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Gmercerfx

CADJPY Short: EW Count, Completed Expanding TriangleHey traders! Looks as though wave-((b)) of the correction has complete and a potential five wave bearish impulse may finalize wave-((c)). It is important to consider, however, that there are in fact multiple alternative wave counts with this type of potentially complex correction. If price powers through the bottom of the pinbar candle, this will be an adequate indication that the next move will be a five wave structure into wave-((c)) and I will take the short. Also, a pivot cluster sits near target which may pull down price toward the ((c)) wave. Happy trading!
Short
by glennmercer
3
GBPUSD Long: Potential Start of a Big Bullish CorrectionHey traders, it's been a great week thus far with a lot of opportunities. Here's another one on GBPUSD. After slowing bearish momentum, a bullish impulse has indicated a potential continued zig-zag correction. If confirmed, I want to ride it up to the missed pivots and potentially even higher. If resistance is not broken in the short term, I will avoid this trade and look for other opportunities. Updates to come, cheers!
Long
by glennmercer
1
EURUSD Long: Elliott Wave Count + Triangle BreakoutWe have a potential break out of the descending triangle. This could either be a continued bullish correction past previous highs, a continued sideways correction. Alternatively, Wave-X could be counted as a series of bearish impulses and this breakout could be a temporary bullish correction before further downside. If that's the case, I will look for bearish opportunities after SL is hit. Either way, I like the odds of a buy here. Cheers
Long
by glennmercer
2
EURGBP Short: Potential Bearish Wave ContinuationHey Traders, here's a potential trade based on the current Elliott Wave count. There are a few possible alternatives as indicated on the chart text. If the base of wave-C is broken, I anticipate a deeper drop into either a long bearish impulse or the second half of a double zig-zag. Either way, breaking of this support will indicate further drop. If this level remains unbroken I will cancel the stop and start looking for bullish breakouts. Updates to come, cheers!
Short
by glennmercer
3
AUDJPY Long: Potential Bullish BreakoutHappy New Year to all! We have a potential bullish setup on this pair, as a breakout through the resistance will require a substantial amount of bullish momentum. This momentum has potential to be sustained with longer targets at the pivot cluster, well beyond the 2:1 milestone. I want to ride this out to the longer targets if the break should occur, but I will be setting to B/E at 1:1 as shown. If the breakout does not occur, bearish momentum may pick up and the bias will likely be short. For now, my bias is long only until further notice. Happy trading!
Long
by glennmercer
2