We, at Elliottwave-Forecast.Com believe that market is purely technical and moves based on cycles and Elliott wave sequence of swings rather than fundamentals. We never care about the news and never let it affect our analysis, we always advise our clients to not be afraid ahead of the news events as the market makers would often hide behind big news events like the FOMC rate decision to move the market and blame it on the news. Today’s we are going to show you some clips from our live sessions on 9/16/2015 and 9/17/2015 in which we used GBPUSD to forecast what to expect from the market before and after FOMC.
On 9/16/2015, with the break above 1.5476, GBPUSD was showing 5 swings up from 1.5162 and showing an incomplete swing sequence and hence we knew that until GBPUSD didn’t get to 1.5640 – 1.5715 area, USDX should sell off but shouldn’t see an extreme sell off because when GBPUSD reaches 1.5640 – 1.5714 area, it would get extreme in the 1 hour cycle and would then need to pull back which should lead to a bounce in USDX that we saw late on 9/18/2015 and 9/21/2015 (when market re-opened after the weekend)
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