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Gmercerfx

USDCAD Big Win on Long, Now SHORT!Hey traders! Great +140p win earlier on the USDCAD long. Here it is if you missed it: Now, the Gartley is complete and so likely too is the Y corrective structure. For that reason, I am taking a short position here. Also note the potential doji reversal at the peak of the rally and completion of the corrective structure. PS: It's run a little bit on volatility. I am already short, but if I weren't I would wait for a rally to short this with same TP and SL levels. Keep in mind this will be a quick trade, win or lose. Cheers and happy trading!
Short
by glennmercer
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
OIL WAVE COUNT: TRIANGLE COMPLETE, Watch for Wave-((I))-of-3!Hey traders! Looks as though we have a completion of the symmetrical triangle here on oil. The price action after the breakout looks as though we could see a leading diagonal and a pullback to wave 2 of the diagonal will make for a great entry (updates to come). A bearish butterfly pattern is nearing completion in the PRZ of a potential wave-((I))-of-3 as well which is nice. Keep in mind that further sideways movement is not out of the question, and to keep all options open. However, I do like a long here toward wave-3. I will be buying on a pullback if the opportunity presents itself. Happy trading
TVC:USOILLong
by glennmercer
6
EURGBP SHORT: Pin Resistance At Completion of Bat & GartleyEntry triggered at the long-term watch level on this pair. Targets are deep, and there are four of them. First target to watch is the weekend gap fill. Of course with these tight stops you have a high probability of stop-put, if you take trades like these manage risk accordingly. I placed SL tightly above highs because any rally above will invalidate the setup and we'll have to wait for more bearish signals. Gartley and Small bat are both complete at this point. Happy trading!
Short
by glennmercer
8
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
EURUSD Long: Potential Pending BreakoutHey Traders! We have been in a sideways correction on EURUSD for over a week now. The wave count suggests that were looking for a bullish rally into impulsive wave-((C)). This will be a five count wave and should be swift and powerful. If this is the case, then the smaller impulses leading to this wave were a series of ones and twos and could unleash a series of threes toward target. If invalidation level is hit, this is not the case and we will need to recount.
Long
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
GBPUSD Wave Count: Still Short Toward Wave-B CompletionHey traders! I'm looking for trendline resistance to push this pair down toward completion of wave-B here. We may be able to find some advaned pattern confluence lining up when price reaches target short area. If price drops from here without a pullback, I'll be looking for long opportunities around the wave-B completion level. This would be the ultimate position as two large harmonic patterns are lining up in a tight PRZ, shown on chart around 1.281. Will update with trade idea if one should present itself. Happy trading!
Short
by glennmercer
1
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