glennmercer

glennmercer Updated 

There has been a short bullish impulse out of the predicted reversal zone, indicating the potential for a completed wave (c) of the correction. This setup allows for a very tight stop behind the base of the impulse. Any drop below this level will require re-evaluation. The target is set at AB=CD but may change depending on price action. If we see a strong...

glennmercer Updated 

There has been a retrace after a bullish impulse that could be the start of wave-5-of-(Y). A drop below the start of wave-i would point to deeper retrace, so stop will be placed here and we will look for a lower entry with similar setup. The R/R is about 5:1, worth the risk of testing the breakout. I will update as receive more signals.

glennmercer

Happy 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...

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Hey Traders! GBPJPY has entered the potential reversal zone for point E on a 5-0 pattern. The short at the 0.500 fib retracement remains valid unless price drops lower than 1.345 without entering the short area. Any entry into the short area from these levels will warrant a short and the pattern will be triggered and active. SL is placed above point B with...

glennmercer

Hey 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...

glennmercer Updated 

USDJPY has completed a 5-wave impulse and is currently in a corrective structure. A 5-0 pattern is a great way to get in on this wave-c-of-2. See related idea for previous structure. Happy Trading!

glennmercer Updated 

Mornin' 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...

glennmercer

Hey Traders! Long night... Here is a quick update. This is a great example of why EW analysis will aid in your harmonic pattern entries. We know that the bearish impulse is not complete and the bullish reversal has not yet begun. This can be seen clearly by a series of bearish impulse waves that have not yet completed a 5-wave pattern. Therefore, it would not...

glennmercer

Hey traders! AUDUSD has potentially completed a double combination triangle/triangle sideways correction. The breakout into wave-e was expected, now it's time to buy the pullback toward wave-v-of-((c)) if one should occur. SL can be placed tightly below wave-i which acts as an invalidation level. Will update wave count as they roll out.

glennmercer Updated 

Evenin' 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...

glennmercer Updated 

Hey traders! Here is an updated wave count on EURUSD. I'm looking for a bearish impulse to set off a potential wave-c. My preference is to sell the pullback on wave-ii-of-c and put a tight stop behind the start of wave-i. I will continue to update when waves complete or if I take a trade.

glennmercer Updated 

Hey Traders, Previously I posted this: Now that we have a slight pullback, I will take a short at wave-(iv). Here is an alternative, more conservative approach with entry at AB=CD and SL above invalidation level: Since this is a fourth wave, however, I will be taking the aggressive entry as price does not typically zig-zag at this stage. Happy Trading!

glennmercer

Hey Traders! Here is an updated wave count on EURCAD. I'll be looking to short the pullback created by wave-(B). More udpates to come as the waves roll. Happy Trading!

glennmercer Updated 

Hey Traders! Here is an update on USDJPY. Another bearish actionary wave indicates a double zig-zag correction. Pinbar resistance presents an optimal entry with a tight R/R. Unless 101.443 is broken I will be long toward a long wave-3 if/when this short follows through to completion. I will update as waves complete. Happy Trading!

glennmercer Updated 

After a strong impulse following an expanding triangle (see related idea), EURGBP has completed 3 waves of a possible 5 wave impulse to complete the combo wave. Triangles almost always occur in positions prior to the final impulse wave in the pattern of one larger degree, in the case 4 of 5. There could always be a further continuation sideways or a deeper...

glennmercer Updated 

Hey Traders! The EW count on USDJPY leaves us with only a few potential outcomes after price retraces. I will be looking for long positions IF price retraces to the target area. I will update wave count on this idea. Happy Trading!

glennmercer Updated 

Hey traders, potential expanding triangle here to complete potential Gartley pattern and continue the correction. The stop is tight, any drop below "e" could mean a deeper correction. Happy Trading!

glennmercer Updated 

Hey Traders! I wanted to publish an example of using EW theory to set a tight SL and maximize risk/reward. Here we have a potential correction off of a strong bearish impulse. There are a few possible scenarios lining up for the corrective structure that follows. Our preferred scenario in this case is if the last leg is in fact a b wave and the "c" will...