glennmercer

glennmercer Updated 

USDJPY has completed a nice bearish Wolfe Wave setup on the 1HR chart. The target line is confluent with the unhit daily pivot for 11/30/15. Entry: Market (around 123.07) SL: Above recent highs TP: Unhit daily pivot R/R: 1.6 Thanks for your continued support and don't forget to click the thumbs up button and follow for future updates and more trade ideas!

glennmercer

GBPUSD has completed a bullish shark confluent with a bullish Wolfe Wave setup. The first target has been hit at the 1-4 Wolfe Wave target line. Further bullish movement after initial profit-taking would target the unhit pivot for the month of December and the missed pivot cluster around around 1.522. Confluence in the PRZ: Bullish shark pattern...

glennmercer Updated 

EURUSD has completed a large Gartley pattern on the weekly TF at a very important area of support. The support comes from a trendline dating back to the year 2000 which has been tested three times and has yet to be broken in the past 15 years. This is the second time price has tested the Gartley PRZ, proving it to be a key area of support as well. To add to...

glennmercer Updated 

AUDCAD has completed a bearish Wolfe Wave setup at a crucial point of resistance. In the Wolfe wave sell zone, two 200% projections are closely aligned. In addition to this, a strong long term trendline sits at current price to provide potential resistance. To add to the bearish bias, MACD is bearish divergent and multiple missed daily pivots sit below price. ...

glennmercer

AUDJPY has completed a bearish Wolfe Wave setup in the PRZ of two confluent bearish harmonic crabs. RSI is overbought and has printed bearish divergence. To add to bearish bias, two unhit pivots sit below price. SL is placed above the PRZ with target at .618CD (yellow crab). Confluence in the PRZ: Two bearish crab patterns complete Bearish Wolfe wave...

glennmercer Updated 

CADJPY has completed a very nice bearish Wolfe Wave setup. SL is placed above recent highs with target at the 1-4 projection line.

glennmercer Updated 

CADJPY has completed a bearish Gartley pattern and has thus far respected its resistance in the potential reversal zone. The Gartley PRZ falls in the sell zone of a bearish Wolfe wave which produces a confluent target with the harmonic pattern. To add to bearish bias, an unhit monthly pivot sits below price. SL is set above Gartley 'X' point with targets at...

glennmercer Updated 

EURCAD has completed a bullish bat in the PRZ of a larger TF bullish Gartley pattern. Using a smaller TF pattern to enter allows for a more optimal R/R because we can use the SL for the smaller TF (precise entry) and the larger TF to determine bigger profit targets. To add to bullish bias, an unhit monthly pivot sits above price close to the position of .382CD. ...

glennmercer

After a bullish Wolfe Wave setup completed for +50 pips, profit-taking may bring the pair back down again. Two confluent harmonic patterns present an excellent R/R for re-entry to catch the continuation of bearish movement related to the daily Gartley pattern (see related ideas). Price has been contained below the Wolfe Wave targetline and any close above...

glennmercer Updated 

USDJPY has completed a bullish Wolfe wave setup on the 1 hour chart. My MT4 data shows an open at 122.210, which would make this a possible Elliott 5 wave impulse as well, presenting a great R/R of 20 to enter long. SL is placed at the peak of (i) as any overlap would invalidate the wave count. Target is set at the Wolfe Wave target line. Bullish Wolfe Wave...

glennmercer

After an 88% drop from its 152 week highs in July, SUNE has completed a possible bullish Wolfe Wave setup. After such a vicious drop, this could also be the terminal movement of the downward impulse which may be an indication that any upcoming correction could be strong as well. Frost and Prechter's Elliott Wave Principle describes this price formation (pp....

glennmercer Updated 

AUDCAD is nearing a highly confluent zone of resistance. A bearish bat and a bearish crab are set to complete in a tight PRZ that may be contained by trendline and pitchfork resistance. A bearish Wolfe wave setup may also be completed in this area. To add to the bearish bias, two unhit daily pivots sit below price. RSI is overbought as well. Stop loss is...

glennmercer Updated 

AUDUSD is nearing the PRZ of a cluster of bullish patterns. A large bullish bat contains a bullish butterfly in its D leg. In the PRZ of these two patterns, a bullish Wolfe wave setup has been completed. A D1 trendline sits at the base of the PRZ and may act as support when price reaches this area. To add to the bullish bias, two unhit pivots sit above price....

glennmercer Updated 

USDJPY has completed a bearish Gartley pattern at the intersection of two S/R trendlines. The structure of the Gartley is such that it's AB=CD completion forms a tight PRZ with the .786XA level. The PRZ coincides with the .786CD target for the bullish butterfly completed in August, 2015. To add to the bearish bias, an unhit November, 2015 sits below price and...

glennmercer Updated 

CADJPY has entered a low volatility squeeze on the 1 hr chart. The Chikou span (lagging span) is crossing Senkou Span (leading span) A, an indication that bearish price action may be forthcoming. Price has crossed below the cloud to mark the end of a weeklong bull run. A bearish Wolfe Wave setup has completed and price has begun its movement toward the 1-4...

glennmercer Updated 

EURGBP has produced a bullish cypher pattern in addition to a number of other bullish signals. The PRZ of the cypher lies at a major support trendline (see chart below). A bullish Wolfe wave setup has been completed in the same area. Bullish RSI divergence is present and is also oversold at the PRZ. To add to the bullish bias, an unhit cluster of pivots sits...

glennmercer Updated 

EURUSD has completed a bullish bat pattern inside of the PRZ of a larger TF bullish Garltey. Moving into the bat PRZ, RSI and MACD have printed bullish divergence. To add to the bullish bias, an unhit pivot cluster sits above price and coincides with .382 retracement of the Gartley CD leg. Targets are placed at .382 and .618 retracements of CD. SL is placed...

glennmercer Updated 

CADJPY is nearing the completion of a bearish Gartley pattern. The Gartley PRZ is confluent with pitchfork support. A completed bearish Wolfe Wave adds to the bearish bias. RSI and MACD are showing bearish divergence moving into the PRZ. SL is placed above point X of the Gartley pattern and a cluster of pivots lies below price, providing a nice target. ...