glennmercer

glennmercer Updated 

Cypher is complete at trendline resistance. Potential SL above pins with target at Friday's close. Entry is active with pinbars showing resistance at current levels. Tight stop yields a R/R of about 8 and a quarter. GM

glennmercer Updated 

Hey Traders, possible rebound trade here toward point E on three different wedges. Short to 1.272 fib and previous support, and parallel channel. R/R of about 8. Happy Trading! GM

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Another quick one, details are on chart. Potential quick win to the .382 fib. ~5 R/R. GM

glennmercer

Hey traders, quick post here. Potential head and shoulders reversal off of a trendline. Potential target at AB=CD. HAPPY FRIDAY! GM

glennmercer Updated 

Price is in the potential reversal zone for a weekly bullish bat and at point E of an expanding wedge. If price breaks out of the ascending triangle (usually a continuation pattern and sometimes a reversal pattern) it may act as a catalyst to break out of the ascending channel as well. This could mark a large reversal toward the top of the expanding wedge. Keep...

glennmercer Updated 

USDJPY 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...

glennmercer Updated 

Here's another Wolfe Wave setup traders! Potential reversal at daily S/R zone and weekly TL support. Pay close attention to price action around the trendlines before entering long. SL Below lows with target at the .618 fib. If support holds and target is achieved, we would also have a double bottom and potential for more bullish movement. If lows are broken...

glennmercer Updated 

Hey traders! USDJPY is approaching a potential reversal zone that could spark a large bullish move. A bullish bat is nearing completion near the descending trendline. Missed weekly and unhit weekly pivots sit above price. The .382 fib is also confluent with the missed pivot from last week which may signify a nice supply zone. Movement past the 1.272 mark...

glennmercer Updated 

Greetings traders! AUDNZD has reached an important level. The 4H shows a nice expanding triangle that may add support near a potential point E. On the daily chart, there is strong support from a parallel channel. In addition to this, we have two precisely confluent fib levels (1.272AB=CD and 1.5AB extension). Since I'm seeing some pin rejection at the base...

glennmercer Updated 

After the RBNZ announcement cancelled the last NZDCAD short, a new opportunity has presented itself. A bearish WW has formed with the touch of the 2-4 parallel confluent with the 50% retracement level. We also have a potential E point of an expanding triangle complete which may mark a larger reversal from these levels. On the daily chart, the pair is contained...

glennmercer Updated 

Hey 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...

glennmercer Updated 

NZDCAD is forming a tight PRZ at which two potential harmonic patterns are tightly confluent. This area is also confluent with point 5 in an ascending channel and potential point 4 of a descending channel. Also, an AB=CD pattern, inherent to the completion of Gartley's, is confluent in this same area. On the higher TF, this move could mark the continuation...

glennmercer

Hey traders, here is an example of a typical bullish Wolfe Wave setup. Price creates two converging descending trend lines. Point five often overshoots and touches the parallel of the 2-4 line, presenting an entry opportunity. Profit is taken at the 1-4 line. For the bearish setup, the lines must be converging and ascending, and same rules apply. Trade with...

glennmercer Updated 

NZDUSD has reached the 50% retracement of the BC leg of a bearish 5-0 pattern, which means it is time to sell. Target is placed at structure lows which coincide with 1.618AB, which is expected for these types of setups. SL may be placed above .618BC. To add to bearish bias, a Wolfe wave has also been completed at the entry point with the same target as the 5-0 pattern.

glennmercer Updated 

AUDCAD has completed a bullish crab at a strong level of support. The crab completion level is confluent with 07/2013 lows, CD=2AB, and 2.618BC extension levels. Potential targets on chart.

glennmercer Updated 

AUDJPY has completed a bullish Gartley pattern on the Weekly chart: It is now time to start looking at long opportunities on a shorter TF. On the D1, the pair has completed a bullish Wolfe Wave pattern with two missed weekly pivots above price to add to the bullish bias. The .382CD retracement on the larger Gartley pattern aligns precisely with the...

glennmercer

Bullish bat complete at point E of a triangle continuation. Entry is placed at point E of triangle with SL below point C (invalidation level). Two targets can be taken, one at the weekly pivot which is confluent with .5CD and another at the top of the triangle thrust around 3.75.

glennmercer Updated 

EURCAD has respected the 1.554 level and is showing signs of short term weakness. The pullback after completing leg AB of the potential butterfly pattern has presented an opportunity to sell. Relatively flat 200SMA and 500EMA with price hovering above adds to short term bearish bias. The unhit weekly pivot makes for a good target. SL is placed at structure...