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USDCAD trade ideas

potential trades to develop 11/19/2024Welcome back, In this video, we provide a detailed analysis of the volatility that occurred in our previous submission. The volatility peaked at 6:30 p.m. and was directly attributed to the release of fundamental news information regarding the USD and CAD currencies. Following this development, we conducted further research to assess the potential impact of the volatility on trade opportunities. Utilizing correlation analysis, we identified that the USD experienced significant weakness, while the CHF, despite its weaker position on the chart, outperformed most of our weaker currencies, including AUD, GBP, and USD. Based on these findings, we remain vigilant for further market developments. Should we identify a suitable trade opportunity, we will provide a comprehensive explanation of our decision-making process. Subsequently, we will conduct a thorough post-analysis to assess the outcome of the trade. We anticipate your continued interest and look forward to sharing our insights with you.
Short
by milesjohnson778
Trading USDCAD and AUDUSD | Silver Bullet Strategy 18/11/2024The Silver Bullet strategy, introduced by the Inner Circle Trader (ICT), aims to exploit certain market conditions within specific time frames. It involves strategically placing entries at the initial fair value gap that emerges within these periods. Yesterday, we executed trades using this strategy and we plan to show you how to incorporate this strategy into your trading toolkit. Firstly, it's crucial to understand what a Fair Value Gap (FVG) is and recognize the optimal time to look for these trades, which is between 10:00 and 11:00 EST. In order to get into the groove of trading we got to our trading desk at 09:55 and with the help of the sessions indicator we have the our trading zones mapped out for us. It should be noted that the initial candle marking the start of a trading session cannot constitute the Fair Value Gap (FVG), but it can serve as the first candle in the formation of an FVG. The trading session began, and we were scouting for setups to trade using the silver bullet strategy. After 15 minutes, we noticed a Fair Value Gap (FVG) had formed on the USDCAD pair, which drew our attention to it. This development indicates that we should be on the lookout for potential selling opportunities this trading session. We must wait for price to retrace back to the FVG and only execute a trade after the candle that enters the FVG has closed. This approach helps us avoid trades that enter the FVG and immediately hit our stop-loss. After 10-minutes we got a retracement into the Fair Value Gap (FVG), and given that price did not surpass the high of the first candle in the FVG formation, we can enter this trade. A 10 pip stop loss will be set to provide sufficient room for the trade to develop. After initiating the trade, our USDCAD position experienced minimal drawdown, and by 10:35, it was progressing favorably in our desired direction. Simultaneously, we were evaluating potential setups on other currency pairs and observed the formation of a Fair Value Gap (FVG) on AUDUSD. The next candle retraced into the Fair Value Gap (FVG) created on the AUDUSD pair, indicating that upon its close, we could execute a trade on this pair. The USDCAD position swiftly hit the take profit (TP) target. Within just 25 minutes, we completed this trade and shifted our focus to the other open position, AUDUSD. The AUDUSD position was also moving favorably in the direction we anticipated. After a period of waiting, we checked the position and found that it had reached the Take Profit (TP) after two hours. We succeeded in both trades we entered yesterday, risking 1% on each and aiming for a total gain of 4%. As observed, both trades experienced minimal drawdown, but this does not guarantee similar entries in the future. It is advisable to backtest this strategy and collect sufficient data to reinforce your confidence should you choose to trade using this strategy.
Education
by CleoFinance
4-hr USD/CAD: Pullback Opens The Door For New BuyersThe USD/CAD pair has demonstrated a strong bullish trend, gaining nearly 300 pips since the start of the month. Despite occasional pullbacks and periods of consolidation, the pair's upward momentum remains robust, supported by the formation of a Golden Cross, where the 20-day moving average (MA) rises above the 60-day MA. This technical signal, often viewed as a historical indicator of continued buying potential, suggests further upside in the broader trend. From a risk-to-reward standpoint, however, buyers may benefit from waiting for a deeper correction to optimize entry points. Recently, the pair dipped to a support level corresponding to the 38% Fibonacci retracement, but trading volume has not yet been sufficient to reignite a strong bullish rally. Before the upward trend resumes, a further correction could retest the 1.3963 area, aligning with the 50% Fibonacci retracement. This level may provide a more favorable entry point for traders looking to capitalize on the prevailing uptrend. With the broader trend still intact, such a pullback could offer an advantageous setup for buyers seeking to join the momentum.
Long
by Trendsharks
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.
Education
by TheFxAce
10
USD/CAD "The Loonie" Bank Money Heist Plan on Bearish SideOla! Ola! My Dear Robbers / Money Makers & Losers, 🤑💰 This is our master plan to Heist USD/CAD "The Loonie" Bank based on Thief Trading style Technical Analysis.. kindly please follow the plan I have mentioned in the chart focus on Short entry. Our target is Near the Green Zone that is High risk Dangerous level, market is oversold / Consolidation / Trend Reversal / Trap at the level Bullish Robbers / Traders gain the strength. Be safe and be careful and Be rich 💰. Entry 👇 📉: Can be taken Anywhere, What I suggest you to Place Sell Limit Orders in 15mins Timeframe, Recent / Nearest High Point. Stop Loss 🛑: Recent Swing High using 30m timeframe Attention for Scalpers : Focus to scalp only on Short side, If you've got a money you can get out right away otherwise you can join with a swing trade robbers and continue the heist plan, Use Trailing SL to protect our money 💰. Warning : Fundamental Analysis news 📰 🗞️ comes against our robbery plan. our plan will be ruined smash the Stop Loss 🚫🚏. Don't Enter the market at the news update. Loot and escape on the target 🎯 Swing Traders Plz Book the partial sum of money and wait for next breakout of dynamic level / Order block, Once it is cleared we can continue our heist plan to next new target. 💖Support our Robbery plan we can easily make money & take money 💰💵 Follow, Like & Share with your friends and Lovers. Make our Robbery Team Very Strong Join Ur hands with US. Loot Everything in this market everyday make money easily with Thief Trading Style. Stay tuned with me and see you again with another Heist Plan..... 🫂
Short
by Thief_Trader
USD CAD Live AnalysisThe USDCAD price traded with clear negativity yesterday to break the minor support 1.4025$ and settle below it, to head towards potential test to the bullish channel’s support line around 1.3960$, making the bearish bias expected in the upcoming sessions, noting that this decline is temporary, waiting to resume the main bullish trend again after testing the mentioned support. On the other hand, we should note that breaching 1.4025$ will stop the expected decline and lead the price to resume the main bullish wave again. The expected trading range for today is between 1.3960$ support and 1.4080$ resistance Trend forecast: Bearish temporarily
Long
by rumeshprasanga
USD/CAD: Eyes on inflation as reversal sets stage for downsideThe Canadian dollar delivered a reversal signal against the greenback on Monday, with USD/CAD printing a bearish engulfing candle on the daily chart. After trading within an uptrend since early November, this suggests directional risks could be turning, even if momentum indicators like RSI (14) and MACD are yet to confirm. USD/CAD briefly tried to bounce during the Asian session but stalled at 1.4034, the low from last Friday. For those considering shorts, this level provides a decent setup, allowing for entry beneath with a tight stop above for protection. To make the trade stack up from a risk/reward perspective, it will require the price to break minor support at 1.4003 first, opening the path toward 1.3959, a level that acted as resistance in late October and early November. Today’s inflation report is a standout in a slow global data week. The annual CPI rate is expected to climb from 1.6% to 1.9% in October, nearing the midpoint of the Bank of Canada’s (BoC) 1-3% target range. Core inflation, which is the average of Statistics Canada’s trim and median CPI readings, is expected to print at 2.4%, slightly above September’s pace. With the BoC forecasting core inflation of 2.3% by December, a result in line with market expectation should do little to diminish the view that further rate cuts are in the pipeline. However, an upside surprise could see the BoC start to slow the pace of easing. Such an outcome would improve the prospects of the trade succeeding. Good luck! DS
Short
by FOREXcom
Potential bearish drop?The Loonie (USD/CAD) has reacted off the pivot and could drop to the 1st support which acts as a pullback support. Pivot: 1.4041 1st Support: 1.3959 1st Resistance: 1.4105 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Short
by ICmarkets
USDCAD H1 - Stress-Free Clear Charts.Stress-Free Clear Charts. (Required 10 years in R&D.) In this layout, we see these indicators: (From top to bottom of the screen) -Angle: Shows the Angle of the Trend. -Bear&Bull Powers: Displays who are in Power, the Bulls or the Bears. -Strength: Shows the Strength of the Trend. -Template: Always clearly shows the direction and precisely where to open and close (where to flip position). We open at the beginning of the Trend and stay in all the way till the end, stress-free. Turns perfectly. -Performance: We see where to enter and close, the pullbacks and the performance. -Odds: Shows the Odds everywhere. -Probability: Shows the Probability all the way. -Compare Forex: We see the performance of each currency of the Pair on chart. Each line is one currency. USD in Red. CAD in White. When the USD is above the CAD, the USDCAD pair goes up. And vice versa, when the USD is below the CAD, the USDCAD pair goes down. The background color displays the intensity of the trend.
by ascension