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Binary Charts Tell the Story

This trade was taken several days after our last trade on Wednesday. Fortunately, there weren’t too many setups missed over the past few days. When this trade popped on the charts we decided to make it happen. It was a cut and dry kind of trade had you waited patiently. We did jump in a little early and watched price move against us, but in the end we’ll take it after a few days away from the screen. Our goal was to hit the ground running this morning.

We actually started looking for a trade about 30 minutes prior to our entry. We noticed how price was moving up a wick from earlier this morning and pulled back quickly. After waiting another 15 minutes or so, we watched it climb the most recent wick and jumped on the put option going against the most current trend. The tight range on the euro dollar was showing only 20 pips between pivot level and resistance one. Immediately after entry price went in our favor by two pips making the trade look very nice. However, price then moved back up pushing through the high of the earlier wick almost reaching resistance one. This led us to a lot of pain on this trade, but fortunately for us, price dropped off on the next five-minute candle and closed out as a 1/5 of a pip winner. We expect the EURUSD to continue this kind of price action for the rest the day and possibly continue through the night.

In the chart below you can see price had moved up, climbing from the pivot level and almost reach the highs of the day around 9:30 this morning. The one minute chart shows a nice v-formation setting up a nice call option if you were thinking about this as the trade of the day. Price decided to climb one more time, and we took the climb of that 9:30 area looking for a put option. Price moved in our favor with the green arrow before moving back up against us making new highs of that current hour. Price then fell off lingering down to our area of entry and closed at 10:00 this morning. Price finished just in time, giving us a winner at A similar trade can be seen here.
Taking Some Chart Trades
We will continue seeking new trades the rest of the week so be on the lookout for nice setups and wait patiently for good trades. Forced trades is your enemy and good setups are your best friend. There are plenty of trade setups that occur during the day, so take the best ones and you should have a strong winning percentage on your side.

This allows you to see the trade occur in real time and see how price action occurs on the candlesticks on the meta-trader chart. If you have any questions about these types of trades going forward please make a comment below.

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