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Finding the Best Trade

We started looking at the charts this morning knowing we were back to where we were last week. There is one thing about trading that will always exist. No matter what day of the year you can have a boring session, boring week, or even a boring month. This means price action isn’t doing very much to set up nice trades. Although we’ve been seeking the best trades possible, it is sometimes hard to find the good ones. Today, price action came back to an area where we were trading all last week. The 1.3242 level is back in play once again and we will continue using it as a trading idea. Even though price can move very slowly and stay in the same range, it’s up to you to take advantage of the knowledge you have on these areas. This is why we have support and resistance levels, not to mention the purple lines throughout the charts. This will allow you to find a trade that should work.

Since early this morning, price finally broke below support level one. Price has since made lower lows and not very many higher highs. Put options are definitely the way to play these markets right now. Although we took a call option today at Traderush we were looking for a put option at first. However, we saw a great candle form on the 5 minute and 15 minute chart. This gave us a nice entry to the North Side or at least a bounce back up. Price did break out a few pips before dropping down and made new lows. Although our trade was complete with a three PIP winner, the put option that could have been had soon after our trade was a perfect set up. Price continues to fall off since the close of our trade and should be interesting to see what happens by the end of the day.

The image below shows the chart of the EURUSD. This 5 minute chart shows consolidation between the pivot level and support level one. Notice how price broke down through support level one and started creating lower lows. Price eventually moved down to our area of 1.3242. Notice our green arrow pointing up. This is where we entered our call option, trying to get back to support level two. Although price didn’t make it that far, it did give us a three pip winner on the binary options market. It wasn’t so much that we didn’t want to take a put option. We did however have a few things working for us at that particular time. Price has since broken through the one 1.3242 level and support level three. Price has since formed wicks at this area and has moved back up to our trading entry point. However, it still looks like price action wants to push downward. Make sure you try to take the best setups possible and not force anything. It’s just not worth it.
Binary Trading Near Old Levels
Although trading is back in the range we used last week, we will continue to try and find the best setups. If you don’t try to seek solid setups and just enter the market, the odds are not in your favor. Make sure you have a couple of things working for you at entry and if you can find even more than that you will be a lot better off. Although the markets are near support level three, we still think call options are available when the set up is available. If you have a questions about trading the binary markets please let us know and we’ll do the best to get back to you as soon as we can.
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