glennmercer

glennmercer Updated 

AUDNZD has completed the "e" leg of an expanding triangle in a complex triple three correction. Triangles commonly mark the end of a three wave reactionary wave and thus an upcoming bullish move may be impending. A possible cypher will make for an optimal entry long. In the case of the triangle continuing to 2 or 4 additional three wave moves off of the...

glennmercer Updated 

SUNE is nearing the completion of a bearish cypher pattern after breaking the bullish Wolfe wave confirmation line and retesting. This presents an opportunity to place a long position. The next pattern to look for if this is filled and completed is the bearish Gartley pattern. Depending on price action, I may be taking both of these trades. I will update the...

glennmercer Updated 

AUDNZD is nearing the PRZ of a bearish bat pattern on the hourly chart. The bearish bat may complete the wave (ii) retracement to continue the bearish trend down to wave (iii) completion. The PRZ of the harmonic pattern is confluent with previous fourth wave support. Entry is placed at .886XA with SL at 1.1XA and target at (i) = (iii).

glennmercer Updated 

USDCAD has potentially completed a long term bullish impulse followed by a 5 wave "a" and a 3 wave "b" correction. 1 and 5 waves show similar price ranges on two different degrees of impulse adding to the probability of the rally being ready for a corrective move down. Channel resistance may also add to bearish bias. There has also been a breakout from the...

glennmercer Updated 

EURAUD has entered a corrective structure after completing a five wave impulse. This iis a setup to trade iii of c toward the completion of a bullish cypher pattern. The cypher PRZ is confluent with previous fourth wave support and the 50% retracement of the impulse. Entry is triggered on the break of the trendline with SL above structure highs and target near...

glennmercer

USDJPY has completed a bearish Gartley pattern in a corrective wave structure. The flat correction may be treated like a double bottom so that a long trade can be entered at the .618 retracement of CD, a common Gartley target. The 1.618 extension target for the 2618 trade coincides nicely with previous wave 4 resistance and serves as a nice TP zone. A short...

glennmercer Updated 

EURUSD has completed a series of bullish impulse moves and may be ready for a 38.2% correction down to fourth wave support. To add to the possibility of a correction, wav e1 price range is approximately equal to that of wave 5. Daily trendline support sits above wave 5 peak. Entry was placed at the close of previous candle with SL above wave 5 and target at .382...

glennmercer Updated 

NZDUSD has entered the PRZ of two bullish harmonic patterns. The PRZ is supported by two weekly trendlines and a series of missed pivots sit above price which may help add to bullish bias as well. Divergence can be observed on both MACD and RSI oscillators, in addition to an oversold RSI. Entry is placed at the base of the PRZ with SL below the second weekly...

glennmercer Updated 

GBPAUD has presented a bullish trend on the 15m chart. To enter long, 4 harmonic patterns may potentially align within a tight PRZ. The PRZ is confluent with the daily pivot which may provide support at that level. Entry is placed in the center of the PRZ with SL below Gartley X and target at .618CD. Bullish Confluence: Bullish Gartley Bullish Bat ...

glennmercer Updated 

EURGBP has entered the PRZ of a bearish crab. Long-term trendline resistance may add to the probability of reversal in this area. MACD has printed bearish divergence as well as RSI being overbought to add to bearish bias. Entry is placed at 1.618XA with SL at 1.786XA and target at .382CD. Bearish Confluence: Bearish Crab Long-term trendline resistance ...

glennmercer Updated 

MITK has completed a bullish bat in a with a PRZ that is confluent with support from the 100 day exponential moving average. To add to bullish bias, 2 missed weekly pivots sit above price. Entry is placed at the bottom of the PRZ with target at the missed weekly pivot from 12/14. Confluence in the PRZ: Bullish bat 2AB=CD 2.272BC Projection EMA100...

glennmercer Updated 

USDCAD 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...

glennmercer

USDCAD has completed a bearish Wolfe Wave at the PRZ of a bearish butterfly. Bearish MACD divergence has been printed to add to bearish bias. SL is placed above 1.618XA (potential crab completion) with target at WW target line.

glennmercer Updated 

EURJPY is nearing the PRZ of a series of bullish patterns. A medium term bullish trendline may add support to the reversal zone. To add to the bullish bias, MACD and RSI have both printed bullish divergence. Entry is placed in the center of the PRZ with SL below structure lows and Bat X point and target at .618CD. Confluence in the PRZ: Bullish Bat ...

glennmercer Updated 

USDJPY has formed a bullish engulfing candle on the 1HR chart, indicating possible upcoming bullish movement. The candle is supported by a strong 12-month-long trendline that price has respected 3 times previously dating back to January, 2015. At the PRZ, a bullish pinbar has formed on the daily chart. The wick falls on a series of fib levels from structure...

glennmercer Updated 

GBPJPY has entered the PRZ of two bullish patterns on the daily chart. The PRZ aligns with both horizontal and trendline support which may add to the potential for reversal at this level. Multiple unhit monthly and weekly pivots sit above price and may help pull price toward target. To add to bullish bias, MACD has produced bullish divergence and RSI is...

glennmercer Updated 

AUDUSD has printed a sharp bearish candle after an uptrend. The setup has produced an opportunity to trade the bearish 5-0 pattern if price should reach the 50% retracement of the BC leg. Entry is placed at .5BC with SL above .786BC and targets at C and the 1.272 and 1.618 BC projections.

glennmercer Updated 

CADJPY 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...