trade

LIVE Forex Trading USD/CAD: Watch the Trade Start to Finish! 💰📈

in today's video traders I'm taking a

look at dollar Canadian and I actually

just got filled on the trade here you

can see we are currently long on dollar

cat I've got my stop down here and I've

got my take profit all the way up here

which I'll get to in a second let's

break down the tray let's talk about why

I'm in this particular trade as well as

follow up with the trade and watch it

unfold whether it's a winner or loser

I'm going to be posting it here on

YouTube so that you guys can hopefully

learn from it and get some sort of

education from my trades happening live

in front of your face so let's go ahead

and get into the video right now so I've

pulled my kind of thing here down so we

can take a look at the take profit here

you can see the take profit is up here

and if price moves all the way up here

on dollar Canadian I'm looking to take

two hundred and twenty seven dollars and

seventy seven cents off the table in

terms of a profit on this particular

dollar Canadian move now you can see we

are currently in the trade and what we

have is we have our risk managed right

below here so we have a $76 let's say

loss if price turns back and gets us out

here by turning back right so let's talk

a little bit about why I'm in the trade

as well as kind of follow up with the

trade as it goes along

so let's take it down real quick to the

30-minute chart this will help us

picture what's going on so dollar

Canadian I woke up this morning and I

came and look at my charts probably ride

around this area here I was taking a

look at the charts and I said okay I see

some bullish momentum continuing and

pushing to the upside on dollar Canadian

I'd like to be a part of that but only

if I see a key breakout okay so I was

watching this area of resistance you saw

a price come up into this area and it

started to pull back well right here I

alerted VIP members in the VIP chat and

I said okay if this trade decides to

break up if we see a continuation and we

actually kind of nullify this candle and

we see price break through those highs

then what I'm going to do is I'm going

to look to take a long trade in favor of

the momentum of the day so what I mean

by that well the market is moving to the

upside today the direction of today's

movement has been to the upside since

the London session we've seen some nice

push to the upside and I want to be a

part of that here in the New York

session so what did I do

well along the tops here I'm looking to

catch the break of this

particular yesterday's high or not

yesterday's high but a recent high here

that was significant right so if price

breaks through that level I want to be

long which we are currently long right

now in this candle now price so far it

started out really well we shot through

our level which is nice but we are

seeing a pullback currently which is OK

we have some room here to see if the

trade comes back and stops out no big

deal if it does stop out that's part of

breakout trading this is in fact a

continuation trade a continuation

breakout more specifically right so we

have the market making a move to the

upside and looking to capture a momentum

push to the upside let's take a look at

the one-hour chart again and you can see

this area here right is a level of

significance especially yesterday right

so we had this level come into play this

was a high so if price can get up into

that point that's gonna be a barrier for

us as sellers but if price can break

through that level you know that might

mean that we could trigger to push

further you can see we don't have any

sort of major short-term resistance

let's bring it to the 4-hour chart and

this is really where my target is in

place for a reason if you look on the

4-hour chart again we're executing the

trade on the 30-minute in the one-hour

chart it's a short-term trade catching

some of this momentum but you can see

that the market was rolling over and

price was forming kind of lower lows and

pushing lower but then we had this break

and we had this continued momentum to

the upside this shows me that momentum

has been to the upside and we could see

continuation well if price goes in our

favor here I'm looking to get out of the

trade up here at recent levels of

resistance what do I mean this level

here this previous level of resistance

sold off very hard after some big news

that we had I believe it was Bank of

Canada the rates came out or something

came out about the Bank of Canada which

was very bearish for CAD pairs right

which means that dollar Canadian

actually moved up okay so we had dollar

Canadian making a move to the upside

very very sharply but then we found some

rejection so in this area there might be

a good chance that sellers could hold

that zone as they did up here if price

starts to get up to that point so again

it makes sense that might take profit

would be in this area for a level of

resistance if price can get up to that

recent high and again keeping things

kind of clear here we have this

stop-loss down here so if price breaks

back

down the no big deal we'll just stop out

but what I'm looking to do is catch this

momentum to the upside if we can see it

unfold here on dollar Canadian back down

to the one-hour chart you can see that

we are currently just we were just under

our entry there we put a buy stop there

of one lot there one standard lot to see

if price can break up again we could be

wrong about this trade we could be out

of it for a loser no big deal we'll take

the quick loss and move on but this 20

period MA is another reason that I like

this trade price has been respecting it

pretty nicely here on the one-hour chart

you can see as price came down to this

area it held very nicely as price came

down it held very nicely short-term

bounce there and now looking to see that

we can kind of continue that momentum to

the upside again I have about a three to

one risk to reward which is pretty

decent in my opinion I like to have that

three times reward to my one times risk

but what this means guys one thing that

I'd like to point out is that a lot of

times you're gonna have stop outs

because your risk is relatively close to

your entry so if price comes back down

the no big deal we're just gonna take

that one times risk in exchange for

those times when we have those big

winners that cash in nicely overall for

this particular style of trading so I'll

be back soon with an update okay traders

so we're looking pretty good here as we

are looking here at dollar Canadian on

the 15-minute chart you can see price

did pop out of our level right so we did

get into our zone here and it popped out

of this resistance point here very

nicely you can see prices above that

recent high that we pointed out but it

also is now testing if we go back to the

30-minute chart you can see overall here

on the left this level of resistance

that we mentioned which was a

significant high from yesterday's price

action so that's gonna be a big

indicator we can see prices closing

above it right now or it looks like it

wants to close above it and will be

interesting to see if it can continue to

rise above this level and hold above

this level resistance right so we have

this kind of zone of resistance here to

the left we just put one line here you

can see prices currently trading just

above that level and if price can close

above it then we might actually see some

continuation here on dollar Canadian

looking at that one-hour chart

looking nice we are let's see how far we

are in profit right now looking like

we're just up six or so pips from our

entry they're not bad at all looking to

see if we can get that continuation to

play out

now at some point if price can start to

make a move in my favor I will look to

lock in some of the risk what that means

is that at some point I'll look to move

my stop either to break-even or into

slight profits to see if we can lock in

some of those gains but I'm not gonna do

that just yet prices just started moving

and we could completely see a reversal

and stop out still we're not in the

clear by any means just yet price is

moving in our favor for now we had a

nice little movement on that one our

candle up what about what is that 11 or

12 pips there on this bar so looking to

continue that bullish momentum here into

the rest of the New York session it is

currently about 9:30 8 a.m. we've still

got some time on the clock to see if

price can continue to move to the upside

on dollar Canadian so it looks like

dollar Canadian pulled a fast one on a

lot of people you can see prices pulling

back very sharply from where we were

just at price pulling back about 15 or

16 pips there off of the move and it

looks like we might get stopped out here

on the trade now the reason I want to

show you guys this and the reason I'm

sharing this trade on YouTube is so that

you can see some of the realities of

trying to catch the break it's not going

to be where you're hitting this

long-term or this nice big fat take

profit all the time there's gonna be

times where you have to deal with things

like this which this would we call a

fake outright this is what we would call

a market fake out where price looks like

it wants to break higher and break

through resistance and then pulls back

very sharply and unfortunately what we

get a lot of times in trading breakouts

is we can't really avoid these a hundred

percent they're just gonna happen right

so there's gonna be times where the

market makes you think that it's going

to break higher or break lower and we

get that big reversal now the reason I'm

not stopping out of the trade right now

is I still want to give the trade a

chance to go back and fill this candle

to see if we can continue that upward

momentum that we've had on this new york

session I know people will say well why

don't you just stop out right now well

it's because I don't know what's gonna

happen next and I am looking to see that

this momentum can continue if it does

come out to our stop out then no big

deal we'll just move on from the trade

and we'll look for other opportunities

but again hindsight 20 is 20/20 a lot of

times people on YouTube comments will

say well you should have done this but

they know exactly what happened after

the fact so with an open mind here I'm

waiting to see if price can continue to

go up if it does not we'll just stop out

and move on from the trade to take

another

generally it's not about winning every

single trade it's about winning in the

long run so we'll see what we get here

on dollar Canadian and usd/cad is

popping up and looking like it wants to

fill this wick here that we mentioned as

we just mentioned I didn't close out the

trade here because you know price did

pull back very strongly but it didn't

necessarily come back to my stop-loss

and so I wanted to give the trade the

room to continue to run now we are back

up into profit price look like it wanted

to fill that gap we're seeing a little

bit of a retracement here on this

one-hour chart that just got started so

we'll see if we can get continuation of

course we could be still wrong could see

this market pullback but for the time

being looking to see that we get that

continuation these wicks did fake out

some of the buyers but we are seeing

that price is still making a push to the

upside so if I just stopped out I might

have been giving away a potential winner

that we have here on the chart of course

we still have room to see if price will

pull back and stop us out and if it does

no big deal

but I really like to give my trades room

to run I know that a lot of people when

they're watching the videos they'll say

oh you should have just closed out there

or you should have just you know take

profit there but for me what's very

important is sticking to my plan and

sticking to my rules my plan is to keep

this stop-loss in play and let it run

until it either stops out or until we

move profits into break-even at a

certain point here on the trade usually

what I'm looking for is either it's you

know setting that at a two to one we

move the stop to break-even something

like that right so I'm looking to lock

in some of the risk and take it off the

table from there so we'll see what we

get on dollar Canadian looking pretty

bullish here on the 30-minute chart as

price has broken up and our level has

held for the time being still seeing the

potential to rise on dollar cad okay

traders so dollar Canadian is making a

nice move to the upside I'm pretty glad

that we did not do anything kind of

irrational or just quick decisions when

price was pulling back here you can see

we did in fact get that wick that we

mentioned on that 30-minute chart to

actually fill price completely filled

the wick here so price as it pushed up

it did get pulled back right and there

was probably a lot of people who got

faked out of the move there probably

people who started selling but in fact

we held onto the position we were

patient with the move and we saw a price

start to rally back up and now you can

see price is moving nicely in our favor

especially if we drop down to the 15

that chart you can see it real clean

price has moved and now breaking through

the hi of day which is really cool we

did form a high of the day right there

so looking to see if price can continue

in our favor now notice we are still a

good bit away from our target we still

have what is that let's say 13 or so

pips to go so if price decides to

continue then that'll be awesome and at

some point pretty soon here I'd say

probably if we break through this

structure high one more time I'm going

to go ahead and lock in my risk on the

trade meaning that I move the trade to

break-even at the very least right but I

want to still give this chance as well

give this trade as much chance as

possible to actually end out profitable

remember when we were back here there

will probably would be a lot of people

who were just saying well let's just cut

it out right now and quit on the trade

but I still believe in the trade here my

idea here is based on the momentum of

the day we have a lot of bullishness on

dollar Canadian and maybe more

specifically we have a lot of weakness

on the cad side so I'm looking for the

US dollar to appreciate relative to the

CAD so with that said if price can

continue to break a little bit higher

then I will probably move my stop it to

break-even or slightly above that so

that the trade cannot kind of destroy

the against here on the account so far

I'm just gonna manage the risk as best

as possible so we'll see if we can get

up a little bit further and manage the

risk on the trade ok traders so on

dollar Canadian here price is moving up

to that point and it looks like price is

breaking through here so what I'm gonna

go ahead and do is I'm going to lock in

some of the risk here on the trade now

I'm looking at the 15-minute chart you

can see my wrist down here is just about

$76 price has moved in my favour and I'm

looking for this momentum to continue so

at this point if the market decides to

come back then maybe I just close out

for a break even if price comes back to

my entry right because the idea is again

that the momentum of this market is

what's hopefully gonna pull me all the

way up to this take profit but if it

does not if we don't see that happen and

price does reverse then I'm just gonna

stop out here right about that breakeven

you can see will take slight profits

there on the trade but the idea here is

that what we're gonna do is we're gonna

limit the potential downside of this

move so we've got our our trade here

nicely in profit we are currently up

let's say what is that about 20 or so

pips there on the move so if price can

continue

we've got about 10 more pips to go

before we'll close out that profit for

right around two hundred and twenty

seven dollars otherwise we'll close out

four zip zero probably just right around

a few dollars profit there if the market

does pull back right so I don't think

that the market necessarily will pull

back it's possible that it does happen

though because the markets can be

completely crazy sometimes right so if

we have some volatility and we see

markets start to sell off heavily here

on dollar Canadian then I want to just

hold the line here I want to just get

out of the trade if price comes back to

my entry otherwise I want to see that I

can get that full profit so at this

point I have moved my stop to break-even

and we're gonna let the trade run from

here I'm not gonna move anything else

I'm just gonna wait for either my take

profit to get hit for that profit of two

hundred and twenty seven dollars or I'm

gonna get out for right around

break-even on the trade and I'm happy

with the result either way sometimes you

win sometimes you lose we'll see if the

market can give us a good opportunity

here

or if we're just gonna break even and

look for more opportunities what's up

traders a little update here on and

usd/cad you can see price did pull back

on us we had a little bit of a delay and

I took a break from looking at the

charts for a bit but I wanted to do an

update here before I head to bed as we

mentioned previously in one of the

updates we went ahead and moved the stop

here on the trade to break-even so at

the very least we'll be out of the trade

without any sort of loss but what I

wanted to point out is that I am going

to bed and I'm going to kind of move on

from the charts or at least I'm gonna

stop trading for the day and I'm not

gonna look at it anymore so the idea

here is that we have broken through this

high and I think that there's a pretty

good chance that we could see price

rally to touch our take profit we're

just about eight or nine pips there from

getting getting out of the trade for a

profit there of again right around two

hundred and twenty seven dollars so

we'll see if we can get that full target

if not I'm still not going to move my

stop into profit any more I know some

people will say you know you should move

it up to somewhere like this right you

should move it into profit so that you

don't lose anything on the trade or you

gain something from the trade that's

pretty decent and I understand that line

of thinking and I'm not saying that

that's a wrong line of thinking but for

me and my own strategy here once I've

moved my my stop to break even in my own

strategy here I don't move the stop

anymore right

so I just give the trade the best chance

I give it to continue and hit that full

target which right now I'm just gonna

let it breathe the worst-case scenario

is I wake up tomorrow or you know I

guess the worst-case scenario would be

that nothing happens over the over the

evening but the best-case scenario would

be we take out this target high and we

get out of the trade for that $227 and I

guess the worst-case scenario is that

we're out of the trade for right around

break-even so really it's a win-win

scenario from here I'm very happy with

whatever the trade outcome is and I'm

not gonna say I woulda shoulda coulda

because that's the sort of thing that

gets you to trade or change your trading

strategy even though there might not be

something wrong with your trading

strategy it's okay to stop out for break

even sometimes psychologically it can be

taxing but objectively and speaking as a

kind of objective trader you got to be

okay with taking those unfortunate

events recently I took one of those

sorts of trades on Aussie dollar it was

not fun but it's part of trading and I

moved on and sure not the very next day

I caught a beautiful sell trade on New

Zealand dollar right so it's all about

the process it's not about making money

right now it's not about locking in

these gains to guarantee that I'm gonna

make a nice profit on this move if I

make a profit on the move and my

analysis plays out as I expected it to

then great we'd make money if not what

do we do we do nothing we stick to the

plan so we'll be back tomorrow here with

an update on dollar Canadian to see how

this trade plays out okay traders so we

are at the end of this trade and I want

to actually take this opportunity to

talk about something that I think is

very very important to people who are

both learning or experienced traders so

this trade on dollar Canadian ended up

actually being a break-even trade that

means that price came all the way back

from where it was in that profitable

position back to break-even and I took

up the trade for breakeven there right

so that means I've made no money and I

lost no money and a lot of times when I

post these videos of my losing trades a

lot of traders don't post videos of

losing trades they don't want to share

the losing of the downside because of

all the criticism that comes because the

people I'm kind of saying oh you should

have done this and you should have done

that I understand that no matter what

you do people are going to disagree with

you and they say you know you should do

this

you should do that but the reality about

trading and trading success is that

there's many ways for people to become

profitable in the markets and that

there's not one way that's the right way

no matter what you do in your strategy

or in my strategy people will always

find a way to say well you should have

done this and here's the thing if what

is working for you is working for you

you shouldn't change to what other

people are saying so in my case I like

to move my stop in this particular

strategy to break even when price it

gets into a favorable favorable position

from there I don't move the target

anymore I don't move the stop anymore

and I let the trade run out this works

out in a lot of cases and sometimes it

doesn't like in this case which is an

unfortunate situation but it's a

situation that no matter what you do in

the currency market there will always be

moments there will always be things that

make you kind of get frustrated so I'm

not frustrated I'm actually very very

happy with how this trade closed out I

got a great video here shot I filmed the

whole thing and I filmed my psychology

behind the scenes so that hopefully you

and I can both learn from this situation

I didn't change any of my rules and I

didn't adjust what I was doing just

because you know someone said I should

have done this or it didn't work last

time so I changed everything to make it

fit this time because the markets are

constantly changing and you have to

stick to your plan my plan calls for me

to move my stop to break-even and to let

the trade either run and hit my target

or breakeven no big deal we move on to

another opportunity I had a great

trading week regardless of this trade

and I'm happy with it and let's move on

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