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Wavecount

USDCAD LONG Rally Is ON: Here's Where to Add!Hey traders! We're enjoying a great rally on the USDCAD. This is it if you missed it: Here's where it gets a little more exciting. We're looking at consolidation after wave-((3)). A nice triangle formation is telling me we will see continuation after completion of the E leg. So, what does that mean? I want to add more to this position at wave-E! Also, our invalidation levels have moved, so we can now move our stop loss to just below the second invalidation level. This is the level at which the trade will no longer be valid and we will have to recount knowing this is no longer a five wave impulse. I am adding to the position, but not more that would make this level unprofitable. PS: Since waves one and three are roughly equal, I expect an extended fifth wave. Commodity-driven currencies tend to behave this way. It is not a guarantee, just a guideline. I will likely keep same target but will update if I hold longer than the idea describes. Happy trading!
Long
by glennmercer
5
OIL WAVE COUNT: TRIANGLE COMPLETE, Watch for Wave-((I))-of-3!Hey traders! Looks as though we have a completion of the symmetrical triangle here on oil. The price action after the breakout looks as though we could see a leading diagonal and a pullback to wave 2 of the diagonal will make for a great entry (updates to come). A bearish butterfly pattern is nearing completion in the PRZ of a potential wave-((I))-of-3 as well which is nice. Keep in mind that further sideways movement is not out of the question, and to keep all options open. However, I do like a long here toward wave-3. I will be buying on a pullback if the opportunity presents itself. Happy trading
TVC:USOILLong
by glennmercer
6
AUDJPY Short: Potential Bat Inside An EW TriangleHey traders! Check this out. We have a nice corrective structure rolling out in the form of a symmetrical triangle. Wave-((e)) is involved with prolonged sideways movement and may present a great opportunity to trade a bearish bat down toward the bottom barrier of the triangle. Exact entry will be assessed as price enters the PRZ of the bat. I will likely enter on 1=5 projection or on the pullback after a bearish impulse. Updates to come
Short
by glennmercer
EURUSD Long: Potential Pending BreakoutHey Traders! We have been in a sideways correction on EURUSD for over a week now. The wave count suggests that were looking for a bullish rally into impulsive wave-((C)). This will be a five count wave and should be swift and powerful. If this is the case, then the smaller impulses leading to this wave were a series of ones and twos and could unleash a series of threes toward target. If invalidation level is hit, this is not the case and we will need to recount.
Long
by glennmercer
GBPUSD Wave Count: (c)-of-((Z))-of-B Is a GO!Hey traders! As predicted by the wave count, we have a continued drop into the final ipulsive C wave of combination wave-(Z). I did not get the pullback I was looking for for that drop, so I sat it out and waited for another opportunity. Now that we have established potential first wave of the final impulse, this is our invalidation level and can be used as a SL. Any movement above this level will invalidate the trade and introduce uncertainty, therefor I will be OUT. Otherwise, I expect this to reach the crab/shark level. Trade is active immediately at market. Happy trading!
Short
by glennmercer
GBPUSD Wave Count: Still Short Toward Wave-B CompletionHey traders! I'm looking for trendline resistance to push this pair down toward completion of wave-B here. We may be able to find some advaned pattern confluence lining up when price reaches target short area. If price drops from here without a pullback, I'll be looking for long opportunities around the wave-B completion level. This would be the ultimate position as two large harmonic patterns are lining up in a tight PRZ, shown on chart around 1.281. Will update with trade idea if one should present itself. Happy trading!
Short
by glennmercer
1
NZDUSD Wave Count: Road Map with Many ScenariosHey Traders! There is a lot of uncertainty with this pair, as three different scenarios are possible. We have a potential triangle complete from last week which could mark the completion of wave-((B)) and a fast drop ensues before a rally into completion of wave-(z) on the supercycle degree. If we see a rally, this will likely confirm an ((A)) count on the five wave impulse and a swift drop could ensue toward a 5 wave C, before rallying into the completion of supercycle (z). The least likely scenario is that we will see a free fall from current levels, breaking the channel and moving into a five wave bearish impulse toward .69 and lower. No trardes for me until some of the uncertainy clears up, but I will be watching and looking for trades. Updates to come. Cheers
by glennmercer
Will Aussie Produce Another Rally? I'll Sell If It Does!Hey traders! Aussie made some interesting moves in the form of EW triangles toward target last week. Then, a deep correction produced higher highs and stopped out my re-entry. It's important to not only prepare for these types of moves, but to expect them! The corrective wave count has a bit of ambiguity so I won't be going long toward a potential fifth wave, however, it is a distinct possibility that a fresh fifth wave rally will solidify weekly highs before a continued drop. The level I'm eyeing is between the wave-(3) high and wave-(ii) high. Completed impulse followed buy a bearish impulse/pullback will trigger my short entry. More updates to come!
Short
by glennmercer
GBPUSD Wave Count: Watch for Bearish BreakoutHey traders, looking for a pullback rally here to trade the rising wedge toward pattern completion. If high of wave-E is breached, we have a combination to take into account and will need to re-locate (B). Otherwise, I'm anticipating a drop toward the 1.281 area. I want to be long at the crab/shark combination. The triple combination has a great possibility of completion in that area. For now, more bearish price action is in the forefront of my analysis. Happy trading
Short
by glennmercer
2
Buy The Correction, Then Jump On the Bear SlideWe had a great slide on AUDUSD today. Major pippage! In order to capitalize on all price action for this pair, I want to take profit on the wave-B completion which will mark the completion of a bullish Gartley pattern. We know that there will be continued bullish correction because the A wave is quite clearly a 5-wave impulse move and thus we should expect AT LEAST a zig-zag sharp correction to complete before continued bearish price action, if not a deeper combination pattern. SL is placed beyond the base of wave-A and the most common SL for a Gartley. I want to start looking for shorts again at A=C. If I don't see any bearish impulses to ride out I will wait for the potential bat to complete. More updates to come as the tide rolls
Long
by glennmercer
3