-21 20:09:13', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nWelcome.\r\n\r\nAlmost through the first trading month of the year and I feel progress so far is “one step forwards… two steps back”. As things stand right now, I think that the month will be marginally up or marginally down measured by both pips and cash. In no way is it anything like a blowout month… I know that there is still a week left, let’s see if have a hallelujah moment or two.\r\n\r\nSo, last week.\r\n\r\nWe had a Theresa May moment, a Draghi Press Conference and the fashion show in Washington aka THE DONALD comes to town for his signing in ceremony.\r\n\r\nDraghi was a bore; and, frankly he had to present that way. Still lots to do, still dovish, need governmental support, the ECB cannot do it alone, headwinds getting stronger, fragile recovery, signs are good but much more to be done. We did NOT discuss tapering…. yeah right!! It was enough for the markets, and the single currency weakened a little across the board a perfect delivery by Draghi and the ECB.\r\n\r\nTheresa May, came out all guns blazing. We are leaving the EUROPEAN UNION but we are not leaving EUROPE. Not quite so sure the Brussels bureaucrats would view it quite the same. I have no doubt they were sat back with a good bottle red digesting all of May’s comments and poking fun.\r\n\r\nTheresa May placed a very positive spin on the BREXIT. “Play ball and all will be good for both sides”, however, she cherry picked all the goodies that she knows the EU will never agree to this because it would cause a CONTAGION. Despite all the previous commentary she tried once again to pre-negotiate.\r\n\r\nLet’s get this 100% clear and unambiguous; until article 50 is triggered, the UK is in the EU. You cannot negotiate an exit until you are in the exit process. This is basic stuff.\r\n\r\nI tweeted a bit about this last week. Hard BREXIT soft BREXIT? Come on its an exit and it will be difficult as both sides have lines in the sand that they simply cannot cross. The cable rallied on a cherry-picking speech. It was a great speech, very well written and very well delivered but the quality of the content in my opinion was a little “Mickey Mouse” and more of a dream than a belief that it could be possible. The markets as usual bought it, but the short squeeze rally was in my opinion overdone… “bigly”!\r\n\r\nFinally, the DONALD’S inauguration; I am covering THE DONALD in section 5 “SCOTT’S SOAPBOX”, so I write it all there.\r\n\r\nMoving on… “LIVE Broadcasts”\r\n\r\nI did not broadcast PERISCOPE #2 last Monday. The vehicle (PERISCOPE) is just not what I needed to meet the objectives that I have moving forward.\r\n\r\nThis coming Monday 23<sup>rd</sup> January at 5:30PM EST, I am launching the “WEEKLY FX DRIVE THRU – LIVE” via a “live in the market” webinar with my partners “demio”.\r\n\r\nThis arrangement allows me to share screens, office documents and LIVE charting screens. Hopefully after a few fumbles as I gain competencies it will be a seamless affair for all parties. All I ask is for you to be patient with me.\r\n\r\nWhilst this format gives me 100% what I want, there are a couple of issues, at the moment, that you as potential viewers need to be made aware of: -\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\n<a href=\"https://my.demio.com/ref/4ZHMGqgfLACTvJXm\">https://my.demio.com/ref/4ZHMGqgfLACTvJXm</a>\r\n\r\nNot that I want to keep placing links in front of readers, but as this blog ends up in the strangest of places when it is redistributed on the web, I do have another one to add. I know via feedback that non-Forex Traders read it, not sure why, my humour is poor, my grammar weak, my swearing predictable and overall it does not get great Google feedback as they say it’s hard to read.\r\n\r\nFeck me I’m from Liverpool, we do not know big words. When I was a teenager growing up, and my Dad was a Policeman (Cop) we lived in a great area.  However, in general conversation, anything over two syllables and you were deemed a snob in danger of getting your head kicked in by a local gang! What I am saying here is I am no Fraser Crane I use small words.\r\n\r\nBack to the point…\r\n\r\nThe blog ends up in on-line newspapers and the like, and non-Forex traders read it and I have had a few communications asking me what is FX all about and how do I fit in? (After Christmas just gone, I don’t fit in very easily at all following massive over-indulgence).\r\n\r\nThe link below, to which you need to register tells you all about the PREMIUM SERVICE and how you can be a part of it.\r\n\r\nIt is titled “How to add an additional income stream with the PREMIUM SERVICE”. It is FREE to watch and takes 40 minutes. If you do not yet trade Forex, it could be just what you want. If you currently trade Forex, it could also be just what you want.\r\n\r\nRemember, it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FX-NEWS-22012017.png\"><img class=\"aligncenter size-large wp-image-8959\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/FX-NEWS-22012017-1024x966.png\" alt=\"\" width=\"1024\" height=\"966\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nPhew!\r\n\r\nI completely got the BOC wrong last week. The rate statement OK, but I did not foresee Stephen Poloz announcing that rate cuts were back as options moving forwards. Let’s hope I am better this week.\r\n\r\nOn the docket this week in no particular order: -\r\n\r\nCPi data from Australia and New Zealand and GDP data from the UK and US. Also, Draghi speaks on Sunday night just after the open and that awfully nice chap from the RBNZ Graeme Wheeler chats to probably a bewildered audience on Wednesday…if the audience is not bewildered at the beginning there is a better than 50-50 chance by the end!\r\n\r\nThe big one should be the Supreme court ruling over the UK BREXIT. IF the House of Commons must vote on the BREXIT to ratify the referendum vote by the people, this will have enormous constitutional issues. Never mind the democratic issues that this will throw up. It could be a tasty piece of news. It’s one thing allowing Parliament to debate the BREXIT but the people in a democracy have decided and surely this (excuse the pun) “TRUMPS” parliament.\r\n\r\nI am no constitutional expert, not by any stretch, but if the people elect parliamentarians by voting for whom they choose, the people have the vote that should decide in a referendum. Let’s see.\r\n\r\nI see this week as a week where we could be and probably will be pushed up and down on the back of the number of executive orders placed by THE DONALD in his first few days of his presidency, plus, how many tweets the US Commander-in–chief issues and if he’s started any new wars, currency, trade or military!\r\n\r\nExpect the chop fest.\r\n\r\nAs Monty Python once said “No-one expects the Spanish Inquisition” … in 2017 it will be “No-one expects THE DONALD”.\r\n\r\nGet ready for it.\r\n\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-22012017.png\"><img class=\"aligncenter size-large wp-image-8960\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/T-CHART-22012017-1024x797.png\" alt=\"\" width=\"1024\" height=\"797\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8967\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8968\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8966\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8969\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8970\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8971\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-22012017.png\"><img class=\"aligncenter size-large wp-image-8972\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-D-22012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\nIf you recall, in my final “DRIVE THRU” of 2016, I provided a list of TRADING PREDICTIONS for 2017. I basically named several geopolitical events that I feel will weigh on the markets this year. Therefore, for the first few weeks of 2017, I want to look at these events in a little more detail.\r\n\r\nAs you will be aware, so much has been said already on the subjects that I have highlighted, I can only add points and views that are my own, based upon how I see things and how I am going to view trading around these events.\r\n<p style=\"text-align: center;\"><strong>TRUMP, PROZAC, OXYCONTIN and THE USD</strong></p>\r\nThere always seems to be something similar to a theatrical overtone to anything that is TRUMP associated in my opinion. I cannot put my finger on exactly what, but it’s almost as if one is expecting some TV style stunt to happen in the middle of a speech or something like that.\r\n\r\nI am not sure whether it’s an overriding feeling of dis-belief that he actually pulled it off, beat the odds, beat a well-oiled machine, claimed victory with his whole party against him, in fact, he alone, with just the help of his family and his running partner, took on the might of the Presidency and the Billions of dollars behind a Clinton campaign and won.\r\n\r\nThe Republican party that hid under rocks during the campaign are now only too happy to crawl out from under that rock and feast on the spoils of victory to which their added value was zero, in fact in some cases minus.\r\n\r\nThis is one main reason why I have a low opinion of politicians. They are only fair weather friends. I realize that there are some good ones, but in most countries, you can count them on one hand. I now have first-hand experience of 5 countries.\r\n\r\nMoving on…\r\n\r\nThanks be to God, that neither Piers Morgan or Omarosa parachuted in on the parade on Pennsylvania Avenue, that would have really put my, “it’s about to happen”, reality TV, TV stunt thoughts front and centre.\r\n\r\nDefinitely moving on now….\r\n\r\nThe fashion show in DC went off without a snag just 30 minutes late…I must say that the Brits would never stand for the delay, being the masters of pomp and ceremony everything in the UK is rehearsed and timed repeatedly down to almost the tenth of a second for accuracy.\r\n\r\nHowever, one must say that despite what we may think of THE DONALD the fashion police in DC will take on a new role for at least the next four years commenting on Melania, Ivanka and wives of Don Jnr and Eric. In some ways, it could be a pleasant distraction from the twitter account!\r\n\r\nThe speech in my opinion was just like one from the stump. He had to do that, I cannot for the life of me get over the debate about it.  It was 100% expected.\r\n\r\nSo; all over Washington right now, Republican and Democrats alike are in front their GP (Doctor), requesting drugs to get them through the first 100 days of the TRUMP administration.  I never give out any recommendations on stocks or even FX trades, I cannot, but what I can tell you is that we should all watch the shares of PROZAC and OXYCONTIN, I think these could be good buys, whoever manufactures them.\r\n\r\nThe whirlwind is in town and I would expect that blockages to change will be named and shamed publicly like never before to alert the people who voted them in that they do not have the future of a United States in their heart, or words to that effect.\r\n\r\nPoliticians the world over, hide behind the party line as a reason to oppose, this is how career politicians survive. If they can blame someone instead of defending their own actions, it suits them better as they need continual good approval rates to be good in order to survive. Popularity is a like an addictive drug to career politicians. Solving problems and fixing things is not in their chemistry, just not in their DNA. It is better to blame someone for something that is not working than actually try to make it work by doing something about it. That would be courageous, thinking outside the box.\r\n\r\nIf the DONALD is true to his word and I have or see no reason why he won’t stick to his beliefs and run Washington like a business, career politicians must change or get out. Sure, there will be negotiation, but if the DONALD is seen early on to have a couple of wins under his belt, should anyone block change that he sees as another win, God help them.\r\n\r\nThe changes will be radical, possibly very innovative but definitely a new chapter away from the way the dysfunctional way that DC has operated in the past. It should be interesting. Politicians with lots of severe headaches, finding tranquilly and calm hiding under their desks frightened to speak to the gathering press to answer accusations. Hence the OXYCONTIN and PROZAC references.\r\n\r\nFrom my selfish perspective as a Forex trader where does all that leave me?\r\n\r\nThe simple answer is… I wish I knew! Right now, I am as uncertain about what happens and how it all unfolds as much as players who are in the know.\r\n\r\nWithout doubt the USD will be smacked up and smashed down. What do I know for certain at the moment?\r\n<ul>\r\n 	<li>The US is almost at full employment.</li>\r\n 	<li>The economy is looking to be on the up.</li>\r\n 	<li>The DONALD wants to make huge capital expenditure projects.</li>\r\n 	<li>The is good for inflation.</li>\r\n 	<li>This will be good for morale and consumer confidence.</li>\r\n 	<li>This will feed into retail sales.</li>\r\n 	<li>This will feed into housing, new home sales and re-sales.</li>\r\n 	<li>This will feed in home improvements.</li>\r\n 	<li>This will feed into earnings as demands for the right skills increase.</li>\r\n 	<li>Better deposit rates for savers!</li>\r\n</ul>\r\nThe above list and there’s more will be great for the US.\r\n\r\nThere are some negatives though.\r\n<ul>\r\n 	<li>Inflation on goods and services.</li>\r\n 	<li>Gas price increases.</li>\r\n 	<li>Higher Interest Rates.</li>\r\n 	<li>Increased Mortgage Costs.</li>\r\n</ul>\r\nThen of course we have the FED. Uber DOVE, Janet Yellen, who I think operates behind the curve is on a path of Monetary Policy Divergence away from all the other major central banks in the G7. With the positives and negatives that I’ve listed above and there are probably pages more of them, she runs the risk of being left behind.\r\n\r\nAs stated soooooo many times last year, it is so easy to be a DOVE. Keep things as they are, move after the event. Being a HAWK requires conviction, belief and a commanding authority. Does Janet Yellen have this skill set? Can she prepare the Financial Markets in advance for changes in the economy? I am NOT convinced. I think it’s so easy in a low rate environment but in an expansionary environment it requires a whole new skill set, the main one being to stand up to Wall Street.\r\n\r\nAs a Forex trader, the movement in the USD over the next four years is paramount to everything we do. It is at the heart of every trade we if we are trading the AUD/NZD. The way the USD moves and its correlation to commodities that can have a direct bearing on either the AUD or the NZD currency must be borne in mind. In this example the relationship between COPPER and GOLD and the USD directly affects the AUD.\r\n\r\nIf you remember, the plans that the DONALD had before coming to power have not altered, the alleged market experts, (I would say 100% of them) said that if the DONALD was elected the USD would dump and the USD/JPY would hit 95.00-98.00. What happened was the USD rallied like crazy to 103.50 from a low of 96.00 and the USD/JPY from 101.00 hit 118.00 both in less than a month after he was elected. Given the experts were about a much use a chocolate teapot, I think we have a difficult answer to the basic question on the USD.\r\n\r\nSo, keeping things simple here’s my take.\r\n\r\nIf THE DONALD starts getting his agenda passed and gets the funding on infrastructure, personally I think we are off. This alone creates jobs, spending, raw materials the whole nine yards.\r\n\r\nThe affordable care act (Obamacare), does not concern me, personally, I thought Obama was onto something but the drug companies have way too much power and influence in US. Health care will NEVER get fixed in the US, there is too much money at stake, it will be “a fudge” in my opinion. This may be a vote winner but it’s not a continual USD market mover like infrastructure.\r\n\r\nInfrastructure spending is the key to re-start the merry-go-round.\r\n\r\nWhere can the USD (DXY) go?\r\n\r\nThe overriding thought that is stuck in my head when I think about TRUMPECONOMICS, is extremes. Everything associated with THE DONALD is glitter and bright lights. He is Marmite (you either love him or hate him). His policies are in the same mold.\r\n\r\nIn my opinion the range here is dead simple. With success on infrastructure spending and an 8-year program I see 120.00 again on the DXY. Failure and the dysfunctional DC continues I see the USD toying with 80.00 maybe back to financial crisis lows of around 70.00.\r\n\r\nEither move will have spectacular results, vis-à-vis the Forex market. Recession and QE again, possibly negative interest rates on failure to succeed and buoyancy like never seen before on the other side of the equation.\r\n\r\nUSD/JPY at 150.00 or 75.00.\r\n\r\nEUR/USD at 90.00 or 1.4000.\r\n\r\nThese sound crazy numbers. I am 100% sober writing this blog.\r\n\r\nWe are living in extreme times. The new President is sworn in on a mandate of shake ‘em up. Everything he touches will be seen as RISK by the traditional hierarchy. He will face battles to move on policy. He will use whatever he can to force his agenda, twitter and the like, it will be messy, there will be blood and for these reasons I see extremes on the spectrum of success.\r\n\r\nSure, when first looking at my currency ranges they are not only massive but extreme but it’s horses for courses, in my opinion these are realistic ranges to consider in the event of success or failure.\r\n\r\nIn my opinion, to say that THE DONALD has stepped up and placed a noose around his own neck is an understatement. This is why, I firmly believe he will name and shame those who block jobs and US prosperity. He has a big reputation, much of it by self-proclamation, therefore failure is not an option.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #228 FREE NEWSLETTER\r\nDATE: 22nd January 2017.<strong>\r\n\r\n</strong>', 'TRUMP, PROZAC, OXYCONTIN and THE USD', '', 'inherit', 'closed', 'closed', '', '8992-revision-v1', '', '', '2017-01-21 15:09:13', '2017-01-21 20:09:13', '', 8992, 'http://weeklyfxdrivethru.com/8992-revision-v1/', 0, 'revision', '', 0),
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(9033, 1, '2017-01-28 10:47:48', '2017-01-28 15:47:48', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI thought that this week I would be very upbeat on performance and on how January has turned around. Maintaining my honesty with my approach in this blog, I have to say that my analogy last week of “one step forwards…  two steps back”, can be further enhanced this week by saying FFS and WTF.\r\n\r\nI am not a happy trader at the moment. I have allowed some loss (under water) trades to dominate my time, energy and focus. Whilst, fundamentally, I may be trading in the correct direction, this stupid error on my behalf has deflected and distracted me for the whole of last week. I have been focused on losing trades, and letting a few set-ups on charts go by. Elementary errors, and I thought that I had eradicated these from my trading approach… apparently not.\r\n\r\nJust because I have strong fundamental views on particular currencies and geopolitical events, I had jumped in perhaps a little too strong instead of a gradual easing into positions. I have been guilty of trying to pick a series of tops and bottoms, inside a time-line, that has a new and without doubt volatile U.S. President, whose antics are reminiscent of a children’s playground at times.\r\n\r\nMoving on from the pleasantries…\r\n\r\nThe big news items last week involved personalities, Theresa May (UK Prime Minister) and Donald Trump (U.S. President).\r\n\r\nThe supreme court in the UK passed a ruling that the UK Parliament must ratify the decision to BREXIT. Thankfully, it did not give special dispensation to the devolved governments in Northern Ireland, Scotland and Wales. Had this been included in the decision there is no doubt in my mind that the March 31<sup>st</sup> deadline imposed by the Prime Minister to trigger article 50 would not be met. Even now, there is a chance that MP’s who are happy to run the gauntlet against their constituents wishes and maybe vote REMAIN in a “commons” vote, could table some amendments to the bill served on the UK Parliament, all 137 words of it, last Thursday. There is a very tight passage for the bill, including sanction time in the House of Lords for it to return back to the House of Commons in February for a vote. We shall see.\r\n\r\nOn the other side of the pond, \"THE DONALD\" has been signing off executive order after executive order keeping his campaign promises intact.\r\n\r\nTRUMP has amongst a few other things: -\r\n<ul>\r\n 	<li>Had a twitter fight with the Mexican President and called off a state visit. Kissed and apparently made up via a telephone call. But do not mention “the wall”, I mentioned twice last night by the way and I got away with it!!</li>\r\n 	<li>Told the big three domestic car manufactures to build in the USA or face stiff import tariffs.</li>\r\n 	<li>Enraged the greens over pipe-line approvals.</li>\r\n 	<li>Banned immigration to the U.S. from a selection of Middle Eastern and African nations.</li>\r\n 	<li>Banned ALL refugees for 120 days.</li>\r\n 	<li>Went to the Pentagon saying he thinks water-boarding is fine, but then said yer man in charge of this area “Mad Dog” Mattis can overrule him, it’s his decision****.</li>\r\n 	<li>Had a meeting, lunch and held hands with Theresa May (UK Prime Minister) in Washington under the pretense of discussing the framework for a bilateral trade agreement.</li>\r\n 	<li>Abe (Japan, Prime Minister) is not far behind on a trip to Washington to match the UK. He is apparently booked in for a chat next week now that THE DONALD has withdrawn the U.S. from the Trans Pacific Partnership (TPP).</li>\r\n</ul>\r\nAll \"THE DONALD\" needs to complete a great job done in his first week is out China as a currency manipulator!\r\n\r\nPLEASE NOTE FROM ABOVE: **** I cannot let this point go by, it just would not be fair. If THE DONALD is going to rule the Country like a business and delegate authority like he has indicated here, and if this were to be done across the board,\r\n\r\ni.e. He leads with his ideas and his cabinet manage, personally, I think that this is a “Good Thing”.\r\n\r\nI believe in management by delegating actions, it is a proven business win, it allows for confrontation, debate, reconciliation and agreement, and at the same time 100% focus, without diversity from the big picture for a leader. Should this style take hold in Washington, America could reap some big wins.\r\n\r\nYou may not agree on the policy, but things may actually get done. That in itself would be a huge, momentous, massive achievement for a dysfunctional environment that is still spilt by the party divide.  The Democrats have played their hand quite blatantly in the first week; the good of party not the people. The party first, NOT America still prevails, and it is probably deeper now given style and antics of THE DONALD so far.\r\n\r\n(You see I can offer a balanced approach)\r\n\r\n&nbsp;\r\n\r\nMoving on… “LIVE Broadcasts – THE WEEKLY FX DRIVE THRU – LIVE”.\r\n\r\nMy webinar last Monday plagued a great deal with software issues that I thought I had mastered in my demo runs. I am hoping that #2 on Monday 30<sup>th</sup> at 5:30PM will be a little easier.\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\n&nbsp;\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-NEWS-28012017.png\"><img class=\"aligncenter size-large wp-image-9007\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-NEWS-28012017-915x1024.png\" alt=\"\" width=\"915\" height=\"1024\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nBig week coming up culminating with the US Jobs data on Friday.\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>BOJ: It will be interesting to read the narrative this time around vis-à-vis the US changes that have taken place. Whilst I strongly suspect that Kuroda (BOJ Governor) will remain dovish and 100% supportive of a weak Yen, the JPY is currently being used as the flight to safety currency given that it is only 0.10% per overnight for institutions in comparison to the CHF which is a 0.75% cost. There could be rhetoric about this as the JPY weakness trade has pulled back significantly from the 118.00 levels seen after TRUMP was elected. Whilst we are hanging around the 115.00 level we have tested the trend lows at 112.50 regularly of late.</li>\r\n 	<li>CAD: The GDP number on Tuesday will be an interesting read to see if any clues can be sought following Poloz’ ill-timed (in my opinion) mention that interest rate cuts were back in the frame once again.\r\n\r\nSince then we have seen the TRUMP pipeline order that has strengthened the CAD somewhat, but the GDP number will be a great tester to look out for moving forward.</li>\r\n 	<li>NZD: Jobs data on Tuesday. Most NZD data of late have been beats. I would prefer the mother of all fails…DIE KIWI DIE!!! As you may guess I am short the NZD currency. Talk about self-inflicted pain!</li>\r\n 	<li>CHINA: Manufacturing PMi data will be a good read. This will spill over into both the AUD and NZD pairs for potential moves.</li>\r\n 	<li>UK: Manufacturing, Construction and Services PMi, Interest Rate, BOE Inflation Report, Monetary Policy Summary and Mark Carney speaks…\r\n\r\nA plethora of UK data and information to absorb, plus we will have the TRUMP / MAY bilateral trade talks to digest. If that is not enough there will be BREXIT progression through the UK parliament to consider as well.\r\n\r\nThere is a lot of data. Carney’s words and BREXIT will, in my opinion dominate. The market may be looking for inflation hints and ideas on interest rate increases. Quite frankly, I think that Carney would do nada, even if he had inflation at 3%. But that is just my opinion.</li>\r\n 	<li>RBA: Monetary Policy Statement. I believe in the Central banks so I will read this one from Dr. Lowe with interest.</li>\r\n 	<li>USD: Jobs data, the FOMC Policy statement, Consumer Confidence, ISM PMi data and “THE DONALD”.\r\n\r\nThis will be an interesting week stateside. Janet Yellen, can’t really do too much at the moment given the fact the policies from TRUMP so far are just impressive signatures on a series of Executive orders. The US data is improving and I am certain that should “THE DONALD” focus on infrastructure spending and Tax Reform these will be sufficient to have Yellen attempt to turn HAWKISH. Frankly, I do not think that she has it in her to go HAWKISH, once a DOVE always a DOVE in my opinion. If she treasures her job she’ll go HAWKISH good style and be ahead of the curve. Otherwise in my opinion TRUMP will have her out, quicker than wife Melania can say “Baron, pass me the HP sauce”.\r\n\r\nMost of the time next week, we will be waiting on “THE DONALD” to fill up our otherwise boring, dreary existences!</li>\r\n</ol>\r\nAll in all, it will be a heavy week, with little sleep. However, even with all this data and information about to be directed our way, I am still not certain that we will have the clues we need moving forward into the medium term.\r\n\r\nThere is so much uncertainty surrounding “THE DONALD”, THE BREXIT and THE EUROZONE it is a day to day existence in my world, which I hate. I much prefer a steady directional move in place even with pullbacks and the like involved. Right now, we leap one way then the other on news items rather than policy. This is not good for the markets or its participants.<u> </u>\r\n\r\n&nbsp;\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/TCHART-28012017.png\"><img class=\"aligncenter size-large wp-image-9008\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/TCHART-28012017-1024x809.png\" alt=\"\" width=\"1024\" height=\"809\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9013\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9014\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9012\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9015\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9016\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9017\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-28012017.png\"><img class=\"aligncenter size-large wp-image-9018\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI mentioned it earlier and I put similar comments out on TWITTER early last week, that I was having issues overcoming some CORE POSITIONS that were up in my face namely “cable”.\r\n\r\nI have the GBP/USD still in a separate account from when we were posting BREXIT trades last year. It is a sizeable account but I had earmarked the monies to be split into 3 accounts moving forward. This was pre-occupying my time and the delay to move monies and because it would affect my RISK limits it was affecting me, when it shouldn’t have.\r\n\r\nI think I wrote about this “pre-occupation” “focus” on the negative a couple of years ago, when I wrote several articles on the psychology of trading. I am over it now, but I cannot believe how I let that negative get to me so much, it consumed me for about 72 hours.\r\n\r\nMoving on…\r\n\r\nThe trading week is poor. I hate it and I cannot wait to get January out of the way and move into a fresh month. I wrote to a couple of you during the week and stated that last year it was “ice-storms” that cleared out many big trades, the year before the EUR/CHF peg removal, so I may look at January as one of those type of events should I decide to clear out some trades that just aren’t doing it!\r\n\r\nHaving said that, there were not that many set-ups in the past week that interested me. It was chop, chop and more chop most of the time, there simply weren’t many trades that stood out in my opinion. I have a 30-minute FLASH TRADE style called the pullback strategy. When all else fails, this works, because of its short-term involvement with a trade. Using my tried and tested parameters from the past 5/6 years…nada. That said it all for me last week. That being said, I did let a couple of fundamental trades go by.\r\n\r\nAnyway, moving onwards and upwards to infinity and beyond!\r\n\r\n&nbsp;\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nThis week will be hard. There are not that many opportunities about and we are short on policy but extremely high on rhetoric at the moment. It is not a conducive mix for great trading. I will therefore need to be cautious and trade in the knowledge that a TWEET could scupper all plans.\r\n\r\nI have placed LIMIT ORDERS on AUD/USD and I have decided to re-enter the NZD/USD short again to add to my AUD/NZD and EUR/NZD positions. I want to get involved with the USD/CAD but I had one poor losing trade last week.  With pipelines news dominating plus it also appears that USDCAD correlation to oil is somewhat tenuous at the moment I will now stand aside and wait.\r\n\r\nTHE FED, RBA, BOJ and BOE are all giving policy outlines this week and my hope is that I will be better equipped this time next week with some insights and updates on policies. My fear is that I will still be a mushroom, kept in the dark and fed sh**e.\r\n\r\nCorrelations are off, some people say lagging. This is also a major concern re: confidence in a trade set up being valid.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – Frustrating as it is I am still a believer. I will continue to add on pullbacks and lift off 50 -100 pip gains as they become available. Patience is the key.</li>\r\n 	<li>I have also added the EUR/NZD to the NZD portfolio. I have two LIVE trades plus a “BUY STOP” limit order in place. I did believe that this pair would be well in a healthy positive position by now. It looks like I will need to be patient and bide my time.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add more trades as the month progresses.\r\n\r\nAlways going to be looking to add, I think that for at least Q1 and Q2 the EUROZONE will remain under downside pressures. If BREXIT negotiations are difficult, which I believe they should be, the German desire for the ECB to raise rates could be seen for what it is, which is, in an election year pure and utter propaganda to win over the German savers who have been taken to the cleaners with zero savings interest rates for many years now and at all elections they are being fed a plate of empty promises.</li>\r\n 	<li>GBP/USD: - started building and have taken profits and a for the sake of holding RISK TOLERANCE intact also a big loss already on this position. This could be an annoying trade, as you know only too well, the cable can be a slippery little fecker at the best of times. It has the ability to take out all longs and all shorts out of the market in a single session.\r\n\r\nOne will require patience with this pair as it will flip flop all over the place.</li>\r\n</ol>\r\n&nbsp;\r\n\r\n<u>THE WEEKLY FX DRIVE THRU – LIVE:</u>\r\n\r\nNext webinar:  Monday January 30th<sup>d</sup> 2017 at 5:30PM EST.\r\n\r\nYou can register on the link below; they will be recorded and distributed after the event. To access the webinar or see the recording you will need Google Chrome as your browser, and, for a short initial period the webinars will NOT play on smart phones or tablets.\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\n<strong> </strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE1-28012017.png\"><img class=\"aligncenter size-large wp-image-9010\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE1-28012017-813x1024.png\" alt=\"\" width=\"813\" height=\"1024\" /></a>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE2-28012017.png\"><img class=\"aligncenter size-large wp-image-9011\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE2-28012017-925x1024.png\" alt=\"\" width=\"925\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIMIT-28012017.png\"><img class=\"aligncenter size-large wp-image-9009\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIMIT-28012017-756x1024.png\" alt=\"\" width=\"756\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>WHERE NEXT FOR THE USD (DXY)?</strong></p>\r\nThis will be a very short article…\r\n\r\n“It’s anyone’s guess, fu**ed if I know”.\r\n\r\nHave a great week trading and good luck!\r\n\r\nSo, there ya go….\r\n\r\n&nbsp;\r\n\r\nAs a fundamental trader, and someone who prefers to take a longer-term time horizon with trading, this market is difficult for me at the moment.\r\n\r\nI, like most of you, will listen to and watch the likes of BLOOMBERG and CNBC and take note of what the expert analysts say. The problem as I see it is, these guys have no clue either in the short-term other than say that it will be volatile. With their so-called “picks”, I would have to say that quite frankly my 5 year Labrador Ozzy would be just as accurate. Like most of the analyst’s, Ozzy has “no skin” in the game either.\r\n\r\nLet’s face facts they all (analysts) got it wrong on how the markets would react to a TRUMP Presidency and they have in my opinion shown the same consistency since.\r\n\r\nThe simple facts are: -\r\n<ul>\r\n 	<li>The GBP has reacted to the BREXIT news.</li>\r\n 	<li>The JPY rallied and then pulled back.</li>\r\n 	<li>The MXN has been up and down like a stripper on a greasy pole ever since TRUMP was elected.</li>\r\n 	<li>We are just in a sideways range, with the odd spike here and there.</li>\r\n</ul>\r\nLong term I feel comfortable with my directional core position trades. However, apart from watching the “chop-chop” everyday what clues am I looking at, and what am I looking for?\r\n\r\nI have written over the past few years in this blog about about CORRELATIONS, LEAD INDICATORS and ALIGNMENTS. Trading Forex is repetitive and for the most part boring. It is the same old, same old day after day.\r\n\r\nMy wife and I love our two dogs Ozzy and Aoife (Black Labradors, brother and sister), I often joke about how much of their lives are spent waiting. An hour before feeding time in the morning and the evening they are like coiled cobras waiting to pounce. They are stressing out about food; “I need it now”. They wait in the sitting up position staring at you trying to brainwash you to feed them early. You put them out in the gardens to do “wee’s and poo’s, they come back to the door and wait. Every day the same routines are repeated over and over.\r\n\r\nMy point is, my existence at the moment, is very similar to my dogs, in the sense that I am waiting and staring for hours on end at my computer screens for something meaningful to happen.\r\n\r\nMoving back to my point…\r\n\r\nMy LEAD INDICATORS are where I am spending most of my time looking for ideas, alignments and correlations as well as some inspiration. My LEAD INDICATORS are: -\r\n\r\n<strong>DXY, OIL, GOLD, COPPER, USD/SEK, USD/CAD and AUD/USD</strong>.\r\n\r\nMy routine is as follows; I scan all seven charts each time before I start trading. I also look at US 30 year treasuries and the S&amp;P on most occasions.\r\n\r\nI use the daily charts just to see alignments and correlations. These give me directional trading confidence. At the moment, some correlations are off and alignments are not at 100%.\r\n\r\nNow let’s get this straight. This is not analysis paralysis. As you will see from the charts below, I am getting a flavour, of course if I want to dig deeper I can and I do. But in real terms I am usually drinking my first coffee of the day as I look though these charts. These charts are basic, clear, very little on them. They are simple, clean and functional for what I want. I am looking for changes from the previous day, how has Asian news affected these charts, if at all. What about the European open has anything taken hold?\r\n\r\n&nbsp;\r\n\r\nUSD Index (DXY):\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/DXY-28012017.png\"><img class=\"aligncenter size-large wp-image-9020\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/DXY-28012017-1024x431.png\" alt=\"\" width=\"1024\" height=\"431\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe above Daily DXY chart has been on one my screens since early December last year. If I miss a tweet from THE DONALD, not to worry the effect is usually seen here most of the time.\r\n\r\nOver the longer-term the DXY has broken higher. Right now, we are moving lower but within this move, the longer-term overall move is making a series of higher lows. This gives me some comfort, as ultimately I am bullish the USD. Since “THE DONALD” was elected we have been moving lower, then higher, than lower again. The level of 100.00 is a key psychological number. Just below we have 99.80, which has acted as support from where we have based and started to move higher once again.\r\n\r\nXAU/USD (GOLD):\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-GOLD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9023\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-GOLD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nI look at GOLD as being inverse with the USD currency overall with a high correlation to the CHF. Generally speaking, the correlation with the USD is intact. If you compare the two charts we are following the same route. As the DXY based for say three days the GOLD chart topped for a similar period.\r\n\r\n&nbsp;\r\n\r\nUSOIL (OIL):\r\n\r\nI look at these LEADING INDICATOR charts very quickly first thing to get an overall feel.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/Wti-28012017.png\"><img class=\"aligncenter size-large wp-image-9021\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/Wti-28012017-1024x432.png\" alt=\"\" width=\"1024\" height=\"432\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nWith regards to OIL. I do not believe a word that comes out of OPEC and in my opinion it will just be a matter of time before the first violator of the production freeze is outed. That aside, $55.00 is the top and I am now looking at $52.46 as the 61.8% retracement to see will that hold or fail. After we have a trend line support and then in my opinion I see a test of $50.00 and then we go lower. The OPEC deal will be dead in the water by this stage, I think they were hoping for almost $70.00, the fact that $55.00 could not be passed must be biting hard.\r\n\r\nThe correlation of OIL to the USD/CAD is off at the moment.\r\n\r\n&nbsp;\r\n\r\nXCU/USD (COPPER):\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/COPPER-28012017.png\"><img class=\"aligncenter size-large wp-image-9019\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/COPPER-28012017-1024x453.png\" alt=\"\" width=\"1024\" height=\"453\" /></a>\r\n\r\nI get asked many times why Copper?\r\n\r\nVery simple, copper is used in all types of buildings in wiring. It is a great indicator of the building industry. It’s usually bought early, ahead of other commodities and as I have stated many, many times before “IT’S ALL ABOUT COMMODITIES” … the rest follows. We may get “laggers” but the rest follows.\r\n\r\nThe COPPER chart above looks to be a potential bullish wedge breakout. This is one to keep on your radar moving forward.\r\n\r\nCopper and the AUD are linked in my opinion. The Copper chart looks bullish, the AUD/USD is far from it. It is sideways looking more bearish than bullish. With the AUD/USD being linked to copper and as a commodity currency it\'s a great barometer of several markets in my opinion.\r\n\r\n&nbsp;\r\n\r\nUSD/SEK:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDSEK-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9025\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDSEK-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nIn a channel, downwards sloping channel and going sideways. It has been trying to establish a base ahead of 8.7800, which offers great support from October 2016.\r\n\r\nThis pair is extremely USD sensitive and is a superb gauge in my opinion to get sentiment. We are sideways. That says to me clear snow / paint a wall / walk the dogs.\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDCAD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9024\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDCAD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nAs we all know, it has been the proxy for OIL. This has uncoupled of late especially as “THE DONALD” has been signing his name over a few pipelines related executive orders.\r\n\r\nI have mixed views here. “THE DONALD” is strengthening the CAD. Poloz at the BOC is looking at rate cuts, which should weaken the currency.\r\n\r\nThe currency pair itself whilst showing weakness over the past two days cannot be trusted. It has been screwing with longs and shorts taking them both out in the same session with extreme moves.\r\n\r\nI do NOT like it when this currency which is renounced for prompting USD moves first cannot be trusted.\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-AUDUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9022\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-AUDUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\nNot comfortable with this pair. It is not following Copper or vice versa and its Antipodean counterpart, the NZD is much stronger at the moment with bolder moves. Whilst I do think that 0.7610 is a great short to sell against. It is with extreme caution and a tight stop given the Copper chart.\r\n\r\n&nbsp;\r\n\r\nSUMMARY:\r\n\r\nAs you can hopefully see using charts to try and gauge the USD direction is also as unclear as the TV pundits. We have in my opinion a lot of mixed messages.\r\n\r\nSo, when I started this article with “fu**ed if I know” … I do not believe that I am alone. If you are looking to blame someone blame “THE DONALD”.\r\n\r\nMost of the market uncertainty is based around the US President. His aggressive stance on trade protectionism is scaring the crap out of some people. I believe the FED’s inflation objective of 2% will be achieved very quickly once increased costs flow through the US economy and FED interest rate hikes will be on time, possibly quarterly.\r\n\r\nThe UK will not be far behind. It is the commodity currencies that will lag in my opinion as factory prices will be held for as long as possible and then this pressure will force commodity prices lower initially followed by stocks. The USD should hit the recent 103.50 highs and then strike towards the 120.00 level from 2001-2002. Now there’s a call!!\r\n\r\nSo longer term you can see where I am coming from. Short-term, it is just chop-chop and more chop-chop.\r\n\r\nUncertainties over the BREXIT and the EUROZONE elections should give some directional trading, but, we live in a “King Dollar” world and directional trading at the moment is mostly in 20 minute chunks.\r\n\r\nTo give you something to hold onto. It was crucial in my opinion for the DXY to hold 99.80. I was thinking we could drift to 99.50. This in itself shows that the USD has value, it would at the moment, be the winner in the less ugly competition for some people because it has a value.\r\n\r\nYou can put lipstick on the EUR, but it is still a pig and its direction given all the headwinds it is facing in my opinion has to be lower. As the EUR accounts for over 50% of the DXY mix of the currency basket this will / should support the USD moving forward.\r\n\r\nI paint a challenging picture in the immediate time frames. That cannot be helped, it is how I see things.\r\n\r\nI am NOT comfortable trading at the moment, but what I will say quite categorically is PLAN YOUR TRADES if you are going to trade and LET THE TRADES COME TO YOUR PRICE… do not jump in all guns blazing.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #125 PREMIUM SERVICE\r\nDATE: 29th January 2017.<strong>\r\n\r\n</strong>', 'WHERE NEXT FOR THE USD (DXY)?', '', 'publish', 'open', 'closed', '', 'next-usd-dxy', '', '', '2017-01-28 10:47:48', '2017-01-28 15:47:48', '', 0, 'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9033', 0, 'member_posts', '', 0);
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(9034, 1, '2017-01-28 10:47:48', '2017-01-28 15:47:48', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nI thought that this week I would be very upbeat on performance and on how January has turned around. Maintaining my honesty with my approach in this blog, I have to say that my analogy last week of “one step forwards…  two steps back”, can be further enhanced this week by saying FFS and WTF.\r\n\r\nI am not a happy trader at the moment. I have allowed some loss (under water) trades to dominate my time, energy and focus. Whilst, fundamentally, I may be trading in the correct direction, this stupid error on my behalf has deflected and distracted me for the whole of last week. I have been focused on losing trades, and letting a few set-ups on charts go by. Elementary errors, and I thought that I had eradicated these from my trading approach… apparently not.\r\n\r\nJust because I have strong fundamental views on particular currencies and geopolitical events, I had jumped in perhaps a little too strong instead of a gradual easing into positions. I have been guilty of trying to pick a series of tops and bottoms, inside a time-line, that has a new and without doubt volatile U.S. President, whose antics are reminiscent of a children’s playground at times.\r\n\r\nMoving on from the pleasantries…\r\n\r\nThe big news items last week involved personalities, Theresa May (UK Prime Minister) and Donald Trump (U.S. President).\r\n\r\nThe supreme court in the UK passed a ruling that the UK Parliament must ratify the decision to BREXIT. Thankfully, it did not give special dispensation to the devolved governments in Northern Ireland, Scotland and Wales. Had this been included in the decision there is no doubt in my mind that the March 31<sup>st</sup> deadline imposed by the Prime Minister to trigger article 50 would not be met. Even now, there is a chance that MP’s who are happy to run the gauntlet against their constituents wishes and maybe vote REMAIN in a “commons” vote, could table some amendments to the bill served on the UK Parliament, all 137 words of it, last Thursday. There is a very tight passage for the bill, including sanction time in the House of Lords for it to return back to the House of Commons in February for a vote. We shall see.\r\n\r\nOn the other side of the pond, \"THE DONALD\" has been signing off executive order after executive order keeping his campaign promises intact.\r\n\r\nTRUMP has amongst a few other things: -\r\n<ul>\r\n 	<li>Had a twitter fight with the Mexican President and called off a state visit. Kissed and apparently made up via a telephone call. But do not mention “the wall”, I mentioned twice last night by the way and I got away with it!!</li>\r\n 	<li>Told the big three domestic car manufactures to build in the USA or face stiff import tariffs.</li>\r\n 	<li>Enraged the greens over pipe-line approvals.</li>\r\n 	<li>Banned immigration to the U.S. from a selection of Middle Eastern and African nations.</li>\r\n 	<li>Banned ALL refugees for 120 days.</li>\r\n 	<li>Went to the Pentagon saying he thinks water-boarding is fine, but then said yer man in charge of this area “Mad Dog” Mattis can overrule him, it’s his decision****.</li>\r\n 	<li>Had a meeting, lunch and held hands with Theresa May (UK Prime Minister) in Washington under the pretense of discussing the framework for a bilateral trade agreement.</li>\r\n 	<li>Abe (Japan, Prime Minister) is not far behind on a trip to Washington to match the UK. He is apparently booked in for a chat next week now that THE DONALD has withdrawn the U.S. from the Trans Pacific Partnership (TPP).</li>\r\n</ul>\r\nAll \"THE DONALD\" needs to complete a great job done in his first week is out China as a currency manipulator!\r\n\r\nPLEASE NOTE FROM ABOVE: **** I cannot let this point go by, it just would not be fair. If THE DONALD is going to rule the Country like a business and delegate authority like he has indicated here, and if this were to be done across the board,\r\n\r\ni.e. He leads with his ideas and his cabinet manage, personally, I think that this is a “Good Thing”.\r\n\r\nI believe in management by delegating actions, it is a proven business win, it allows for confrontation, debate, reconciliation and agreement, and at the same time 100% focus, without diversity from the big picture for a leader. Should this style take hold in Washington, America could reap some big wins.\r\n\r\nYou may not agree on the policy, but things may actually get done. That in itself would be a huge, momentous, massive achievement for a dysfunctional environment that is still spilt by the party divide.  The Democrats have played their hand quite blatantly in the first week; the good of party not the people. The party first, NOT America still prevails, and it is probably deeper now given style and antics of THE DONALD so far.\r\n\r\n(You see I can offer a balanced approach)\r\n\r\n&nbsp;\r\n\r\nMoving on… “LIVE Broadcasts – THE WEEKLY FX DRIVE THRU – LIVE”.\r\n\r\nMy webinar last Monday plagued a great deal with software issues that I thought I had mastered in my demo runs. I am hoping that #2 on Monday 30<sup>th</sup> at 5:30PM will be a little easier.\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\n&nbsp;\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-NEWS-28012017.png\"><img class=\"aligncenter size-large wp-image-9007\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-NEWS-28012017-915x1024.png\" alt=\"\" width=\"915\" height=\"1024\" /></a>\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nBig week coming up culminating with the US Jobs data on Friday.\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>BOJ: It will be interesting to read the narrative this time around vis-à-vis the US changes that have taken place. Whilst I strongly suspect that Kuroda (BOJ Governor) will remain dovish and 100% supportive of a weak Yen, the JPY is currently being used as the flight to safety currency given that it is only 0.10% per overnight for institutions in comparison to the CHF which is a 0.75% cost. There could be rhetoric about this as the JPY weakness trade has pulled back significantly from the 118.00 levels seen after TRUMP was elected. Whilst we are hanging around the 115.00 level we have tested the trend lows at 112.50 regularly of late.</li>\r\n 	<li>CAD: The GDP number on Tuesday will be an interesting read to see if any clues can be sought following Poloz’ ill-timed (in my opinion) mention that interest rate cuts were back in the frame once again.\r\n\r\nSince then we have seen the TRUMP pipeline order that has strengthened the CAD somewhat, but the GDP number will be a great tester to look out for moving forward.</li>\r\n 	<li>NZD: Jobs data on Tuesday. Most NZD data of late have been beats. I would prefer the mother of all fails…DIE KIWI DIE!!! As you may guess I am short the NZD currency. Talk about self-inflicted pain!</li>\r\n 	<li>CHINA: Manufacturing PMi data will be a good read. This will spill over into both the AUD and NZD pairs for potential moves.</li>\r\n 	<li>UK: Manufacturing, Construction and Services PMi, Interest Rate, BOE Inflation Report, Monetary Policy Summary and Mark Carney speaks…\r\n\r\nA plethora of UK data and information to absorb, plus we will have the TRUMP / MAY bilateral trade talks to digest. If that is not enough there will be BREXIT progression through the UK parliament to consider as well.\r\n\r\nThere is a lot of data. Carney’s words and BREXIT will, in my opinion dominate. The market may be looking for inflation hints and ideas on interest rate increases. Quite frankly, I think that Carney would do nada, even if he had inflation at 3%. But that is just my opinion.</li>\r\n 	<li>RBA: Monetary Policy Statement. I believe in the Central banks so I will read this one from Dr. Lowe with interest.</li>\r\n 	<li>USD: Jobs data, the FOMC Policy statement, Consumer Confidence, ISM PMi data and “THE DONALD”.\r\n\r\nThis will be an interesting week stateside. Janet Yellen, can’t really do too much at the moment given the fact the policies from TRUMP so far are just impressive signatures on a series of Executive orders. The US data is improving and I am certain that should “THE DONALD” focus on infrastructure spending and Tax Reform these will be sufficient to have Yellen attempt to turn HAWKISH. Frankly, I do not think that she has it in her to go HAWKISH, once a DOVE always a DOVE in my opinion. If she treasures her job she’ll go HAWKISH good style and be ahead of the curve. Otherwise in my opinion TRUMP will have her out, quicker than wife Melania can say “Baron, pass me the HP sauce”.\r\n\r\nMost of the time next week, we will be waiting on “THE DONALD” to fill up our otherwise boring, dreary existences!</li>\r\n</ol>\r\nAll in all, it will be a heavy week, with little sleep. However, even with all this data and information about to be directed our way, I am still not certain that we will have the clues we need moving forward into the medium term.\r\n\r\nThere is so much uncertainty surrounding “THE DONALD”, THE BREXIT and THE EUROZONE it is a day to day existence in my world, which I hate. I much prefer a steady directional move in place even with pullbacks and the like involved. Right now, we leap one way then the other on news items rather than policy. This is not good for the markets or its participants.<u> </u>\r\n\r\n&nbsp;\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/TCHART-28012017.png\"><img class=\"aligncenter size-large wp-image-9008\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/TCHART-28012017-1024x809.png\" alt=\"\" width=\"1024\" height=\"809\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9013\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9014\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9012\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9015\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9016\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9017\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-28012017.png\"><img class=\"aligncenter size-large wp-image-9018\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI mentioned it earlier and I put similar comments out on TWITTER early last week, that I was having issues overcoming some CORE POSITIONS that were up in my face namely “cable”.\r\n\r\nI have the GBP/USD still in a separate account from when we were posting BREXIT trades last year. It is a sizeable account but I had earmarked the monies to be split into 3 accounts moving forward. This was pre-occupying my time and the delay to move monies and because it would affect my RISK limits it was affecting me, when it shouldn’t have.\r\n\r\nI think I wrote about this “pre-occupation” “focus” on the negative a couple of years ago, when I wrote several articles on the psychology of trading. I am over it now, but I cannot believe how I let that negative get to me so much, it consumed me for about 72 hours.\r\n\r\nMoving on…\r\n\r\nThe trading week is poor. I hate it and I cannot wait to get January out of the way and move into a fresh month. I wrote to a couple of you during the week and stated that last year it was “ice-storms” that cleared out many big trades, the year before the EUR/CHF peg removal, so I may look at January as one of those type of events should I decide to clear out some trades that just aren’t doing it!\r\n\r\nHaving said that, there were not that many set-ups in the past week that interested me. It was chop, chop and more chop most of the time, there simply weren’t many trades that stood out in my opinion. I have a 30-minute FLASH TRADE style called the pullback strategy. When all else fails, this works, because of its short-term involvement with a trade. Using my tried and tested parameters from the past 5/6 years…nada. That said it all for me last week. That being said, I did let a couple of fundamental trades go by.\r\n\r\nAnyway, moving onwards and upwards to infinity and beyond!\r\n\r\n&nbsp;\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nThis week will be hard. There are not that many opportunities about and we are short on policy but extremely high on rhetoric at the moment. It is not a conducive mix for great trading. I will therefore need to be cautious and trade in the knowledge that a TWEET could scupper all plans.\r\n\r\nI have placed LIMIT ORDERS on AUD/USD and I have decided to re-enter the NZD/USD short again to add to my AUD/NZD and EUR/NZD positions. I want to get involved with the USD/CAD but I had one poor losing trade last week.  With pipelines news dominating plus it also appears that USDCAD correlation to oil is somewhat tenuous at the moment I will now stand aside and wait.\r\n\r\nTHE FED, RBA, BOJ and BOE are all giving policy outlines this week and my hope is that I will be better equipped this time next week with some insights and updates on policies. My fear is that I will still be a mushroom, kept in the dark and fed sh**e.\r\n\r\nCorrelations are off, some people say lagging. This is also a major concern re: confidence in a trade set up being valid.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – Frustrating as it is I am still a believer. I will continue to add on pullbacks and lift off 50 -100 pip gains as they become available. Patience is the key.</li>\r\n 	<li>I have also added the EUR/NZD to the NZD portfolio. I have two LIVE trades plus a “BUY STOP” limit order in place. I did believe that this pair would be well in a healthy positive position by now. It looks like I will need to be patient and bide my time.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add more trades as the month progresses.\r\n\r\nAlways going to be looking to add, I think that for at least Q1 and Q2 the EUROZONE will remain under downside pressures. If BREXIT negotiations are difficult, which I believe they should be, the German desire for the ECB to raise rates could be seen for what it is, which is, in an election year pure and utter propaganda to win over the German savers who have been taken to the cleaners with zero savings interest rates for many years now and at all elections they are being fed a plate of empty promises.</li>\r\n 	<li>GBP/USD: - started building and have taken profits and a for the sake of holding RISK TOLERANCE intact also a big loss already on this position. This could be an annoying trade, as you know only too well, the cable can be a slippery little fecker at the best of times. It has the ability to take out all longs and all shorts out of the market in a single session.\r\n\r\nOne will require patience with this pair as it will flip flop all over the place.</li>\r\n</ol>\r\n&nbsp;\r\n\r\n<u>THE WEEKLY FX DRIVE THRU – LIVE:</u>\r\n\r\nNext webinar:  Monday January 30th<sup>d</sup> 2017 at 5:30PM EST.\r\n\r\nYou can register on the link below; they will be recorded and distributed after the event. To access the webinar or see the recording you will need Google Chrome as your browser, and, for a short initial period the webinars will NOT play on smart phones or tablets.\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\n<strong> </strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE1-28012017.png\"><img class=\"aligncenter size-large wp-image-9010\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE1-28012017-813x1024.png\" alt=\"\" width=\"813\" height=\"1024\" /></a>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE2-28012017.png\"><img class=\"aligncenter size-large wp-image-9011\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIVE2-28012017-925x1024.png\" alt=\"\" width=\"925\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIMIT-28012017.png\"><img class=\"aligncenter size-large wp-image-9009\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/LIMIT-28012017-756x1024.png\" alt=\"\" width=\"756\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>WHERE NEXT FOR THE USD (DXY)?</strong></p>\r\nThis will be a very short article…\r\n\r\n“It’s anyone’s guess, fu**ed if I know”.\r\n\r\nHave a great week trading and good luck!\r\n\r\nSo, there ya go….\r\n\r\n&nbsp;\r\n\r\nAs a fundamental trader, and someone who prefers to take a longer-term time horizon with trading, this market is difficult for me at the moment.\r\n\r\nI, like most of you, will listen to and watch the likes of BLOOMBERG and CNBC and take note of what the expert analysts say. The problem as I see it is, these guys have no clue either in the short-term other than say that it will be volatile. With their so-called “picks”, I would have to say that quite frankly my 5 year Labrador Ozzy would be just as accurate. Like most of the analyst’s, Ozzy has “no skin” in the game either.\r\n\r\nLet’s face facts they all (analysts) got it wrong on how the markets would react to a TRUMP Presidency and they have in my opinion shown the same consistency since.\r\n\r\nThe simple facts are: -\r\n<ul>\r\n 	<li>The GBP has reacted to the BREXIT news.</li>\r\n 	<li>The JPY rallied and then pulled back.</li>\r\n 	<li>The MXN has been up and down like a stripper on a greasy pole ever since TRUMP was elected.</li>\r\n 	<li>We are just in a sideways range, with the odd spike here and there.</li>\r\n</ul>\r\nLong term I feel comfortable with my directional core position trades. However, apart from watching the “chop-chop” everyday what clues am I looking at, and what am I looking for?\r\n\r\nI have written over the past few years in this blog about about CORRELATIONS, LEAD INDICATORS and ALIGNMENTS. Trading Forex is repetitive and for the most part boring. It is the same old, same old day after day.\r\n\r\nMy wife and I love our two dogs Ozzy and Aoife (Black Labradors, brother and sister), I often joke about how much of their lives are spent waiting. An hour before feeding time in the morning and the evening they are like coiled cobras waiting to pounce. They are stressing out about food; “I need it now”. They wait in the sitting up position staring at you trying to brainwash you to feed them early. You put them out in the gardens to do “wee’s and poo’s, they come back to the door and wait. Every day the same routines are repeated over and over.\r\n\r\nMy point is, my existence at the moment, is very similar to my dogs, in the sense that I am waiting and staring for hours on end at my computer screens for something meaningful to happen.\r\n\r\nMoving back to my point…\r\n\r\nMy LEAD INDICATORS are where I am spending most of my time looking for ideas, alignments and correlations as well as some inspiration. My LEAD INDICATORS are: -\r\n\r\n<strong>DXY, OIL, GOLD, COPPER, USD/SEK, USD/CAD and AUD/USD</strong>.\r\n\r\nMy routine is as follows; I scan all seven charts each time before I start trading. I also look at US 30 year treasuries and the S&amp;P on most occasions.\r\n\r\nI use the daily charts just to see alignments and correlations. These give me directional trading confidence. At the moment, some correlations are off and alignments are not at 100%.\r\n\r\nNow let’s get this straight. This is not analysis paralysis. As you will see from the charts below, I am getting a flavour, of course if I want to dig deeper I can and I do. But in real terms I am usually drinking my first coffee of the day as I look though these charts. These charts are basic, clear, very little on them. They are simple, clean and functional for what I want. I am looking for changes from the previous day, how has Asian news affected these charts, if at all. What about the European open has anything taken hold?\r\n\r\n&nbsp;\r\n\r\nUSD Index (DXY):\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/DXY-28012017.png\"><img class=\"aligncenter size-large wp-image-9020\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/DXY-28012017-1024x431.png\" alt=\"\" width=\"1024\" height=\"431\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe above Daily DXY chart has been on one my screens since early December last year. If I miss a tweet from THE DONALD, not to worry the effect is usually seen here most of the time.\r\n\r\nOver the longer-term the DXY has broken higher. Right now, we are moving lower but within this move, the longer-term overall move is making a series of higher lows. This gives me some comfort, as ultimately I am bullish the USD. Since “THE DONALD” was elected we have been moving lower, then higher, than lower again. The level of 100.00 is a key psychological number. Just below we have 99.80, which has acted as support from where we have based and started to move higher once again.\r\n\r\nXAU/USD (GOLD):\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-GOLD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9023\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-GOLD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nI look at GOLD as being inverse with the USD currency overall with a high correlation to the CHF. Generally speaking, the correlation with the USD is intact. If you compare the two charts we are following the same route. As the DXY based for say three days the GOLD chart topped for a similar period.\r\n\r\n&nbsp;\r\n\r\nUSOIL (OIL):\r\n\r\nI look at these LEADING INDICATOR charts very quickly first thing to get an overall feel.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/Wti-28012017.png\"><img class=\"aligncenter size-large wp-image-9021\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/Wti-28012017-1024x432.png\" alt=\"\" width=\"1024\" height=\"432\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nWith regards to OIL. I do not believe a word that comes out of OPEC and in my opinion it will just be a matter of time before the first violator of the production freeze is outed. That aside, $55.00 is the top and I am now looking at $52.46 as the 61.8% retracement to see will that hold or fail. After we have a trend line support and then in my opinion I see a test of $50.00 and then we go lower. The OPEC deal will be dead in the water by this stage, I think they were hoping for almost $70.00, the fact that $55.00 could not be passed must be biting hard.\r\n\r\nThe correlation of OIL to the USD/CAD is off at the moment.\r\n\r\n&nbsp;\r\n\r\nXCU/USD (COPPER):\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/COPPER-28012017.png\"><img class=\"aligncenter size-large wp-image-9019\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/COPPER-28012017-1024x453.png\" alt=\"\" width=\"1024\" height=\"453\" /></a>\r\n\r\nI get asked many times why Copper?\r\n\r\nVery simple, copper is used in all types of buildings in wiring. It is a great indicator of the building industry. It’s usually bought early, ahead of other commodities and as I have stated many, many times before “IT’S ALL ABOUT COMMODITIES” … the rest follows. We may get “laggers” but the rest follows.\r\n\r\nThe COPPER chart above looks to be a potential bullish wedge breakout. This is one to keep on your radar moving forward.\r\n\r\nCopper and the AUD are linked in my opinion. The Copper chart looks bullish, the AUD/USD is far from it. It is sideways looking more bearish than bullish. With the AUD/USD being linked to copper and as a commodity currency it\'s a great barometer of several markets in my opinion.\r\n\r\n&nbsp;\r\n\r\nUSD/SEK:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDSEK-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9025\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDSEK-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nIn a channel, downwards sloping channel and going sideways. It has been trying to establish a base ahead of 8.7800, which offers great support from October 2016.\r\n\r\nThis pair is extremely USD sensitive and is a superb gauge in my opinion to get sentiment. We are sideways. That says to me clear snow / paint a wall / walk the dogs.\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDCAD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9024\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDCAD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nAs we all know, it has been the proxy for OIL. This has uncoupled of late especially as “THE DONALD” has been signing his name over a few pipelines related executive orders.\r\n\r\nI have mixed views here. “THE DONALD” is strengthening the CAD. Poloz at the BOC is looking at rate cuts, which should weaken the currency.\r\n\r\nThe currency pair itself whilst showing weakness over the past two days cannot be trusted. It has been screwing with longs and shorts taking them both out in the same session with extreme moves.\r\n\r\nI do NOT like it when this currency which is renounced for prompting USD moves first cannot be trusted.\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-AUDUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9022\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-AUDUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\nNot comfortable with this pair. It is not following Copper or vice versa and its Antipodean counterpart, the NZD is much stronger at the moment with bolder moves. Whilst I do think that 0.7610 is a great short to sell against. It is with extreme caution and a tight stop given the Copper chart.\r\n\r\n&nbsp;\r\n\r\nSUMMARY:\r\n\r\nAs you can hopefully see using charts to try and gauge the USD direction is also as unclear as the TV pundits. We have in my opinion a lot of mixed messages.\r\n\r\nSo, when I started this article with “fu**ed if I know” … I do not believe that I am alone. If you are looking to blame someone blame “THE DONALD”.\r\n\r\nMost of the market uncertainty is based around the US President. His aggressive stance on trade protectionism is scaring the crap out of some people. I believe the FED’s inflation objective of 2% will be achieved very quickly once increased costs flow through the US economy and FED interest rate hikes will be on time, possibly quarterly.\r\n\r\nThe UK will not be far behind. It is the commodity currencies that will lag in my opinion as factory prices will be held for as long as possible and then this pressure will force commodity prices lower initially followed by stocks. The USD should hit the recent 103.50 highs and then strike towards the 120.00 level from 2001-2002. Now there’s a call!!\r\n\r\nSo longer term you can see where I am coming from. Short-term, it is just chop-chop and more chop-chop.\r\n\r\nUncertainties over the BREXIT and the EUROZONE elections should give some directional trading, but, we live in a “King Dollar” world and directional trading at the moment is mostly in 20 minute chunks.\r\n\r\nTo give you something to hold onto. It was crucial in my opinion for the DXY to hold 99.80. I was thinking we could drift to 99.50. This in itself shows that the USD has value, it would at the moment, be the winner in the less ugly competition for some people because it has a value.\r\n\r\nYou can put lipstick on the EUR, but it is still a pig and its direction given all the headwinds it is facing in my opinion has to be lower. As the EUR accounts for over 50% of the DXY mix of the currency basket this will / should support the USD moving forward.\r\n\r\nI paint a challenging picture in the immediate time frames. That cannot be helped, it is how I see things.\r\n\r\nI am NOT comfortable trading at the moment, but what I will say quite categorically is PLAN YOUR TRADES if you are going to trade and LET THE TRADES COME TO YOUR PRICE… do not jump in all guns blazing.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #125 PREMIUM SERVICE\r\nDATE: 29th January 2017.<strong>\r\n\r\n</strong>', 'WHERE NEXT FOR THE USD (DXY)?', '', 'inherit', 'closed', 'closed', '', '9033-revision-v1', '', '', '2017-01-28 10:47:48', '2017-01-28 15:47:48', '', 9033, 'http://weeklyfxdrivethru.com/9033-revision-v1/', 0, 'revision', '', 0);
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(9035, 1, '2017-01-28 11:02:39', '2017-01-28 16:02:39', '&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nI thought that this week I would be very upbeat on performance and on how January has turned around. Maintaining my honesty with my approach in this blog, I have to say that my analogy last week of “one step forwards…  two steps back”, can be further enhanced this week by saying FFS and WTF.\r\n\r\nI am not a happy trader at the moment. I have allowed some loss (under water) trades to dominate my time, energy and focus. Whilst, fundamentally, I may be trading in the correct direction, this stupid error on my behalf has deflected and distracted me for the whole of last week. I have been focused on losing trades, and letting a few set-ups on charts go by. Elementary errors, and I thought that I had eradicated these from my trading approach… apparently not.\r\n\r\nJust because I have strong fundamental views on particular currencies and geopolitical events, I had jumped in perhaps a little too strong instead of a gradual easing into positions. I have been guilty of trying to pick a series of tops and bottoms, inside a time-line, that has a new and without doubt volatile U.S. President, whose antics are reminiscent of a children’s playground at times.\r\n\r\nMoving on from the pleasantries…\r\n\r\nThe big news items last week involved personalities, Theresa May (UK Prime Minister) and Donald Trump (U.S. President).\r\n\r\nThe supreme court in the UK passed a ruling that the UK Parliament must ratify the decision to BREXIT. Thankfully, it did not give special dispensation to the devolved governments in Northern Ireland, Scotland and Wales. Had this been included in the decision there is no doubt in my mind that the March 31<sup>st</sup> deadline imposed by the Prime Minister to trigger article 50 would not be met. Even now, there is a chance that MP’s who are happy to run the gauntlet against their constituents wishes and maybe vote REMAIN in a “commons” vote, could table some amendments to the bill served on the UK Parliament, all 137 words of it, last Thursday. There is a very tight passage for the bill, including sanction time in the House of Lords for it to return back to the House of Commons in February for a vote. We shall see.\r\n\r\nOn the other side of the pond, \"THE DONALD\" has been signing off executive order after executive order keeping his campaign promises intact.\r\n\r\nTRUMP has amongst a few other things: -\r\n<ul>\r\n 	<li>Had a twitter fight with the Mexican President and called off a state visit. Kissed and apparently made up via a telephone call. But do not mention “the wall”, I mentioned twice last night by the way and I got away with it!!</li>\r\n 	<li>Told the big three domestic car manufactures to build in the USA or face stiff import tariffs.</li>\r\n 	<li>Enraged the greens over pipe-line approvals.</li>\r\n 	<li>Banned immigration to the U.S. from a selection of Middle Eastern and African nations.</li>\r\n 	<li>Banned ALL refugees for 120 days.</li>\r\n 	<li>Went to the Pentagon saying he thinks water-boarding is fine, but then said yer man in charge of this area “Mad Dog” Mattis can overrule him, it’s his decision****.</li>\r\n 	<li>Had a meeting, lunch and held hands with Theresa May (UK Prime Minister) in Washington under the pretense of discussing the framework for a bilateral trade agreement.</li>\r\n 	<li>Abe (Japan, Prime Minister) is not far behind on a trip to Washington to match the UK. He is apparently booked in for a chat next week now that THE DONALD has withdrawn the U.S. from the Trans Pacific Partnership (TPP).</li>\r\n</ul>\r\nAll \"THE DONALD\" needs to complete a great job done in his first week is out China as a currency manipulator!\r\n\r\nPLEASE NOTE FROM ABOVE: **** I cannot let this point go by, it just would not be fair. If THE DONALD is going to rule the Country like a business and delegate authority like he has indicated here, and if this were to be done across the board,\r\n\r\ni.e. He leads with his ideas and his cabinet manage, personally, I think that this is a “Good Thing”.\r\n\r\nI believe in management by delegating actions, it is a proven business win, it allows for confrontation, debate, reconciliation and agreement, and at the same time 100% focus, without diversity from the big picture for a leader. Should this style take hold in Washington, America could reap some big wins.\r\n\r\nYou may not agree on the policy, but things may actually get done. That in itself would be a huge, momentous, massive achievement for a dysfunctional environment that is still spilt by the party divide.  The Democrats have played their hand quite blatantly in the first week; the good of party not the people. The party first, NOT America still prevails, and it is probably deeper now given style and antics of THE DONALD so far.\r\n\r\n(You see I can offer a balanced approach)\r\n\r\n&nbsp;\r\n\r\nMoving on… “LIVE Broadcasts – THE WEEKLY FX DRIVE THRU – LIVE”.\r\n\r\nMy webinar last Monday plagued a great deal with software issues that I thought I had mastered in my demo runs. I am hoping that #2 on Monday 30<sup>th</sup> at 5:30PM will be a little easier.\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\n&nbsp;\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-NEWS-28012017.png\"><img class=\"aligncenter size-large wp-image-9007\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-NEWS-28012017-915x1024.png\" alt=\"\" width=\"915\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nBig week coming up culminating with the US Jobs data on Friday.\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>BOJ: It will be interesting to read the narrative this time around vis-à-vis the US changes that have taken place. Whilst I strongly suspect that Kuroda (BOJ Governor) will remain dovish and 100% supportive of a weak Yen, the JPY is currently being used as the flight to safety currency given that it is only 0.10% per overnight for institutions in comparison to the CHF which is a 0.75% cost. There could be rhetoric about this as the JPY weakness trade has pulled back significantly from the 118.00 levels seen after TRUMP was elected. Whilst we are hanging around the 115.00 level we have tested the trend lows at 112.50 regularly of late.</li>\r\n 	<li>CAD: The GDP number on Tuesday will be an interesting read to see if any clues can be sought following Poloz’ ill-timed (in my opinion) mention that interest rate cuts were back in the frame once again.\r\n\r\nSince then we have seen the TRUMP pipeline order that has strengthened the CAD somewhat, but the GDP number will be a great tester to look out for moving forward.</li>\r\n 	<li>NZD: Jobs data on Tuesday. Most NZD data of late have been beats. I would prefer the mother of all fails…DIE KIWI DIE!!! As you may guess I am short the NZD currency. Talk about self-inflicted pain!</li>\r\n 	<li>CHINA: Manufacturing PMi data will be a good read. This will spill over into both the AUD and NZD pairs for potential moves.</li>\r\n 	<li>UK: Manufacturing, Construction and Services PMi, Interest Rate, BOE Inflation Report, Monetary Policy Summary and Mark Carney speaks…\r\n\r\nA plethora of UK data and information to absorb, plus we will have the TRUMP / MAY bilateral trade talks to digest. If that is not enough there will be BREXIT progression through the UK parliament to consider as well.\r\n\r\nThere is a lot of data. Carney’s words and BREXIT will, in my opinion dominate. The market may be looking for inflation hints and ideas on interest rate increases. Quite frankly, I think that Carney would do nada, even if he had inflation at 3%. But that is just my opinion.</li>\r\n 	<li>RBA: Monetary Policy Statement. I believe in the Central banks so I will read this one from Dr. Lowe with interest.</li>\r\n 	<li>USD: Jobs data, the FOMC Policy statement, Consumer Confidence, ISM PMi data and “THE DONALD”.\r\n\r\nThis will be an interesting week stateside. Janet Yellen, can’t really do too much at the moment given the fact the policies from TRUMP so far are just impressive signatures on a series of Executive orders. The US data is improving and I am certain that should “THE DONALD” focus on infrastructure spending and Tax Reform these will be sufficient to have Yellen attempt to turn HAWKISH. Frankly, I do not think that she has it in her to go HAWKISH, once a DOVE always a DOVE in my opinion. If she treasures her job she’ll go HAWKISH good style and be ahead of the curve. Otherwise in my opinion TRUMP will have her out, quicker than wife Melania can say “Baron, pass me the HP sauce”.\r\n\r\nMost of the time next week, we will be waiting on “THE DONALD” to fill up our otherwise boring, dreary existences!</li>\r\n</ol>\r\nAll in all, it will be a heavy week, with little sleep. However, even with all this data and information about to be directed our way, I am still not certain that we will have the clues we need moving forward into the medium term.\r\n\r\n&nbsp;\r\n\r\nThere is so much uncertainty surrounding “THE DONALD”, THE BREXIT and THE EUROZONE it is a day to day existence in my world, which I hate. I much prefer a steady directional move in place even with pullbacks and the like involved. Right now, we leap one way then the other on news items rather than policy. This is not good for the markets or its participants.\r\n\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/TCHART-28012017.png\"><img class=\"aligncenter size-large wp-image-9008\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/TCHART-28012017-1024x809.png\" alt=\"\" width=\"1024\" height=\"809\" /></a>\r\n\r\n&nbsp;\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9013\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9014\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9012\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9015\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9016\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9017\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-28012017.png\"><img class=\"aligncenter size-large wp-image-9018\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>WHERE NEXT FOR THE USD (DXY)?</strong></p>\r\nThis will be a very short article…\r\n\r\n“It’s anyone’s guess, fu**ed if I know”.\r\n\r\nHave a great week trading and good luck!\r\n\r\nSo, there ya go….\r\n\r\n&nbsp;\r\n\r\nAs a fundamental trader, and someone who prefers to take a longer-term time horizon with trading, this market is difficult for me at the moment.\r\n\r\nI, like most of you, will listen to and watch the likes of BLOOMBERG and CNBC and take note of what the expert analysts say. The problem as I see it is, these guys have no clue either in the short-term other than say that it will be volatile. With their so-called “picks”, I would have to say that quite frankly my 5 year Labrador Ozzy would be just as accurate. Like most of the analyst’s, Ozzy has “no skin” in the game either.\r\n\r\nLet’s face facts they all (analysts) got it wrong on how the markets would react to a TRUMP Presidency and they have in my opinion shown the same consistency since.\r\n\r\nThe simple facts are: -\r\n<ul>\r\n 	<li>The GBP has reacted to the BREXIT news.</li>\r\n 	<li>The JPY rallied and then pulled back.</li>\r\n 	<li>The MXN has been up and down like a stripper on a greasy pole ever since TRUMP was elected.</li>\r\n 	<li>We are just in a sideways range, with the odd spike here and there.</li>\r\n</ul>\r\nLong term I feel comfortable with my directional core position trades. However, apart from watching the “chop-chop” everyday what clues am I looking at, and what am I looking for?\r\n\r\nI have written over the past few years in this blog about about CORRELATIONS, LEAD INDICATORS and ALIGNMENTS. Trading Forex is repetitive and for the most part boring. It is the same old, same old day after day.\r\n\r\nMy wife and I love our two dogs Ozzy and Aoife (Black Labradors, brother and sister), I often joke about how much of their lives are spent waiting. An hour before feeding time in the morning and the evening they are like coiled cobras waiting to pounce. They are stressing out about food; “I need it now”. They wait in the sitting up position staring at you trying to brainwash you to feed them early. You put them out in the gardens to do “wee’s and poo’s, they come back to the door and wait. Every day the same routines are repeated over and over.\r\n\r\nMy point is, my existence at the moment, is very similar to my dogs, in the sense that I am waiting and staring for hours on end at my computer screens for something meaningful to happen.\r\n\r\nMoving back to my point…\r\n\r\nMy LEAD INDICATORS are where I am spending most of my time looking for ideas, alignments and correlations as well as some inspiration. My LEAD INDICATORS are: -\r\n\r\n<strong>DXY, OIL, GOLD, COPPER, USD/SEK, USD/CAD and AUD/USD.</strong>\r\n\r\nMy routine is as follows; I scan all seven charts each time before I start trading. I also look at US 30 year treasuries and the S&amp;P on most occasions.\r\n\r\nI use the daily charts just to see alignments and correlations. These give me directional trading confidence. At the moment, some correlations are off and alignments are not at 100%.\r\n\r\nNow let’s get this straight. This is not analysis paralysis. As you will see from the charts below, I am getting a flavour, of course if I want to dig deeper I can and I do. But in real terms I am usually drinking my first coffee of the day as I look though these charts. These charts are basic, clear, very little on them. They are simple, clean and functional for what I want. I am looking for changes from the previous day, how has Asian news affected these charts, if at all. What about the European open has anything taken hold?\r\n\r\n&nbsp;\r\n\r\nUSD Index (DXY):\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/DXY-28012017.png\"><img class=\"aligncenter size-large wp-image-9020\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/DXY-28012017-1024x431.png\" alt=\"\" width=\"1024\" height=\"431\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe above Daily DXY chart has been on one my screens since early December last year. If I miss a tweet from THE DONALD, not to worry the effect is usually seen here most of the time.\r\n\r\nOver the longer-term the DXY has broken higher. Right now, we are moving lower but within this move, the longer-term overall move is making a series of higher lows. This gives me some comfort, as ultimately I am bullish the USD. Since “THE DONALD” was elected we have been moving lower, then higher, than lower again. The level of 100.00 is a key psychological number. Just below we have 99.80, which has acted as support from where we have based and started to move higher once again.\r\n\r\n&nbsp;\r\n\r\nXAU/USD (GOLD):\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-GOLD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9023\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-GOLD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\nI look at GOLD as being inverse with the USD currency overall with a high correlation to the CHF. Generally speaking, the correlation with the USD is intact. If you compare the two charts we are following the same route. As the DXY based for say three days the GOLD chart topped for a similar period.\r\n\r\n&nbsp;\r\n\r\nUSOIL (OIL):\r\n\r\nI look at these LEADING INDICATOR charts very quickly first thing to get an overall feel.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/Wti-28012017.png\"><img class=\"aligncenter size-large wp-image-9021\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/Wti-28012017-1024x432.png\" alt=\"\" width=\"1024\" height=\"432\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nWith regards to OIL. I do not believe a word that comes out of OPEC and in my opinion it will just be a matter of time before the first violator of the production freeze is outed. That aside, $55.00 is the top and I am now looking at $52.46 as the 61.8% retracement to see will that hold or fail. After we have a trend line support and then in my opinion I see a test of $50.00 and then we go lower. The OPEC deal will be dead in the water by this stage, I think they were hoping for almost $70.00, the fact that $55.00 could not be passed must be biting hard.\r\n\r\nThe correlation of OIL to the USD/CAD is off at the moment.\r\n\r\n&nbsp;\r\n\r\nXCU/USD (COPPER):\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/COPPER-28012017.png\"><img class=\"aligncenter size-large wp-image-9019\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/COPPER-28012017-1024x453.png\" alt=\"\" width=\"1024\" height=\"453\" /></a>\r\n\r\nI get asked many times why Copper?\r\n\r\nVery simple, copper is used in all types of buildings in wiring. It is a great indicator of the building industry. It’s usually bought early, ahead of other commodities and as I have stated many, many times before “IT’S ALL ABOUT COMMODITIES” … the rest follows. We may get “laggers” but the rest follows.\r\n\r\nThe COPPER chart above looks to be a potential bullish wedge breakout. This is one to keep on your radar moving forward.\r\n\r\nCopper and the AUD are linked in my opinion. The Copper chart looks bullish, the AUD/USD is far from it. It is sideways looking more bearish than bullish. With the AUD/USD being linked to copper and as a commodity currency it\'s a great barometer of several markets in my opinion.\r\n\r\n&nbsp;\r\n\r\nUSD/SEK:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDSEK-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9025\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDSEK-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nIn a channel, downwards sloping channel and going sideways. It has been trying to establish a base ahead of 8.7800, which offers great support from October 2016.\r\n\r\nThis pair is extremely USD sensitive and is a superb gauge in my opinion to get sentiment. We are sideways. That says to me clear snow / paint a wall / walk the dogs.\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDCAD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9024\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDCAD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAs we all know, it has been the proxy for OIL. This has uncoupled of late especially as “THE DONALD” has been signing his name over a few pipelines related executive orders.\r\n\r\nI have mixed views here. “THE DONALD” is strengthening the CAD. Poloz at the BOC is looking at rate cuts, which should weaken the currency.\r\n\r\nThe currency pair itself whilst showing weakness over the past two days cannot be trusted. It has been screwing with longs and shorts taking them both out in the same session with extreme moves.\r\n\r\nI do NOT like it when this currency which is renounced for prompting USD moves first cannot be trusted.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-AUDUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9022\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-AUDUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nNot comfortable with this pair. It is not following Copper or vice versa and its Antipodean counterpart, the NZD is much stronger at the moment with bolder moves. Whilst I do think that 0.7610 is a great short to sell against. It is with extreme caution and a tight stop given the Copper chart.\r\n\r\n&nbsp;\r\n\r\nSUMMARY:\r\n\r\nAs you can hopefully see using charts to try and gauge the USD direction is also as unclear as the TV pundits. We have in my opinion a lot of mixed messages.\r\n\r\nSo, when I started this article with “fu**ed if I know” … I do not believe that I am alone. If you are looking to blame someone blame “THE DONALD”.\r\n\r\nMost of the market uncertainty is based around the US President. His aggressive stance on trade protectionism is scaring the crap out of some people. I believe the FED’s inflation objective of 2% will be achieved very quickly once increased costs flow through the US economy and FED interest rate hikes will be on time, possibly quarterly.\r\n\r\nThe UK will not be far behind. It is the commodity currencies that will lag in my opinion as factory prices will be held for as long as possible and then this pressure will force commodity prices lower initially followed by stocks. The USD should hit the recent 103.50 highs and then strike towards the 120.00 level from 2001-2002. Now there’s a call!!\r\n\r\nSo longer term you can see where I am coming from. Short-term, it is just chop-chop and more chop-chop.\r\n\r\nUncertainties over the BREXIT and the EUROZONE elections should give some directional trading, but, we live in a “King Dollar” world and directional trading at the moment is mostly in 20 minute chunks.\r\n\r\nTo give you something to hold onto. It was crucial in my opinion for the DXY to hold 99.80. I was thinking we could drift to 99.50. This in itself shows that the USD has value, it would at the moment, be the winner in the less ugly competition for some people because it has a value.\r\n\r\nYou can put lipstick on the EUR, but it is still a pig and its direction given all the headwinds it is facing in my opinion has to be lower. As the EUR accounts for over 50% of the DXY mix of the currency basket this will / should support the USD moving forward.\r\n\r\nI paint a challenging picture in the immediate time frames. That cannot be helped, it is how I see things.\r\n\r\nI am NOT comfortable trading at the moment, but what I will say quite categorically is PLAN YOUR TRADES if you are going to trade and LET THE TRADES COME TO YOUR PRICE… do not jump in all guns blazing.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #FREE NEWSLETTER\r\nDATE: 29th January 2017.<strong>\r\n\r\n\r\n</strong>', 'WHERE NEXT FOR THE USD (DXY)?', '', 'publish', 'open', 'closed', '', 'next-usd-dxy', '', '', '2017-01-28 11:02:39', '2017-01-28 16:02:39', '', 0, 'http://weeklyfxdrivethru.com/?p=9035', 0, 'post', '', 0);
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(9036, 1, '2017-01-28 11:02:39', '2017-01-28 16:02:39', '&nbsp;\r\n<ol>\r\n 	<li><strong> INTRODUCTION:</strong><strong> </strong></li>\r\n</ol>\r\nI thought that this week I would be very upbeat on performance and on how January has turned around. Maintaining my honesty with my approach in this blog, I have to say that my analogy last week of “one step forwards…  two steps back”, can be further enhanced this week by saying FFS and WTF.\r\n\r\nI am not a happy trader at the moment. I have allowed some loss (under water) trades to dominate my time, energy and focus. Whilst, fundamentally, I may be trading in the correct direction, this stupid error on my behalf has deflected and distracted me for the whole of last week. I have been focused on losing trades, and letting a few set-ups on charts go by. Elementary errors, and I thought that I had eradicated these from my trading approach… apparently not.\r\n\r\nJust because I have strong fundamental views on particular currencies and geopolitical events, I had jumped in perhaps a little too strong instead of a gradual easing into positions. I have been guilty of trying to pick a series of tops and bottoms, inside a time-line, that has a new and without doubt volatile U.S. President, whose antics are reminiscent of a children’s playground at times.\r\n\r\nMoving on from the pleasantries…\r\n\r\nThe big news items last week involved personalities, Theresa May (UK Prime Minister) and Donald Trump (U.S. President).\r\n\r\nThe supreme court in the UK passed a ruling that the UK Parliament must ratify the decision to BREXIT. Thankfully, it did not give special dispensation to the devolved governments in Northern Ireland, Scotland and Wales. Had this been included in the decision there is no doubt in my mind that the March 31<sup>st</sup> deadline imposed by the Prime Minister to trigger article 50 would not be met. Even now, there is a chance that MP’s who are happy to run the gauntlet against their constituents wishes and maybe vote REMAIN in a “commons” vote, could table some amendments to the bill served on the UK Parliament, all 137 words of it, last Thursday. There is a very tight passage for the bill, including sanction time in the House of Lords for it to return back to the House of Commons in February for a vote. We shall see.\r\n\r\nOn the other side of the pond, \"THE DONALD\" has been signing off executive order after executive order keeping his campaign promises intact.\r\n\r\nTRUMP has amongst a few other things: -\r\n<ul>\r\n 	<li>Had a twitter fight with the Mexican President and called off a state visit. Kissed and apparently made up via a telephone call. But do not mention “the wall”, I mentioned twice last night by the way and I got away with it!!</li>\r\n 	<li>Told the big three domestic car manufactures to build in the USA or face stiff import tariffs.</li>\r\n 	<li>Enraged the greens over pipe-line approvals.</li>\r\n 	<li>Banned immigration to the U.S. from a selection of Middle Eastern and African nations.</li>\r\n 	<li>Banned ALL refugees for 120 days.</li>\r\n 	<li>Went to the Pentagon saying he thinks water-boarding is fine, but then said yer man in charge of this area “Mad Dog” Mattis can overrule him, it’s his decision****.</li>\r\n 	<li>Had a meeting, lunch and held hands with Theresa May (UK Prime Minister) in Washington under the pretense of discussing the framework for a bilateral trade agreement.</li>\r\n 	<li>Abe (Japan, Prime Minister) is not far behind on a trip to Washington to match the UK. He is apparently booked in for a chat next week now that THE DONALD has withdrawn the U.S. from the Trans Pacific Partnership (TPP).</li>\r\n</ul>\r\nAll \"THE DONALD\" needs to complete a great job done in his first week is out China as a currency manipulator!\r\n\r\nPLEASE NOTE FROM ABOVE: **** I cannot let this point go by, it just would not be fair. If THE DONALD is going to rule the Country like a business and delegate authority like he has indicated here, and if this were to be done across the board,\r\n\r\ni.e. He leads with his ideas and his cabinet manage, personally, I think that this is a “Good Thing”.\r\n\r\nI believe in management by delegating actions, it is a proven business win, it allows for confrontation, debate, reconciliation and agreement, and at the same time 100% focus, without diversity from the big picture for a leader. Should this style take hold in Washington, America could reap some big wins.\r\n\r\nYou may not agree on the policy, but things may actually get done. That in itself would be a huge, momentous, massive achievement for a dysfunctional environment that is still spilt by the party divide.  The Democrats have played their hand quite blatantly in the first week; the good of party not the people. The party first, NOT America still prevails, and it is probably deeper now given style and antics of THE DONALD so far.\r\n\r\n(You see I can offer a balanced approach)\r\n\r\n&nbsp;\r\n\r\nMoving on… “LIVE Broadcasts – THE WEEKLY FX DRIVE THRU – LIVE”.\r\n\r\nMy webinar last Monday plagued a great deal with software issues that I thought I had mastered in my demo runs. I am hoping that #2 on Monday 30<sup>th</sup> at 5:30PM will be a little easier.\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\n&nbsp;\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-NEWS-28012017.png\"><img class=\"aligncenter size-large wp-image-9007\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/ECON-NEWS-28012017-915x1024.png\" alt=\"\" width=\"915\" height=\"1024\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nBig week coming up culminating with the US Jobs data on Friday.\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>BOJ: It will be interesting to read the narrative this time around vis-à-vis the US changes that have taken place. Whilst I strongly suspect that Kuroda (BOJ Governor) will remain dovish and 100% supportive of a weak Yen, the JPY is currently being used as the flight to safety currency given that it is only 0.10% per overnight for institutions in comparison to the CHF which is a 0.75% cost. There could be rhetoric about this as the JPY weakness trade has pulled back significantly from the 118.00 levels seen after TRUMP was elected. Whilst we are hanging around the 115.00 level we have tested the trend lows at 112.50 regularly of late.</li>\r\n 	<li>CAD: The GDP number on Tuesday will be an interesting read to see if any clues can be sought following Poloz’ ill-timed (in my opinion) mention that interest rate cuts were back in the frame once again.\r\n\r\nSince then we have seen the TRUMP pipeline order that has strengthened the CAD somewhat, but the GDP number will be a great tester to look out for moving forward.</li>\r\n 	<li>NZD: Jobs data on Tuesday. Most NZD data of late have been beats. I would prefer the mother of all fails…DIE KIWI DIE!!! As you may guess I am short the NZD currency. Talk about self-inflicted pain!</li>\r\n 	<li>CHINA: Manufacturing PMi data will be a good read. This will spill over into both the AUD and NZD pairs for potential moves.</li>\r\n 	<li>UK: Manufacturing, Construction and Services PMi, Interest Rate, BOE Inflation Report, Monetary Policy Summary and Mark Carney speaks…\r\n\r\nA plethora of UK data and information to absorb, plus we will have the TRUMP / MAY bilateral trade talks to digest. If that is not enough there will be BREXIT progression through the UK parliament to consider as well.\r\n\r\nThere is a lot of data. Carney’s words and BREXIT will, in my opinion dominate. The market may be looking for inflation hints and ideas on interest rate increases. Quite frankly, I think that Carney would do nada, even if he had inflation at 3%. But that is just my opinion.</li>\r\n 	<li>RBA: Monetary Policy Statement. I believe in the Central banks so I will read this one from Dr. Lowe with interest.</li>\r\n 	<li>USD: Jobs data, the FOMC Policy statement, Consumer Confidence, ISM PMi data and “THE DONALD”.\r\n\r\nThis will be an interesting week stateside. Janet Yellen, can’t really do too much at the moment given the fact the policies from TRUMP so far are just impressive signatures on a series of Executive orders. The US data is improving and I am certain that should “THE DONALD” focus on infrastructure spending and Tax Reform these will be sufficient to have Yellen attempt to turn HAWKISH. Frankly, I do not think that she has it in her to go HAWKISH, once a DOVE always a DOVE in my opinion. If she treasures her job she’ll go HAWKISH good style and be ahead of the curve. Otherwise in my opinion TRUMP will have her out, quicker than wife Melania can say “Baron, pass me the HP sauce”.\r\n\r\nMost of the time next week, we will be waiting on “THE DONALD” to fill up our otherwise boring, dreary existences!</li>\r\n</ol>\r\nAll in all, it will be a heavy week, with little sleep. However, even with all this data and information about to be directed our way, I am still not certain that we will have the clues we need moving forward into the medium term.\r\n\r\n&nbsp;\r\n\r\nThere is so much uncertainty surrounding “THE DONALD”, THE BREXIT and THE EUROZONE it is a day to day existence in my world, which I hate. I much prefer a steady directional move in place even with pullbacks and the like involved. Right now, we leap one way then the other on news items rather than policy. This is not good for the markets or its participants.\r\n\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/TCHART-28012017.png\"><img class=\"aligncenter size-large wp-image-9008\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/TCHART-28012017-1024x809.png\" alt=\"\" width=\"1024\" height=\"809\" /></a>\r\n\r\n&nbsp;\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9013\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/EURUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9014\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/GBPUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9012\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/AUDUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9015\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/NZDUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9016\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCAD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9017\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDCHF-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n&nbsp;\r\n\r\n<strong><a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-28012017.png\"><img class=\"aligncenter size-large wp-image-9018\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/USDJPY-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong><strong> </strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>WHERE NEXT FOR THE USD (DXY)?</strong></p>\r\nThis will be a very short article…\r\n\r\n“It’s anyone’s guess, fu**ed if I know”.\r\n\r\nHave a great week trading and good luck!\r\n\r\nSo, there ya go….\r\n\r\n&nbsp;\r\n\r\nAs a fundamental trader, and someone who prefers to take a longer-term time horizon with trading, this market is difficult for me at the moment.\r\n\r\nI, like most of you, will listen to and watch the likes of BLOOMBERG and CNBC and take note of what the expert analysts say. The problem as I see it is, these guys have no clue either in the short-term other than say that it will be volatile. With their so-called “picks”, I would have to say that quite frankly my 5 year Labrador Ozzy would be just as accurate. Like most of the analyst’s, Ozzy has “no skin” in the game either.\r\n\r\nLet’s face facts they all (analysts) got it wrong on how the markets would react to a TRUMP Presidency and they have in my opinion shown the same consistency since.\r\n\r\nThe simple facts are: -\r\n<ul>\r\n 	<li>The GBP has reacted to the BREXIT news.</li>\r\n 	<li>The JPY rallied and then pulled back.</li>\r\n 	<li>The MXN has been up and down like a stripper on a greasy pole ever since TRUMP was elected.</li>\r\n 	<li>We are just in a sideways range, with the odd spike here and there.</li>\r\n</ul>\r\nLong term I feel comfortable with my directional core position trades. However, apart from watching the “chop-chop” everyday what clues am I looking at, and what am I looking for?\r\n\r\nI have written over the past few years in this blog about about CORRELATIONS, LEAD INDICATORS and ALIGNMENTS. Trading Forex is repetitive and for the most part boring. It is the same old, same old day after day.\r\n\r\nMy wife and I love our two dogs Ozzy and Aoife (Black Labradors, brother and sister), I often joke about how much of their lives are spent waiting. An hour before feeding time in the morning and the evening they are like coiled cobras waiting to pounce. They are stressing out about food; “I need it now”. They wait in the sitting up position staring at you trying to brainwash you to feed them early. You put them out in the gardens to do “wee’s and poo’s, they come back to the door and wait. Every day the same routines are repeated over and over.\r\n\r\nMy point is, my existence at the moment, is very similar to my dogs, in the sense that I am waiting and staring for hours on end at my computer screens for something meaningful to happen.\r\n\r\nMoving back to my point…\r\n\r\nMy LEAD INDICATORS are where I am spending most of my time looking for ideas, alignments and correlations as well as some inspiration. My LEAD INDICATORS are: -\r\n\r\n<strong>DXY, OIL, GOLD, COPPER, USD/SEK, USD/CAD and AUD/USD.</strong>\r\n\r\nMy routine is as follows; I scan all seven charts each time before I start trading. I also look at US 30 year treasuries and the S&amp;P on most occasions.\r\n\r\nI use the daily charts just to see alignments and correlations. These give me directional trading confidence. At the moment, some correlations are off and alignments are not at 100%.\r\n\r\nNow let’s get this straight. This is not analysis paralysis. As you will see from the charts below, I am getting a flavour, of course if I want to dig deeper I can and I do. But in real terms I am usually drinking my first coffee of the day as I look though these charts. These charts are basic, clear, very little on them. They are simple, clean and functional for what I want. I am looking for changes from the previous day, how has Asian news affected these charts, if at all. What about the European open has anything taken hold?\r\n\r\n&nbsp;\r\n\r\nUSD Index (DXY):\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/DXY-28012017.png\"><img class=\"aligncenter size-large wp-image-9020\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/DXY-28012017-1024x431.png\" alt=\"\" width=\"1024\" height=\"431\" /></a>\r\n\r\n&nbsp;\r\n\r\nThe above Daily DXY chart has been on one my screens since early December last year. If I miss a tweet from THE DONALD, not to worry the effect is usually seen here most of the time.\r\n\r\nOver the longer-term the DXY has broken higher. Right now, we are moving lower but within this move, the longer-term overall move is making a series of higher lows. This gives me some comfort, as ultimately I am bullish the USD. Since “THE DONALD” was elected we have been moving lower, then higher, than lower again. The level of 100.00 is a key psychological number. Just below we have 99.80, which has acted as support from where we have based and started to move higher once again.\r\n\r\n&nbsp;\r\n\r\nXAU/USD (GOLD):\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-GOLD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9023\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-GOLD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\nI look at GOLD as being inverse with the USD currency overall with a high correlation to the CHF. Generally speaking, the correlation with the USD is intact. If you compare the two charts we are following the same route. As the DXY based for say three days the GOLD chart topped for a similar period.\r\n\r\n&nbsp;\r\n\r\nUSOIL (OIL):\r\n\r\nI look at these LEADING INDICATOR charts very quickly first thing to get an overall feel.\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/Wti-28012017.png\"><img class=\"aligncenter size-large wp-image-9021\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/Wti-28012017-1024x432.png\" alt=\"\" width=\"1024\" height=\"432\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nWith regards to OIL. I do not believe a word that comes out of OPEC and in my opinion it will just be a matter of time before the first violator of the production freeze is outed. That aside, $55.00 is the top and I am now looking at $52.46 as the 61.8% retracement to see will that hold or fail. After we have a trend line support and then in my opinion I see a test of $50.00 and then we go lower. The OPEC deal will be dead in the water by this stage, I think they were hoping for almost $70.00, the fact that $55.00 could not be passed must be biting hard.\r\n\r\nThe correlation of OIL to the USD/CAD is off at the moment.\r\n\r\n&nbsp;\r\n\r\nXCU/USD (COPPER):\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/COPPER-28012017.png\"><img class=\"aligncenter size-large wp-image-9019\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/COPPER-28012017-1024x453.png\" alt=\"\" width=\"1024\" height=\"453\" /></a>\r\n\r\nI get asked many times why Copper?\r\n\r\nVery simple, copper is used in all types of buildings in wiring. It is a great indicator of the building industry. It’s usually bought early, ahead of other commodities and as I have stated many, many times before “IT’S ALL ABOUT COMMODITIES” … the rest follows. We may get “laggers” but the rest follows.\r\n\r\nThe COPPER chart above looks to be a potential bullish wedge breakout. This is one to keep on your radar moving forward.\r\n\r\nCopper and the AUD are linked in my opinion. The Copper chart looks bullish, the AUD/USD is far from it. It is sideways looking more bearish than bullish. With the AUD/USD being linked to copper and as a commodity currency it\'s a great barometer of several markets in my opinion.\r\n\r\n&nbsp;\r\n\r\nUSD/SEK:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDSEK-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9025\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDSEK-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nIn a channel, downwards sloping channel and going sideways. It has been trying to establish a base ahead of 8.7800, which offers great support from October 2016.\r\n\r\nThis pair is extremely USD sensitive and is a superb gauge in my opinion to get sentiment. We are sideways. That says to me clear snow / paint a wall / walk the dogs.\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDCAD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9024\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-USDCAD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAs we all know, it has been the proxy for OIL. This has uncoupled of late especially as “THE DONALD” has been signing his name over a few pipelines related executive orders.\r\n\r\nI have mixed views here. “THE DONALD” is strengthening the CAD. Poloz at the BOC is looking at rate cuts, which should weaken the currency.\r\n\r\nThe currency pair itself whilst showing weakness over the past two days cannot be trusted. It has been screwing with longs and shorts taking them both out in the same session with extreme moves.\r\n\r\nI do NOT like it when this currency which is renounced for prompting USD moves first cannot be trusted.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-AUDUSD-D-28012017.png\"><img class=\"aligncenter size-large wp-image-9022\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/01/SCOTTS-SOAPBOX-CHART-AUDUSD-D-28012017-1024x496.png\" alt=\"\" width=\"1024\" height=\"496\" /></a>\r\n\r\n&nbsp;\r\n\r\nNot comfortable with this pair. It is not following Copper or vice versa and its Antipodean counterpart, the NZD is much stronger at the moment with bolder moves. Whilst I do think that 0.7610 is a great short to sell against. It is with extreme caution and a tight stop given the Copper chart.\r\n\r\n&nbsp;\r\n\r\nSUMMARY:\r\n\r\nAs you can hopefully see using charts to try and gauge the USD direction is also as unclear as the TV pundits. We have in my opinion a lot of mixed messages.\r\n\r\nSo, when I started this article with “fu**ed if I know” … I do not believe that I am alone. If you are looking to blame someone blame “THE DONALD”.\r\n\r\nMost of the market uncertainty is based around the US President. His aggressive stance on trade protectionism is scaring the crap out of some people. I believe the FED’s inflation objective of 2% will be achieved very quickly once increased costs flow through the US economy and FED interest rate hikes will be on time, possibly quarterly.\r\n\r\nThe UK will not be far behind. It is the commodity currencies that will lag in my opinion as factory prices will be held for as long as possible and then this pressure will force commodity prices lower initially followed by stocks. The USD should hit the recent 103.50 highs and then strike towards the 120.00 level from 2001-2002. Now there’s a call!!\r\n\r\nSo longer term you can see where I am coming from. Short-term, it is just chop-chop and more chop-chop.\r\n\r\nUncertainties over the BREXIT and the EUROZONE elections should give some directional trading, but, we live in a “King Dollar” world and directional trading at the moment is mostly in 20 minute chunks.\r\n\r\nTo give you something to hold onto. It was crucial in my opinion for the DXY to hold 99.80. I was thinking we could drift to 99.50. This in itself shows that the USD has value, it would at the moment, be the winner in the less ugly competition for some people because it has a value.\r\n\r\nYou can put lipstick on the EUR, but it is still a pig and its direction given all the headwinds it is facing in my opinion has to be lower. As the EUR accounts for over 50% of the DXY mix of the currency basket this will / should support the USD moving forward.\r\n\r\nI paint a challenging picture in the immediate time frames. That cannot be helped, it is how I see things.\r\n\r\nI am NOT comfortable trading at the moment, but what I will say quite categorically is PLAN YOUR TRADES if you are going to trade and LET THE TRADES COME TO YOUR PRICE… do not jump in all guns blazing.\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #FREE NEWSLETTER\r\nDATE: 29th January 2017.<strong>\r\n\r\n\r\n</strong>', 'WHERE NEXT FOR THE USD (DXY)?', '', 'inherit', 'closed', 'closed', '', '9035-revision-v1', '', '', '2017-01-28 11:02:39', '2017-01-28 16:02:39', '', 9035, 'http://weeklyfxdrivethru.com/9035-revision-v1/', 0, 'revision', '', 0),
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(9075, 1, '2017-02-05 07:40:57', '2017-02-05 12:40:57', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nTo say that what we witnessed over the past 7 days was a typical week in the life of a Forex trader would be rather misleading in my view. It was a challenge. A challenge from many aspects, and dare I say it, moving forward, probably a typical example of what we are going to have to deal with.\r\n\r\nAs a longer-term position trader at heart, I have struggled with this approach off and on since the financial crash of 2008-9. At the moment, I am adapting to the TRUMP approach. That statement covers a multitude of factors. Like many traders I was wrongly positioned with trades at the outset of 2017, and I have been working my exits. I believe it will take me a couple of months to re-position myself for moving forward and I have my plan formulated.\r\n\r\nWith trading, I always have a trading plan. People may not agree with it, but as long as I have my plan, I have something to trade with and I have my goals. Forex trading is long haul for me. If I have to sit back for a week or so… so be it. Forcing trades is NOT the answer.\r\n\r\nWe are trading in very difficult times; I know of three traders who ended trading Forex last week. It is hard, challenging and just to keep your head above water is a good result in my opinion at the moment. If like me, you are losing money, you are not alone. At least I will tell you how it is. I want to remain truthful to you on how I am doing. I have been here before and I got through it, and by the end of this year I will be back in black again pushing the 10,000 pips profit goal. But bear in mind many traders are being squeezed out and accounts are being nullified.\r\n\r\nThe larger institutions were trying to exit upside down positioning last month and this added to the volatile quite strange moves at times. As retail traders, we operate on their coat tails. If the market moves are directionally difficult to understand and we try to follow blindly, this is no better than gambling in my opinion. For this reason, I can understand many retail traders getting caught up in moves and many would have had the rug pulled from beneath them in the volatility.\r\n\r\nYou hear traders sometimes say they love volatility. This is basically on most occasions nothing more than pure bravado. I have a massive issue at times about supporting such statements. I trade to make money. I could not give a sh*t about volatility, I want direction. Volatility to me means winners and losers… that is gambler talk. There is a place for gamblers it’s called Las Vegas, off you go. Very simply “Direction = Money and Money = Profits”.\r\n\r\nLast month, I recorded a loss of 793 pips. There may be slight losses again in February as I work out of older trades with my trade plan. But these losses should be slight as new trade profits will cover the old trade losses… at least that is my plan!!\r\n\r\nBefore TRUMP and after TRUMP thankfully, I have been trading nothing more than between 10% and at the most only 50% usual position sizes, This has helped, financial losses have been small and manageable but pip losses higher than usual as I work through my positions to exit.\r\n\r\nI am therefore in transit mode for Q1 2017. I will write about this next week.\r\n\r\nPREMIUM SERVICE subscribers know already that for the latter part of last week I was enduring computer work on my main machine, and it has been offline for the past 60 hours or so. What was deemed to be a software issue due to a bad upgrade which was mainly affecting “Office for Mac” and “MacMail” turning out to be an exacerbated issue as my fusion trade connection was malfunctioning. “Bloody Technology”, as someone commented to me last week… yes indeed. Since buying the most expensive machine possible from Apple, since the sierra ios upgrade, I have had 4 months of hell. It is now fixed? Not sure, I still have to complete the re-build. You forget that you have so much on your machines. Adding back stuff will be on-going for a while.\r\n\r\nThe bottom line was that yesterday; I did not think that I would have any sort of blog delivered. This week’s DRIVE THRU is short but I am happy to have gotten something out within the time constraints available.\r\n\r\nMoving on…\r\n\r\nI am going to use the week in the USA “TRUMPANTICS” as my “SOAPBOX” piece this week, as I did not have time to research and prepare an article. This would have normally been included here in this section.\r\n\r\nUSA aside…\r\n\r\nThe BOJ held policy and defended TRUMP finger pointing as currency manipulators.\r\n\r\nThe BREXIT was the other main issue last week. The BOE, and JCB driver extraordinaire BOE Governor Mark Carney issued his Inflation Report and Policy statement.\r\n\r\nVery soon, Carney is going to appear wearing his kickers over his suit pants and a cape over his jacket. Jesus, Mary and Joseph… watching Carney at times it’s a case of “I love me who do you love?” Bring on the dry ice and play “Jesus Take The Wheel” on his entry to these meetings, they are times dramatic and delivered almost in a style as if he was on a Broadway or West End stage. What’s next pure theatrics.\r\n\r\nThe bottom line was that Theresa May with all the huff ‘n puff over a hard BREXIT (I still do not get this soft or hard BREXIT crap) was firmly put in its place by a dramatic reality check by Carney. The cable pulled back from the brink of a test of 1.2775 to now sitting just below 1.2500 at the close of the week.\r\n\r\nMoving on… “LIVE Broadcasts – THE WEEKLY FX DRIVE THRU – LIVE”.\r\n\r\nIf I were critiquing my performance, I would say broadcast #2 was better than #1. Much less technical. #3 should see further improvements\r\n\r\n#3 is on Monday 30<sup>th</sup> at 5:30PM will be a little easier.\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017.png\"><img class=\"aligncenter size-large wp-image-9066\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017-1024x953.png\" alt=\"\" width=\"1024\" height=\"953\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nIt’s all Commodity currency related this week for me.\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>AUD - RBA: We have an interest rate decision; a rate statement a Monetary Policy statement and Governor Lowe also has a session in front of the gathering press.\r\nTherefore; it\'s a busy week “down-under” so to speak.\r\nI am not expecting any change in policy other than confirmation of a neutral position looking to keep rates unchanged this year.</li>\r\n 	<li>NZD - RBNZ: That charming man Graeme Wheeler will be in the drinks cabinet again pulling out a few bottles of Cloudy Bay for the gathering press ensemble to hear him drone on about how 80% of exchange rate control is out of his hands. I am not expecting any major changes at all.\r\nWe also have the dairy auction prices to look at as well prior to Wheeler’s soiree. But the bigger news should be the RBNZ for obvious reasons.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>CAD: We have Trade balance and Jobs data this week. These two pieces of data are key for me. TRUMP is dominating the CAD at the moment with pipeline executive orders and trade agreement bullying.\r\nYer man from the BOC, Governor Stephen Poloz will be an anxious on looker this week to see does his recent comment about interest rate cuts need to be moved up a notch or two.\r\nIf it weren’t for TRUMP and OIL, the CAD would be a great trade longer-term!\r\nAll in all, it will be a heavy week, with little sleep. However, even with all this data and information about to be directed our way, I am still not certain that we will have the clues we need moving forward into the medium term.</li>\r\n</ol>\r\nNothing major on the docket vis-a-vis the US this week. However, I am certain THE DONALD will fill the void. In addition, do NOT rule out BREXIT and the EUROZONE.  These three geopolitical heavyweights can turn markets on a dime.\r\n\r\nUncertainty and, to a large extent, confusion rules!\r\n\r\n<u>\r\nUSD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017.png\"><img class=\"aligncenter size-large wp-image-9067\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017-1024x793.png\" alt=\"\" width=\"1024\" height=\"793\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9069\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9070\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9068\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9071\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9072\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9073\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9074\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE ?:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI am in transition. I do see a change in sentiment coming and I am disturbed by TRUMPS ability to f**k everything up that he touches. He makes statements then walks them back in denial.\r\n\r\nPlease bear with me through this transition.\r\n\r\nI was very guilty of listening to third parties over my longer-term EUR and GBP trades. My stops were never threatened in the cable yet I pulled off trades to reduce RISK. Not an incorrect approach but I am seriously annoyed with myself as the cable is now moving lower after the markets have suddenly got a grip on themselves once again.\r\n\r\nIt will take me just a few more days to have my plan taking shape with trades. TRUMP concerns me. I want to see the fallout from the TRAVEL BAN restraining order. Frankly the sooner he gets around to expansionist policies on infrastructure and tax reform the better.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nTrading will remain light in view of the market conditions. However, apart from the GBP/USD, if you look at the USD major charts in the blog we are on USD weakness watch.\r\n\r\nThe DXY support levels have been holding very well so far.\r\n\r\nIf TRUMP goes after the FED next, we will see blood on the trading floor. That is of major concern at the moment and I DO NOT want to be caught in the middle of that.\r\n\r\nFrom a trading perspective expect to see cross rate trades appearing over the coming days.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – Much happier now with the AUD/USD finally moving upwards. I will still look to exit with 100 pip profit chunks if possible. As I wrote last week the 200SMA around 1.0540 held the upwards move back. Maybe the RBA this week will give us the 10.750 – 1.0800 objective at last being in target range.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add more trades as the month progresses.\r\nThe bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious issues ahead.</li>\r\n 	<li>GBP/USD: - I am going to add shorts again. I still have one left in a loss position of about 200 pips. This is frustrating to trade but uncertainty and TRUMP aside, this pair is up against it later this year and next.</li>\r\n</ol>\r\n<u>THE WEEKLY FX DRIVE THRU – LIVE:</u>\r\n\r\nNext webinar:  Monday February 5th 2017 at 5:30PM EST.\r\n\r\nYou can register on the link below; they will be recorded and distributed after the event. To access the webinar or see the recording you will need Google Chrome as your browser, and, for a short initial period the webinars will NOT play on smart phones or tablets.\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\n<strong> </strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nPlease note I cannot get my excel links to run. I have tried about 20 times. At the moment I am struggling to fix this. Even my re-build is not working.\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>TRUMPANTICS</strong></p>\r\nLast week world news was once again being dominated by “TRUMPANTICS”. We are dealing with a child as a President. I admire the fact that for once someone in office is doing what they said they would do, however, like his policies or not, that is refreshing. It is the fact that he cannot conduct himself in a Presidential matter that takes a lot of getting used to and the TWEETS we just should adjust to.\r\n\r\nWe now have Federal Judges involved with the Executive Orders over the “travel ban”, this means more diversions, more uncertainties for the markets to absorb and react to.\r\n\r\nGreat jobs numbers all around in the USA last week. ADP and NFP blow out numbers. Wage growth was not a good number when it was released at the same time as NFP and the markets reacted poorly. It was too big of a negative reaction in my opinion. I expected with these numbers to see the DXY back at 101.00. We closed the week at 99.73.\r\n\r\nMy fear moving forward is the FED will remain on hold for most, if not all, of this year. This is a change in monetary policy for the USA and will suit the TRUMP plans to keep the USD weaker.\r\n\r\nThe FOMC held rates unchanged last week and Janet Yellen was quite dovish in her language used in the released monetary policy statement. This is at the root of a sea-change that I believe is starting to happen.\r\n\r\nI can see confrontation ahead between TRUMP and the FED which will of course call into question the independence of the FED. TRUMP could not give a rat’s ass about that, he wants total control.  This ripple of a change that we are witnessing at the moment could be a full-blown tsunami within days if TRUMP starts on the TWEETS with FED policies, Yellen and the FOMC.\r\n\r\nFED monetary policy worries me; I am NOT convinced. I do NOT care what the clever people on BLOOMBERG and CNBC say. They all got TRUMP wrong and the effects of TRUMP wrong. The FED can change policy based on uncertain markets and domestic policy. They could re-assess inflation targets to 3.5-4% given the massive changes planned by the TRUMP administration. That means rates possibly on hold until 2019.\r\n\r\nIf Janet Yellen wants to keep her job she may have no choice.\r\n\r\nJanet Yellen is a dove; she always will be. It’s easier to be a dove than a hawk. TRUMP wants a weak USD. Low rates forever gives him this. FED policy could be changing. Otherwise Janet Yellen…you’re fired!!\r\n\r\nThis is a biggie.\r\n\r\nTake care and maybe re-evaluate your tactics. I am in the middle right now of looking at my trading plan moving forward reassessing my risks.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #126 PREMIUM SERVICE\r\nDATE: 5<sup>th</sup> February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'TRUMPANTICS', '', 'publish', 'open', 'closed', '', 'trumpantics', '', '', '2017-02-05 07:42:33', '2017-02-05 12:42:33', '', 0, 'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9075', 0, 'member_posts', '', 0),
(9076, 1, '2017-02-05 07:40:57', '2017-02-05 12:40:57', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nTo say that what we witnessed over the past 7 days was a typical week in the life of a Forex trader would be rather misleading in my view. It was a challenge. A challenge from many aspects, and dare I say it, moving forward, probably a typical example of what we are going to have to deal with.\r\n\r\nAs a longer-term position trader at heart, I have struggled with this approach off and on since the financial crash of 2008-9. At the moment, I am adapting to the TRUMP approach. That statement covers a multitude of factors. Like many traders I was wrongly positioned with trades at the outset of 2017, and I have been working my exits. I believe it will take me a couple of months to re-position myself for moving forward and I have my plan formulated.\r\n\r\nWith trading, I always have a trading plan. People may not agree with it, but as long as I have my plan, I have something to trade with and I have my goals. Forex trading is long haul for me. If I have to sit back for a week or so… so be it. Forcing trades is NOT the answer.\r\n\r\nWe are trading in very difficult times; I know of three traders who ended trading Forex last week. It is hard, challenging and just to keep your head above water is a good result in my opinion at the moment. If like me, you are losing money, you are not alone. At least I will tell you how it is. I want to remain truthful to you on how I am doing. I have been here before and I got through it, and by the end of this year I will be back in black again pushing the 10,000 pips profit goal. But bear in mind many traders are being squeezed out and accounts are being nullified.\r\n\r\nThe larger institutions were trying to exit upside down positioning last month and this added to the volatile quite strange moves at times. As retail traders, we operate on their coat tails. If the market moves are directionally difficult to understand and we try to follow blindly, this is no better than gambling in my opinion. For this reason, I can understand many retail traders getting caught up in moves and many would have had the rug pulled from beneath them in the volatility.\r\n\r\nYou hear traders sometimes say they love volatility. This is basically on most occasions nothing more than pure bravado. I have a massive issue at times about supporting such statements. I trade to make money. I could not give a sh*t about volatility, I want direction. Volatility to me means winners and losers… that is gambler talk. There is a place for gamblers it’s called Las Vegas, off you go. Very simply “Direction = Money and Money = Profits”.\r\n\r\nLast month, I recorded a loss of 793 pips. There may be slight losses again in February as I work out of older trades with my trade plan. But these losses should be slight as new trade profits will cover the old trade losses… at least that is my plan!!\r\n\r\nBefore TRUMP and after TRUMP thankfully, I have been trading nothing more than between 10% and at the most only 50% usual position sizes, This has helped, financial losses have been small and manageable but pip losses higher than usual as I work through my positions to exit.\r\n\r\nI am therefore in transit mode for Q1 2017. I will write about this next week.\r\n\r\nPREMIUM SERVICE subscribers know already that for the latter part of last week I was enduring computer work on my main machine, and it has been offline for the past 60 hours or so. What was deemed to be a software issue due to a bad upgrade which was mainly affecting “Office for Mac” and “MacMail” turning out to be an exacerbated issue as my fusion trade connection was malfunctioning. “Bloody Technology”, as someone commented to me last week… yes indeed. Since buying the most expensive machine possible from Apple, since the sierra ios upgrade, I have had 4 months of hell. It is now fixed? Not sure, I still have to complete the re-build. You forget that you have so much on your machines. Adding back stuff will be on-going for a while.\r\n\r\nThe bottom line was that yesterday; I did not think that I would have any sort of blog delivered. This week’s DRIVE THRU is short but I am happy to have gotten something out within the time constraints available.\r\n\r\nMoving on…\r\n\r\nI am going to use the week in the USA “TRUMPANTICS” as my “SOAPBOX” piece this week, as I did not have time to research and prepare an article. This would have normally been included here in this section.\r\n\r\nUSA aside…\r\n\r\nThe BOJ held policy and defended TRUMP finger pointing as currency manipulators.\r\n\r\nThe BREXIT was the other main issue last week. The BOE, and JCB driver extraordinaire BOE Governor Mark Carney issued his Inflation Report and Policy statement.\r\n\r\nVery soon, Carney is going to appear wearing his kickers over his suit pants and a cape over his jacket. Jesus, Mary and Joseph… watching Carney at times it’s a case of “I love me who do you love?” Bring on the dry ice and play “Jesus Take The Wheel” on his entry to these meetings, they are times dramatic and delivered almost in a style as if he was on a Broadway or West End stage. What’s next pure theatrics.\r\n\r\nThe bottom line was that Theresa May with all the huff ‘n puff over a hard BREXIT (I still do not get this soft or hard BREXIT crap) was firmly put in its place by a dramatic reality check by Carney. The cable pulled back from the brink of a test of 1.2775 to now sitting just below 1.2500 at the close of the week.\r\n\r\nMoving on… “LIVE Broadcasts – THE WEEKLY FX DRIVE THRU – LIVE”.\r\n\r\nIf I were critiquing my performance, I would say broadcast #2 was better than #1. Much less technical. #3 should see further improvements\r\n\r\n#3 is on Monday 30<sup>th</sup> at 5:30PM will be a little easier.\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017.png\"><img class=\"aligncenter size-large wp-image-9066\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017-1024x953.png\" alt=\"\" width=\"1024\" height=\"953\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nIt’s all Commodity currency related this week for me.\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>AUD - RBA: We have an interest rate decision; a rate statement a Monetary Policy statement and Governor Lowe also has a session in front of the gathering press.\r\nTherefore; it\'s a busy week “down-under” so to speak.\r\nI am not expecting any change in policy other than confirmation of a neutral position looking to keep rates unchanged this year.</li>\r\n 	<li>NZD - RBNZ: That charming man Graeme Wheeler will be in the drinks cabinet again pulling out a few bottles of Cloudy Bay for the gathering press ensemble to hear him drone on about how 80% of exchange rate control is out of his hands. I am not expecting any major changes at all.\r\nWe also have the dairy auction prices to look at as well prior to Wheeler’s soiree. But the bigger news should be the RBNZ for obvious reasons.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>CAD: We have Trade balance and Jobs data this week. These two pieces of data are key for me. TRUMP is dominating the CAD at the moment with pipeline executive orders and trade agreement bullying.\r\nYer man from the BOC, Governor Stephen Poloz will be an anxious on looker this week to see does his recent comment about interest rate cuts need to be moved up a notch or two.\r\nIf it weren’t for TRUMP and OIL, the CAD would be a great trade longer-term!\r\nAll in all, it will be a heavy week, with little sleep. However, even with all this data and information about to be directed our way, I am still not certain that we will have the clues we need moving forward into the medium term.</li>\r\n</ol>\r\nNothing major on the docket vis-a-vis the US this week. However, I am certain THE DONALD will fill the void. In addition, do NOT rule out BREXIT and the EUROZONE.  These three geopolitical heavyweights can turn markets on a dime.\r\n\r\nUncertainty and, to a large extent, confusion rules!\r\n\r\n<u>\r\nUSD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017.png\"><img class=\"aligncenter size-large wp-image-9067\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017-1024x793.png\" alt=\"\" width=\"1024\" height=\"793\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9069\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9070\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9068\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9071\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9072\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9073\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9074\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE ?:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI am in transition. I do see a change in sentiment coming and I am disturbed by TRUMPS ability to f**k everything up that he touches. He makes statements then walks them back in denial.\r\n\r\nPlease bear with me through this transition.\r\n\r\nI was very guilty of listening to third parties over my longer-term EUR and GBP trades. My stops were never threatened in the cable yet I pulled off trades to reduce RISK. Not an incorrect approach but I am seriously annoyed with myself as the cable is now moving lower after the markets have suddenly got a grip on themselves once again.\r\n\r\nIt will take me just a few more days to have my plan taking shape with trades. TRUMP concerns me. I want to see the fallout from the TRAVEL BAN restraining order. Frankly the sooner he gets around to expansionist policies on infrastructure and tax reform the better.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nTrading will remain light in view of the market conditions. However, apart from the GBP/USD, if you look at the USD major charts in the blog we are on USD weakness watch.\r\n\r\nThe DXY support levels have been holding very well so far.\r\n\r\nIf TRUMP goes after the FED next, we will see blood on the trading floor. That is of major concern at the moment and I DO NOT want to be caught in the middle of that.\r\n\r\nFrom a trading perspective expect to see cross rate trades appearing over the coming days.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – Much happier now with the AUD/USD finally moving upwards. I will still look to exit with 100 pip profit chunks if possible. As I wrote last week the 200SMA around 1.0540 held the upwards move back. Maybe the RBA this week will give us the 10.750 – 1.0800 objective at last being in target range.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add more trades as the month progresses.\r\nThe bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious issues ahead.</li>\r\n 	<li>GBP/USD: - I am going to add shorts again. I still have one left in a loss position of about 200 pips. This is frustrating to trade but uncertainty and TRUMP aside, this pair is up against it later this year and next.</li>\r\n</ol>\r\n<u>THE WEEKLY FX DRIVE THRU – LIVE:</u>\r\n\r\nNext webinar:  Monday February 5th 2017 at 5:30PM EST.\r\n\r\nYou can register on the link below; they will be recorded and distributed after the event. To access the webinar or see the recording you will need Google Chrome as your browser, and, for a short initial period the webinars will NOT play on smart phones or tablets.\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\n<strong> </strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nPlease note I cannot get my excel links to run. I have tried about 20 times. At the moment I am struggling to fix this. Even my re-build is not working.\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>TRUMPANTICS</strong></p>\r\nLast week world news was once again being dominated by “TRUMPANTICS”. We are dealing with a child as a President. I admire the fact that for once someone in office is doing what they said they would do, however, like his policies or not, that is refreshing. It is the fact that he cannot conduct himself in a Presidential matter that takes a lot of getting used to and the TWEETS we just should adjust to.\r\n\r\nWe now have Federal Judges involved with the Executive Orders over the “travel ban”, this means more diversions, more uncertainties for the markets to absorb and react to.\r\n\r\nGreat jobs numbers all around in the USA last week. ADP and NFP blow out numbers. Wage growth was not a good number when it was released at the same time as NFP and the markets reacted poorly. It was too big of a negative reaction in my opinion. I expected with these numbers to see the DXY back at 101.00. We closed the week at 99.73.\r\n\r\nMy fear moving forward is the FED will remain on hold for most, if not all, of this year. This is a change in monetary policy for the USA and will suit the TRUMP plans to keep the USD weaker.\r\n\r\nThe FOMC held rates unchanged last week and Janet Yellen was quite dovish in her language used in the released monetary policy statement. This is at the root of a sea-change that I believe is starting to happen.\r\n\r\nI can see confrontation ahead between TRUMP and the FED which will of course call into question the independence of the FED. TRUMP could not give a rat’s ass about that, he wants total control.  This ripple of a change that we are witnessing at the moment could be a full-blown tsunami within days if TRUMP starts on the TWEETS with FED policies, Yellen and the FOMC.\r\n\r\nFED monetary policy worries me; I am NOT convinced. I do NOT care what the clever people on BLOOMBERG and CNBC say. They all got TRUMP wrong and the effects of TRUMP wrong. The FED can change policy based on uncertain markets and domestic policy. They could re-assess inflation targets to 3.5-4% given the massive changes planned by the TRUMP administration. That means rates possibly on hold until 2019.\r\n\r\nIf Janet Yellen wants to keep her job she may have no choice.\r\n\r\nJanet Yellen is a dove; she always will be. It’s easier to be a dove than a hawk. TRUMP wants a weak USD. Low rates forever gives him this. FED policy could be changing. Otherwise Janet Yellen…you’re fired!!\r\n\r\nThis is a biggie.\r\n\r\nTake care and maybe re-evaluate your tactics. I am in the middle right now of looking at my trading plan moving forward reassessing my risks.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #126 PREMIUM SERVICE\r\nDATE: 5<sup>th</sup> February 2017.<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;', 'TRUMPANTICS', '', 'inherit', 'closed', 'closed', '', '9075-revision-v1', '', '', '2017-02-05 07:40:57', '2017-02-05 12:40:57', '', 9075, 'http://weeklyfxdrivethru.com/9075-revision-v1/', 0, 'revision', '', 0);
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(9077, 1, '2017-02-05 07:42:33', '2017-02-05 12:42:33', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nTo say that what we witnessed over the past 7 days was a typical week in the life of a Forex trader would be rather misleading in my view. It was a challenge. A challenge from many aspects, and dare I say it, moving forward, probably a typical example of what we are going to have to deal with.\r\n\r\nAs a longer-term position trader at heart, I have struggled with this approach off and on since the financial crash of 2008-9. At the moment, I am adapting to the TRUMP approach. That statement covers a multitude of factors. Like many traders I was wrongly positioned with trades at the outset of 2017, and I have been working my exits. I believe it will take me a couple of months to re-position myself for moving forward and I have my plan formulated.\r\n\r\nWith trading, I always have a trading plan. People may not agree with it, but as long as I have my plan, I have something to trade with and I have my goals. Forex trading is long haul for me. If I have to sit back for a week or so… so be it. Forcing trades is NOT the answer.\r\n\r\nWe are trading in very difficult times; I know of three traders who ended trading Forex last week. It is hard, challenging and just to keep your head above water is a good result in my opinion at the moment. If like me, you are losing money, you are not alone. At least I will tell you how it is. I want to remain truthful to you on how I am doing. I have been here before and I got through it, and by the end of this year I will be back in black again pushing the 10,000 pips profit goal. But bear in mind many traders are being squeezed out and accounts are being nullified.\r\n\r\nThe larger institutions were trying to exit upside down positioning last month and this added to the volatile quite strange moves at times. As retail traders, we operate on their coat tails. If the market moves are directionally difficult to understand and we try to follow blindly, this is no better than gambling in my opinion. For this reason, I can understand many retail traders getting caught up in moves and many would have had the rug pulled from beneath them in the volatility.\r\n\r\nYou hear traders sometimes say they love volatility. This is basically on most occasions nothing more than pure bravado. I have a massive issue at times about supporting such statements. I trade to make money. I could not give a sh*t about volatility, I want direction. Volatility to me means winners and losers… that is gambler talk. There is a place for gamblers it’s called Las Vegas, off you go. Very simply “Direction = Money and Money = Profits”.\r\n\r\nLast month, I recorded a loss of 793 pips. There may be slight losses again in February as I work out of older trades with my trade plan. But these losses should be slight as new trade profits will cover the old trade losses… at least that is my plan!!\r\n\r\nBefore TRUMP and after TRUMP thankfully, I have been trading nothing more than between 10% and at the most only 50% usual position sizes, This has helped, financial losses have been small and manageable but pip losses higher than usual as I work through my positions to exit.\r\n\r\nI am therefore in transit mode for Q1 2017. I will write about this next week.\r\n\r\nPREMIUM SERVICE subscribers know already that for the latter part of last week I was enduring computer work on my main machine, and it has been offline for the past 60 hours or so. What was deemed to be a software issue due to a bad upgrade which was mainly affecting “Office for Mac” and “MacMail” turning out to be an exacerbated issue as my fusion trade connection was malfunctioning. “Bloody Technology”, as someone commented to me last week… yes indeed. Since buying the most expensive machine possible from Apple, since the sierra ios upgrade, I have had 4 months of hell. It is now fixed? Not sure, I still have to complete the re-build. You forget that you have so much on your machines. Adding back stuff will be on-going for a while.\r\n\r\nThe bottom line was that yesterday; I did not think that I would have any sort of blog delivered. This week’s DRIVE THRU is short but I am happy to have gotten something out within the time constraints available.\r\n\r\nMoving on…\r\n\r\nI am going to use the week in the USA “TRUMPANTICS” as my “SOAPBOX” piece this week, as I did not have time to research and prepare an article. This would have normally been included here in this section.\r\n\r\nUSA aside…\r\n\r\nThe BOJ held policy and defended TRUMP finger pointing as currency manipulators.\r\n\r\nThe BREXIT was the other main issue last week. The BOE, and JCB driver extraordinaire BOE Governor Mark Carney issued his Inflation Report and Policy statement.\r\n\r\nVery soon, Carney is going to appear wearing his kickers over his suit pants and a cape over his jacket. Jesus, Mary and Joseph… watching Carney at times it’s a case of “I love me who do you love?” Bring on the dry ice and play “Jesus Take The Wheel” on his entry to these meetings, they are times dramatic and delivered almost in a style as if he was on a Broadway or West End stage. What’s next pure theatrics.\r\n\r\nThe bottom line was that Theresa May with all the huff ‘n puff over a hard BREXIT (I still do not get this soft or hard BREXIT crap) was firmly put in its place by a dramatic reality check by Carney. The cable pulled back from the brink of a test of 1.2775 to now sitting just below 1.2500 at the close of the week.\r\n\r\nMoving on… “LIVE Broadcasts – THE WEEKLY FX DRIVE THRU – LIVE”.\r\n\r\nIf I were critiquing my performance, I would say broadcast #2 was better than #1. Much less technical. #3 should see further improvements\r\n\r\n#3 is on Monday 30<sup>th</sup> at 5:30PM will be a little easier.\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017.png\"><img class=\"aligncenter size-large wp-image-9066\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017-1024x953.png\" alt=\"\" width=\"1024\" height=\"953\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nIt’s all Commodity currency related this week for me.\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>AUD - RBA: We have an interest rate decision; a rate statement a Monetary Policy statement and Governor Lowe also has a session in front of the gathering press.\r\nTherefore; it\'s a busy week “down-under” so to speak.\r\nI am not expecting any change in policy other than confirmation of a neutral position looking to keep rates unchanged this year.</li>\r\n 	<li>NZD - RBNZ: That charming man Graeme Wheeler will be in the drinks cabinet again pulling out a few bottles of Cloudy Bay for the gathering press ensemble to hear him drone on about how 80% of exchange rate control is out of his hands. I am not expecting any major changes at all.\r\nWe also have the dairy auction prices to look at as well prior to Wheeler’s soiree. But the bigger news should be the RBNZ for obvious reasons.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>CAD: We have Trade balance and Jobs data this week. These two pieces of data are key for me. TRUMP is dominating the CAD at the moment with pipeline executive orders and trade agreement bullying.\r\nYer man from the BOC, Governor Stephen Poloz will be an anxious on looker this week to see does his recent comment about interest rate cuts need to be moved up a notch or two.\r\nIf it weren’t for TRUMP and OIL, the CAD would be a great trade longer-term!\r\nAll in all, it will be a heavy week, with little sleep. However, even with all this data and information about to be directed our way, I am still not certain that we will have the clues we need moving forward into the medium term.</li>\r\n</ol>\r\nNothing major on the docket vis-a-vis the US this week. However, I am certain THE DONALD will fill the void. In addition, do NOT rule out BREXIT and the EUROZONE.  These three geopolitical heavyweights can turn markets on a dime.\r\n\r\nUncertainty and, to a large extent, confusion rules!\r\n\r\n<u>\r\nUSD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017.png\"><img class=\"aligncenter size-large wp-image-9067\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017-1024x793.png\" alt=\"\" width=\"1024\" height=\"793\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9069\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9070\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9068\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9071\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9072\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9073\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9074\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE ?:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI am in transition. I do see a change in sentiment coming and I am disturbed by TRUMPS ability to f**k everything up that he touches. He makes statements then walks them back in denial.\r\n\r\nPlease bear with me through this transition.\r\n\r\nI was very guilty of listening to third parties over my longer-term EUR and GBP trades. My stops were never threatened in the cable yet I pulled off trades to reduce RISK. Not an incorrect approach but I am seriously annoyed with myself as the cable is now moving lower after the markets have suddenly got a grip on themselves once again.\r\n\r\nIt will take me just a few more days to have my plan taking shape with trades. TRUMP concerns me. I want to see the fallout from the TRAVEL BAN restraining order. Frankly the sooner he gets around to expansionist policies on infrastructure and tax reform the better.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nTrading will remain light in view of the market conditions. However, apart from the GBP/USD, if you look at the USD major charts in the blog we are on USD weakness watch.\r\n\r\nThe DXY support levels have been holding very well so far.\r\n\r\nIf TRUMP goes after the FED next, we will see blood on the trading floor. That is of major concern at the moment and I DO NOT want to be caught in the middle of that.\r\n\r\nFrom a trading perspective expect to see cross rate trades appearing over the coming days.\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – Much happier now with the AUD/USD finally moving upwards. I will still look to exit with 100 pip profit chunks if possible. As I wrote last week the 200SMA around 1.0540 held the upwards move back. Maybe the RBA this week will give us the 10.750 – 1.0800 objective at last being in target range.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add more trades as the month progresses.\r\nThe bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious issues ahead.</li>\r\n 	<li>GBP/USD: - I am going to add shorts again. I still have one left in a loss position of about 200 pips. This is frustrating to trade but uncertainty and TRUMP aside, this pair is up against it later this year and next.</li>\r\n</ol>\r\n<u>THE WEEKLY FX DRIVE THRU – LIVE:</u>\r\n\r\nNext webinar:  Monday February 5th 2017 at 5:30PM EST.\r\n\r\nYou can register on the link below; they will be recorded and distributed after the event. To access the webinar or see the recording you will need Google Chrome as your browser, and, for a short initial period the webinars will NOT play on smart phones or tablets.\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\n<strong> </strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nPlease note I cannot get my excel links to run. I have tried about 20 times. At the moment I am struggling to fix this. Even my re-build is not working.\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n&nbsp;\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>TRUMPANTICS</strong></p>\r\nLast week world news was once again being dominated by “TRUMPANTICS”. We are dealing with a child as a President. I admire the fact that for once someone in office is doing what they said they would do, however, like his policies or not, that is refreshing. It is the fact that he cannot conduct himself in a Presidential matter that takes a lot of getting used to and the TWEETS we just should adjust to.\r\n\r\nWe now have Federal Judges involved with the Executive Orders over the “travel ban”, this means more diversions, more uncertainties for the markets to absorb and react to.\r\n\r\nGreat jobs numbers all around in the USA last week. ADP and NFP blow out numbers. Wage growth was not a good number when it was released at the same time as NFP and the markets reacted poorly. It was too big of a negative reaction in my opinion. I expected with these numbers to see the DXY back at 101.00. We closed the week at 99.73.\r\n\r\nMy fear moving forward is the FED will remain on hold for most, if not all, of this year. This is a change in monetary policy for the USA and will suit the TRUMP plans to keep the USD weaker.\r\n\r\nThe FOMC held rates unchanged last week and Janet Yellen was quite dovish in her language used in the released monetary policy statement. This is at the root of a sea-change that I believe is starting to happen.\r\n\r\nI can see confrontation ahead between TRUMP and the FED which will of course call into question the independence of the FED. TRUMP could not give a rat’s ass about that, he wants total control.  This ripple of a change that we are witnessing at the moment could be a full-blown tsunami within days if TRUMP starts on the TWEETS with FED policies, Yellen and the FOMC.\r\n\r\nFED monetary policy worries me; I am NOT convinced. I do NOT care what the clever people on BLOOMBERG and CNBC say. They all got TRUMP wrong and the effects of TRUMP wrong. The FED can change policy based on uncertain markets and domestic policy. They could re-assess inflation targets to 3.5-4% given the massive changes planned by the TRUMP administration. That means rates possibly on hold until 2019.\r\n\r\nIf Janet Yellen wants to keep her job she may have no choice.\r\n\r\nJanet Yellen is a dove; she always will be. It’s easier to be a dove than a hawk. TRUMP wants a weak USD. Low rates forever gives him this. FED policy could be changing. Otherwise Janet Yellen…you’re fired!!\r\n\r\nThis is a biggie.\r\n\r\nTake care and maybe re-evaluate your tactics. I am in the middle right now of looking at my trading plan moving forward reassessing my risks.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #126 PREMIUM SERVICE\r\nDATE: 5<sup>th</sup> February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;', 'TRUMPANTICS', '', 'inherit', 'closed', 'closed', '', '9075-revision-v1', '', '', '2017-02-05 07:42:33', '2017-02-05 12:42:33', '', 9075, 'http://weeklyfxdrivethru.com/9075-revision-v1/', 0, 'revision', '', 0),
(9078, 1, '2017-02-05 08:16:36', '2017-02-05 13:16:36', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nTo say that what we witnessed over the past 7 days was a typical week in the life of a Forex trader would be rather misleading in my view. It was a challenge. A challenge from many aspects, and dare I say it, moving forward, probably a typical example of what we are going to have to deal with.\r\n\r\nAs a longer-term position trader at heart, I have struggled with this approach off and on since the financial crash of 2008-9. At the moment, I am adapting to the TRUMP approach. That statement covers a multitude of factors. Like many traders I was wrongly positioned with trades at the outset of 2017, and I have been working my exits. I believe it will take me a couple of months to re-position myself for moving forward and I have my plan formulated.\r\n\r\nWith trading, I always have a trading plan. People may not agree with it, but as long as I have my plan, I have something to trade with and I have my goals. Forex trading is long haul for me. If I have to sit back for a week or so… so be it. Forcing trades is NOT the answer.\r\n\r\nWe are trading in very difficult times; I know of three traders who ended trading Forex last week. It is hard, challenging and just to keep your head above water is a good result in my opinion at the moment. If like me, you are losing money, you are not alone. At least I will tell you how it is. I want to remain truthful to you on how I am doing. I have been here before and I got through it, and by the end of this year I will be back in black again pushing the 10,000 pips profit goal. But bear in mind many traders are being squeezed out and accounts are being nullified.\r\n\r\nThe larger institutions were trying to exit upside down positioning last month and this added to the volatile quite strange moves at times. As retail traders, we operate on their coat tails. If the market moves are directionally difficult to understand and we try to follow blindly, this is no better than gambling in my opinion. For this reason, I can understand many retail traders getting caught up in moves and many would have had the rug pulled from beneath them in the volatility.\r\n\r\nYou hear traders sometimes say they love volatility. This is basically on most occasions nothing more than pure bravado. I have a massive issue at times about supporting such statements. I trade to make money. I could not give a sh*t about volatility, I want direction. Volatility to me means winners and losers… that is gambler talk. There is a place for gamblers it’s called Las Vegas, off you go. Very simply “Direction = Money and Money = Profits”.\r\n\r\nLast month, I recorded a loss of 793 pips. There may be slight losses again in February as I work out of older trades with my trade plan. But these losses should be slight as new trade profits will cover the old trade losses… at least that is my plan!!\r\n\r\nBefore TRUMP and after TRUMP thankfully, I have been trading nothing more than between 10% and at the most only 50% usual position sizes, This has helped, financial losses have been small and manageable but pip losses higher than usual as I work through my positions to exit.\r\n\r\nI am therefore in transit mode for Q1 2017. I will write about this next week.\r\n\r\nPREMIUM SERVICE subscribers know already that for the latter part of last week I was enduring computer work on my main machine, and it has been offline for the past 60 hours or so. What was deemed to be a software issue due to a bad upgrade which was mainly affecting “Office for Mac” and “MacMail” turning out to be an exacerbated issue as my fusion trade connection was malfunctioning. “Bloody Technology”, as someone commented to me last week… yes indeed. Since buying the most expensive machine possible from Apple, since the sierra ios upgrade, I have had 4 months of hell. It is now fixed? Not sure, I still have to complete the re-build. You forget that you have so much on your machines. Adding back stuff will be on-going for a while.\r\n\r\nThe bottom line was that yesterday; I did not think that I would have any sort of blog delivered. This week’s DRIVE THRU is short but I am happy to have gotten something out within the time constraints available.\r\n\r\nMoving on…\r\n\r\nI am going to use the week in the USA “TRUMPANTICS” as my “SOAPBOX” piece this week, as I did not have time to research and prepare an article. This would have normally been included here in this section.\r\n\r\nUSA aside…\r\n\r\nThe BOJ held policy and defended TRUMP finger pointing as currency manipulators.\r\n\r\nThe BREXIT was the other main issue last week. The BOE, and JCB driver extraordinaire BOE Governor Mark Carney issued his Inflation Report and Policy statement.\r\n\r\nVery soon, Carney is going to appear wearing his kickers over his suit pants and a cape over his jacket. Jesus, Mary and Joseph… watching Carney at times it’s a case of “I love me who do you love?” Bring on the dry ice and play “Jesus Take The Wheel” on his entry to these meetings, they are times dramatic and delivered almost in a style as if he was on a Broadway or West End stage. What’s next pure theatrics.\r\n\r\nThe bottom line was that Theresa May with all the huff ‘n puff over a hard BREXIT (I still do not get this soft or hard BREXIT crap) was firmly put in its place by a dramatic reality check by Carney. The cable pulled back from the brink of a test of 1.2775 to now sitting just below 1.2500 at the close of the week.\r\n\r\nMoving on… “LIVE Broadcasts – THE WEEKLY FX DRIVE THRU – LIVE”.\r\n\r\nIf I were critiquing my performance, I would say broadcast #2 was better than #1. Much less technical. #3 should see further improvements\r\n\r\n#3 is on Monday 30<sup>th</sup> at 5:30PM will be a little easier.\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017.png\"><img class=\"aligncenter size-large wp-image-9066\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017-1024x953.png\" alt=\"\" width=\"1024\" height=\"953\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nIt’s all Commodity currency related this week for me.\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>AUD - RBA: We have an interest rate decision; a rate statement a Monetary Policy statement and Governor Lowe also has a session in front of the gathering press.\r\nTherefore; it\'s a busy week “down-under” so to speak.\r\nI am not expecting any change in policy other than confirmation of a neutral position looking to keep rates unchanged this year.</li>\r\n 	<li>NZD - RBNZ: That charming man Graeme Wheeler will be in the drinks cabinet again pulling out a few bottles of Cloudy Bay for the gathering press ensemble to hear him drone on about how 80% of exchange rate control is out of his hands. I am not expecting any major changes at all.\r\nWe also have the dairy auction prices to look at as well prior to Wheeler’s soiree. But the bigger news should be the RBNZ for obvious reasons.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>CAD: We have Trade balance and Jobs data this week. These two pieces of data are key for me. TRUMP is dominating the CAD at the moment with pipeline executive orders and trade agreement bullying.\r\nYer man from the BOC, Governor Stephen Poloz will be an anxious on looker this week to see does his recent comment about interest rate cuts need to be moved up a notch or two.\r\nIf it weren’t for TRUMP and OIL, the CAD would be a great trade longer-term!\r\nAll in all, it will be a heavy week, with little sleep. However, even with all this data and information about to be directed our way, I am still not certain that we will have the clues we need moving forward into the medium term.</li>\r\n</ol>\r\nNothing major on the docket vis-a-vis the US this week. However, I am certain THE DONALD will fill the void. In addition, do NOT rule out BREXIT and the EUROZONE.  These three geopolitical heavyweights can turn markets on a dime.\r\n\r\nUncertainty and, to a large extent, confusion rules!\r\n\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017.png\"><img class=\"aligncenter size-large wp-image-9067\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017-1024x793.png\" alt=\"\" width=\"1024\" height=\"793\" /></a>\r\n\r\n&nbsp;\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9069\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9070\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9068\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9071\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9072\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9073\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9074\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong><strong>\r\n\r\n</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>TRUMPANTICS</strong></p>\r\nLast week world news was once again being dominated by “TRUMPANTICS”. We are dealing with a child as a President. I admire the fact that for once someone in office is doing what they said they would do, however, like his policies or not, that is refreshing. It is the fact that he cannot conduct himself in a Presidential matter that takes a lot of getting used to and the TWEETS we just should adjust to.\r\n\r\nWe now have Federal Judges involved with the Executive Orders over the “travel ban”, this means more diversions, more uncertainties for the markets to absorb and react to.\r\n\r\nGreat jobs numbers all around in the USA last week. ADP and NFP blow out numbers. Wage growth was not a good number when it was released at the same time as NFP and the markets reacted poorly. It was too big of a negative reaction in my opinion. I expected with these numbers to see the DXY back at 101.00. We closed the week at 99.73.\r\n\r\nMy fear moving forward is the FED will remain on hold for most, if not all, of this year. This is a change in monetary policy for the USA and will suit the TRUMP plans to keep the USD weaker.\r\n\r\nThe FOMC held rates unchanged last week and Janet Yellen was quite dovish in her language used in the released monetary policy statement. This is at the root of a sea-change that I believe is starting to happen.\r\n\r\nI can see confrontation ahead between TRUMP and the FED which will of course call into question the independence of the FED. TRUMP could not give a rat’s ass about that, he wants total control.  This ripple of a change that we are witnessing at the moment could be a full-blown tsunami within days if TRUMP starts on the TWEETS with FED policies, Yellen and the FOMC.\r\n\r\nFED monetary policy worries me; I am NOT convinced. I do NOT care what the clever people on BLOOMBERG and CNBC say. They all got TRUMP wrong and the effects of TRUMP wrong. The FED can change policy based on uncertain markets and domestic policy. They could re-assess inflation targets to 3.5-4% given the massive changes planned by the TRUMP administration. That means rates possibly on hold until 2019.\r\n\r\nIf Janet Yellen wants to keep her job she may have no choice.\r\n\r\nJanet Yellen is a dove; she always will be. It’s easier to be a dove than a hawk. TRUMP wants a weak USD. Low rates forever gives him this. FED policy could be changing. Otherwise Janet Yellen…you’re fired!!\r\n\r\nThis is a biggie.\r\n\r\nTake care and maybe re-evaluate your tactics. I am in the middle right now of looking at my trading plan moving forward reassessing my risks.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #230 FREE NEWSLETTER\r\nDATE: 5<sup>th</sup> February 2017<strong>\r\n</strong>', 'TRUMPANTICS', '', 'publish', 'open', 'closed', '', 'trumpantics', '', '', '2017-02-05 08:16:36', '2017-02-05 13:16:36', '', 0, 'http://weeklyfxdrivethru.com/?p=9078', 0, 'post', '', 0);
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(9079, 1, '2017-02-05 08:16:36', '2017-02-05 13:16:36', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nTo say that what we witnessed over the past 7 days was a typical week in the life of a Forex trader would be rather misleading in my view. It was a challenge. A challenge from many aspects, and dare I say it, moving forward, probably a typical example of what we are going to have to deal with.\r\n\r\nAs a longer-term position trader at heart, I have struggled with this approach off and on since the financial crash of 2008-9. At the moment, I am adapting to the TRUMP approach. That statement covers a multitude of factors. Like many traders I was wrongly positioned with trades at the outset of 2017, and I have been working my exits. I believe it will take me a couple of months to re-position myself for moving forward and I have my plan formulated.\r\n\r\nWith trading, I always have a trading plan. People may not agree with it, but as long as I have my plan, I have something to trade with and I have my goals. Forex trading is long haul for me. If I have to sit back for a week or so… so be it. Forcing trades is NOT the answer.\r\n\r\nWe are trading in very difficult times; I know of three traders who ended trading Forex last week. It is hard, challenging and just to keep your head above water is a good result in my opinion at the moment. If like me, you are losing money, you are not alone. At least I will tell you how it is. I want to remain truthful to you on how I am doing. I have been here before and I got through it, and by the end of this year I will be back in black again pushing the 10,000 pips profit goal. But bear in mind many traders are being squeezed out and accounts are being nullified.\r\n\r\nThe larger institutions were trying to exit upside down positioning last month and this added to the volatile quite strange moves at times. As retail traders, we operate on their coat tails. If the market moves are directionally difficult to understand and we try to follow blindly, this is no better than gambling in my opinion. For this reason, I can understand many retail traders getting caught up in moves and many would have had the rug pulled from beneath them in the volatility.\r\n\r\nYou hear traders sometimes say they love volatility. This is basically on most occasions nothing more than pure bravado. I have a massive issue at times about supporting such statements. I trade to make money. I could not give a sh*t about volatility, I want direction. Volatility to me means winners and losers… that is gambler talk. There is a place for gamblers it’s called Las Vegas, off you go. Very simply “Direction = Money and Money = Profits”.\r\n\r\nLast month, I recorded a loss of 793 pips. There may be slight losses again in February as I work out of older trades with my trade plan. But these losses should be slight as new trade profits will cover the old trade losses… at least that is my plan!!\r\n\r\nBefore TRUMP and after TRUMP thankfully, I have been trading nothing more than between 10% and at the most only 50% usual position sizes, This has helped, financial losses have been small and manageable but pip losses higher than usual as I work through my positions to exit.\r\n\r\nI am therefore in transit mode for Q1 2017. I will write about this next week.\r\n\r\nPREMIUM SERVICE subscribers know already that for the latter part of last week I was enduring computer work on my main machine, and it has been offline for the past 60 hours or so. What was deemed to be a software issue due to a bad upgrade which was mainly affecting “Office for Mac” and “MacMail” turning out to be an exacerbated issue as my fusion trade connection was malfunctioning. “Bloody Technology”, as someone commented to me last week… yes indeed. Since buying the most expensive machine possible from Apple, since the sierra ios upgrade, I have had 4 months of hell. It is now fixed? Not sure, I still have to complete the re-build. You forget that you have so much on your machines. Adding back stuff will be on-going for a while.\r\n\r\nThe bottom line was that yesterday; I did not think that I would have any sort of blog delivered. This week’s DRIVE THRU is short but I am happy to have gotten something out within the time constraints available.\r\n\r\nMoving on…\r\n\r\nI am going to use the week in the USA “TRUMPANTICS” as my “SOAPBOX” piece this week, as I did not have time to research and prepare an article. This would have normally been included here in this section.\r\n\r\nUSA aside…\r\n\r\nThe BOJ held policy and defended TRUMP finger pointing as currency manipulators.\r\n\r\nThe BREXIT was the other main issue last week. The BOE, and JCB driver extraordinaire BOE Governor Mark Carney issued his Inflation Report and Policy statement.\r\n\r\nVery soon, Carney is going to appear wearing his kickers over his suit pants and a cape over his jacket. Jesus, Mary and Joseph… watching Carney at times it’s a case of “I love me who do you love?” Bring on the dry ice and play “Jesus Take The Wheel” on his entry to these meetings, they are times dramatic and delivered almost in a style as if he was on a Broadway or West End stage. What’s next pure theatrics.\r\n\r\nThe bottom line was that Theresa May with all the huff ‘n puff over a hard BREXIT (I still do not get this soft or hard BREXIT crap) was firmly put in its place by a dramatic reality check by Carney. The cable pulled back from the brink of a test of 1.2775 to now sitting just below 1.2500 at the close of the week.\r\n\r\nMoving on… “LIVE Broadcasts – THE WEEKLY FX DRIVE THRU – LIVE”.\r\n\r\nIf I were critiquing my performance, I would say broadcast #2 was better than #1. Much less technical. #3 should see further improvements\r\n\r\n#3 is on Monday 30<sup>th</sup> at 5:30PM will be a little easier.\r\n<ul>\r\n 	<li>You need Google Chrome as a browser to attend.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\n<strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017.png\"><img class=\"aligncenter size-large wp-image-9066\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-05022017-1024x953.png\" alt=\"\" width=\"1024\" height=\"953\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nIt’s all Commodity currency related this week for me.\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>AUD - RBA: We have an interest rate decision; a rate statement a Monetary Policy statement and Governor Lowe also has a session in front of the gathering press.\r\nTherefore; it\'s a busy week “down-under” so to speak.\r\nI am not expecting any change in policy other than confirmation of a neutral position looking to keep rates unchanged this year.</li>\r\n 	<li>NZD - RBNZ: That charming man Graeme Wheeler will be in the drinks cabinet again pulling out a few bottles of Cloudy Bay for the gathering press ensemble to hear him drone on about how 80% of exchange rate control is out of his hands. I am not expecting any major changes at all.\r\nWe also have the dairy auction prices to look at as well prior to Wheeler’s soiree. But the bigger news should be the RBNZ for obvious reasons.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>CAD: We have Trade balance and Jobs data this week. These two pieces of data are key for me. TRUMP is dominating the CAD at the moment with pipeline executive orders and trade agreement bullying.\r\nYer man from the BOC, Governor Stephen Poloz will be an anxious on looker this week to see does his recent comment about interest rate cuts need to be moved up a notch or two.\r\nIf it weren’t for TRUMP and OIL, the CAD would be a great trade longer-term!\r\nAll in all, it will be a heavy week, with little sleep. However, even with all this data and information about to be directed our way, I am still not certain that we will have the clues we need moving forward into the medium term.</li>\r\n</ol>\r\nNothing major on the docket vis-a-vis the US this week. However, I am certain THE DONALD will fill the void. In addition, do NOT rule out BREXIT and the EUROZONE.  These three geopolitical heavyweights can turn markets on a dime.\r\n\r\nUncertainty and, to a large extent, confusion rules!\r\n\r\n<u> </u>\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017.png\"><img class=\"aligncenter size-large wp-image-9067\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-05022017-1024x793.png\" alt=\"\" width=\"1024\" height=\"793\" /></a>\r\n\r\n&nbsp;\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9069\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9070\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9068\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9071\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9072\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9073\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017.png\"><img class=\"aligncenter size-large wp-image-9074\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-05022017-1024x526.png\" alt=\"\" width=\"1024\" height=\"526\" /></a>\r\n\r\n<strong>\r\n\r\n</strong>\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a 40-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong> PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong><strong>\r\n\r\n</strong></li>\r\n</ol>\r\n<ol start=\"5\">\r\n 	<li><strong> SCOTT’S SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>TRUMPANTICS</strong></p>\r\nLast week world news was once again being dominated by “TRUMPANTICS”. We are dealing with a child as a President. I admire the fact that for once someone in office is doing what they said they would do, however, like his policies or not, that is refreshing. It is the fact that he cannot conduct himself in a Presidential matter that takes a lot of getting used to and the TWEETS we just should adjust to.\r\n\r\nWe now have Federal Judges involved with the Executive Orders over the “travel ban”, this means more diversions, more uncertainties for the markets to absorb and react to.\r\n\r\nGreat jobs numbers all around in the USA last week. ADP and NFP blow out numbers. Wage growth was not a good number when it was released at the same time as NFP and the markets reacted poorly. It was too big of a negative reaction in my opinion. I expected with these numbers to see the DXY back at 101.00. We closed the week at 99.73.\r\n\r\nMy fear moving forward is the FED will remain on hold for most, if not all, of this year. This is a change in monetary policy for the USA and will suit the TRUMP plans to keep the USD weaker.\r\n\r\nThe FOMC held rates unchanged last week and Janet Yellen was quite dovish in her language used in the released monetary policy statement. This is at the root of a sea-change that I believe is starting to happen.\r\n\r\nI can see confrontation ahead between TRUMP and the FED which will of course call into question the independence of the FED. TRUMP could not give a rat’s ass about that, he wants total control.  This ripple of a change that we are witnessing at the moment could be a full-blown tsunami within days if TRUMP starts on the TWEETS with FED policies, Yellen and the FOMC.\r\n\r\nFED monetary policy worries me; I am NOT convinced. I do NOT care what the clever people on BLOOMBERG and CNBC say. They all got TRUMP wrong and the effects of TRUMP wrong. The FED can change policy based on uncertain markets and domestic policy. They could re-assess inflation targets to 3.5-4% given the massive changes planned by the TRUMP administration. That means rates possibly on hold until 2019.\r\n\r\nIf Janet Yellen wants to keep her job she may have no choice.\r\n\r\nJanet Yellen is a dove; she always will be. It’s easier to be a dove than a hawk. TRUMP wants a weak USD. Low rates forever gives him this. FED policy could be changing. Otherwise Janet Yellen…you’re fired!!\r\n\r\nThis is a biggie.\r\n\r\nTake care and maybe re-evaluate your tactics. I am in the middle right now of looking at my trading plan moving forward reassessing my risks.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong><strong> </strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/\r\n</a>BLOG VERSION: #230 FREE NEWSLETTER\r\nDATE: 5<sup>th</sup> February 2017<strong>\r\n</strong>', 'TRUMPANTICS', '', 'inherit', 'closed', 'closed', '', '9078-revision-v1', '', '', '2017-02-05 08:16:36', '2017-02-05 13:16:36', '', 9078, 'http://weeklyfxdrivethru.com/9078-revision-v1/', 0, 'revision', '', 0),
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(9101, 1, '2017-02-11 16:15:50', '2017-02-11 21:15:50', '&nbsp;\r\n<ol>\r\n 	<li><strong>INTRODUCTION:</strong></li>\r\n</ol>\r\nAfter an awful start to 2017 from a trading perspective, as they say “the ship has now steadied itself” (apologies if that is not 100% accurate). I have seen some green/black numbers on my broker account trading balances. It was nothing but red for most of January.\r\n\r\nSo… where do I go from here?\r\n<p style=\"text-align: center;\">“To infinity and beyond”, “The only way is up”,\r\n“Digging in the Dirt”, off to my “Secret World” or maybe “2,000 light years from home?”</p>\r\nThe answer is back to the hard graft taking on board what I have learned about this year’s market so far and the way it reacts based upon TRUMPANTICS.\r\n\r\nIn October 2016, I was speaking with a couple of investors one from Sydney and one from San Francisco on a SKYPE call and we were talking about Forex Trading in general. Whilst I knew that I had adapted a 2016 trading style that was different to 2015, it became apparent that in my first year of the PREMIUM SERVICE 2014, my trade approach was somewhat different than that of 2013. I am not saying that one needs to have camouflage or mimicry abilities each year or for that matter be some sort of chameleon to trade, but these qualities would help!\r\n\r\nBeing able to adapt and change is paramount and a critical success factor for trading longevity. Amongst other trivia such as RISK MANAGEMENT, POSITION SIZING and TRADE PLANS… I jest.\r\n\r\nMoving on…\r\n\r\nThe FX market is without doubt news driven rather than by economic data at the moment. I think that over time TRUMP will understand that he can’t keep delivering ill thought out outbursts on every occasion. He can act business-like when required and I think that sooner or later he will settle down. Notice I placed no timeline here and no; I have not been drinking or smoking something illegal. I write this paragraph because an intelligent person would realize sometimes it is best to say nothing than to create uncertainty. I am making assumptions here, I know.\r\n\r\nI think what helped last week, was that there was a sudden realization that other events around the world mattered. Following a phone call from NICOLAUS COPERNICUS to “THE DONALD” he was told that despite what he thinks he was NOT the centre of the universe.\r\n\r\nThe EUROZONE woes continued with the French elections with Mr. Fillon involved in a scandal concerning jobs for his family, which resulted in far right extremist Marine (Feck off the single currency and leave the EU) Le Pen leading in the opinion polls. With the populist vote on the rise, I would NOT rule out Le Pen with a serious challenge. Stranger things have happened…\r\n\r\nWolfgang aka “the pit bull” Schaeuble (German Finance Minister), has basically opened the door ready to boot GREECE out of the EUROZONE (more on this later in the blog).\r\n\r\nWith other “you’re gonna love it”, “it will be fantastic” news; the antipodean central banks RBA &amp; RBNZ are basically moving away from dovish to neutral. They are far too savvy to go hawkish because they would get steamrollered should Janet Yellen at the FED go hawkish and raise interest rates in the US. Will Yellen raise rates? That is a whole ‘nother’ story as they say.\r\n\r\nBREXIT A50 trigger is moving sweetly through the UK parliamentary process. It has passed through the commons and has now gone for its second reading in the Lords.\r\n\r\nI just have a feeling this weekend’s Sunday papers are going to be a hoot in Europe\r\n\r\nNow some FX broker news…\r\n\r\nNice platform or not; those feckers at FXCM have been caught out and banned from operating in the US.\r\n\r\nThey took a huge amount off me vis-à-vis the CHF peg removal on my GBP/CHF trade. Following the PEG removal and cable FLASH CRASH last year I have heard of so many stories about poor service, that it comes as no surprise.\r\n\r\nIs this the end for FXCM?  I would say no matter what country you operate in many people closed accounts on the US news. If the owners lied to the US regulators, surely they have lied across the globe to other jurisdictions, if they believed for years that they had pulled the wool over US regulators; why wouldn\'t they do the same elsewhere. A leopard never changes its spots.\r\n\r\nThis story will have legs over the coming weeks.\r\n\r\nMore…\r\n\r\nI mentioned last week that I was going to focus in this week’s blog about my transition trades as I adapt to these changing markets. This will possibly be featured in next week’s blog.\r\n\r\nEven more…\r\n\r\nTHE WEEKLY FX DRIVE THRU – LIVE webinars.\r\n\r\nI am now getting to grips with the technology more and more, as time progresses. I am now comfortable with my 30-minute agenda. Basically, I take a “PICKERING” view of the week ahead. I think that having the webinar at the start of the week at the end of day one is possibly the best time to hold such an event. It allows for weekly candle follow through, or not, to take effect; plus, the first daily candle of the week is important in my eyes not just for possible continued sentiment but also for the establishment of any new moves.\r\n\r\n#4 is on Monday 13th February at 5:30PM\r\n<ul>\r\n 	<li>To attend live - you need Google Chrome as a browser.</li>\r\n 	<li>You cannot view on smart phones or tablets, only Laptops and Desktops.</li>\r\n</ul>\r\nThe link is below: -\r\n\r\n<a href=\"http://bit.ly/drivethru-live\">http://bit.ly/drivethru-live</a>\r\n\r\nIf you cannot listen live you can check out my You Tube channel, Scott Pickering Weekly FX Drive Thru for a freshly posted copy of the webinar, usually, within a couple of hours of its completion.\r\n\r\nFinally, in this section…\r\n\r\nIf you would like to be in the monthly draw to win a “FREE 10-WEEK SUBSCRIPTION” to the PREMIUM SERVICE, valued at CAD$1,000.00, all you have to do is subscribe to receive this FREE NEWSLETTER on my website <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a>  On my welcome page just below my cube logo is where you complete your subscription.\r\n\r\nLast week’s winner which I failed to annotate in the blog: brian@******.co.uk is fully up and running.\r\n\r\n<strong> </strong><strong> </strong>\r\n<ol start=\"2\">\r\n 	<li><strong> THE FX MARKET PLACE – LOOKING FORWARD:</strong></li>\r\n</ol>\r\n<strong><u>NOTE:</u></strong> This year, 2017, I am not going to look backwards in this section only forwards. News items / points of interest from the prior week will be covered in the introduction.\r\n\r\n<u>ECONOMIC DATA RELEASES:</u>\r\n\r\n&nbsp;\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-12022017.png\"><img class=\"aligncenter size-large wp-image-9080\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/ECON-DATA-12022017-1024x947.png\" alt=\"\" width=\"1024\" height=\"947\" /></a>\r\n\r\n&nbsp;\r\n\r\n<u>MY THOUGHTS ON THE WEEK AHEAD:</u>\r\n\r\nSeveral items catch my eye this week: -\r\n<ol>\r\n 	<li>USD: Janet Yellen – Testimony to the Senate Banking Committee with her statement of US Monetary Policy.This should be a “doozy” as no matter what she says she could be upstaged by TRUMPANTICS.\r\n\r\nHowever, let’s face simple economic facts. The US economy is performing basically very well and by all accounts “THE DONALD” is going to splash the cash that US does NOT have, to re-build roads, bridges and airports, which in comparison to Quebec where I live are fecking brilliant. If you want to see pot holes in roads, crumbling bridges, crumbling overpasses and crumbling buildings please put Montreal into your vacation plans. It needs money spent on it; big…’bigly’ money.\r\n\r\nSo, when TRUMP talks about airports in poor shape I can see his point, in New York and some other major hub cities. However, with regards to roads, if you travel from Quebec into Ontario or Quebec south into New York state the difference in the quality of the roads is noticeable at the state/province boundary. Just google it you will see what I mean.\r\n\r\nBack to the point…\r\n\r\nYellen should be pushed on normalization of interest rates policy and this will be the issue that creates most volatility. The fact that the FED seems to have already once again pulled back from three rate increases to possibly just two or my opinion maybe just one this year will attract some attention, or rather it should.</li>\r\n 	<li>GBP: Jobs data is always an important economic barometer and something that governments are held very accountable for more than anything else by most voters.There is also CPI and Retail Sales this week from the UK.\r\n\r\nThe data since last June’s BREXIT vote has mainly shown tremendous resilience with the UK economy. However, I fear it is the hard numbers relating to the capital account etc. from the treasury that interests the markets more moving forward.\r\n\r\nWithout doubt in my opinion the withdrawal of capital from the UK and the movement of labour, which is inevitable in my opinion, will be what influences the direction of the cable exchange rate moving forward. For now, we have the opening act to deal with.</li>\r\n</ol>\r\n<ol start=\"3\">\r\n 	<li>AUD: Jobs data on Wednesday night. I want to see the AUD/USD back at 0.8000 so I can short it. Nothing more than that. So please let’s have some great numbers!!</li>\r\n</ol>\r\n<ol start=\"4\">\r\n 	<li>NZD: Retail Sales. Directly opposite to the AUD/USD, I would like the NZD currency to fall off the cliff (nothing against any kiwi’s reading this blog). Regretfully for me, these numbers look like they could be a beat never mind a failure…argh!!</li>\r\n</ol>\r\nAs always bear in mind it has been news rather than economic data moving the markets so check twitter for tweets from “THE DONALD” and be aware of the BREXIT and EUROXZONE possibility to deliver geopolitical news at any time totally unannounced.\r\n\r\nRemember, get your T-Shirt printed “Uncertainty and confusion rules”\r\n\r\n<u>USD MAJORS – “IMMEDIATE” SUPPORT &amp; RESISTANCE with TREND:</u>\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-12022017.png\"><img class=\"aligncenter size-large wp-image-9081\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/T-CHART-12022017-1024x855.png\" alt=\"\" width=\"1024\" height=\"855\" /></a>\r\n\r\nMy trade charts for the USD majors are below. My thoughts, views and commentary is written on the charts.\r\n\r\nYou will find my charts, hopefully easy to follow. I only use Fibonacci levels, trend lines, confluence points and sometimes chart patterns to identify my high probability trades. If you have any difficulty understanding the points that I am trying to make, please do not hesitate to contact me.\r\n\r\nEUR/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9091\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/EURUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nGBP/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9092\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/GBPUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nAUD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9090\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/AUDUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nNZD/USD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9093\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/NZDUSD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CAD:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9094\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCAD-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/CHF:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9095\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDCHF-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\nUSD/JPY:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-12022017.png\"><img class=\"aligncenter size-large wp-image-9096\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/USDJPY-D-12022017-1024x485.png\" alt=\"\" width=\"1024\" height=\"485\" /></a>\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n<ol start=\"3\">\r\n 	<li><strong> THE PREMIUM SERVICE:</strong></li>\r\n</ol>\r\n<u>WHAT IS THE PREMIUM SERVICE:</u>\r\n\r\nThe PREMIUM SERVICE is a subscriber, fee based trade set-up option for Forex traders regardless of experience or background. I provide traders suggested trades, and some market commentary related to open trades or factors within the overall market that have my interest.\r\n\r\nFull details of the PREMIUM SERVICE and costs to subscribe plus the various trade styles and how suggested trade set-ups are communicated can be found on my website landing page at <a href=\"http://www.weeklyfxdrivethru.com\">www.weeklyfxdrivethru.com</a> by selecting THE PREMIUM SERVICE tab.\r\n\r\nAdditional information can be found by clicking TESTIMONIALS, PART-TIME TRADERS and FX PROMOTIONS tabs. To subscribe to THE PREMIUM SERVICE, you will require a valid credit card.\r\n\r\nIf you would like to watch/listen to a c.30-minute PREMIUM SERVICE webinar to learn more about what I can do to help you with your trading. Then click the link below and register. It is FREE… it costs nothing to listen.\r\n\r\n<a href=\"http://www.onlinemeetingnow.com/register/?id=wrklqabmy3\">http://www.onlinemeetingnow.com/register/?id=wrklqabmy3</a>\r\n\r\n&nbsp;\r\n<ol start=\"4\">\r\n 	<li><strong>PREMIUM SERVICE – SUBSCRIBER CONTENT AREA:</strong></li>\r\n</ol>\r\n<u>TRADING REVIEW:</u>\r\n\r\nI am still in transition. I decided to bank $$$ across all trade styles this week and looked to re-load trade set-ups for hopefully repeating trades.\r\n\r\nI have my longer-term strategy in my thoughts which is now predominantly EUR short based and over the coming weeks you will see set ups taking shape with: -\r\n\r\nEUR/USD, USD/JPY, USD/CHF, EUR/JPY, EUR/GBP and GBP/CHF.\r\n\r\nI am still fascinated by the CAD and I am tempted to look very long term with USD/CAD.\r\n\r\nI am too early for the GBP cross rates but from the middle of Q2 I want to get long GBP/NZD, GBP/CAD and GBP/AUD.  I am thinking of placing small long trades at lower levels to pick up spikes lower on BREXIT volatility. I know it sounds crazy but I do think in the second half of 2016, being long the GBP will be the trade. Before you guys leap in. I still believe we must re-test the lows again first or maybe lower to 1.1500… please bear this in mind.\r\n\r\nI spoke to a couple of you this week via the “PLATINUM” reviews and for me I found these quite refreshing and motivating.\r\n\r\nAs I stated on both occasions for Q1 my goal is to get positive with the PREMIUM SERVICE pips tally. I am NOT for want of a better phrase “going all in”. This is a process and an adjustment period. I will try to put as many stakes in the ground as possible, but we must accept we are being pushed and pulled by a crazy man. Technicals and even Fundamentals are sometimes defeated by the nonsense. We should remain strategic but at the same time exercise a high degree of patience.\r\n\r\nI got my head around what needs to be done and I have my 6-week plan until the end of Q1 in place and slowly but surely it will be become more and more obvious to you what I am trying to achieve.\r\n\r\nMany thanks for the continued support.\r\n\r\n<u>MOVING FORWARD:</u>\r\n\r\nWe are still operating in ranges although, the emphasis and sentiment is trying to change.\r\n\r\nAs stated above I have my TRADING PLAN taking shape not just for Q1 but for the remainder of the year and this will be a great year if my thoughts are correct.\r\n\r\nThe joker “TRUMP” is the only card that can screw with it. To combat this my emphasis is not solely based around the USD majors. This at least should give me my edge.\r\n\r\n&nbsp;\r\n\r\n<u>CORE TRADES:</u>\r\n<ol>\r\n 	<li>AUD/NZD: – I am going to exit this CORE POSITION around 1.0800 – 1.1100. My goal will be to place protected stops on whatever trades I have open when the 1.0800 level is passed.</li>\r\n 	<li>EUR/NZD: - I am holding these trades. This currency pair is a straight on RISK ON – RISK OFF trade and I think that as it is such a small position and risk, it is worth just sitting in at the moment. This pair can move 400 pips a day no problem when it gets its mojo on.</li>\r\n 	<li>EUR/USD and USD/CHF: - Core positions now being established and I am looking to add more trades as the month progresses.The bigger picture is that despite encouraging inflation data aside, the EUROZONE is facing major / serious issues ahead.</li>\r\n</ol>\r\n<u>\r\nTHE WEEKLY FX DRIVE THRU – LIVE:</u>\r\n\r\nNext webinar: #4 - Monday February 12th 2017 at 5:30PM EST.\r\n\r\nYou can register on the link below; they will be recorded and distributed after the event.\r\n\r\nTo access the webinar or see the recording you will need Google Chrome as your browser, and, for a short initial period the webinars will NOT play on smart phones or tablets.\r\n\r\nhttp://bit.ly/drivethru-live\r\n\r\nIn addition, I will upload the recoding to my YouTube account “The Weekly FX Drive Thru”. It will be there within a few hours of the webinar finishing.\r\n\r\n<strong> </strong>\r\n\r\n<u>PREMIUM SERVICE - TRADES REVIEW<strong>:</strong></u>\r\n\r\nCURRENT PREMIUM SERVICE - LIVE TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIVE-TRADES-12022017.png\"><img class=\"aligncenter size-large wp-image-9089\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIVE-TRADES-12022017-789x1024.png\" alt=\"\" width=\"789\" height=\"1024\" /></a>\r\n\r\nCURRENT PREMIUM SERVICE – LIMIT ORDER TRADES:\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIMIT-ORDERS-12022017.png\"><img class=\"aligncenter size-large wp-image-9088\" src=\"http://weeklyfxdrivethru.com/wp-content/uploads/2017/02/PS-LIMIT-ORDERS-12022017-703x1024.png\" alt=\"\" width=\"703\" height=\"1024\" /></a>\r\n\r\n<strong> </strong>\r\n\r\n<strong> </strong>\r\n<ol start=\"5\">\r\n 	<li><strong>THE SOAPBOX:</strong></li>\r\n</ol>\r\n<p style=\"text-align: center;\"><strong>“THE PIT BULL” MOVES IN…\r\n</strong><strong>WILL HIS ACTIONS BE NOTED AS HELPFUL\r\n</strong><strong>IN THE HISTORY BOOKS?</strong></p>\r\nI love Wolfgang Schaeuble aka “The Pit Bull”.\r\n\r\nThe German Finance Minister goes places only “THE DONALD” would go. He is the closest to “THE DONALD” in the EUROZONE with regards sticking his oar in whether its required or not.\r\n\r\nLaugh… Holy Mother of God. The management of the EUROZONE can only be compared to a set of chickens running around a farmyard with their heads cut off.\r\n\r\nWho the hell is Schaeuble to tell a member state what to or what not to do? Every time he produces outbursts like this, it does make outsiders believe that the other 18 members of the single currency union are like provinces of Germany. I totally get his position as Finance Minister of Germany, and without doubt Germany is the powerhouse of the union. However, all members of the union are equal per the core documents and whilst Schaeuble can have his opinions, he isn’t even the leader of Germany and the fact that he sits on the Finance Ministers committee chaired by Jeroen Dijsselbloem with regards to the EUROZONE and its funding of GREECE, to me means he is once again over-stepping his mark.\r\n\r\nHowever, on this occasion I ask was it helpful in the long run and should he have been more vocal in this direction 6 years ago?\r\n\r\nMario Draghi, ECB President, had a similar problem with Ewald Nowotny (Austrian Bank Governor) and Jens Weidman (German Bundesbank Governor) undermining what he was trying to achieve a couple of years ago. It is very noticeable these two ECB board members have shut up of late as it is in the best interests of ECB policy for them to do so.\r\n\r\nIn an interview, the issue of a debt haircut for GREECE came up. Schaeuble answered only as he knows how. It has been widely accepted that Schaeuble was showing GREECE the EUROZONE door.\r\n\r\nFrankly Schaeuble and his counterparts on the committee managed by Dijsselbloem have kicked the GREECE can down the road for years, so maybe now is the time for GREECE to leave the EUROZONE and revert to the “Drachma” away from the single-currency. But, why wasn’t GREECE encouraged to leave before? Why did the EUROZONE Finance Ministers keep lending money, creating more and more conditions that the Tsipras led government has no chance of adhering to?\r\n\r\nMy God, it\'s the Lisbon Treaty once again (Article 50 of BREXIT fame contained in it as well) that states that a “debt cut“ violates EUROZONE rules and a country would have to leave the EURO AREA to have one. The EU leaders must have been on acid or an equivalent when the Lisbon treaty was ushered in!\r\n\r\nSo, GREECE is front and centre once again.\r\n\r\nWill the EUROZONE Finance Ministers finally get GREECE resolved? We are in a Mexican stand-off as I see it from a macro viewpoint.\r\n<ul>\r\n 	<li>The IMF are clear from their position stating that in their opinion GREEK reforms promised to creditors are off track. The Tsipras lead Greek government reject this point of view… no surprise there. This mistrust goes all the way back to 2009.</li>\r\n 	<li>Schaeuble is very kind to GREECE. Do what you said you would do when you received your last bailout and all will be OK. GREECE needs the second round of bailout III money soon. The clock is ticking down.</li>\r\n 	<li>The issue with GREECE is not as much about the debt management as it is about remaining competitive in business. This is very difficult, as most businesses must operate without credit. GREECE has long become almost a cash only business environment. This makes it extremely hard to see growth and it opens black market trading and hides the real economy. How can you govern effectively in this environment?</li>\r\n 	<li>The IMF are reluctant to go further with financial support. If the IMF pull out, the Dutch government have said that without IMF continued support the Netherlands will not participate in any revised or updated Greek bailout.</li>\r\n 	<li>Bond yields in Greece are rising once again and time is running out to get a deal done before the EUROZONE elections take hold and hog the news.</li>\r\n</ul>\r\nWhat for GREECE then?\r\n\r\nA debt haircut is required to enable the country to take control of its finances and move forward. I think I wrote this two maybe three years ago. We are now further down a stony, can ridden road and we have greater uncertainty than ever before.\r\n\r\nCan GREECE survive outside of the EUROZONE?\r\n\r\nThey are lovely people and they have a backbone. They have shown tremendous resilience so far. It is however an absolute bloody disaster that 6/7 years later they are probably going to have to do what they should have done on day one.\r\n\r\nHad GREECE left the single currency back in 2009 where would GREECE Be now? You would have to say probably in better shape. GREECE is the classic example that the EUROZONE ‘one size fits all’ approach does not work.\r\n\r\nNow let’s be clear. GREECE did not help itself at times. However, the best solution is to leave the single currency as soon as possible and take control. There will always be buyers of debt and reverting to monetary policy control allows the freedom that GREECE requires to move forward.\r\n\r\nDo we thank the PIT BULL for elevating the debate?\r\n\r\nHistorians may look kindly on this event when the books are written. It could however get lost in the 2017 bigger story about the EUROZONE / EUROPEAN UNION implosion!\r\n\r\n&nbsp;\r\n<ol start=\"6\">\r\n 	<li><strong> CLOSING THOUGHTS:</strong></li>\r\n</ol>\r\nNothing more to add here, I have said enough except,\r\n\r\nAs usual…\r\n\r\nAlways remember longevity in Forex trading can only be achieved through trading with good RISK and MONEY MANAGEMENT, and above all set your position sizes in accordance with the size of your account and allow for some flexibility.\r\n\r\nTake care, have a great trading week.\r\n\r\nScott Pickering\r\nThe Pip Accumulator\r\nTwitter: @pipaccumulator\r\n\r\n<a href=\"http://weeklyfxdrivethru.com/disclaimer/\">http://weeklyfxdrivethru.com/disclaimer/</a>\r\n\r\nBLOG VERSION: #127 PREMIUM SERVICE\r\nDATE: 12<sup>th</sup> February 2017.\r\n\r\n&nbsp;\r\n\r\n&nbsp;\r\n\r\n&nbsp;', '“THE PIT BULL” MOVES IN…', '', 'publish', 'open', 'closed', '', 'pit-bull-moves', '', '', '2017-02-11 16:41:18', '2017-02-11 21:41:18', '', 0, 'http://weeklyfxdrivethru.com/?post_type=member_posts&#038;p=9101', 0, 'member_posts', '', 0);
