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Glennmercer

EURUSD UPDATE: Fourth Wave ContinuesHey traders! Hope all is well. Just dropping in for another quick update on EURUSD. Here is a link to my previous count: Wave-3-of-(5) has completed as predicted out of the symmetrical triangle and found support near long term lows as we would expect from the wave count. Now, I expect further sideways movement in this area with a possible break to the downside coming within the next week or so. When that impulse occurs, I want to sell toward the completion of the fifth wave. I've outlined a few possible scenarios. Good luck and Happy trading!
Short
by glennmercer
7
EURUSD Wave Count: More Downside After Triangle BreakoutHey traders! Hope everyone has been taking advantage of these trending markets over the past couple of weeks! I've been busy with some side trading projects and am back with an updated wave count on the EURO. We are witnessing sideways corrective structure in what could potentially be a fourth wave symmetrical triangle. The 1H trend is down but we also have heavy long-term support below price that could keep the pair bouncing sideways for a couple of weeks before a strong bearish breakout into wave-5. I want to start looking for short positions in the heavy resistance zone where the 200SMA is confluent with potential triangle barrier, TWO unhit pivots and the center of a descending parallel channel. Stay tuned for some updates as we see the tide roll. Happy trading!
Short
by glennmercer
4
USOIL: Finally! Bearish Impulse! High R/R AttemptWe finally have a bearish impulse on OIL! I am looking for an entry on at the bearish bat on the lower TF. Check it out: If this is the first impulse of the drop to the mid 40's, this has a long drop ahead and some missed pivot targets below. I want to short this at the bat completion level to test this bearish impulse. SL is placed above the root of the impulse, as any rallies above this level invalidates the trade. TP set at unhit monthly pivot for October. Happy trading
TVC:USOILShort
by glennmercer
6
EURUSD 4H: VERY BEARISHHey traders! Last week's price action completed with a very bearish move and containment inside the monthly trendline (top, red). Five waves down confirms an impulse, and I want to sell the pullback toward the completion of a potential Gartley pattern. The bearish wave-5 may still have some juice left in the tank as the 1=5 level has yet to be tested. However, in order to achieve a higher R/R I want to wait for the retest of previous fourth wave resistance before entry. More to come!
Short
by glennmercer
4
USDCAD Correction and Gartley Complete: Selling the PullbackHey traders! The bearish move toward gartley completion carried out as predicted and we now have a complete five wave impulse structure. I want to see some bullish price action before continued bearish movement. Therefor, I will be selling the pullback to the trendline violation area. I will likely be using this position as a hedge for the EURUSD 4H short position to limit USD exposure. Check out the related idea for more on that trade. Updates to come with entry/exits!
Short
by glennmercer
4
GBPUSD Wave Count: Short-Term Rally After Wave-b CompletionHey traders! Looking to buy the completion of this wave-b, and this position will account for multiple variations of the sideways correction. The one variation however, that it will not account for, is an expanded flat. This is a real possibility with the volatility we're seeing from this pair so any entry should be pending confirmation of the completed correction with a rally on the smaller TF and should be entered with a cautious position size. More to come
Long
by glennmercer
2