Archives for November 2013

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Binary Trading North Side

Price action was pushing to the north side this morning, but has pulled back since the highs of the day soon after our trade was over. We decided to take our trade around the 1.3542 level and by the time the trade closed out, we had a winner. We were watching price action climb to resistance two and gradually come back down to this trading area. It had formed several extended moves and this is when we started looking for our trade at Redwood options. Any time you’re consolidating before the US markets you can look for a trade within the channel and try to grab a good entry.

After our trade yesterday, price action gradually climbed up nearly 70 pips. This was the highs of today with a nice five-minute candle reversal at resistance two. Price fell off quite a bit after these highs were reached. Most Forex traders that were taking long trade at this level are now getting burned pretty bad. [Read more…]

Trading Puts in the Channel

We came into today looking for a trade in a tight trading channel. Any time you have a situation like this in the market, you have to pick wisely. We were able to look back on a five and fifteen minute chart to determine a channel that formed throughout the morning. Having the pivot in play also helped us determine this particular entry. Price had fallen below the whole number of 1.3500 and climbed up above the pivot. We decided to enter our trade on the most recent climb up to the pivot and took our put option at Redwood options. Without any pain, price started to drop in our favor back down to the whole number of 1.3500. This trade worked out by nearly 3 pips and allowed us to move on with our trading day in a stress free fashion.

We were watching the famous number of 1.3542, but price wasn’t near their at the time we were looking at the chart. [Read more…]

Finding a Good Binary Trade

We had to wait a little while to find this really nice setup. We brought in another 42 level. This time it was the 1.3442. This price point has held as both support and resistance for a long time. It appears we have found a pretty solid area to trade around when the price gets to this location. Over the past year we’ve watched price challenge an area with a 42 level at the end. This includes any number that has a 42 at the end on the euro dollar. For example, we had the 1.3442 come into play, but in the past we’ve seen 1.3042, 1.3142 and just recently 1.3742. This will be an area we will trade going forward and we look forward to taking these setups on a continuous basis across the board. [Read more…]