glennmercer

glennmercer Updated 

AUDUSD is nearing the PRZ of 3 harmonic patterns presenting us with an opportunity to trade in the direction of the trend. The base of the PRZ coincides precisely with last week's missed pivot in addition to a fib cluster from a series of structure lows to structure highs. The 500 bar SMA and EMA lines may provide added support around the reversal zone. To add...

glennmercer Updated 

EURCAD has entered the PRZ of three confluent bullish harmonic patterns within a tight PRZ and fib cluster. The .382 Gartley and Shark target aligns precisely with the new weekly pivot and the .618CD target for the bullish crab. To add to bullish bias, divergence has been printed on both the RSI and MACD oscillators. Entry is placed at the center of the PRZ with...

glennmercer Updated 

Happy New Year, traders! Here is a trade to consider after the holiday. USDCAD has completed 2 bullish harmonic patterns at week-long trendline support. The PRZ falls in a S/R zone and the new weekly pivot for 1/3/2016 coincides with the 50% retracement of the CD leg, making this a nice level at which to take profit. To add to bullish bias, RSI has printed...

glennmercer

EURGBP is nearing the PRZ of a bearish cypher. The PRZ may be confluent with 2 trendlines, one wick to body and one wick to wick and may also be backed by additional resistance from structure highs and 1.13XA. Entry is placed at .786XA with SL above structure high and targets at .382 and .618 retracements of the CD leg. Confluence in the PRZ: Bearish...

glennmercer Updated 

A series of two trades is setting up on GBPNZD. The first is a long position after the close above the BAMM line (body) toward the bat PRZ and S/R Zone. The second, should price reach the bat PRZ, is a bearish bat opportunity. This iwll be an excellent opportunity to short because the resistance structure is strong in this area. Entry is placed at .886XA with...

glennmercer Updated 

GBPCAD has completed a bullish Gartley pattern on the hourly chart. The PRZ is tight and confluent with a S/R Zone. Entry is placed at the base of the PRZ with target at .382CD and SL outside of point X. Confluence in the PRZ: Gartley completion 1.618BC Projection AB=CD S/R Zone

glennmercer Updated 

USDJPY has completed a bullish cypher on the 1 hour chart with a PRZ that is confluent with S/R. A missed weekly pivot, EMA200 and SMA200 sit above price to add to bullish bias. Entry is placed at the base of the PRZ with SL at 1.13XA and target at .382CD. Confluence in the PRZ: .786XA (cypher completion) 1.5AB=CD 1.272BC Projection Unhit weekly pivot...

glennmercer Updated 

USDCAD has completed a bullish cypher in an area of strong support. Entry is placed at .786XA with SL at 1.13XA and target at .382CD. Confluence in the PRZ: .786XA 1.5BC Projection 2.382AB=CD

glennmercer

GBPCAD is nearing the PRZ of a bearish bat pattern. This bat may continue the bearish movement to the completion of a larger TF bullish bat (see related ideas). Entry is placed at .886XA with SL at 1.13XA and TP at .618CD. Confluence in the PRZ: .886XA (Bat completion) 3AB=CD 1.618BC Projection Larger TF BAMM Line (related ideas) S/R Zone

glennmercer Updated 

CADJPY is nearing the PRZ of a 2 confluent bearish patterns on the 1HR chart. The PRZ falls in a significant S/R zone and may potentially continue the downtrend. Entry is placed at the top of the PRZ with SL at 1.13XA and targets at .382 and .618 retracements of the CD leg. Confluence in the PRZ: Bearish Cypher Bearish Shark 2.5AB=CD 1.618BC Projection ...

glennmercer

EURUSD is nearing the completion of a highly confluent bearish PRZ. The projections and retracements of two harmonic patterns coincide in a tight area of resistance which falls in a broad area of S/R. Entry is placed at .786CD with SL at 1.13XA and target at .382CD. Confluence in the PRZ: Bearish Cypher 1.618BC Projection (Cypher) 2.272AB=CD (Cypher) ...

glennmercer

ZIOP has completed an alternate bat pattern. The pattern completion is confluent with a .886 fib level on a higher TF structure low to structure high. A trendline was broken and retested on 12/22, indication of possible upcoming bullish movement at the PRZ. A second trendline was broken today, which may be an opportunity to catch the breakout toward .382CD. ...

glennmercer Updated 

GBPCAD has entered the PRZ of a bullish crab. The RSI is quite overextended as well, so a 38.2% correction is likely at these levels. Entry is placed at the base of the PRZ with target at .382CD and SL outside of 1.786XA. Confluence in the PRZ: Bullish crab 3AB=CD 5BC Projection RSI Oversold

glennmercer Updated 

AUDUSD is nearing the completion of a bearish cypher pattern on the 1HR chart. The PRZ may find resistance from the center of a rising channel. Entry is placed at the top of the PRZ with SL at 1.13XA and target at .5CD. Confluence in the PRZ: Bearish cypher 1.272BC Projection 2.5AB=CD Channel center resistance S/R Zone

glennmercer

ACRX is nearing the completion of a bullish bat pattern on the daily chart. The PRZ falls in a significant support zone and may be confluent with support from a 3-month trendline. 3 Missed weekly pivots sit above price to add to the bullish bias. Entry is placed at the bottom of the PRZ with target at .618CD and SL below the 1.13XA fib level. Confluence in the...

glennmercer Updated 

NZDCAD is nearing the completion of two confluent harmonic patterns within a tight PRZ. A heavy S/R zone sits below the PRZ for added support. 200 EMA and SMA lines may add support as well. To add to bullish bias, RSI is oversold at current levels. Entry is placed at the bottom of the PRZ with target at .382CD and SL below the S/R zone. R/R = 1.44 ...

glennmercer Updated 

EURUSD is nearing the PRZ of a bearish bat in a significant area of S/R. MACD is also printing divergence in addition to RSI being overbought. A missed weekly pivot sits below price and is confluent with a larger .5 retracement. Entry is placed at the bottom of the PRZ with a SL above 1.13XA and targets at .618CD and the missed weekly pivot. Confluence in the...

glennmercer Updated 

WFM is nearing the completion of a bullish Gartley pattern. In the PRZ of the Gartley, a bullish Wolfe Wave structure is also emerging. Missed monthly pivots sit above price to add to the bullish bias. The overall trend is up, so this area could also serve as an ABC zig-zag EW corrective structure before the uptrend continues. SL is placed below X with...