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USDJPY Breakout: Second Entry After TriangleTraders, previous entry stopped out at 1.5 pips! Here's a second attempt with another high R/R. SL is placed above lows. It has already started to run a bit, if you take a trade like this, be certain of the amount of capital you're risking and be sure to place your stop accordingly. I intend to ride this to T2 with a quick move to B/E after small rally (if SL is not hit!). If SL is hit, I will wait to short from the completion of bearish bat up at T2. PS: This will be a beautiful opportunity to short from those levels! Happy trading
Long
by glennmercer
5
EURAUD 30m Zoom-In: Ending Diagonal & Great R/R!Hey Traders! Here's a smaller TF higher resolution entry for the EA chart which I posted earlier today. This will be an addition to my current position, for the record. I want to buy after the completion of this ending diagonal to complete wave-((c)). That way, the stop which is placed beyond invalidation will be triggered only if the trade is no longer valid. This allows for massive R/R potential. If the invalidation level is breached, and that is possible, we will need to consider a LONGER symmetrical triangle and recount accordingly. The R/R is high enough for me to place a position at current wave count, however. More updates to come!
Long
by glennmercer
USDJPY Long: Ending Diagonal in Watch ZoneIs the ending diagonal complete? I have reason to believe so, based on the pop we just saw off of the bottom parallel. A drop below this level would require a recount. Therefor, stop is placed tightly below. Two targets stand on the chart. One is placed at ((a))=((c)) in a potential zig-zag. Another is placed at the completion of a potential bat pattern. There are many targets further up, but we'll focus on these two for now. Happy trading!
Long
by glennmercer
10
USDJPY EW Count: Looking for a Pullback Here to BUYHey Traders! USDJPY is forming a potential triangle combination on the higher primary degree. We have a complex sideways combination wave on the intermediate degree currently rolling out. We cannot guarantee that wave-((b)) is complete, but a rally past wave-((a)) will provide significant enough evidence to buy toward the completion of wave-((c)). Ideally, I would like a 78.6% pullback toward wave-((b)) to place a long position with a tight stop behind wave-((b)) terminal. this would give us a huge R/R long position toward the completion of wave-((c)) and a quick stop out at the invalidation level. The next move will be a short position at the potential bat completion up against the triangle top. More updates to come!
Long
by glennmercer
8
EURAUD Long: Posible Triangle Breakout & EW CountHey Traders! We have a potential completion of the sideways correction on EURAUD. That means we'll be looking for big gains on the long side unless the invalidation level is violated. If price drops below the invalidation level, I'll be expecting further bearish movement to complete ((E)). Otherwise, this pair could have legs throughout the next couple of weeks. Stay tuned. I like this trade soon after market open and I'll be posting if I take a position.
Long
by glennmercer
1
EURUSD Short: Second Entry for Those Who Missed It! Huge R/RFor those who missed this entry, we had a great Cypher/EW Count trade to first target here: This completes wave A of the correction. Then, wave-B has on folded into a rising wedge, typically marking the final wave in its degree series. Tight stop placed above base of wave-i-of-C. PS: This one is a little late, it ran away on me while publishing #WinningTradeProblems. I suggest waiting for a pullback and using this idea to gain some EW knowledge. Happy Trading!
Short
by glennmercer
4
CADJPY Short: Better Entry Against TL Resistance (EW Count)Hey Traders! After taking a low-risk, high reward attempt on a potentially completed correction, CADJPY has dipped further into its corrective structure. Now, we have a better probability trade while still maintaining a high R/R. Also, a Bat is complete and may add to bearish biais. SL is placed above invalidation level. If TL resistance fails and price rallies higher, its likely to continue to rally and I will be out of the short and looking for more signals. Happpy trading!
Short
by glennmercer
6