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Binary Trading Nice Resistance Areas

It didn’t take us long to find this trade setup. We noticed an area of resistance and saw how price was challenging this area. We also saw a nice 5 minute wick to base this trade. Our Redwood Options trade kicked off with about 8 minutes to go. This trade occurred before the US markets opened up which gave this trade a lot of potential. Momentum was pointing to the south side this morning and we decided to stick with that trend. Price had made lows earlier in the morning roughly around 20 to 30 pips below the area where we took our trade. We then waited for the opportunity and when it showed us sometthing we took it on the EURUSD.

Price action had just made a nice 5 minute wick that was pointing to the north side. At this particular time it had just climbed above support level two. We then watched price action climb back up and challenge this area about 20 minutes later. This is when we entered our trade and immediately after entry, price fell off in our favor. Any time you can take the initial move, it makes the trade a lot easier on your emotions. Over the next 8 minutes price continued to fall minute by minute. By the end of the trade we were up nearly 8 to 10 pips and it did fall off a little bit more after that.

In the image below you can see the green arrow pointing to the south side. This is where we took our trade using that wick 20 to 30 minutes prior. Notice how price action fell off perfectly in our favor on the next two candles. Price has now consolidated around the range of support level two and the lows of the day. It may take a little while for it to break out of this area. Having this trade done allows us to be a spectator for the rest of the day. There were several setups over the course of the morning, including a pivot trade you could’ve taken. Price attempted to push down near the low of the day and reversed quite quickly after it bottomed out. Although it went against the trend, the low of the day trade set up was very nice and could come into play later.
Taking a Put On the Rope Climb

We continue to trade the EURUSD on the binary options market. We may look at other currency pairs going forward. Hopefully price action can pick up more and give us some solid trades. It seems as of late, we get one nice trade followed up with a couple of slow days. It will be a lot easier if we can find some more consistency in the markets. We believe that everyone else is thinking the same thing and eventually it will turn around. We’ll also continue trading with Redwood options and Traderush. Make sure you sign up for a demo account or at least an account to get you started. We also may check out a new Forex product that’s coming out on the market. We have to check it out and review it first before we pass out the information. If you have any questions about trading the binary options market please leave a comment below or check out the YouTube channel. Also, make sure you check out the chart set up video and other information on the website to help advance you as a trader.

Risk Disclaimer

Comments

  1. Hello Rich,

    Since nothing happen when you was researching about trading signals, I found out that Brian from financial trading school open a new website for live binary options and forex price action trading room. I think that you in one of your videos you talk about him right?
    can you do a research how is his trading and if you recommend him or better yet if he trade like you 🙂

    Thank you
    Veronica

    • I don’t anything about his signals or trading information. Maybe I will contact him and see what it is all about.

  2. This trade turned out to pretty good. I really like how these trading wicks have been working. I never really understood them until you starting explaining them. keep the videos rolling. I’m going to check out Redwood options.

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