glennmercer

glennmercer Updated 

AUDCAD has just completed a perfect 5-0 pattern on the 1HR TF. Trade details: Entry at the 50% retracement of BC (hence the name 5-0). SL above .618BC level Targets are placed at BC terminus, and 1.272/1.618 BC extensions. Thank you for viewing!

glennmercer Updated 

CADJPY is nearing the PRZ of two confluent harmonic patterns: bearish Gartley and bearish Crab. The PRZ could potentially be aided by the resistance of a 6 day trendline. First target is placed at the .618 retracement of the Gartley CD leg. If price action continues to show bearish signals after breaking the BAMM line, I will be looking for continued downward...

glennmercer Updated 

GBPCAD has satisfied the conditions of a bearish 5-0 pattern at the 50% retracement of the CD leg. Missed monthly pivots for June and July of 2015 will likely help drag the pair down to the target area. There is tight zone of confluency around 1.978 shared by .786 XO, 1.272BC projection, and .786BC=DE, which makes for a nice area to take profit. The next level...

glennmercer Updated 

EURJPY is showing bearish price action in the PRZ of multiple confluent harmonic patterns. After completing a bearish bat, price was rejected at the PRZ and is retesting the reversal area. In this area we have two bearish butterflies that have completed at trendline resistance and a bearish Wolfe wave setup as well. To add to the bearish bias, two unhit weekly...

glennmercer

NZDJPY seems to be forming a 4 of C of (4) correction. PA is showing bearish signals in a PRZ formed by a bearish Wolfe Wave and bearish deep crab harmonic pattern. I expect price to begin turning around in the demand zone , where previous wave 4 structure, Wolfe Wave target line, and .382CD all converge in a confluent S/R area. For the long entry, SL is...

glennmercer

EURNZD has completed a bullish crab at a confluent reversal zone. In addition to the pattern completion, a bullish Wolfe Wave buy zone falls in the same price territory. Also, the BC leg retraced .618 of BA, so I expect support to be found at its correlated ratio of 1.618AB=CD which aligns precisely in the PRZ. Unhit daily and weekly pivots add to the bullish...

glennmercer

GBPUSD has formed a potential bearish crab which contains a PRZ that coincides precisely with an unhit pivot cluster and a potential Wolfe Wave target. As profits are taken at the pivots, price may have a tendency to reverse quickly and drastically. SL is placed above a significant support and resistance area. Profit is taken at the PRZ of a potential bullish...

glennmercer

NZDCAD has formed a second bearish Wolfe Wave for even further confirmation of bearish bias. A 14 month downtrend precedes the setup, an indication of more upcoming bearish price action. NFP tomorrow will create some volatility in the market, so look for this to be a catalyst to initiate the movement. TP is taken near the 1-4 profit line or around the price...

glennmercer Updated 

EURNZD is completing a conglomerate of potential harmonic patterns to produce a highly confluent kill zone. In addition to a host of pattern completions, there is added support from a long term trendline and another strong S/R area further below price. SL is placed below the S/R area and targets placed at the .382 and .614 retracement of CD. Confluence in...

glennmercer

EURAUD has completed a bearish bat pattern in a PRZ that aligns with resistance provided by 2 significant trendlines. Missed pivots sit below price to add to the bearish bias. SL is placed above trendlines with target at .618CD. Confluence in the PRZ: 1. Bearish bat pattern completion 2. Significant trendline resistance 3. 2BC projection 4. 2.618AB=CD 5....

glennmercer

My daily outlook on GBPCAD is bearish, but I see one more bounce occurring before bearish PA continues. A bullish shark will potentially be completing at point 4 in a parallel channel. Traders who are short this pair, like myself, may think about taking profit in the PRZ and re-entering after this move is completed. Alternatively, this may be traded as a...

glennmercer

AUDCAD has been in an overall downtrend on the daily chart and has formed two major PRZ's that present opportunities follow the trend using intelligent entries. In addition to 5 bearish harmonic pattern completions, there are AB=CD variations and BC projections that add to the PRZ confluence. Stops are placed above 1.272XA with targets at the .618 and 1.000...

glennmercer

NZDUSD completed a bearish Wolfe Wave pattern last week and is nearing the PRZ of a bearish Gartley to possibly continue its movement south. This pair has been in a 14 month long downtrend and the steep pitch of the 1-4 Wolfe Wave target line signifies a deeper continued drop is possible. Those who missed the WW sell entry will have an opportunity to enter when...

glennmercer

This is not my typical trade setup but I received a request to take a look at CHFJPY and discovered a nice long opportunity in the process. Price action is showing respect for the .886AB level and has completed a potential C point in a series of harmonic pattern setups. With missed monthly and weekly pivots above price, I would not be surprised if price...

glennmercer

AUDCAD has completed a bullish shark pattern at the 50% retracement of the larger AB leg. The bullish shark reversal zone is confluent with a number of important levels. Two unhit daily pivots sit above price and may help push it upward. Since AB retraced 61.8% of XA, it is not uncommon to see BC retrace the same amount with respect to AB. For this reason, I...

glennmercer

After a strong rally today, EURGBP looks as though it is ready for a pullback. A bearish bat is complete at the same level of the completion of a bearish crab. Stops are placed above strong S/R with targets at the .382 and .618 retracement of CD. Confluence in the PRZ: 1. Bearish bat pattern completion 2. Bearish crab pattern completion 3. 2.618BA...

glennmercer

EURAUD showed great strength today after hawkish comments from ECB president Mario Draghi sent it rallying through my previous PRZ. I am again bearish on this pair as there are two bat setups completing near an optimal Wolfe Wave sell zone. A new daily pivot sits below price to add to the bearish bias. Targets are placed at the new pivot and near the 1-4 WW...

glennmercer

EURAUD is completing a potential combination of 4 short harmonic patterns within a tight PRZ. In addition to bearish Crab, Bat, and Shark patterns an ideal AB=CD reciprocal ratio (.618/1.618) will be complete in the same area. Targets are placed at the .382 and .618 retracements of the CD leg. Confluence in the PRZ: 1. Bearish bat pattern completion 2. ...