AUDCAD Wave Count: Sideways, Potential TriangleHey traders, we have an eventful week coming up. I expect some sideways corrective structure prior to Wednesday. Keep an eye on the triangle and the Gartley PRZ to provide potential resistance.
Gmercerfx
USDCAD Short: Sell Wave-CHey traders, this is an update on my previous idea:
I'm getting short this pair in anticipation of the wave-C drop. Trade is active.
USDCAD Wave Count Update: Possible Sharp Reversal HereHey traders, here's an update on the wave count for USDCAD. I like the quick powerful rally here followed by corrective structure. Typically, we will see a sharp reversal from this type of move to drop past the original root of the wave. Keep an eye out from a drop from here. After a short bearish impulse, I will open up a short and send an update. Continued rally calls for a re-count. Cheers
EURAUD Elliott Wave Count: Falling Wedge on 4H = Buying Opp.This pair has completed a potential falling wedge. Until the first bullish is confirmed with a subsequent more powerful bullish impulse, however, it will be considered an aggressive long. I like a small aggressive position near the completion of an A=C zig-zag and a larger position at the conservative confirmation level. Keep in mind, though, that a drop below invalidation will likely mean a hard continued drop. That's what makes this level a great area for a protective stop. Entry will be confirmed with a follow-up idea.
EURAUD LONG ENTRY: Bearish Bat Complete + Double Zig-ZagHey traders, earlier I posted this idea:
This one is entering the PRZ for aggressive entry. If this is indeed the reversal point, we may see a huge risk to reward in our favor toward the follow-through on falling wedge completion. Trade is active with a limit at entry.
EURCAD Elliott Wave + Harmonics: Adding Structure to the ChopThis pair has been choppy with short term rallies and drops that have been powerful but indecisive. As we pull out to the daily chart, we can see some structure coming together for this pair. We have both a Cypher and a Gartley nearing completion as we complete Wave-C-of-(B). I'm expecting a big bullish move out of this zone, preferably out of the tighter cypher zone toward wave-1-of-(C). This would be an excellent area to pull the trigger on a long toward a huge potential rally.
CHFJPY Elliott Wave Count: Breakout May Start Double Zig-ZagThis pair, like other JPY pairs, is in the midst of a short rally while we wait for volatility to return to the market. When it does I'll be looking or opportunities to buy the yen. I will only be pulling the trigger on this on a confirmed breakout. If and when wave-(A) completes, our best move will be to sell the (C) wave toward further dropoff. The next London and US sessions will likely provide us with critical indicators of continued direction.
CADJPY Elliott Wave Count: Symmetrical Triangle on 4HAfter a powerful bullish impulse ending in late 2016, we've seen the pair basing sideways in a series of corrective waves. This month (February) has shown a symmetrical triangle forming on the 4H which could signify the end of the correction if the pair breaks out from wave-(E). Outlined on the chart is a potential move. I would like to see the pair rally so that I can sell through wave-(E) before looking for indications of a powerful continuation of the 2016 impulse. For the time being I will be on the sidelines watching. Stay tuned for updates
AUDJPY Elliott Wave Count: Short through Wave-((C))AUDJPY is basing on the hourly chart after a strong bearish impulse last week. Based on the recent completion of wave-((B)), I have strong reason to believe that this drop will continue through next week. I will be waiting for a breakout in order to ride it downward. Updates to come...
USDCAD EW Count: Looking for Bullish ImpulseHey traders, we're coming up on a speech from Janet Yellen. I'm expecting some volatility - and if bullish past the entry point I want to be long for the reasons below. I entered last week on a zig-zag completion which stopped out at breakeven as the retracement sank deeper into a double zig-zag correction. SL is placed below invalidation level. Keep in mind, we could also see a deeper retracement, so this entry is cautiously bullish and only if the previous resistance is pierced. Happy trading.
Bullish Bat Complete
Ending Diagonal Complete
Previous Bullish Impulse in Wave-(a)
Support at Previous Wave-(2)
EURCAD Wave Count: Two Triangles Potentially CompleteHey traders, I have been following this impulse in wave-1 waiting for a retracement. After the daily close, a bearish wave-c presented itself to complete wave-2. I want to buy here. Movement past invalidation will have me on the sidelines again. Updates to come as the tide rolls, cheers.
AUDJPY Short: Selling the Zig-ZagThis pair has completed a descending triangle and has exhibited a strong breakout to the up-side. I want to be bullish in the long term after this correction. However, this correction is very possibly going to be sharp to the downside to satisfy the Elliott Wave rule of alternation since we saw a sideways correction in wave-2. Also, the previous red candle was a sharp impulse. I want to follow that with a SL above its root. Cheers
USDCAD Wave Count: Trading Wave-C of Zig-ZagHey traders, a potential breakout toward wave-C of this potential zig-zag is approaching. Looking to ride the C wave up toward potential (a)=(c) target. Of course, if invalidation is broken I will be out to re-evaluate. Target is tentative based on price action. Cheers
GBPCAD EW Count: Looking for a Drop TodayHey traders, looks like the Canadian dollar is responding positively to the trade balance numbers. They were weak but market likely expected weaker. Shorting the pound against CAD here, looking for a drop to the S/R zone. Cheers
Buying Aussie After RBA Rate StatementHey traders! No surprise here on the RBA release, but a good reason to buy a breakout now while we're channeling upward. Also, we may see some sympathetic long bias after the NZD inflation was released to be pushing 2% q/q. Long is active. Cheers
GBPCAD Potential Short After Prelim GDPUK preliminary GDP released tomorrow. If it disappoints, I want to be short this pair. If it beats forecast, I will be looking for GBP pairings against weaker currencies like the yen. Cheers
NZDUSD Long: Weak US GDP Data + ChannelHey traders, GDP came in at 1.9% behind expected 2.1%. The kiwi has been strong and this pair is in an upward channel. I am long from here toward the 1.272 extension. Cheers
NZDJPY Wave Count: Technical + Fundamental AnalysisAfter this bearish impulse, it is likely that if the entry level is taken out we may see further downside. The EW count suggests the same. Also, with the inauguration occurring today, there is a possibility for a "risk off" economic environment to take the reigns which would mean a drop in riskier currencies like the kiwi and a rise in the safer yen. Cheers
AUDJPY Short: Channel + Triangle BreakoutHey traders, breakout to the downside on this pair. Trade is immediately active. Look for a few longer term targets with the most profitable being 82.5. Moving to B/E at 1:1 as is typical. Cheers
Nikkei 225 Wave Count: One More RallyThe Nikkei is in a clear uptrend, as is USDJPY, and based on the extended first wave (if correct) we should see another rally before a drop of questionable magnitude. The Yen has been weak against all pairs, especially the USD, and this week may be a good buying opportunity. This is all pending a rally above the dotted trendline. I like a buy on USDJPY after a bullish impulse and if the Nikkei extends toward the 3=5 level, we will have an excellent selling opportunity ahead. Cheers
USOIL Short: Potential Double Zig-ZagUSOIL is tough to predict in these sideways corrective waves, however there are some knowns based on wave structure. The most potential outcome based on recent structure is further downside. A bearish impulse off of recent highs will solidify the speculation and garner a potential short. Keep an eye out for a drop. Happy trading
GOLD Wave Count: Sideways to Potential CypherGold is in an uptrend on the hourly chart and a downtrend on the daily chart. On the weekly, we have a classic cypher pattern emerging if price should drop further. During this short-term uptrend (it will likely be short-lived as the wave is best counted as a corrective structure) we can see a channel potentially complete. I won't make any immediate trades, but this roadmap will have me looking for bearish impulses to ride toward the cypher PRZ. Cheers
USDJPY Elliott Wave Count: Correction Before RallyHey traders! I definitely want to be LONG this pair as the Yen has been weak against the USD and the trend is bullish. However, it looks as though the correction will continue toward the .382 retracement of Wave-(iii) before we see continuation. I will be looking for bullish impulses to get back into the bull rally. Updates to come - Cheers
