USD.CAD long scalp into Reversal Trade? UC might have bottomed

Sorry for the messy chart, but a quick plot to initiate trade.
Strong confluence of Fibs just got Pinged and clearly noticed.
There is a cluster of resistance above so taking profits at each.

If it navigates through the resistance clusters, there is some room above.
SL just a hair below the support cluster around $1.3 round, say 4x spread.
Will trail a stop if and when we start approaching resistance zones.

I know, I know, "Bottom Picking is a Stinky Business".
Indeed it is, so start with very small risk, add to winners.
But the Fibs indicate several downward waves could end here.

This method gives super tight Stop Losses, so can withstand a few losers.
Once successful, targets can also be set precisely, say a couple pips shy.
Or, stops can be trailed to have one/two fibs between price and your SL.

Commento:

Looking Good thus far.

The bounce looks great, with an Hourly pin bar, and perhaps a follow through candle

Zoom IN (1min) on the bounce, looks to be following the Red fib

That fib is pushing down, so not a great sign.
Lets see if the if the Impulse of this bounce is showing any "fibness".

Adding a new Fib, looks like it might have one, as confirmed by the dark blue arrows, and I would like to see it do something like the Light blue Curves

Lets see if any of this holds are we smash through the bottom....

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Commento:

Target #1 HIT:

Just woke up to see first target was hit

(I had limit sells in that zone which were triggered).

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Zoom IN (8 min) to look at the bounce, it looks more CORRECTIVE than Impulsive

"Corrective" as in choppy, which highs and lows criss crossing, and clearly no upward rhythm.

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So this could turn into a wave (4) with a wave (5) to come

Lets see how the US session closes.

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In SUMMARY:
- scalp target #1 acquired, most profts booked, 20% of original position still open with SL at BE.
- need to monitor this pullback from the resistance zone, could easily make lower lows.
- preliminary target for possible wave (5) puts it around 1.308ish

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Commento:

So much for the ABC above.

Instead the bounce as persisted, albeit in a choppy, corrective manner

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And we just got a clean Ping on the top of double fibs

So I think we should reach the 1.3105 zone before considering next move.

Lets see if we get that zone, my target #2.

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