Toerezxer
Long

[1.8 r=1/5] Waiting for the pullback to long

FX:USDCAD   U.S. Dollar/Canadian Dollar
38 0 1
Even before this pair hit the 4h trendline resistance, the fifth wave completion (most probably C of a flat) indicated the imminence of the beginning of the upward move (most probably 5th wave up). This is where novice technical traders went long and professional technical traders held on - professional fundamentalists might have gone long, too. As we hold on, we saw the price really wanted to go up. Supports having been broken, there has been a confusion and hesitation in price right after it crossed over the .5 lower median parallel, as well as RSI divergence. Today is the time for a pullback, then, and it will not be only to get to a perfect entry point. The main mission of the pullback here is to provide us with the confirmation of the uptrend. Maybe there will be no pullback. Maybe price will break the levels again, this time to the down side. The structure of the pullback will, on the other hand, indicate first and foremost that it actually is a pullback, and that will be when we will go long. This three-level confirmation will hopefully give us an entry opportunity which is worth risking 1/5.
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