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Close Out the Week on a High

We continue to look at price action this week and on this Friday, March 22nd we got a nice set up on the EURUSD. Price has been very choppy over the past four or five days and finally we saw a breakout to the north side. News out of Cyprus rallied the euro about 100 pips today. We were looking for call options at particular spots, but not ruling out put options along the way. Price had moved up about 50 pips from pivot when we started looking for our trade. When we started the video we were about to get in a put option that worked out very well, but we never got a fill on that particular move. The trade after that was the one we took which was a call option to the North Side at trade rush.

As price was hanging around resistance two it started to meander before falling down to 1.29446. Price then walked the line and started to form a wick when we entered our call option. We got a really good fill and we never saw an ounce of pain on this particular trade. Price moved up around 5 to 6 pips over the half whole number of 1.2950. Price at the end of the trade started to come back down towards entry, but it wasn’t enough to close this trade out of favor. Price gave us a three pip winner to close out our week. This trade was set up using the trend and watching price action that occurred prior to it.

In the chart below you can see a couple of trades that occurred this morning. Notice how price had fallen down to the first green arrow. This is where we took our trade. Price moved up and finished on the next five-minute candle just above our entry three pips in the green. Soon after that price was hit it moved down again to resistance line 1. Price formed a nice little wick for you to take a trade or call option. Price moved from 1.2937 all the way up to the 1.3000 whole number. This set up a nice move to the North side. Check out our other 1.3000 purple line trades.
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Price stalled out at the whole number of 1.3000. This move was predicated on the move of Cyprus information. Price has since dropped 30 pips from this high and is chopping at the highs of the day. With the weekend coming up, it should be interesting to see what happens on Sunday night the EURUSD fairs based on the Cyprus news. We will continue to monitor the situation and trade based on what we see. We’ll try not to force our trades next week and hopefully have really solid trades. We discussed price action in the video and how important it is to look at old moves to keep an eye out for new trades.

We talked about the Cyprus situation here. This should affect the markets over the weekend, so be ready Sunday night. If no deal is made it could crash the Euro pretty good. If you have any questions about trading price action or anything for that matter you can leave a comment below. Be ready on Sunday and Monday for new trades based on the Cyprus data. Have a great weekend and we’ll talk to you then.

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