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Wavecount

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
GBPAUD Rally: Correction May Be Complete!Hey traders! I've been stalking this one for awhile. The correction began August 16th after a bearish impulse was completed. We saw a quick zigzag and another retracement to current levels. I took the trade with a 5 pip stop and it took off while publishing. There will likely be a pullback to buy, otherwise SL should be calculated manually (I have mine at 1.692). On the primary degree, a large cypher is complete and was followed by a quick pop to signify resistance and the possible completion of ((b)). This is a buy of the pullback of wave-ii on the lower degree in an attempt to ride the wave toward long distance targets (BIG R/R). I am not interested in holding if SL is hit, so any PA below the base of wave-i will trigger an exit. Missed weekly pivots make great high probability targets, as does the gap around the 1.82 area. If lows are breached, I will look for another low risk entry and will publish again. Happy trading!
Long
by glennmercer
1
USDJPY Breakout: Second Entry After TriangleTraders, previous entry stopped out at 1.5 pips! Here's a second attempt with another high R/R. SL is placed above lows. It has already started to run a bit, if you take a trade like this, be certain of the amount of capital you're risking and be sure to place your stop accordingly. I intend to ride this to T2 with a quick move to B/E after small rally (if SL is not hit!). If SL is hit, I will wait to short from the completion of bearish bat up at T2. PS: This will be a beautiful opportunity to short from those levels! Happy trading
Long
by glennmercer
5
EURAUD 30m Zoom-In: Ending Diagonal & Great R/R!Hey Traders! Here's a smaller TF higher resolution entry for the EA chart which I posted earlier today. This will be an addition to my current position, for the record. I want to buy after the completion of this ending diagonal to complete wave-((c)). That way, the stop which is placed beyond invalidation will be triggered only if the trade is no longer valid. This allows for massive R/R potential. If the invalidation level is breached, and that is possible, we will need to consider a LONGER symmetrical triangle and recount accordingly. The R/R is high enough for me to place a position at current wave count, however. More updates to come!
Long
by glennmercer
USDJPY Long: Ending Diagonal in Watch ZoneIs the ending diagonal complete? I have reason to believe so, based on the pop we just saw off of the bottom parallel. A drop below this level would require a recount. Therefor, stop is placed tightly below. Two targets stand on the chart. One is placed at ((a))=((c)) in a potential zig-zag. Another is placed at the completion of a potential bat pattern. There are many targets further up, but we'll focus on these two for now. Happy trading!
Long
by glennmercer
10
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