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Using Our Resistance Levels for Trades

We found a nice put option early this morning on the EURUSD. It didn’t take long for this trade set up to occur after we opened our charts. We noticed how price action had fallen off from pivot all the way down to support level three. This area was also the 1.3842 level. The bounce occurred earlier in the morning back up to the area where we took our trade. We were looking for price action to consolidate and it did.

As price was climbing up to this level we were looking for more than just a line as our resistance. We had several hours of consolidation around this price point that gave us more of a conclusion to take this trade. [Read more…]

Finding Tops is Fun

Our trade didn’t come until after the US markets got going. Over the course of the night, price action stayed in a pretty tight range. Price started at the pivot level and only climbed up to resistance one. The interesting thing was, it did turn on the line in true trading fashion. You could’ve traded a put option at resistance one and two call options at the 1.3742 level as well. Another put option near resistance one was a great looking trade. This was the trade we took and it worked really well at Redwood options. From the moment we started watching the markets, we noticed price was starting to consolidate. We didn’t see much movement, so we hung tight and waited for our moment. [Read more…]

Flip Flop Market Conditions

Today setup some interesting price action on the EURUSD. After yesterdays climb up to resistance three from the purple line of 1.3642, we were trying to figure out what would happen next. Usually when you see a big move late in the trading day, where most traders are not active, can lead you to think something is happening overall. We watched price climb up to resistance three on three different occasions. This occurred over the course of about 14 hours. Although the move was only 40 to 50 pips, it still showed signs of weakness. Every time the price tried to make a new high, it pulled back. On the third time, price action tried to make the new high and dropped all the way down to the pivot level. This is when we decided to take our put option. [Read more…]

Pivot Trades are a lot of Fun

We were fortunate to have a pivot level trade set up this morning. Price action had been hanging below the pivot near support level two, which is also the 1.3642 purple line. We’ve been talking about this area for quite some time and although we’ve been staying in a tight range, we knew it had to make a pretty big move for us to take a trade. Around 8:30 this morning, price jumped up from the 1.3642 all the way to the pivot point. It did not get up there on a five-minute candle, but rather, it climbed over the course of an hour. This is when we started to look for our trade, which appears to be the trade of the day several hours later. [Read more…]

Playing the 1.3542 Level Again and Again

After a decent Martin Luther King Junior trade yesterday, we were able to find another great set up. Although we missed the best trade of the day by an hour, we were able to take the 1.3542 on the fourth attempt. We got in near the top of the candle, which was also around the pivot line. This gave us enough wiggle room for price action to test the highs of the day. We also had over 12 minutes to go when we got in this trade. Price action at Redwood options moved in our favor immediately. We closed out the trade with a nice winner for this Tuesday.
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Grabbing a Great Support Trade

Although the big news event is tomorrow, we were able to take advantage of the early news trade based on jobs. We saw price action dip pretty hard after the news, and we waited patiently. This is critical when trading around news time. After a period of time price came to our area and we entered. Price action will remain pretty stable until after news tomorrow. You should be able to find some decent setups if you are careful. Don’t force anything.

We started looking at the charts around 8:30 this morning. [Read more…]

Finish Off the Year Strong

We knew today would be slow across the board. Finding a trade didn’t take us long however. It was just after the US markets opened when we got in our call option at Traderush. Price had been pretty stagnant all day. The range was around 40 pips, so we were looking for a tight channel trade. We noticed an area that had a nice 5 minute wick and was forming an area of support. As the price came down to this level we entered on a slight extended move. It worked out really well for us on this final trading day of the year. [Read more…]

Finding Good Trades after News

A news event got us rolling this morning on the markets. We were looking for 1.3742 all morning as we watched an 8:30 news report come out, pushing the markets up strongly on a five minute candle. It was the reversal move that gave us the entry a bit later. Price action is starting to consolidate and get a bit tighter as we hit the holiday week. This could lead to some false moves in both directions. Be sure to seek the trades you have more than above average confidence in. We’ve mentioned in another article, that during times of holidays and a lack of action, could lead to good trade setups not working. This means you have to be very particular on what you select. Don’t ignore good setups, but only take the best looking ones when possible.
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Plenty of Breakout Trades Today

We waited for a solid trade this morning. The markets were jumping and it wasn’t looking good for reversals. Yes, there were some moments, but not enough to put the odds in your favor. It wasn’t until price was stretching to the highs of the day before we decided to take a breakout trade. Price action was pushing to the 1.3800 in a big way. We were watching a few five minute candles start to consolidate near resistance three. Price was not above this point at entry. We then saw price break the level and got in with a call option at Traderush. [Read more…]

Using Support Areas on the Fly

We started to look at the markets soon after the highs of the day were reached. Price action was coming down to some areas of recent consolidation. It was also around the time when the US markets were about to open. We like to take trades before the US markets open, but as long as we have momentum building, it’s not a problem taking them after. In this case, we noticed how price action started to make two five minute consolidation candles. These candles allowed us to get in a call option at Redwood options. We used a previous support area as a trading guide. This allowed us to take a trade to the North Side and gave us almost 3 pips.

We were seeking a call option based on the momentum building to the north side of 1.3600. Price action had been climbing from pivot and consolidating along the way. We knew we needed a pullback to get in a call option on this particular trading day. [Read more…]

Binary Trading North Side

Price action was pushing to the north side this morning, but has pulled back since the highs of the day soon after our trade was over. We decided to take our trade around the 1.3542 level and by the time the trade closed out, we had a winner. We were watching price action climb to resistance two and gradually come back down to this trading area. It had formed several extended moves and this is when we started looking for our trade at Redwood options. Any time you’re consolidating before the US markets you can look for a trade within the channel and try to grab a good entry.

After our trade yesterday, price action gradually climbed up nearly 70 pips. This was the highs of today with a nice five-minute candle reversal at resistance two. Price fell off quite a bit after these highs were reached. Most Forex traders that were taking long trade at this level are now getting burned pretty bad. [Read more…]

Trading Puts in the Channel

We came into today looking for a trade in a tight trading channel. Any time you have a situation like this in the market, you have to pick wisely. We were able to look back on a five and fifteen minute chart to determine a channel that formed throughout the morning. Having the pivot in play also helped us determine this particular entry. Price had fallen below the whole number of 1.3500 and climbed up above the pivot. We decided to enter our trade on the most recent climb up to the pivot and took our put option at Redwood options. Without any pain, price started to drop in our favor back down to the whole number of 1.3500. This trade worked out by nearly 3 pips and allowed us to move on with our trading day in a stress free fashion.

We were watching the famous number of 1.3542, but price wasn’t near their at the time we were looking at the chart. [Read more…]

Finding a Good Binary Trade

We had to wait a little while to find this really nice setup. We brought in another 42 level. This time it was the 1.3442. This price point has held as both support and resistance for a long time. It appears we have found a pretty solid area to trade around when the price gets to this location. Over the past year we’ve watched price challenge an area with a 42 level at the end. This includes any number that has a 42 at the end on the euro dollar. For example, we had the 1.3442 come into play, but in the past we’ve seen 1.3042, 1.3142 and just recently 1.3742. This will be an area we will trade going forward and we look forward to taking these setups on a continuous basis across the board. [Read more…]

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. [Read more…]

Breakout Trading on Yearly Highs

We waited an hour for the NFP news to digest. It allowed us to find a setup that worked out pretty well at the last second. The image below will show you what happened after our trade was over. Either way we had the right idea and it continues to move in our original direction. Forex traders are living pretty good right now based on this news event. Had they used Straddle Trader for their Forex system they would of had a nice news trade on their hands. Taking advantage of big moves like this is really nice when you have the opportunity. For us, we were looking for the trade after the news consolidated. Once we saw a pullback already happened we were then thinking breakout. This is when we decided to get our trade going near the highs of the day. [Read more…]