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Wavecount

EURUSD 4H: VERY BEARISHHey traders! Last week's price action completed with a very bearish move and containment inside the monthly trendline (top, red). Five waves down confirms an impulse, and I want to sell the pullback toward the completion of a potential Gartley pattern. The bearish wave-5 may still have some juice left in the tank as the 1=5 level has yet to be tested. However, in order to achieve a higher R/R I want to wait for the retest of previous fourth wave resistance before entry. More to come!
Short
by glennmercer
4
USDCAD Correction and Gartley Complete: Selling the PullbackHey traders! The bearish move toward gartley completion carried out as predicted and we now have a complete five wave impulse structure. I want to see some bullish price action before continued bearish movement. Therefor, I will be selling the pullback to the trendline violation area. I will likely be using this position as a hedge for the EURUSD 4H short position to limit USD exposure. Check out the related idea for more on that trade. Updates to come with entry/exits!
Short
by glennmercer
4
GBPUSD Wave Count: Short-Term Rally After Wave-b CompletionHey traders! Looking to buy the completion of this wave-b, and this position will account for multiple variations of the sideways correction. The one variation however, that it will not account for, is an expanded flat. This is a real possibility with the volatility we're seeing from this pair so any entry should be pending confirmation of the completed correction with a rally on the smaller TF and should be entered with a cautious position size. More to come
Long
by glennmercer
2
USDJPY Road Map: Possible Wave-((5)) & I want to BUY ItHey traders! I've been waiting to buy this to catch some of the impulse. I think this is a good opportunity. I want to place a tight stop behind the most recent pinbar and buy at support toward the completion of a potential bat completion level. Two consecutive daily missed pivots means momentum is bullish, and pinbars make for a nice barrier for a SL. Also, if the count is correct, we should see a bullish impulse to complete a wave five. If price drops past SL, we will likely see prolonged sideways movement and a potential triangle as the previous degree fourth wave carries on. More updates to come. This one is live! Cheers
Long
by glennmercer
2
GBPUSD Long: Making Sense of the CorrectionHey traders! I'm trying to make some sense of this whipsaw action after the flash crash. We can see a correction is in process after the bearish impulse on 10/6. This trade capitalizes on a possible double combination wave: triangle -> flat -> zig-zag, where we are trading the final stretch of Wave-c. I want to move my stop to B/E quickly to protect the position from a potential triangle, which is a possibility in this scenario. However, I'm counting wave-a as a five wave sequence which if true will follow through as a zig-zag, hence this trade idea. More updates to follow. Happy trading
Long
by glennmercer
3
SILVER LONG: I Want to Buy a PullbackWe have a potential inverse head and shoulders forming at the support area. This area is the same PRZ as predicted by the potential crab, and the area at which I have long alerts set. Looks like we have an impulse off of the support. I am now looking for a pullback to buy the (c)-wave toward completion of the correction. If the neckline is breached, I will buy the breakout with a tight stop behind the root of the impulse. Updates to come. Cheers
FX:XAGUSDLong
by glennmercer
2
EURO: Combining EW With Harmonics - Triangle BreakoutHey traders! Looks as though the complex correction is complete for this pair. We have a bullish impulse that followed which points to wave count confirmation, but not until the fifth wave completes. I want to trade this fifth wave after the triangle completes. At the schedule completion of the triangle, a potential bullish Gartley has formed a potential reversal zone. In addition to a high probability breakout, we also get a nice risk to reward ratio out of it. It is smart to wait for bullish confirmation and pullback. PS: Video support for analysis coming soon! This complex correction is a good candidate for explanation. Cheers!
Long
by glennmercer
8
GBPUSD Wave-X Complete with Bat: Ready to RallyHey traders! Looks like the minor degree Wave-X is complete on GBPUSD. In addition to the wave count, a bullish bat is complete and has shown some pin support. I want to buy here with a tight stop below the root of potential wave-1. If SL is hit, this is not the first wave of the rally and I don't want to be in the trade any longer. Otherwise, we have huge profit targets above including missed pivots and weekend gap level. Happy trading!
Long
by glennmercer
9
AUDJPY Wave Count: Upcoming Rally Toward Bat CompletionHey traders! AUDJPY has moved sideways since the last update, and the wave count has been updated to a combination correction from an ABC simple zig-zag. I like a short from bat completion levels toward the completion of the 3-wave ((e)) at the completion of the final leg of the triangle. If the triangle completes, I will be looking for an aggressive long position toward trendline resistance. Updates to come as the tide rolls, happy trading
Short
by glennmercer
1
EURNZD Wave Count: Combination CorrectionHey Traders! Here's an updated wave count on EURNZD. New lows last week confirmed continued sideways movement before a continued bullish impulse. I'm looking for long opportunities in the support zone, assuming we'll have a corresponding wave count that completes an XYZ correction. Only bearish if the first invalidation level is violated, as this could indicate a triple combination or a larger degree triangle. More updates to come.
Long
by glennmercer
3