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Binary Trading Wins for the Holidays

A great trade to close out the Christmas eve holiday. Trading at 24options today worked out really well considering the end result. Price action was working in our direction and still is an hour later. At this point, price action is all the way down to our 1.3200 purple line. It consolidated for about 1 minute before pushing back up, making a good call option at this level if you were still trading today. Although we took our trade today we were not completely comfortable with price action because of the holiday. We recommend that you don’t trade today or tomorrow as well as be very careful the rest the week due to the slow price action that may incur.

For today’s trade we watched how price action was forming nice wicks to the North Side. This means, any time price would challenge this particular price point we could take a put option. In this case, we watched how price moved up a wick that occurred about 20 minutes prior. Price only got up a couple pips before pushing down about three pips in our favor. We took this trade a 24 option which allowed us to see a 10 minute expiry. Price ended up closing a half pip in our favor giving us a nice winter to close out the holiday. Although we did seek this trade thinking it was a 15 minute expiry we were fortunate enough to realize a gain on a 10 minute expiry. Something we’ll discuss in the new year, is being aware of your surroundings when trading.

The image below shows a couple nice 5 minute wicks this morning. You could see how price has fallen ever since the 1.3231 level. At the time of filming this trade price had gone down to the 1.3200 level giving a nice 30 pip move from that particular wick. As traders no matter what market you are in, these five-minute wicks are very strong. Not that they work every time, but they are something you should seek for secondary catalysts when taking a trade. I try not to trade these wicks in the opposite direction unless there is strong evidence. You can see wicks all the way down that never got challenged completely. This shows the power of this price action and should continue going forward.
Holiday Trading on the EURUSD
Price action has a tendency to slow up during the holiday season. Although you may see some swings in the markets most likely volume will be down. Do not let yourself get suckered into a trade that does not really exist. This means when price is looking normal on your charts for your daily strategy it doesn’t necessarily mean it’s going to work. Don’t let this price action change your thoughts on your strategies around this time. Price will have a tendency to do a lot of fake outs and normal daily strategies may not work.

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