This post is being released in 2 parts as posting restrictions do not allow me to post it all in one post. Please use these as GUIDES only as they are NOT one of my FULL analysis and are meant to give my current views on the market action only. Use them with discretion!
NOTE: Today's FREE Edition is a FULL release same as the Basic Edition which is available only to PAID members. This is being released to FREE members as I am introducing 2 NEW features to my Daily Update releases so everyone can see how it works. Future FREE editions will continue as normal and are NOT guaranteed to be released everyday. They are released as time permits.
GBPUSD - SHORT
Gapped up on the market open and prices just ran up higher from there reaching a strong at a MAJOR (M) SR structure. From there, it has stalled and left the gap even wider. It has also expanded that possible EED pushing the possible upper TL even higher. If the EED is correct, then we should see prices fall significantly. However, we are now SHORT in this pair only to shoot the gap. Then to see what happens afterwards.
4HR CHARTS - (yesterday vs. today)
EURUSD - SHORT
Yesterday's open gapped up and that gap has yet to be filled although prices began working it's way lower today but still hasn't filled it yet. It should fill the gap and may bounce slightly from there but should eventually turn and head lower. We are SHORT in this pair now and waiting for profits.
4HR CHARTS - (yesterday vs. today)
USDCHF - NEUTRAL
As pointed out in yesterday's chart, there is a possible leading ExD that is forming and yesterday, I pointed out that prices could turn and head back up in the leg E of that ExD. Well, that is exactly what it started to do today. I expect that it should continue up to complete it. Then to see what it does next.
4HR CHART - (yesterday vs. today)
NZDUSD - SHORT
Today prices moved up slightly higher than yesterday and is now sitting on the upper TL of the larger contracting triangle. I am expecting that prices should begin to drop from there soon. Although I have a POTENTIAL bat drawn on the chart and the bat would complete right near to the lower TL of this triangle, I am not certain of prices reaching that low. Although we are now SHORT on this pair, I will be wary of reversal possibilities during any drop down and act quickly if needed to close the trade.
4HR CHART - (yesterday vs. today)
This is of course the Brexit week. Unless you have been living under a rock, you would know this. And you should know that during this week leading up to the Brexit vote, much of the markets will all be in much turmoil. Volatility will be increased this week as many if not most banks and institutions are or have moved into "safe havens". This is why we saw Yen get stronger last week. These same banks and institutions will not be doing much trading this week to preserve their capital exposure to the unpredictable markets. Therefore, we will see lower volumes and therefore higher volatility. So if you are taking trades this week, I would suggest lower exposure as well. Especially in the Sterling and Euro0.22% currencies . Trading in other markets would be safer. And I would HIGHLY, HIGHLY suggest in the STRONGEST words possible that you DO NOT try to trade through the Brexit unless you have a LARGE bankroll and a HUGE appetite for risk! The Brexit results not matter which way it goes may very well have a similar effect to when the Swissy was freed from the Euro0.22% and prices fell over 1800 pips in ONE DAY! That turned millions in profits to million in losses overnight for many investors who did not exercise caution! Anyway, this is just my early warning and I will have more on this in the next days leading up to the vote as scheduled.
I am constantly trying to find ways to make this service better and easier to use. To that objective, I have added 2 new features that may help you to better understand the charts and quickly know where we stand in each pairing:
Next to each pair, there will now be a STATUS on it. Either LONG, SHORT or NEUTRAL. This will reflect our current stance on that pair.
Each pair will now have CONTINUOUS charting with yesterday's chart included alongside today's updated chart. This way you can see the progression of our projections and better judge for yourself whether our projections are worth following along with and also to more easliy see any changes in projections and wave counts we may have from day-to-day.
HOWEVER, these new features will only be available on the PREMIUM and the BASIC Daily updates and will not be part of the FREE Edition except on a case-by-case basis.
Update Release Schedule
This is the FREE Weekly Wrapup & Update that is released every week to ALL registered and subscribed members. If you are not a subscriber, you will not receive the detailed Daily Updates that follow this Weekly Update. This Weekly update DOES NOT try to predict the movement for this next week. It only is intended to summarize the past week and try to predict the next DAYS action.
The Daily Wrapup & Updates will have three editions: a Free edition, a Basic Edition (for Basic Package Subscribers) and a Premium Edition.
Free editions will include coverage on the Basic pairs that I cover. Basic Edition will have same as Free Edition but with Subscriber-only detailed charts and Premium edition will also include markets that I cover for paid Premium subscribers. EFXSelect reserves the right to change or rescind this and any freely available resources at anytime without prior notice.
This Daily Wrapup & Updates will be published daily from Monday- Thursday. There is not any Friday Edition as that will be included in the Weekly Wrapup & Update release. (all dates/times are based on EST or GMT -4).
Daily and Weekly Wrapup & Updates are just a brief overview on what the markets have done and what I think MAY happen in the near-term. These are not comprehensive analysis on the markets. So please use them as such. Markets can change rapidly. If you want to be updated on the latest changes, consider subscribing in order to receive comprehensive updates and analysis.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
THINK before you comment! It takes MUCH work and time to create these posts! So before you decide to criticize me for what I post, or how I choose to post, remember that I don't just throw a chart up with a few lines on it with a few arrows showing 2 possible directions and that's it. I can do those in 5 mins. My charts take MUCH effort and I put much detail into creating them for your benefit. I hope it helps but I also hope it's appreciated!
If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I can know my post was helpful to you. As always, any CONSTRUCTIVE comments are welcome whether AGREE or DISAGREE.
If you desire to receive ALL my analysis on pairs I trade and cover as well as REAL-TIME trade signals, consider joining my private group and my members. You'll get REAL-TIME trade signals and analysis as the trade happens and discussions those trades live. Interested? Go to efxselect.com to subscribe and get these signals in REAL-TIME!
Website: http://www.efxselect.com to subscribe
Join my Skype chat room! It's FREE (requires registration): Skype link: https://goo.gl/2fwvsa
Sep 18th Weekly Indexes newsletter: http://bit.ly/2w2ODMH (FREE Access)
Want results like this? Join us: http://bit.ly/29x4bfM