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Binary Trading Day Two

This binary option trade of the day was set up for a put option on the pound dollar. The daily trend has been up on the pound, but recently the currency pair has been falling back. After we saw a nice consolidation range on an hourly chart, and then follow through to make even lower lows, we decided to consider what are next move would be.

The price gradually started climbing again the last few hours. Once we hit that old consolidation range we decided it was time for a put option to the South side. The payout on this option was 85% at

It turned out that this area of resistance was pretty strong and was holding its levels for several minutes. However, it was trying to push forward against us but only by one pip or two. We didn’t notice too much pain but the trade did come down to the wire giving us a one PIP winner in the end.

I spoke about picking a direction of where the market was going to go after this trade was complete. I thought the price would move up to the pivot line. Although the price did move up about five pips from when I said it should, it drastically dropped another 40 pips to the South side soon after that. In the end taking the put option was a solid decision and it was just a matter of time. Always keep your options open when it comes to trading binaries and try to make the best decision possible before entering a trade. If you can learn how to trade the pivot line you’ll become a better trader.

The video below explains the trade from beginning to end and you can see how we entered in the with the Metatrader Charts. If you have any comments or questions please leave a comment in the area below and will be more than happy to help you.

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