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Gmercerfx

AUDUSD EW Update: 5-0 Pattern to Enter BatPreviously, I posted this: I don't normally set limit orders without first seeing a sign of reversal in the form of an impulse that aligns with the wave count. This is yet another example of why this is important. This 15m 5-0 trade is a great opportunity to trade the bat pattern after first seeing a bearish impulse and setting the SL to maximize your R/R. This is the more conservative and my preferred approach. Limits can be set on 5-0 patterns assuming no major news events are scheduled. Happy Trading
Short
by glennmercer
EURCAD Long: Buy The Next ImpulseThere has been a short bullish impulse out of the predicted reversal zone, indicating the potential for a completed wave (c) of the correction. This setup allows for a very tight stop behind the base of the impulse. Any drop below this level will require re-evaluation. The target is set at AB=CD but may change depending on price action. If we see a strong swift impulse I may move it higher, and if the correction seems to be continuing sideways I will either take profit at market or move the TP level down toward a potential triangle boundary. Will update as the tide rolls.
Long
by glennmercer
EURUSD Wave Count - Slow Drop Before RallyHappy Sunday, traders! The drop following the expanding triangle last week was swift and strong, as is usually the case for c waves: The drop began with a series of ones and twos, meaning we will likely find a series of sideways four counts to follow. For this reason, the drop is likely going to continue sideways before the rally. I will be looking for a pop and pullback to buy after wave-c is determined to be completed. I will update as the tide rolls. Happy trading
Long
by glennmercer
GBPJPY Short: 5-0 Pattern to Missed PivotsHey Traders! GBPJPY has entered the potential reversal zone for point E on a 5-0 pattern. The short at the 0.500 fib retracement remains valid unless price drops lower than 1.345 without entering the short area. Any entry into the short area from these levels will warrant a short and the pattern will be triggered and active. SL is placed above point B with target at the lowest missed pivot, confluent with the missed weekly pivot from last week. Happy Trading! GM
Short
by glennmercer
2
OIL LONG: Elliott Wave Count - Buy The Gartley ImpulseHey traders! On the monthly timeframe, oil is in the midst of corrective structure before beginning a third bullish impulse. As we zoom in, we see that it is currently in a sideways correction and is nearing a potential completion of a 3-3-5 flat. If the current wave ends in a 5-wave (C), we can expect a bullish impulse to follow. This wave is predicted to complete precisely at the formation of a completed Gartley pattern and could set off the rally toward wave-(B)-of-2. In order to be sure, however, it is best to wait for the first bullish 5-wave impulse to complete and buy the second wave pullback toward target. I will update as the tide rolls. Happy Trading -Glenn Mercer
TVC:USOILLong
by glennmercer
12
GBPUSD EW Count: Bullish Bat May Complete Double Zig ZagMornin' traders! The correction has continued into a double-combination channeling zig-zag. The zig-zag is currently in wave-iii-of-(c)-of((y))-of-X which is not the optimal tie to enter. In addition to the wave count, a bullish bat is complete at previous structural support and may act as a catalyst to start the sideways correction into wave-iv. Since my bias is bullish after the zig-zag completes, I will be waiting for an impulse upward before buying the pullback in order to trade this bat pattern. I will provide updates on this one as well. Happy Trading!
Long
by glennmercer
8
GBPUSD Long: But The Drop Is Not CompleteHey Traders! Long night... Here is a quick update. This is a great example of why EW analysis will aid in your harmonic pattern entries. We know that the bearish impulse is not complete and the bullish reversal has not yet begun. This can be seen clearly by a series of bearish impulse waves that have not yet completed a 5-wave pattern. Therefore, it would not be wise to set a limit at the .886 level or 1.13 level to enter a bat or alternate bat pattern toward a bullish target... YET. Instead, wait for the (c) wave to complete followed by a 5 wave BULLISH impulse on a lower TF and enter on the pullback. Wait for the market to come to you... I will provide updates as the tide rolls... Happy trading GM
Long
by glennmercer
3
GBPUSD Long: Updated Wave Count with High R/REvenin' Traders! GBPUSD is correcting inside of an expanding descending triangle and has reached wave-(E). This trade takes advantage of a pullback after a bullish impulse wave which could be viewed as either wave i or a. So, in order to ride the following, usually stronger impulse which follows, we can wait for the pullback which has just occurred. There could still be a deeper correction into wave-2, however the risk to reward ratio is high enough to justify the risk of taking the trade. Happy trading!
Long
by glennmercer
8
EURGBP EW Count: Triangle to Wave-5After a strong impulse following an expanding triangle (see related idea), EURGBP has completed 3 waves of a possible 5 wave impulse to complete the combo wave. Triangles almost always occur in positions prior to the final impulse wave in the pattern of one larger degree, in the case 4 of 5. There could always be a further continuation sideways or a deeper correction toward wave 1, so it's important to be reactionary to price action. This idea was published after a bullish impulse on a smaller TF at an area where I expected one to occur, so this is a good opportunity to enter with a tight stop loss. Happy Trading!
Long
by glennmercer
8
EURUSD Long: Using Elliott Wave Theory to Maximize R/RHey Traders! I wanted to publish an example of using EW theory to set a tight SL and maximize risk/reward. Here we have a potential correction off of a strong bearish impulse. There are a few possible scenarios lining up for the corrective structure that follows. Our preferred scenario in this case is if the last leg is in fact a b wave and the "c" will continue to complete the correction before continuing downward. If this is the case, a great TP level would be the Gartley completion and thus a stop below b will get us out quickly. Of course, with all predictive analysis, this could continue past our stop and complete wave ii which we will then re-analyze. The idea here is utilize the edge of R/R and size your trades accordingly. Happy Trading!
Long
by glennmercer