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Finish Off the Year Strong

We knew today would be slow across the board. Finding a trade didn’t take us long however. It was just after the US markets opened when we got in our call option at Traderush. Price had been pretty stagnant all day. The range was around 40 pips, so we were looking for a tight channel trade. We noticed an area that had a nice 5 minute wick and was forming an area of support. As the price came down to this level we entered on a slight extended move. It worked out really well for us on this final trading day of the year.

We knew patience was going to be very important this morning with the slow down in the markets. We were open to both sides of the market since the range was fairly tight. As price was coming off pivot we started thinking price was finally getting away from this level. Several lows were made earlier, but not enough to make an entry for a trade. We’ve been talking about holiday trading for a few weeks and this was expected. If you sat on your hands and didn’t take a trade, good for you. There will be plenty more trades in 2014.

In the chart below you can see the development of our trade where the green arrow is located. Notice the candle before this. Price action was extending through the previous wicks from about 1-2 hours prior. We felt since this was the start of the market price would certainly keep the range going. As you can see price jumped up and gave us the winner we were seeking. Price will most likely consolidate around the pivot point until the end of the day. We could see some strong movements on the 1st, but who really knows for sure. What happens in 2014 is still up in the air. Once we get past the first couple of trading weeks in 2014, we’ll have a better understanding of what may happen. As binary options traders, we focus on short term trends, so we just need to be on our toes at all times.
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