Long EURUSD: Potential Rally Through (iii)-of-C

FX:EURUSD   Euro Fx/U.S. Dollar
EURUSD             may be entering a strong rally through wave-iii-of-( iii             ), providing an opportunity to take a long position with a R/R of 9.36. The larger C-wave             is an expected 5-wave             impulse considering wave-A was also counted as 5 waves (5-3-5 zig-zag ). Since a bullish 5-wave-(i) was corrected by a zig-zag decline and a price was rejected at the .786% retracement of (i), it is reasonable to consider this an indication that wave-iii has begun. Hoever, if wave-ii retraces deeper, and it may, the position will be stopped out and another long position can be taken at the next indication of bullish PA into iii             . Target is placed at (A)=(C) with a SL below wave-ii.
Trade active
Comment: Still bullish of course. Here is an updated wave count:
EURUSD Wave Count and Something to Consider
hi Glenn... R u long already? :)
Hi ccake great to hear from you - yes, trade is active
ccake28 glennmercer
Thanks Glenn.. GL!
Great count! I have a bullish setup too! close to your targets. Good luck man!
+1 Reply
glennmercer PRO morshedul.sazid
Thanks you too buddy
Hi glenn you are the trader who I am looking to follow
That is the right Elliott wave counting
thank you and good luck
+2 Reply
glennmercer PRO pyramids_Forex
Thanks for the kind words - glad you found it useful
Hi Glenn,
Should I assume that you are long till the target 1.12 is achieved or you would assess the targets and take profit 1 and again re-enter and take profit and so on ?
Hello - great question. I've never been much of a scalper. It is difficult to determine where each pullback will reverse and begin another rally so it is easy to leave profit on the table or give back gains. It is also time consuming to stay glued to the charts. I hold trades from the 240m charts from entry to Target/SL and monitor wave count along the way. If the wave count suggests a reversal before target is hit I will lock in profit. I will update this idea with updated wave counts as I re-evaluate them. Thanks
SSSDEV glennmercer
I appreciate your inputs. you call me Sri . Also, I trade with and you need to select say Eur/Inr Jan expiry (futures) and Eur/inr mimics Eur/Usd and we have limited trading hours 0330 gmt -11.30 gmt. I too am long Eur/inr but limited hours and futures make it difficult to hold onto positions. regards
+1 Reply
Great setup, with stop loss and targets.
+1 Reply
imee_noni Technician
Dear Technician, when i saw this trade setup analysed by "glennmercer" i had a strong wish and expecting a comment from i found your comment.
It is really a very nice analysis with proper targets and stop out levels.
"glennmercer" very well analysed, good and keep your good work continue.
+1 Reply
Thank you I appreciate that, I will continue to share then!
Thanks Tech, that means a lot coming from a legend
Technician TOP glennmercer
wow, thats too much for me guys. Really embarrassed. I am thankfull
SSSDEV Technician
Dear Technician,
Do you foresee a bullish Eur/usd hitting 1.11 levels soon and Sell on rise theme for Eur/usd as the year 2016 progress Just a word from you, as I see 1.11 soon. I maybe right or wrong .I trade with as mentioned up the top.
It went up nicely, but then the USDollar index went up, and it broke out, if it keeps going up, I'm not sure the eurusd will still go up
glennmercer PRO moneerbarazi
Yes we saw some resistance at the top of the declining channel - I am still bullish. It looks to be consolidating in a fourth wave on the 5m chart. I will update the wave count this weekend.
+1 Reply
Hi Glenn,

Great analysis. Apart from all the patterns, from a simple price action point of view, there is a very nice Pin Bar setup & a Fake Breakout of Inside Bar on the Weekly. Therefore, the First TP from this point is surely 1.13370, IMO. My further TP2 is 1.153 and TP3 1.17 (if it breaks the high). TP2/TP3 is also an area of RETEST from the previous Weekly Structure Breakout to Downside. From there we might see a lowest of Euro dropping below 1 (probability of touching 0.85), according to AB=CD. What is your say?
Hi Shekhu thanks for your input. I think your target of 1.134 is reasonable, I will likely start looking for short opportunities at that level depending on the wave count.
good stuff mate!
+1 Reply
glennmercer PRO WaveAlchemy
Thanks Laurence!
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