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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
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
EURUSD Wave Count - Slow Drop Before RallyHappy Sunday, traders! The drop following the expanding triangle last week was swift and strong, as is usually the case for c waves: The drop began with a series of ones and twos, meaning we will likely find a series of sideways four counts to follow. For this reason, the drop is likely going to continue sideways before the rally. I will be looking for a pop and pullback to buy after wave-c is determined to be completed. I will update as the tide rolls. Happy trading
Long
by glennmercer
OIL LONG: Elliott Wave Count - Buy The Gartley ImpulseHey traders! On the monthly timeframe, oil is in the midst of corrective structure before beginning a third bullish impulse. As we zoom in, we see that it is currently in a sideways correction and is nearing a potential completion of a 3-3-5 flat. If the current wave ends in a 5-wave (C), we can expect a bullish impulse to follow. This wave is predicted to complete precisely at the formation of a completed Gartley pattern and could set off the rally toward wave-(B)-of-2. In order to be sure, however, it is best to wait for the first bullish 5-wave impulse to complete and buy the second wave pullback toward target. I will update as the tide rolls. Happy Trading -Glenn Mercer
TVC:USOILLong
by glennmercer
12
GBPUSD EW Count: Bullish Bat May Complete Double Zig ZagMornin' traders! The correction has continued into a double-combination channeling zig-zag. The zig-zag is currently in wave-iii-of-(c)-of((y))-of-X which is not the optimal tie to enter. In addition to the wave count, a bullish bat is complete at previous structural support and may act as a catalyst to start the sideways correction into wave-iv. Since my bias is bullish after the zig-zag completes, I will be waiting for an impulse upward before buying the pullback in order to trade this bat pattern. I will provide updates on this one as well. Happy Trading!
Long
by glennmercer
8
GBPUSD Long: Updated Wave Count with High R/REvenin' Traders! GBPUSD is correcting inside of an expanding descending triangle and has reached wave-(E). This trade takes advantage of a pullback after a bullish impulse wave which could be viewed as either wave i or a. So, in order to ride the following, usually stronger impulse which follows, we can wait for the pullback which has just occurred. There could still be a deeper correction into wave-2, however the risk to reward ratio is high enough to justify the risk of taking the trade. Happy trading!
Long
by glennmercer
8
The Big Triangle! Prepare, prepare, prepare.They said "It's very difficult and confusing to trade a triangle.". I agree! When I first looked on the 4H chart, I saw the beginning of a triangle formation and was excited about the trade. Then I went to the 1H chart and have tried to count the internal waves to soon. That was a mistake and confused me very much, because the breakout didn't happened. But the overall picture in the 4H chart shows a much clearer picture and gives the signal that everything is in control and the last move to wave 5 will happen when the triangle formation completed. I'm waiting for the 100.680 price level to enter the market and probably will double my position when the breakout occurs near the 99.900 level. Tip: If the smaller timeframe confuses you, look at the bigger one and vice versa.
by phi35