Ucad trap 1/4h
The USDCAD has a double trap, on H4 and H1, meaning they are both the same trap, and can be traded and treated as 1.
The large candle for me is a confirmation of the order block, luckily for us the next order block is only 80 pips away.
My preferred entry would be at the retest of the bottom of the consolidation area on H1. which alligns with 50-61 fib.
I would add another entry at 1.33 which is a pshycological round number and alligns with the 70.5 fib.
Final TP would be just above the order block at the bottom. I actually scaled back to M15 to determine these zone.
The large candle for me is a confirmation of the order block, luckily for us the next order block is only 80 pips away.
My preferred entry would be at the retest of the bottom of the consolidation area on H1. which alligns with 50-61 fib.
I would add another entry at 1.33 which is a pshycological round number and alligns with the 70.5 fib.
Final TP would be just above the order block at the bottom. I actually scaled back to M15 to determine these zone.
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