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USDCAD LONG Rally Is ON: Here's Where to Add!Hey traders! We're enjoying a great rally on the USDCAD. This is it if you missed it: Here's where it gets a little more exciting. We're looking at consolidation after wave-((3)). A nice triangle formation is telling me we will see continuation after completion of the E leg. So, what does that mean? I want to add more to this position at wave-E! Also, our invalidation levels have moved, so we can now move our stop loss to just below the second invalidation level. This is the level at which the trade will no longer be valid and we will have to recount knowing this is no longer a five wave impulse. I am adding to the position, but not more that would make this level unprofitable. PS: Since waves one and three are roughly equal, I expect an extended fifth wave. Commodity-driven currencies tend to behave this way. It is not a guarantee, just a guideline. I will likely keep same target but will update if I hold longer than the idea describes. Happy trading!
Long
by glennmercer
5
AUDJPY Short: Potential Bat Inside An EW TriangleHey traders! Check this out. We have a nice corrective structure rolling out in the form of a symmetrical triangle. Wave-((e)) is involved with prolonged sideways movement and may present a great opportunity to trade a bearish bat down toward the bottom barrier of the triangle. Exact entry will be assessed as price enters the PRZ of the bat. I will likely enter on 1=5 projection or on the pullback after a bearish impulse. Updates to come
Short
by glennmercer
GBPUSD Wave Count: (c)-of-((Z))-of-B Is a GO!Hey traders! As predicted by the wave count, we have a continued drop into the final ipulsive C wave of combination wave-(Z). I did not get the pullback I was looking for for that drop, so I sat it out and waited for another opportunity. Now that we have established potential first wave of the final impulse, this is our invalidation level and can be used as a SL. Any movement above this level will invalidate the trade and introduce uncertainty, therefor I will be OUT. Otherwise, I expect this to reach the crab/shark level. Trade is active immediately at market. Happy trading!
Short
by glennmercer
NZDUSD Wave Count: Road Map with Many ScenariosHey Traders! There is a lot of uncertainty with this pair, as three different scenarios are possible. We have a potential triangle complete from last week which could mark the completion of wave-((B)) and a fast drop ensues before a rally into completion of wave-(z) on the supercycle degree. If we see a rally, this will likely confirm an ((A)) count on the five wave impulse and a swift drop could ensue toward a 5 wave C, before rallying into the completion of supercycle (z). The least likely scenario is that we will see a free fall from current levels, breaking the channel and moving into a five wave bearish impulse toward .69 and lower. No trardes for me until some of the uncertainy clears up, but I will be watching and looking for trades. Updates to come. Cheers
by glennmercer
Will Aussie Produce Another Rally? I'll Sell If It Does!Hey traders! Aussie made some interesting moves in the form of EW triangles toward target last week. Then, a deep correction produced higher highs and stopped out my re-entry. It's important to not only prepare for these types of moves, but to expect them! The corrective wave count has a bit of ambiguity so I won't be going long toward a potential fifth wave, however, it is a distinct possibility that a fresh fifth wave rally will solidify weekly highs before a continued drop. The level I'm eyeing is between the wave-(3) high and wave-(ii) high. Completed impulse followed buy a bearish impulse/pullback will trigger my short entry. More updates to come!
Short
by glennmercer
GBPUSD Wave Count: Watch for Bearish BreakoutHey traders, looking for a pullback rally here to trade the rising wedge toward pattern completion. If high of wave-E is breached, we have a combination to take into account and will need to re-locate (B). Otherwise, I'm anticipating a drop toward the 1.281 area. I want to be long at the crab/shark combination. The triple combination has a great possibility of completion in that area. For now, more bearish price action is in the forefront of my analysis. Happy trading
Short
by glennmercer
2
GBPAUD Rally: Correction May Be Complete!Hey traders! I've been stalking this one for awhile. The correction began August 16th after a bearish impulse was completed. We saw a quick zigzag and another retracement to current levels. I took the trade with a 5 pip stop and it took off while publishing. There will likely be a pullback to buy, otherwise SL should be calculated manually (I have mine at 1.692). On the primary degree, a large cypher is complete and was followed by a quick pop to signify resistance and the possible completion of ((b)). This is a buy of the pullback of wave-ii on the lower degree in an attempt to ride the wave toward long distance targets (BIG R/R). I am not interested in holding if SL is hit, so any PA below the base of wave-i will trigger an exit. Missed weekly pivots make great high probability targets, as does the gap around the 1.82 area. If lows are breached, I will look for another low risk entry and will publish again. Happy trading!
Long
by glennmercer
1
Combining Elliott Wave with Advanced PatternsHey traders! Short lesson in wave theory and pattern analysis here. Advanced patterns and EW theory are great supplements to one another. I find that the most successful advanced patterns are "pieces" of waves and that each pattern correlates directly to a corresponding wave count. I like the Gartley for trading zig-zags because we can target higher targets than the XA termination of the advanced pattern. Here, a Gartley could complete to spark the rally to the end of a zig-zag. From target, we can either continue into a double zig-zag or continue the drop toward bearish targets. Happy trading!
Long
by glennmercer
3