USDCAD TRADE ANALYSIS
Analyzing your chart on USDCAD shows the overall Uptrend on a higher timeframe. Going to a lower TF (timeframe) just to find an entry due to the fact that you can’t jump on a trade using the higher TF due to the entry method.
Using a lower TF is the most suitable form of entry because it will reduce your risk by giving you a tight stop-loss to your reward ratio.
In this case, using a 15min TF and all that is needed is to be on a look out for the market structure shift which is most popularly known as CHOCH (change of character) to confirm your change in trend and in this scenario in the above chart is a downtrend changing to an uptrend.
Also, using a line chart is actually a less confusing way to confirm your change of trend to avoid the candlesticks rejection wicks and pointing it out as fast as possible and looking for your entry which is an order-block but I would employ you to know its a price so you have to look at where the price would bounce off.
USING SLK STRATEGY…
This strategy requires you to be able to point out your liquidity in the market which is very important and also knowing your structure which is the trend I discussed above, getting the structure wrong would get you a loss. The other point you have to know is knowing your key levels which can be found on H1 or H4 TF most times. The 3 points (SLK- STRUCTURE,LIQUIDITY & KEY LEVELS) are what you need while trading. If you need more information on the chart, click here