The first thing one should do is to plot support and resistance zones on the chart.
Then one would do well to try to buy / sell when price is at that zone or area of the chart.
This time I am sharing a usdcad 4 hour chart where price printed a double bottom.
Even being 4 to 8 hours late I took the trade because the risk reward was still OK.
Please note that the reason for taking the trade was a double bottom at support nothing else.
This can be seen as a reversal pattern. The next thing one should do is to see if the stochastik indicator supports a bullish move which it does.
The stop loss can be placed below the double bottom area and the take profit might be the area of the next resistance where also the 200 MA lies.
BEST OF PIPS