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Getting on Track

Price action has been forming some nice movements both to the downside and upside. Prices also developed a nice support/resistance area and the lines are holding pretty well today. On a day where you can trade the support lines with confidence makes it a lot easier to pull the trigger. In the video I mentioned it’s nice to have 10 or 15 pip winners, but it’s the two pip winners that confirm your area of entry.

We entered our trade after price had moved up through support one getting closer to the pivot line. Price then pulled back and formed a nice little channel for entry. The trade was based on the lower side of this particular channel and price did go against us by a pip or two. In the end, price moved up, giving us the two PIP winner. Since our exit of this trade price moved up a little bit more in our favor and has recently moved back down to support level one. Price held pretty well at support level one giving a nice winner there for a call option had you taken that particular trade. Price is now moving back up to the lower side of the channel we recently traded and is holding as a new resistance area. It’s amazing how price tends to rinse and repeat.

A couple hours before we entered our trade a nice setup occurred on the EURUSD. After falling down nearly 70 pips over the course the night price started to climb again. Price eventually got to support level one which became a nice resistance area for price to move through. Anyone taking this put option at this particular level would’ve had a nice solid winner for their trade of the day. These types of setups do occur continuously throughout the day and you should take advantage of the alerting system metatrader offers you. This will allow you to take these trades without missing them because you weren’t aware that they were occurring.
A Nice Setup at a Resistance Level
Another thing that happened this morning was that price had fallen off from the 1.2992 level and hit support level two. If you look at your Metatrader chart at this particular time you can see how price formed a nice solid wick on the five-minute candle. Price consolidated for about an hour before creating yet another wick at support level two. This particular candle became a significant turnaround in the price. Price eventually moved up from this area over 50 pips and could keep going. This would have been a good area for reversal had you taken a spot Forex trade. I talk about wicks all the time on the candlestick especially on a 5 minute chart. Keep these in in mind when you are trading both binaries and Forex.
5 Minute Candle Wick
Keep an eye out for new videos and blog posts moving forward and if you have any questions please let us know.
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