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Finding a Solid Setup

We found a nice trade at Traderush today going against the trend. We waited for price to get above the resistance two area and although price pushed quickly up to the whole number 1.34000, we took our put option just below the resistance two line. The trade opened up against us by a couple of pips, but since we got in so early in the expiry we were able to wait for it to work in our direction. This ended up being a great five pip winner on the binary options market and since the close of the trade we’ve seen the EURUSD consolidate and fight at this level for some time after the trade was over.

This particular trade had several things working for it when we entered. Not only did we have the resistance two area and the whole number, we also saw several wicks formed over the course of the night that showed this area as a heavy resistance area. We finally got in on 5 minute candles that moved to the north side from the pivot. This allowed the price to get exhausted. We entered our put option at traderush on the second 5 minute candle. Although we could’ve had a better fill, we ended up getting a nice price on this expiry. We watched price go against us early on and then finish in our favor when the expiry closed. If you are a Forex trader this trade needed to be traded quick. It was more of a dangerous short-term scalp if you were trading it.

The image below shows a few things happening on the chart. You can see how the euroUSD climbed from the pivot level of 1.3354. all the way to the resistance to line of 1.3392. This was a 40 PIP move over the course of the night and it challenged this area several times after. There were a couple of range traded plays available for you, if you wanted, but it was the five-minute wick around seven o’clock this morning, played out really well. This wick was extreme and price fell off a good 40 pips from that level. You can see our trade with the green arrow pointing to the South side just below the whole number of 1.34000. We entered at the top of this candle and price dropped in our favor on the next two candles after. We closed out with a five pip winner and it was Traderush that held the trade today. Since the close of our trade, price consolidated more or less at our entry point and it appears that we are waiting for the breakout or test to occur. It will be interesting to see what happens today and tomorrow on the EURUSD, so make sure you are careful with your trading and watch your lines.
Price was finding some resistance
We will continue trading tomorrow most likely looking around the whole number of 1.3400 or above. It is questionable on whether the price will move up or down at this area right now, so it’s better to sit on your hands in give price the time it needs to make the best decisions possible. If you have any questions about trading the markets, let us know and we’ll do our best to get back to you as soon as possible.
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