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Break Even Trades are Good by Us

Today’s trade didn’t quite finish in our direction, but it didn’t go against us either. We finished with a breakeven trade on the EURUSD trade of the day this morning. It was just before the US markets opened. During yesterday’s price action, we noticed price wasn’t making a wide range. This led to smaller distances between the pivot level and the support/resistance lines. Early this morning price had moved up to resistance one before pulling back down close to the whole number of 1.31000. We saw this as an area of support and watched the price climb back up once again. Price was driving to the North Side when we took our trade. We were seeking a put option going back down to the pivot level.

As price was climbing we entered our put option at 24 option just above resistance one. This price area formed a battleground for the euro and the dollar. Over the next 15 minutes price stayed in the same range and finished our trade with the breakeven close. Although price was in our favor and against us a couple of times, during the trade we still felt like it was a great set up to take a binary option trade. Price did continue to move in our direction after the trade closed out, but we are satisfied with the way it ended up. You can’t have a winner every time and a breakeven trade is almost as good as a winning trade. Not having a losing trade is also nice thing to think about after it is complete.

The image below shows the chart and price action that occurred over the course of the last eight hours or so. Price was climbing up to resistance one and dropped off pretty soon after. It also climbed once again, where the green arrow is located. This is where we entered our put option. You could see how price then fell off nearly 40 pips in the direction we chose. Although we were only taking a 10 minute binary option, Forex traders would’ve found the top of this particular move exciting. This would’ve been a nice 40 pips winner for the day trader to take advantage of on the Forex market. We weren’t actually looking for price to drop off this well in our direction, but it’s always nice to know that you pick the right move when the trade is complete. Price is now consolidating a little bit around the pivot level and will most likely make a move in both directions throughout the rest the day. We’ll keep an eye out for another setup should it come into play for us.
At least we had the right idea
Whenever you have a NFP trade on Friday, you can expect some slowness over the next couple of days after. Although this doesn’t happen all the time, it’s definitely something you need to consider with your trading in the future. Price action will move a lot different for the couple of days following a big news event and then should get back to normal soon thereafter. As price is coming down to lows you could consider put options later on today. We should see price action start to get a little bit more wider throughout the night and into tomorrow. If you have any questions about your trading or the website please let us know.
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