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Gmercerfx

USDJPY EW Count: Looking for a Pullback Here to BUYHey Traders! USDJPY is forming a potential triangle combination on the higher primary degree. We have a complex sideways combination wave on the intermediate degree currently rolling out. We cannot guarantee that wave-((b)) is complete, but a rally past wave-((a)) will provide significant enough evidence to buy toward the completion of wave-((c)). Ideally, I would like a 78.6% pullback toward wave-((b)) to place a long position with a tight stop behind wave-((b)) terminal. this would give us a huge R/R long position toward the completion of wave-((c)) and a quick stop out at the invalidation level. The next move will be a short position at the potential bat completion up against the triangle top. More updates to come!
Long
by glennmercer
8
EURAUD Long: Posible Triangle Breakout & EW CountHey Traders! We have a potential completion of the sideways correction on EURAUD. That means we'll be looking for big gains on the long side unless the invalidation level is violated. If price drops below the invalidation level, I'll be expecting further bearish movement to complete ((E)). Otherwise, this pair could have legs throughout the next couple of weeks. Stay tuned. I like this trade soon after market open and I'll be posting if I take a position.
Long
by glennmercer
1
GBPUSD Wave Count: More Downside Before A Powerful RallyHey Traders, it's weekend review time! GBPUSD, originally viewed as a possible flat on an intermediate degree, has broken recent lows. What does this mean? We should expect some lower lows into next week. The double zig-zag has created a new motive wave and is expected to now become a triple zig-zag. This is a great short opportunity if we see a nice pullback. Otherwise, I'll wait for a long opportunity in the PRZ confluence zone. This zone, as shown on the chart, is comprised of two very closely placed pattern completions: bullish shark & bullish crab. If we can get a nice bullish motive wave followed by a correction, in that zone, I'm going long and will post an idea. For now, I would like to short the pair on a pullback and put the stop tightly behind the invalidation level on a lower degree (more on that as the tide rolls). Happy Saturday all!
Short
by glennmercer
EURUSD Short: Second Entry for Those Who Missed It! Huge R/RFor those who missed this entry, we had a great Cypher/EW Count trade to first target here: This completes wave A of the correction. Then, wave-B has on folded into a rising wedge, typically marking the final wave in its degree series. Tight stop placed above base of wave-i-of-C. PS: This one is a little late, it ran away on me while publishing #WinningTradeProblems. I suggest waiting for a pullback and using this idea to gain some EW knowledge. Happy Trading!
Short
by glennmercer
4
CADJPY Short: Better Entry Against TL Resistance (EW Count)Hey Traders! After taking a low-risk, high reward attempt on a potentially completed correction, CADJPY has dipped further into its corrective structure. Now, we have a better probability trade while still maintaining a high R/R. Also, a Bat is complete and may add to bearish biais. SL is placed above invalidation level. If TL resistance fails and price rallies higher, its likely to continue to rally and I will be out of the short and looking for more signals. Happpy trading!
Short
by glennmercer
6
EURUSD Short: EW Count Update - Cypher Complete!Hey Traders! Here is another possible short setup on EURUSD. We have a cypher complete with a possible ending diagonal setting off the drop. I like these trades because it allows us to maximize our R/R and place a tight stop. I like to keep my losses small and this is no exception. If it rallies beyond the end of the possible ending diagonal I don't want to be in the trade anymore, hence SL placement. I set two targets, one at .382 retracement and another at the confluence between .618 fib and the missed daily pivot from yesterday. Happy trading!
Short
by glennmercer
4
USDJPY Final Long Entry Before Invalidation! High R/R!This is a re-evaluation of the final corrective triangle structure. The reason why this is the LAST entry is because our stop can be comfortably placed beyond the invalidation level. A single pip below this level invalidates the count, and we have a huge risk to reward opportunity on which to capitalize. This is a risky position because the BOJ news is pending, so risk your capital intelligently. I will update with more updates as the tide rolls. Happy Trading All
Long
by glennmercer
1
AUDNZD Drop Initiated - Short Wave-i-of-((a))-of-GHey traders, the drop has likely begun for this pair toward point G of the expanding triangle. We have a bearish impulse on the 1H and an opportunity to catch the drop with a tight stop. There could still be another bounce twoard the .786 fib, but the loss will be cut short if that is the case. If the drop continues as planned, we have two targets in play: Targets: T1 @ Weekend Gap, 1.029 T2 @ Point G, 1.021 Happy Trading!
Short
by glennmercer
8
USDCAD SHORT: RIDE WAVE-((iii)) DOWNOne the 4H timeframe, we have a nice triple three correction which has potentially reached its completion with this wave-((z)): We are now seeing wave-((c)) of a potential expanded flat, which if true will mean the third and fifth wave are coming which means strong bearish price action. The stop is tightly placed above the beginning of wave-(i) since rally above this level invalidates the breakout and likely points to a potential fourth wave triangle. More updates to come...
Short
by glennmercer