glennmercer

glennmercer Updated 

Hey Traders! Here is another possible short setup on EURUSD. We have a cypher complete with a possible ending diagonal setting off the drop. I like these trades because it allows us to maximize our R/R and place a tight stop. I like to keep my losses small and this is no exception. If it rallies beyond the end of the possible ending diagonal I don't want to...

glennmercer Updated 

Hey traders! A crab is complete on the 1H in addition to (possibly) the corrective wave structure. The bearish impulse suggests a potential turning point, so any price action above the beginning of the drop will invalidate the trade; hence Sl is placed at this level. ALSO, this reversal is occuring in a special zone, the wave-(ii) s/r zone, which adds to the...

glennmercer Updated 

From the count of ones and twos in series, and a lesser number of threes and fours, this wave count suggests another drop is coming. In addition to the EW count, we have a nice bearish bat complete at near the invalidation level, meaning YES! High R/R potential. If the count is invalidated I will update with a correction. SL is placed above the invalidation level.

glennmercer Updated 

EURCAD has shown bearish impulse and strong actionary wave structure to the downside. Wave count suggests more downside to come. AB=CD level makes for a good target. Stop-out level will mean higher bullish correction and we will look for a selling opportunity up there. If not, ride this one down!

glennmercer Updated 

Here is the previous wave count on the 4H: I will be looking for bearish impulses at the 1.618 extension after wave-((c)) completes. The bull flag is inherent of a fourth wave sideways correction and indicates another boost or rally before the retrace.

glennmercer Updated 

Hey Traders! AUDUSD looks to have completed its corrective (B) wave, signifying an upcoming drop. Look for a drop to the .75 level. A conservative target is placed at .753 area. Wave count updates to follow. Happy Trading

glennmercer Updated 

GBPUSD may be in the midst of a continuation from its wave-iv correction. In order to ride the wave, I've placed a tight stop directly above the potential completion of wave-iv. There is a slight chance that the correction could go higher, but no higher than the invalidation level. A looser stop may be placed above invalidation. Will update as the tide rolls.

glennmercer Updated 

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,...

glennmercer Updated 

USDJPY has completed a triangle pattern in a potential reversal zone at the end of a corrective wave count. If you missed the first small rally, now is a great time to look for entries. This is an odd hour to take trades, so we may see some interesting price action here. Keep an eye out for bullish impulses to get long behind.

glennmercer Updated 

USDCAD is up against the EW count invalidation level. This means two things: 1. We have an excellent R/R opportunity 2. Wave count for the correction is complete I will be placing the stop above the IL with targets as shown on chart. Happy Trading!

glennmercer Updated 

Hey 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: ...

glennmercer Updated 

One 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...

glennmercer

USDCAD has been bouncing around inside of a triple three sidways correction since May, 2015. The correction may continue, but the upcoming wave following wave-(C)-of-((Z)) will tell us more about what to expect. Bias is short toward the missed weekly pivot and previous fourth wave support unless the invalidation level is broken. Stay tuned for upcoming trade...

glennmercer Updated 

Wave count suggests a big drop is coming. In addition to the end of corrective wave E we have a cypher completing at the same level. As always, waiting for the bearish impulse and pullback before selling with a tight stop behind base of the impulse. Weekend gap provides T1 and T2 is lower at the 1.272 extension of E-F. This setup will yield a huge R/R with...

glennmercer Updated 

Previously, I posted this: I don't normally set limit orders without first seeing a sign of reversal in the form of an impulse that aligns with the wave count. This is yet another example of why this is important. This 15m 5-0 trade is a great opportunity to trade the bat pattern after first seeing a bearish impulse and setting the SL to maximize your R/R....

glennmercer Updated 

AUDUSD is nearing the completion of a bearish bat on the 1HR timeframe. This level is confluent with a .382 fib and AB=CD pattern. Additionally, a lower TF wave count indicates a possible wave four in process, pending the last wave in the impulse. I will be risking less capital on this trade as it will be an overnight limit order and I will not be able to...

glennmercer Updated 

Hey Traders! EURGBP has bounced at the "preferred" reversal level, meaning the AB=CD zig-zag completion. Limit is set at the previous wave-iv support on a lower TF with stop tightly placed below base of wave-i. If stop is hit, we have to re-evaluate the wave count and look for an even deeper correction. TP is placed at the top of previous wave-iii for a...

glennmercer Updated 

Hey traders! USDJPY is nearing the completion of a bat pattern. The wave pattern is predicted to complete near the base of wave-i-of-v-of-1, so a stop can be tightly placed below point X of the bat. Also, the TP can be placed at the top of wave-1 which coincides with the top of the bullish channel. This way, we maximize our R/R ratio and get out of the trade...