gmercerfx

glennmercer glennmercer PRO AUDJPY, 60, Short , 5 days ago
AUDJPY: AUDJPY Elliott Wave Count:  Short through Wave-((C))
184 0 14
AUDJPY, 60 Short
AUDJPY Elliott Wave Count: Short through Wave-((C))

AUDJPY is basing on the hourly chart after a strong bearish impulse last week. Based on the recent completion of wave-((B)), I have strong reason to believe that this drop will continue through next week. I will be waiting for a breakout in order to ride it downward. Updates to come...

glennmercer glennmercer PRO CADJPY, 240, 5 days ago
CADJPY: CADJPY Elliott Wave Count:  Symmetrical Triangle on 4H
110 0 14
CADJPY, 240
CADJPY Elliott Wave Count: Symmetrical Triangle on 4H

After a powerful bullish impulse ending in late 2016, we've seen the pair basing sideways in a series of corrective waves. This month (February) has shown a symmetrical triangle forming on the 4H which could signify the end of the correction if the pair breaks out from wave-(E). Outlined on the chart is a potential move. I would like to see the pair rally so ...

glennmercer glennmercer PRO USDCAD, 60, Long , 10 days ago
USDCAD: USDCAD EW Count:  Looking for Bullish Impulse
208 3 12
USDCAD, 60 Long
USDCAD EW Count: Looking for Bullish Impulse

Hey traders, we're coming up on a speech from Janet Yellen. I'm expecting some volatility - and if bullish past the entry point I want to be long for the reasons below. I entered last week on a zig-zag completion which stopped out at breakeven as the retracement sank deeper into a double zig-zag correction. SL is placed below invalidation level. Keep in mind, ...

glennmercer glennmercer PRO AUDJPY, 60, Short , 15 days ago
AUDJPY: AUDJPY Short:  Selling the Zig-Zag
247 3 14
AUDJPY, 60 Short
AUDJPY Short: Selling the Zig-Zag

This pair has completed a descending triangle and has exhibited a strong breakout to the up-side. I want to be bullish in the long term after this correction. However, this correction is very possibly going to be sharp to the downside to satisfy the Elliott Wave rule of alternation since we saw a sideways correction in wave-2. Also, the previous red candle was ...

glennmercer glennmercer PRO AUDUSD, 60, Long , 18 days ago
AUDUSD: Buying Aussie After RBA Rate Statement
267 2 12
AUDUSD, 60 Long
Buying Aussie After RBA Rate Statement

Hey traders! No surprise here on the RBA release, but a good reason to buy a breakout now while we're channeling upward. Also, we may see some sympathetic long bias after the NZD inflation was released to be pushing 2% q/q. Long is active. Cheers

glennmercer glennmercer PRO NZDUSD, 60, Long , a month ago
NZDUSD: NZDUSD Long:  Weak US GDP Data + Channel
330 4 13
NZDUSD, 60 Long
NZDUSD Long: Weak US GDP Data + Channel

Hey traders, GDP came in at 1.9% behind expected 2.1%. The kiwi has been strong and this pair is in an upward channel. I am long from here toward the 1.272 extension. Cheers

glennmercer glennmercer PRO EURCAD, 60, Long , 15 days ago
EURCAD: EURCAD Wave Count:  Two Triangles Potentially Complete
165 0 15
EURCAD, 60 Long
EURCAD Wave Count: Two Triangles Potentially Complete

Hey traders, I have been following this impulse in wave-1 waiting for a retracement. After the daily close, a bearish wave-c presented itself to complete wave-2. I want to buy here. Movement past invalidation will have me on the sidelines again. Updates to come as the tide rolls, cheers.

glennmercer glennmercer PRO USDCAD, 60, Long , 15 days ago
USDCAD: USDCAD Wave Count:  Trading Wave-C of Zig-Zag
584 9 22
USDCAD, 60 Long
USDCAD Wave Count: Trading Wave-C of Zig-Zag

Hey traders, a potential breakout toward wave-C of this potential zig-zag is approaching. Looking to ride the C wave up toward potential (a)=(c) target. Of course, if invalidation is broken I will be out to re-evaluate. Target is tentative based on price action. Cheers

glennmercer glennmercer PRO NZDJPY, 30, Short , a month ago
NZDJPY: NZDJPY Wave Count:  Technical + Fundamental Analysis
283 4 19
NZDJPY, 30 Short
NZDJPY Wave Count: Technical + Fundamental Analysis

After this bearish impulse, it is likely that if the entry level is taken out we may see further downside. The EW count suggests the same. Also, with the inauguration occurring today, there is a possibility for a "risk off" economic environment to take the reigns which would mean a drop in riskier currencies like the kiwi and a rise in the safer yen. Cheers

glennmercer glennmercer PRO AUDJPY, 60, Short , a month ago
AUDJPY: AUDJPY Short:  Channel + Triangle Breakout
369 8 18
AUDJPY, 60 Short
AUDJPY Short: Channel + Triangle Breakout

Hey traders, breakout to the downside on this pair. Trade is immediately active. Look for a few longer term targets with the most profitable being 82.5. Moving to B/E at 1:1 as is typical. Cheers

glennmercer glennmercer PRO JPN225, 240, Long , a month ago
JPN225: Nikkei 225 Wave Count:  One More Rally
201 0 14
JPN225, 240 Long
Nikkei 225 Wave Count: One More Rally

The Nikkei is in a clear uptrend, as is USDJPY, and based on the extended first wave (if correct) we should see another rally before a drop of questionable magnitude. The Yen has been weak against all pairs, especially the USD, and this week may be a good buying opportunity. This is all pending a rally above the dotted trendline. I like a buy on USDJPY after a ...

glennmercer glennmercer PRO GOLD, 240, Short , a month ago
GOLD: GOLD Wave Count:  Sideways to Potential Cypher
446 3 16
GOLD, 240 Short
GOLD Wave Count: Sideways to Potential Cypher

Gold is in an uptrend on the hourly chart and a downtrend on the daily chart. On the weekly, we have a classic cypher pattern emerging if price should drop further. During this short-term uptrend (it will likely be short-lived as the wave is best counted as a corrective structure) we can see a channel potentially complete. I won't make any immediate trades, but ...

glennmercer glennmercer PRO USDJPY, 120, a month ago
USDJPY: USDJPY Elliott Wave Count:  Correction Before Rally
774 6 25
USDJPY, 120
USDJPY Elliott Wave Count: Correction Before Rally

Hey traders! I definitely want to be LONG this pair as the Yen has been weak against the USD and the trend is bullish. However, it looks as though the correction will continue toward the .382 retracement of Wave-(iii) before we see continuation. I will be looking for bullish impulses to get back into the bull rally. Updates to come - Cheers

glennmercer glennmercer PRO GBPCAD, 60, Short , 17 days ago
GBPCAD: GBPCAD EW Count:  Looking for a Drop Today
117 0 9
GBPCAD, 60 Short
GBPCAD EW Count: Looking for a Drop Today

Hey traders, looks like the Canadian dollar is responding positively to the trade balance numbers. They were weak but market likely expected weaker. Shorting the pound against CAD here, looking for a drop to the S/R zone. Cheers

glennmercer glennmercer PRO GBPCAD, 240, Short , a month ago
GBPCAD: GBPCAD Potential Short After Prelim GDP
215 6 13
GBPCAD, 240 Short
GBPCAD Potential Short After Prelim GDP

UK preliminary GDP released tomorrow. If it disappoints, I want to be short this pair. If it beats forecast, I will be looking for GBP pairings against weaker currencies like the yen. Cheers

glennmercer glennmercer PRO USOIL, 240, Short , a month ago
USOIL: USOIL Short:  Potential Double Zig-Zag
310 2 17
USOIL, 240 Short
USOIL Short: Potential Double Zig-Zag

USOIL is tough to predict in these sideways corrective waves, however there are some knowns based on wave structure. The most potential outcome based on recent structure is further downside. A bearish impulse off of recent highs will solidify the speculation and garner a potential short. Keep an eye out for a drop. Happy trading

glennmercer glennmercer PRO KEY, 60, Long , a month ago
KEY: $KEY Potential breakout:  EW Triangle Complete
77 1 10
KEY, 60 Long
$KEY Potential breakout: EW Triangle Complete

Hey traders, here's one for next week. Looks as though we have a breakout commencing on KEY. I want to be long above 18.80 with a stop below 18.36. Cheers!

glennmercer glennmercer PRO HBAN, 60, Long , a month ago
HBAN: Potential Bull Flag on $RF
45 0 8
HBAN, 60 Long
Potential Bull Flag on $RF

Hey traders, we have a few great breakouts this morning. Among them, $RF is looking like a strong buy above the 13.66 level with an initial stop around 13.87. Cheers

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