#usdcad #elliottwave short sell setup wave c of bThis count is based on my assumptions so anything can happen not a trading or financial advice just for educational purposes only kindly do your own ta thanks trade with care good luck.
USDCAD.PRO.OTMS trade ideas
A weekly breakout above 1.40000 in USDCAD is massive! I talk about the USDCAD and the massive breakout above 1.40000, and how traders are waiting till the end of the week for confirmation of the breakout. Also, I discuss the risks to North American currencies and the new incoming Trump administration and how leveraged money and retail traders are positioned near term.
USDCAD seeking equal highsWith TVC:DXY strengthening some USD pairs are setting up nicely. I can see that USDCAD has a nice unmitigated extreme order block to target just above equal highs.
If you can get a good entry, and use a wide stop loss this could be a good trade. However, you might want to wait for a correction to enter the position. You can see where I've highlighted demand. Right now price is in "no-man's land".
NEW IDEA FOR USDCADLooking at the trend on the one-hour time frame, the USD/CAD pair has broken above the first ascending channel ceiling and can now rise to the resistance of the second ascending channel ceiling at 1.4158, provided that the important support range in the 1.0407-1.0461 range is maintained.
USD CAD short opportunity for swing traders This analysis is intended for long-term and swing traders. There appears to be a good opportunity to short USD/CAD. Please set your Stop Loss (SL) and Take Profit (TP) levels according to your trading strategy.
Please note, this is not financial advice—it's purely for educational and training purposes.
Good luck!
Sell ideaGot double top and divergence on daily timeframe same as resistance on daily timeframe.
Might go down soon
USDCAD INTRADAY TRIPLE TOP?Price is tending to form a triple top pattern in H4 timeframe! We expect a correction to the sell side one more time. Our shorterm sell target is 1.37990
Bearing USDCADWeakening USD relative to other instruments. Rejecting the 0.236 fib line and testing the broken trend line. This could see some moves lower.
USDCAD Potential UpsidesHey Traders, in today's trading session we are monitoring USDCAD for a buying opportunity around 1.38600 zone, USDCAD is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 1.38600 support and resistance area.
Trade safe, Joe.
Top 10 Trading Books Every Trader Must Read (+ 3 Life-Changers)
Trading isn’t just a skill—it’s a journey. Over the last 16 years, I’ve dedicated myself to mastering the markets, learning from both triumphs and setbacks.
Along the way, these books have been invaluable companions, shaping my mindset, refining my strategies, and transforming my approach to trading.
Here’s my curated list of the top 10 trading books I’ve read, plus three bonus gems that offer timeless principles to enrich both your trading and life.
Introduction
Trading is as much about strategy and discipline as it is about understanding markets. The books I’ve read over the years have equipped me with the technical knowledge, psychological tools, and philosophical insights needed to navigate the complexities of trading.
Some taught me to analyze charts and manage risk, others guided me in understanding human behavior, and a few challenged me to see trading as part of a larger personal journey. Here are the must-reads that have made the biggest impact on my trading career.
1. "Reminiscences of a Stock Operator" by Edwin Lefèvre
Why It’s Essential:
This classic tale, inspired by the life of Jesse Livermore, captures the essence of trading psychology, market speculation, and the hard lessons every trader must learn.
Key Takeaways:
Understand Market Sentiment: Trading isn’t just numbers—it’s about understanding crowd psychology.
Patience is a Virtue: Wait for high-probability setups; don’t trade just for the sake of it.
Risk Management: Protecting your capital is as important as making profits.
Learn from Your Losses: Every mistake is a lesson in disguise.
2. "The Market Wizards Collection" by Jack D. Schwager
Why It’s Essential:
This book is a treasure trove of wisdom from some of the most successful traders in history, proving there’s no single formula for success.
Key Takeaways:
Diverse Approaches Work: There’s no one-size-fits-all in trading.
Risk Control is Key: Every great trader has a plan for managing risk.
Traits of Winners: Discipline, focus, and continuous learning are non-negotiable.
Psychology Matters: Master your emotions to master the markets.
3. "Trading in the Zone" by Mark Douglas
Why It’s Essential:
This book transformed the way I approach the mental side of trading, teaching me how to think in probabilities and detach from individual outcomes.
Key Takeaways:
Probabilistic Thinking: Focus on probabilities, not certainties.
Control Your Emotions: Stay calm and composed, no matter the outcome.
Consistency is Everything: Build trust in your process to achieve consistent results.
Detach from Results: Focus on executing your plan, not the outcome of individual trades.
4. "Thinking in Bets" by Annie Duke
Why It’s Essential:
Written by a professional poker player, this book taught me to approach trading as a decision-making game under uncertainty.
Key Takeaways:
Decisions Over Outcomes: Good decisions can still lead to bad results due to chance.
Embrace Uncertainty: Learn to make peace with the unknown.
Learn from Feedback: Use outcomes to refine your process.
Emotion-Free Decision Making: Stay rational, even in high-pressure situations.
5. "Technical Analysis of the Financial Markets" by John J. Murphy
Why It’s Essential:
This comprehensive guide to technical analysis gave me the foundational tools to analyze price action and trends effectively.
Key Takeaways:
Chart Basics: Learn to read and interpret market charts with precision.
Identify Trends: Recognize trends early and ride them for maximum profit.
Indicators and Tools: Master technical tools to enhance your trading edge.
Intermarket Analysis: Understand how different asset classes influence one another.
6. "Trade Your Way to Financial Freedom" by Van K. Tharp
Why It’s Essential:
This book taught me how to build a trading system tailored to my personality and financial goals.
Key Takeaways:
Customized Trading Systems: One size doesn’t fit all.
Position Sizing Matters: Manage risk with strategic position sizing.
Understand Your Psychology: Your mindset directly affects your results.
Evaluate Systems: Use expectancy to measure the effectiveness of your approach.
7. "The Intelligent Investor" by Benjamin Graham
Why It’s Essential:
Though focused on investing, the principles in this book are timeless and applicable to trading, especially the importance of discipline and patience.
Key Takeaways:
Value Matters: Focus on substance, not hype.
Margin of Safety: Always leave room for error.
Long-Term Thinking: Success requires patience and discipline.
Emotions Kill Returns: Stay rational and ignore market noise.
8. "Fooled by Randomness" by Nassim Nicholas Taleb
Why It’s Essential:
This thought-provoking book challenged me to rethink the role of luck and randomness in trading.
Key Takeaways:
Recognize Randomness: Not all outcomes are the result of skill.
Avoid Overconfidence: Understand the limits of your knowledge.
Expect the Unexpected: Prepare for rare, high-impact events.
Humility Wins: Stay grounded, no matter your success.
9. "The Psychology of Trading" by Brett N. Steenbarger
Why It’s Essential:
This book helped me understand how emotions and stress affect trading decisions, and how to manage them.
Key Takeaways:
Emotional Mastery: Use self-awareness to improve decision-making.
Stress Management: Learn techniques to stay calm under pressure.
Behavioral Patterns: Recognize and break harmful habits.
Personal Growth: Continuous improvement is key to long-term success.
10. "The Alchemy of Finance" by George Soros
Why It’s Essential:
This book introduced me to Soros’s theory of reflexivity and inspired me to think critically about market dynamics.
Key Takeaways:
Market Reflexivity: Market participants influence market fundamentals.
Macro Insights: Think big-picture when analyzing markets.
Risk-Taking Philosophy: Be bold but calculated in your trades.
Adaptability is Key: Stay flexible and ready to pivot as markets change.
Bonus Books: Beyond Trading
11. "Think and Grow Rich" by Napoleon Hill
Why It’s Essential:
This timeless classic taught me the power of mindset, goal setting, and persistence in achieving success.
Key Takeaways:
Clarity of Purpose: Define what you want and go after it relentlessly.
Faith in Yourself: Believe in your ability to succeed.
Persistence Pays Off: Never give up, even in the face of adversity.
Positive Thinking: Your thoughts shape your reality.
12. "The Science of Getting Rich" by Wallace D. Wattles
Why It’s Essential:
This foundational text for the law of attraction explains how focused thought and purposeful action can create wealth and success.
Key Takeaways:
Thought Shapes Reality: The book teaches that everything begins with a clear, focused thought. Visualizing success and wealth helps bring them into reality.
Gratitude Multiplies Wealth: Being thankful for what you have opens the door to receiving more.
The Law of Attraction: Align your thoughts and actions with the frequency of abundance to attract wealth.
Creative Thinking Over Competition: Focus on creating value and opportunities instead of competing with others.
Act with Faith and Purpose: Consistently take action while trusting the proces
13. "The Hero’s Journey" by Joseph Campbell (Personal Favorite)
Why It’s Essential:
This book explores the universal story structure that underpins all great adventures and challenges, including the trader’s personal journey.
Key Takeaways:
Understand Your Path: Every trader's journey mirrors the hero's arc—struggles, transformation, and mastery.
Embrace Challenges: Difficulties are part of growth and lead to ultimate success.
Learn from Mentors: Guidance from others can illuminate the path forward.
Transformation Leads to Mastery: The journey itself transforms you into a better, more capable person.
Over 16 years of trading, these books have been my guideposts, offering technical insights, psychological breakthroughs, and inspiration for the journey.
Whether you're just starting out or looking to refine your edge, these reads will give you the tools and mindset to thrive.
Final Thoughts:
Start with One: Pick the book that resonates most with where you are now.
Take Action: Apply the lessons to your trading and mindset immediately.
Commit to Growth: Trading isn’t just a profession; it’s a personal evolution.
These books have shaped my trading and life. I hope they inspire you to achieve your own success and thrive in every aspect of your journey.
USDCADWe are looking for selling opportunities as we are at the uptrending resistance resulting in sells to the downside|1H TIMEFRAME
Average True Range ExplainedOriginally developed for commodities, the Average True Range (ATR) indicator is a versatile tool used across various asset classes, like forex pairs and more. ATR helps traders gauge market volatility and make informed decisions, as ATR is essentially a moving average of a market's true range.
For traders, this is essential information because it explains how much an asset “moves on average” based on specific starting and ending points selected by the trader. This way, you can be prepared for specific moves when they happen. For example, if a market typically moves 20 points per day, and it has already moved 25 points, you might reconsider trading based on another indicator's signal.
To find the true range, you need three values:
1. Current high minus current low
2. Current high minus previous close
3. Current low minus previous close
The true range is the greatest of these three values. ATR typically averages the true range over the last 14 sessions, but this can be adjusted based on your trading strategy and personal preference.
How do you trade with ATR?
ATR is a key indicator of market volatility, aiding traders in evaluating opportunities and being a helpful component in setting stops and limits. ATR shows how much a market usually moves in a day; therefore, ATR can help set realistic profit targets and stop losses. For instance, if a market normally moves 20 points per day, aiming for a 50-point profit might be unrealistic, depending on your strategy.
By understanding and utilizing ATR, traders can better navigate market volatility and make more informed trading decisions.
Did you learn something new?
Our team of researchers and market specialists will be sharing more educational content so be sure to follow our TradingView account for instant updates. Also, be sure to check out our latest ideas here .
-- FOREX.com
USDCAD BULLISH TO $1.42Overall still bullish on USDCAD as my Elliott Wave Theory strategy predicts little upside is left, AFTER a retracement.
⭕️Wave 3 (III) Complete.
⭕️Wave 4 (IV) Correction & Final Wave 5 (V) Bullish Leg Yet Pending.
⭕️DXY Bullish, Meaning USDCAD Is Still Bullish.
USDCAD - Long active !!Hello traders!
‼️ This is my perspective on USDCAD.
Technical analysis: Here we are in a bullish market structure from 4H timeframe perspective, so I look for a long. I expect bullish price action as we can see that price filled a part of imbalance and rejected from trendline.
Like, comment and subscribe to be in touch with my content!
USD/CAD 4H Bearish Double Top with RSI Divergence Trade SetupUSD/CAD 4-hour chart is forming a bearish double top pattern near a resistance zone, signaling a potential reversal. The RSI shows bearish divergence, with the price making higher highs while RSI trends lower, indicating weakening upward momentum. This setup suggests that a bearish move is likely if the price breaks below the key support level at 1.38138, which is the designated sell entry level in the plan. The stop loss is set above the double top, at 1.39624, to protect against a breakout above resistance.
For targets, Take Profit Level 1 is set at 1.36665, while Take Profit Level 2 is positioned at 1.35443, aligning with lower support levels that could serve as points for a potential reversal or pause in the downtrend. The plan projects the double top breakdown using a red line labeled "Projection of DT," indicating the estimated move downward if the pattern completes. This trade strategy utilizes confluence between price action, RSI divergence, and a clear breakdown structure to establish a high-probability short trade setup.
USD/CAD steal bullish OKay as you can see we steal on a bullish scenario where the price its looking to get more and more to the upside, so we have certain limits if we want the price to hit a new high, first of all we will enter in the new york sesion in a long position looking oviously for buys in the 2H orderblock but the entry is on 5min that its the best timeframe for day trading, looking for more objectives you can put your TP near the last high that the last NY sesion let to us, use your stoploss as you want to use it but be safe and remember using the correct risk manegment strategy
#USD #CAD Short Set UpLooks like a bearish flag on 1H TF with a projected target of 1.39337
Entry - 1.40041
Stoploss - 1.40297
TP-1 - 1.39775
TP-2 - 1.39523
USDCAD | 14.11.2024SELL 1.40150 | STOP 1.40600 | TAKE 1.39700 | Double top correction moving to local support level.
USD/CAD SELLERS WILL DOMINATE THE MARKET|SHORT
Hello, Friends!
USD/CAD pair is trading in a local uptrend which we know by looking at the previous 1W candle which is green. On the 2H timeframe the pair is going up too. The pair is overbought because the price is close to the upper band of the BB indicator. So we are looking to sell the pair with the upper BB line acting as resistance. The next target is 1.396 area.
✅LIKE AND COMMENT MY IDEAS✅
Sell usdcadA strong selling pressure will be expected from this major level already sweep high
Just wait for a confirmation then enter into a sell trade
Trade with caution
USD/CAD Return To Highs (Pot Hedge Zone)Areas like this are ideal if you are looking to protect former shorts that are out of the money.
It may be the case that as USDCAD climbs above highs there is a series of reliable long side movement to take advantage of.
This allows you to hold and execute exits on any former shorts reliably.
Looking long at mentioned areas to protect shorts.
