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Finding Good Setups Using MT4

Every time you take a trade it’s not about what happens at the beginning, but it’s the ending part of the trade that matters. In today’s trade we noticed how price action was against us pretty quickly at the beginning. After several minutes of pain, price did started moving down in our put option direction. By the time the trade was expired price had moved five pips in our favor, giving us a nice winner to close out the week. Ending the week on a good note always feels good and allows you to walk away feeling strong and ready for the next week coming up. We’ll continue to take trades like this, however we will also continue to look for the best possible setups.

We noticed how price climbed to this area a couple of hours prior to our entry. We watched how price moved up once again and decided take our put option into resistance of this wicked candle. The price immediately jumped up to the North Side after entry at 24option. Price took a few minutes to react to the trade and it did drop in our direction. Price has since moved back up through our entry point and almost reached the pivot level. Price continues to act strangely early this morning and will probably act this way for the rest of the day. We are done for the week so we don’t really need to worry about taking anymore trades. We’ll continue to watch the MT4 charts, but our trading platform is closed.

In the image below you can see a few things. The first thing we want you to look at is the purple line of 1.30756. This is the trade we took around 16:00 hrs. on the chart. Notice how there’s a big green bar pointing to the North Side and a red one right after that. This is where our trade was entered and moved in our direction, giving us a nice winner. The other aspect of this chart we want you to look at are the green arrows pointing to the north side. Notice how price moved up at those levels on all occasions. This level is the purple line up 1.30420. We have talked about this area several times, and you can see one of our recent blog post about it right here. We will continue to trade around this level as price hits it. Once you find a good solid area of support and resistance, it’s helpful to use it when making your binary trading decisions.
A lot of nice setups here
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