BUY OPPORTUNITY CADJPY
Updated
As we enter the asian session we might be able to get some ranging action in this area, hopefully enough to tap us into this long wyckoff schematic. We are in the final phase of the schematic which generally ends in lspy retests. We are in phase D of the schematic so we can hope for a pull back to once again crossover the last high which had given us the sign of strength. With that we can be confident that any bearish movement will most likely simply be a retest to push into higher territories. So personally for me, no retest no trade but the reality is that this will push further, several hundred pips higher. So what I'll be doing is when price enters into the area of interest again, I'll look for a schematic that confirms price is no longer bearish and is preparing to push higher. That'll be entry and my sl will be managed accordingly or as displayed. In other words, don't place buy limits if you can help it but rather wait for the trade to come to you and manage the trade accordingly. So if a bullish confluence doesn't present itself in the area of interest than maybe don't trade it. Confluences to look out for are wicks, which can equal orderblocks in lower lower tfs, look for the formation of a schematic in a lower tf, dojis, tweezer bottoms, are all good confluences that generally can reveal some schematic when you dive deeper than the tf you observed the confluence on.
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I was able to identify a schematic after price entered into the AOI. If you enter into a higher tf above current timeframe you will find a daily OB where price has rejected from and has thus returned to. Once I've identified price returning to that tf I dive down two or three tfs lower to identify Wyckoff or some other confirmation that price is rejecting. In this case I identified Wyckoff as well as sell candle plus a doji plus a bullish candle within the schematic. That is two confluences price will push up higher, I was thus able to tighten the sl and enter a few pips earlier for a potential 5:1.Trade active
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Great play for multiple entries thus far
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