This sucker burned me for over 200 pips last time I tried to get long, but with an ABC "Flat Correction" counted, it makes sense how I got faked out last time. This pair fired off a buy signal confirmation with today's close on the daily charts. Since it's on the daily charts, it is a huge trade. There is also long standing bullish divergence of price vs. momentum, and if it's a wave ((c)) up getting started as I have it labeled, it will be a sharp move up for hundreds of pips. And lastly, a similar pair, the GBPCAD also fired off a bullish confirmation signals, something that didn't occur last trade, so that is also encouraging as well. I want to enter only 1/4 position now and will consider adding more on weakness:
Bought 1/4 position at market at 1.8511
Stop Loss at 1.8270
Profit target at 1.9000
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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.