glennmercer

glennmercer Updated 

Hey traders! Looks as though wave-((b)) of the correction has complete and a potential five wave bearish impulse may finalize wave-((c)). It is important to consider, however, that there are in fact multiple alternative wave counts with this type of potentially complex correction. If price powers through the bottom of the pinbar candle, this will be an adequate...

glennmercer Updated 

Hey traders! Aussie is showing some signs of strength into the new month as it tries to reach for some of those missed pivots. I like the signs we're seeing here with the initial bullish impulse. I want to be cautious, however, since the overall momentum is down. I like the long position over that strong resistance area to ensure the momentum has shifted. ...

glennmercer Updated 

Hey traders, it's been a great week thus far with a lot of opportunities. Here's another one on GBPUSD. After slowing bearish momentum, a bullish impulse has indicated a potential continued zig-zag correction. If confirmed, I want to ride it up to the missed pivots and potentially even higher. If resistance is not broken in the short term, I will avoid this...

glennmercer Updated 

We have a potential break out of the descending triangle. This could either be a continued bullish correction past previous highs, a continued sideways correction. Alternatively, Wave-X could be counted as a series of bearish impulses and this breakout could be a temporary bullish correction before further downside. If that's the case, I will look for bearish...

glennmercer Updated 

Hey traders, we have a completed shark on GBPAUD at a strong support level. I want to buy at the limit level toward the unhit daily pivot. Cheers!

glennmercer Updated 

Hey Traders, here's a potential trade based on the current Elliott Wave count. There are a few possible alternatives as indicated on the chart text. If the base of wave-C is broken, I anticipate a deeper drop into either a long bearish impulse or the second half of a double zig-zag. Either way, breaking of this support will indicate further drop. If this level...

glennmercer Updated 

Happy New Year to all! We have a potential bullish setup on this pair, as a breakout through the resistance will require a substantial amount of bullish momentum. This momentum has potential to be sustained with longer targets at the pivot cluster, well beyond the 2:1 milestone. I want to ride this out to the longer targets if the break should occur, but I will...

glennmercer Updated 

Hey traders! Waiting for this trendline to break and close. I think below the S/R zone is a strong indication of further downside The MA's may also add resistance between entry and stop. I only want to sell this from the 1.345 level. Otherwise, I will cancel the entry and wait it out. Cheers!

glennmercer Updated 

Hey traders! The momentum is down on this pair, but it is slowing as of this morning. If bullish momentum can build to power through the short term resistance and top of the falling wedge I am a buyer toward the weekly pivot and possibly beyond. Updates to come, cheers!

glennmercer Updated 

Hey traders! Looking for a long breakout here, but only after breakout is confirmed. This is my favorite trade of the week so far. We have a potential flag accompanied by a completed EW triangle. I would like to see it break out during the late Asian session and continue through to the London and NY opens, but I will enter at any time as the support zones are...

glennmercer Updated 

Hey traders! We just witnessed quite a strong bearish impulse to pierce the descending trendlines, which could indicate the beginning of a strong third EW wave toward target. If the impulse is retraced and retained back inside of the trendline, the trade is inactive. I want to sell if lower lows are established. Happy trading!

glennmercer Updated 

Hey traders! Lot's of SMA resistance here at this level. To add to the short bias, the short term trend is down and support is diluted down to 2:1 R/R. I will likely keep the trade on through TP if the timing is right, should the breakout occur at all. Updates to come. Happy trading!

glennmercer Updated 

Hey traders! EURCAD is consolidating in the fourth wave of potentially a long and powerful rally. I enter flags at the break of the staff, where an added layer of support is created from previous resistance. I have my stop set behind a few different supports, including short term SMA's, S/R zones, and trendlines. I will not set a hard TP for this and will...

glennmercer Updated 

Hey traders! Here's a ranging pair up against a solid amount of support. The pair could break out toward the unhit pivot cluster. If the bullish trendline is broken, I will re-evaluate the position. For now, bias is bullish on the short-term. Cheers!

glennmercer Updated 

Here is a simple supply/demand short, where we have an abundance of supply at current levels and sufficient reason to take a 2:1 R/R trade. Many factors of resistance above price, including short-term SMA's, trendlines, and S/R zones. If trade continues through TP, I will let it ride. Happy Trading!

glennmercer

Hey traders! Price is nearing the potential end of its fourth wave before the final drop to wave-5. In addition to the Gartley pattern complete in this area, there will likely be an abundance of supply here as the zone is confluent with many levels of interest. A word of caution, however: This is not yet a sell trade! Just a potential setup if the bearish...

glennmercer

Hey traders! Hope all is well. Just dropping in for another quick update on EURUSD. Here is a link to my previous count: Wave-3-of-(5) has completed as predicted out of the symmetrical triangle and found support near long term lows as we would expect from the wave count. Now, I expect further sideways movement in this area with a possible break to the...

glennmercer

Hey traders! Hope everyone has been taking advantage of these trending markets over the past couple of weeks! I've been busy with some side trading projects and am back with an updated wave count on the EURO. We are witnessing sideways corrective structure in what could potentially be a fourth wave symmetrical triangle. The 1H trend is down but we also have...