glennmercer

glennmercer Updated 

USDCHF is showing signs of continued strength in the early trading hours of this week. The wave count indicates much more bullishness and choppy fourth waves. Keep an eye out for signs of reversal on lower timeframes. Cheers.

glennmercer Updated 

The pound has broken out against the Franc. I like the Wave Count here to buy toward previous weekly highs. Two targets mapped out. Cheers

glennmercer Updated 

CAD is the second strongest currency after the dollar. I'd like to sell it on USD weakness as cash could flow quickly into the Canadian dollar. I only want this if after news is released we have a weak GDP report. Otherwise, trade is cancelled. SL and Targets on chart. Cheers

glennmercer Updated 

Combining It All: Elliott Wave Count suggests continued bullishness GBP is the strongest currency on the day NZD is the weakest currency on the day Target at potential butterfly completion Cheers!

glennmercer Updated 

I will be looking for signs of resistance around previous fourth wave zone. I would like to see one more bullish move before getting short to target line. Cheers

glennmercer

Cypher complete on 30m timeframe. The trend is definitely down from here with wave-C in full effect. I expect to look for short positions after a potential bounce from the Cypher PRS. Cheers

glennmercer

Look for massive resistance around this level. This gap fill is 3 years in the making and likely has the attention of a lot of smart money. Notice that this level is confluent with a completed Wave-4 triangle which is a very common pattern for this type of correction. Exciting time to trade! Keep an eye out!

glennmercer

The most probable scenario is continued rally to the top of the channel. This presents an opportunity to take a long position with a SL against the invalidation level of the rally on the lower timeframe. Cheers. 1H Timeframe EW Count:

glennmercer Updated 

On the lower TF, wave counts look strong for a rally. Next clear target is the bearish bat PRZ.

glennmercer

Ending diagonal MAY be complete. Break lower will confirm or breach of counted fifth wave will call for a recount. Great R/R and the higher timeframe agrees with bearishness from this level if the diagonal is in fact complete.

glennmercer

Watch the base channel for support. SL may be placed near invalidation level or root of wave for conservative approach. Two targets show, one at bat PRZ and another at top of channel/1.272 confluence.

glennmercer Updated 

Looks like the CPI numbers put the pound into a deeper drop to start a potental wave-C. There is likely more to come.

glennmercer

AUDJPY is lingering in the bat reversal zone near major confluence with a potential triangle completion. Entrance into wave-C would pose a nice short opportunity.

glennmercer

EW Count shows we have a potential long opportunity here. Invalidation level means deeper correction and recount and original target area is near the cypher PRZ. Cheers

glennmercer

NZDCAD is showing signs of support along the base channel. If support holds and yesterday's highs are breached, I like a long position with original SL below wave 1 root. Original target in the PRZ of the potential bat on the higher TF. If invalidation level is breached, a deeper correction is confirmed.

glennmercer Updated 

We can observe a bearish channel here toward the end of the trading week on the 4H timeframe. There is a confluence in resistance to add to the possibility of continued downside.

glennmercer Updated 

Hey traders, keep an eye out for the break out of this triangle. I like the short setup on the higher timeframe and a triangle break will be a great place to look for some short bias. Cheers

glennmercer

But only after bearish confirmation on lower timeframe! Breakout could indicate strong upside as well, so be meticulous in entry. Cheers