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Finding a Late Trade on the EURUSD

This trade came to us later in the morning, but gave us a nice winner. If you can find a good setup on the market, it’s up to you to take advantage of that move. We were able to do this today even though price action was passed our usual trading time. We’ll continue to trade the markets with our same techniques as long as market conditions are favorable.

Today, we noticed how price action was coming off the pivot level and the whole number of 1.35000. As price was coming down it eventually hit support level two and this is when we started looking for our trade. We noticed how price was climbing up and forming higher lows along the way. Eventually price action turned around at a high that occurred several hours prior this near support level one. Price action came up and formed a nice 5 minute wick. Although we were looking to the south side. We entered our trade with several minutes to go and price went against us at first. Price then made a turn in our direction and gave us a nice four pip winner on the EURUSD at Traderush. This trade ended up being really nice and eventually price action did turn back up towards the pivot.

In the image below you can see how price action had come off the pivot level and the whole number of 1.3500. Price was actually forming lower highs along the way until it hit support level two. We talk about taking extended moves and in this case, if you were looking for a support trade at this particular level, you most likely wouldn’t have taken it. This is when trading extended moves doesn’t work out. Although you aren’t going to risk any money, you also miss potentially good setups at lines like support. This is something you need to look out for and figure out which time it’s best to trade an extended move versus the line. Sometimes we get into trades before price actually hits an area, but this always depends on the timing of the trade. Since this was later in the morning, we took our trade at the line hoping it would move down in our favor. Fortunately for us, we did make a nice winner for today’s trade of the day.
Trading Price Action
Ever since last weeks huge moved to the North side, price has slowly pulled back on the EURUSD. Should price action start to make legs to the North Side we will look for call options. It appears that this month is going to be in a slightly up fashion, but not as much as we had first anticipated. Price will continue to rise up and although we might see some pullbacks we are going to trade the best trade setups possible in the direction that is occurring for that day. We’re going to try to avoid any false breakouts and only take the setups that look very favorable around whole numbers, pivot lines and strong support and resistance areas. Consider trading only certain moves during certain times and you’ll be much better off in the long run. If you have any questions about the trade of the day or anything else for that matter, you can always ask below or on the YouTube channel.

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