Applied Simple wyckoff Theory on eurcad

Wyckoff Method:
Distribution Phase: This is the phase where the market is in a sideways range (consolidating) before a potential downward move. The distribution typically occurs near market tops. the distribution phase could be identified around the price levels of 1.51400 to 1.51000. We can observe a potential distribution as the price makes repeated attempts to break the high but fails to do so consistently.

Markup Phase: This phase refers to a clear bullish move after accumulation or a consolidation phase. the markup likely started from 1.50200 to 1.50800, where we see a significant bullish rally. This is indicated by strong green candles after a series of pullback.

There's a noticeable spike in volume around 1.50400, which supports the idea of a breakout or a reversal.
A volume increase at highs (around 1.51000) indicates potential exhaustion, signaling distribution in the Wyckoff method and liquidity targeting in ICT.
If you're looking to trade this, it seems you're nearing a key decision point at 1.51000 (potential distribution/liquidity grab). You can wait for a clear break above for longs or failure for short.

If breakout above 1.51500 with strong volume: Look for a buy.
SL: Below 1.51000.
TP: First at 1.52000, and extend based on momentum.
If rejection at 1.51500 with high volume: Consider a sell on reversal.
SL: Above 1.51800.
TP: First at 1.50800, extend to 1.50400 if selling pressure increases.