USDCAD Bullish Trading Idea

Disclaimer, these ideas are for my records of what I see in the market after taking a trade. It will help me document the reason of why I took the trade so I can have a track record. And as such, this is not a financial advice.

I've noticed that at the monthly timeframe the pair is doing a wyckoff distribution schematic.

Then at the weekly timeframe, the pair once more is doing a wyckoff distribution schematic.

At the daily timeframe, I've identified a potential area of interest delimited by the fibonacci levels 1, 0.5, and 0 (orange lines). I believe the price is trying to reach that area of interest to get right of the liquidity delimited with the lines that have the $$$ above them.

At the 4 hour timeframe, the price appears to want to go higher, potentially giving strenght to my trade idea.

Given these findings, I'll be entering a buy position until it reaches the fibonacci levels, then I'll start looking for sells.

Comment:

Note to Entry: After analyzing the 8 hour timeframe the picture became more clearer. The zone that I previously highlighted become a fakeout resistance becomes support (RBS) an a unmitigated demand zone lays at the marked LOW, with liquidity resting just above it.

The high is making a CPLQ with some other highs making it a zone of liquidity giving strength to the original idea that the market wants to take out that liquidity before falling.

Comment:

Note to myself: Apparently price respected my first level. I should learn not to hear anyone advice on my analysis.

Comment:

Order cancelled:

Missed the entry. Closing this trade and go to the next one.

Trade active:

After a little time off, I've realized that I didn't missed the trade as I originally thought.