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Weekly Pivots

USDJPY Long: Multichannel ReboundUSDJPY may potentially produce a reverse head and shoulders pattern at the base of two descending channels. Two weekly pivots sit above price and are confluent with important fib levels. If price does not met entry, the trade will be cancelled and I may start to consider short opportunities. If SL is hit, there may be a wolfe wave complete just beyond the base of the demand zone. Bearish price action past 105.5 would indicate short bias. GM
Long
by glennmercer
AUDUSD Short: 5-0 Pattern, Channel Res, 50DSMA, and Weekly PivotHey Traders! It's been awhile since I've shared an idea, I've been working on automating my trading strategy! AUDUSD is approaching a critical level presenting us with an opportunity to enter a 2-3 week short with a nice R/R. The pattern that caught my eye is the bearish 5-0 which I've had success with in the past for 4H-1D charts. In addition to this, we have resistance from the weekly pivot, 50 day SMA, and a parallel channel confluent at the same level. Short entry is placed at the 5-0 "D" point with target at the 1.272 extension. I will likely move stop to B/E around the 50% move to target if triggered. Bearish Confluence: Bearish 5-0 pattern Bearish parallel channel resistance Weekly pivot resistance 50 day SMA resistance Bearish weekly channel Feels great to be back on TV, hope you enjoyed and good luck to all!
Short
by glennmercer
4
GBPNZD Wave Count: Bull Bat ABC Continuation to Gartley TargetOn the daily time frame, price has been rejected at the PRZ of two larger harmonic bullish patterns (Bat + Gartley). The rejection was swift with a 5 wave bullish impulse, followed by a triangle correction and another small impulse to complete a 3 wave pattern (labeled here as (A) of a possible zig-zag correction). Now we are nearing the completion of a bullish bat pattern near previous corrective wave support (B in this case). The bat PRZ may also be supported by the weekly pivot and the 200 period moving average. The (A)=(B) level is confluent with .618CD on the higher TF patterns, so we may see these higher TF patterns meet their targets with this ABC zig-zag correction. With entry at the bat PRZ, SL placement at 1.13XA and target taken at the confluent target level, this is a low risk high reward trade with a R/R of 8.14. Confluence in the PRZ: Bullish Bat (1D TF) Bullish Gartley (1D TF) Bullish Bat (1HR TF) Previous corrective wave support 200MA support EW Count suggests upcoming bullish impulse .618CD & (A)=(B) target confluence Weekly pivot support Structural S/R Zone
Long
by glennmercer
2
USDCAD Short: Bearish Gartley in S/R ZoneUSDCAD is nearing the completion of a bearish Gartley pattern. The PRZ falls inside of a significant S/R zone, adding to the probability of a reversal at those levels. With a potential upcoming rebound in oil this could provide a nice entry for a larger bearish move toward the missed pivots sitting below price (see related ideas). This would of course depend on price action at the target if TP is achieved. Entry is placed at .786XA with SL above X and target at .618CD. Confluence in the PRZ: .786XA (Gartley completion) 1.272BC Projection AB=CD S/R Zone Many missed pivots below price Potential long setup in USOIL
Short
by glennmercer
Long CADJPY: Crab + Bat + AB=CD + Fan + Pivots + SR + DivergenceCADJPY has entered the PRZ of a series of bullish harmonic patterns in an area of strong support. The PRZ, which is formed by the combined reversal zones of a bullish bat and crab, may also be tested near the .5 Fibonacci speed fan line for an added level of time-based support. On a larger TF, a bullish AB=CD pattern is complete in the center of the PRZ. There is also a weekly .618 Fibonacci retracement level from structure low to structure high in this area. Five missed weekly pivots and one missed monthly pivot sit above price to add to the bullish bias. In addition to all of these factors, bullish divergence is printed on both the MACD and RSI oscillators. Entry is placed at the .618 retracement level with a stop loss below the S/R zone. Target is placed at .382CD (AB=CD pattern) which coincides precisely with the nearest missed weekly pivot and significant structure highs. This setup yields a R/R of about 3:1. Confluence in the PRZ: Bullish AB=CD pattern completion Bullish bat pattern completion Bullish crab pattern completion 2.5BC projection (bat + crab) 2.5AB=CD (bat + crab) .5 Fibonacci speed fan support Strong S/R Zone .618 weekly fib retracement level 5 missed weekly pivots above price Missed July, 2015 pivot above price Bullish RSI divergence Bullish MACD divergence Thanks for your continued support and don't forget to follow for future updates and more trade ideas!
Long
by glennmercer
8
Long USDCAD: Bat + Butterfly + S/R + Trendline + PivotHappy New Year, traders! Here is a trade to consider after the holiday. USDCAD has completed 2 bullish harmonic patterns at week-long trendline support. The PRZ falls in a S/R zone and the new weekly pivot for 1/3/2016 coincides with the 50% retracement of the CD leg, making this a nice level at which to take profit. To add to bullish bias, RSI has printed bullish divergence. Entry is taken at the base of the PRZ near trendline support with SL at 1.13XA and target at .5CD and the weekly pivot. Confluence in the PRZ: Bullish Bat Bullish Butterfly 2BC Projection 1.272AB=CD Unhit weekly pivot coincides with .5CD S/R Zone Trendline support Bullish RSI Divergence
Long
by glennmercer
2
Reaffirming short from Dec 20, more trouble ahead for BTCAs I stated on 12/20, it was pretty much impossible for BTC to not sink further and significantly. Though it did have a short rebound for X-mas that was destined to be short lived. BTC is only down 7.25% since I made my prediction but with what the 3 hour through 2 week indicators show is trouble. The shorter 4 and 6 hour indicators show a reversal underway following this slight recovery. The one and two day MACDs have still not bottomed out; and worst of all, the 1week and 2week MACDs are looking like they've peaked. This would be their first downward movements since Aug/Sept when we were at 1500CNY/235USD. The StochRSI at 1week is showing its first downward cross since the early Nov. drop as well I would NOT take this lightly. I'm still optimistic in the medium-term and I'd be very surprised if prices got anywhere near that low, but January could get really cold, really fast. If you are still in BTC I would have your alarms set and be ready to trade or at least hedge with a put option or two. If you are out, just don't get back in too quickly, it can be tempting to see the 2-hour MACD/RSI going positive and panic-buy, but I'd advise against it. 1 day indicators should be able to show us the way when it is time to return.
BShort
by RyanMartin
Long ACRX: Bullish Bat at Trendline SupportACRX is nearing the completion of a bullish bat pattern on the daily chart. The PRZ falls in a significant support zone and may be confluent with support from a 3-month trendline. 3 Missed weekly pivots sit above price to add to the bullish bias. Entry is placed at the bottom of the PRZ with target at .618CD and SL below the 1.13XA fib level. Confluence in the PRZ: Bullish bat pattern completion 4BC projection AB=CD 3 month trendline support Missed weekly pivots above price S/R Zone
ALong
by glennmercer
Short EURUSD: Bat + S/R + Divergence + Overbought + Weekly PivotEURUSD is nearing the PRZ of a bearish bat in a significant area of S/R. MACD is also printing divergence in addition to RSI being overbought. A missed weekly pivot sits below price and is confluent with a larger .5 retracement. Entry is placed at the bottom of the PRZ with a SL above 1.13XA and targets at .618CD and the missed weekly pivot. Confluence in the PRZ: Bearish bat pattern completion 2.5AB=CD 2.618BC projection S/R Zone RSI Overbought Bearish MACD Divergence Missed weekly pivot below price
Short
by glennmercer
7