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You can see that the B means "bottom" and C means "compressing" The number outside of the parenthesis menas the number of candles that it has occured. The lower then the better.
Eight days ago we can see that USDCAD was compressing, check below at "red line", we can change the timeframe now to enter a lower risk higher reward trade.
I like to trade the retracements, and I have my methods I use for my accounts. Heres a good example. I made 10% on this alone. All is backtested as well.
Twitter: jkrick33