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Grabbing a Great Support Trade

Although the big news event is tomorrow, we were able to take advantage of the early news trade based on jobs. We saw price action dip pretty hard after the news, and we waited patiently. This is critical when trading around news time. After a period of time price came to our area and we entered. Price action will remain pretty stable until after news tomorrow. You should be able to find some decent setups if you are careful. Don’t force anything.

We started looking at the charts around 8:30 this morning. We noticed price action was hanging out around the whole number 1.3600. We knew of the news event that was about to occur at 8:30 this morning based on employment claims. If the information that comes out is fairly significant, you can expect some serious moves in the market. In this case, we watched price action drop off nearly 60 pips within about 15 minutes. Price pushed through the pivot level and continued its way down to support level one. This is when we started looking for our call option. Price had formed a couple of five minute wicks and we entered soon after. Our call option opened in our favor right out of the gate and it did not look back the rest of the way. As we write this article today, price continues to climb, hitting the pivot level like we expected.

In the image below, you can see the chart form the news trade at 8:30. Notice the four significant red candles pointing to the downside. These were based on the news event that made the euro drop frantically. Price did hit the support level one area and formed two nice big wicks. This is when we entered our trade. You can see how price was still climbing after the trade was over. There was no pain on the trade and we ended up with a nice 10 Pip winner. This set up for a really nice Forex trade, had you been trading long. We will continue watching this type of chart action over the next 24 hours, as the next news event will occur tomorrow at 8:30. The nonfarm payroll is set to kick off another movement in the markets, so be ready for anything at that particular time.

If you’ve been around for a while, you know that we continue to make videos on the YouTube channel. We’re getting close to 500 videos and we’re pretty excited about that. We hope that you guys continue to participate on the channel and on the website. Make sure you comment and like everything, which will help the community grow even bigger. If you have any questions about trading, you can leave a comment below or on the channel. You may also reach us on twitter and on Facebook. We are also in the process of forming a relationship with another binary options broker. We will continue to provide you with the best options available when it comes to picking a trading site. This will allow you to get the best relationship and customer service available. It helps to have a team behind you when you’re making these binary options trades. As soon as we have more information, we will provide you with everything you need to get set up.
nice looking bottom
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