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Great Setups

For the past 48 hours people have been focusing on the elections in the United States. This post will not be about the election, but will be focused on how it affects the markets and how you can make profits going forward.

Today’s trading action has been quite bizarre. We noticed how price moved up through resistance three last night before pulling all the way back down to support level three this morning. Price has been very active which is a good thing for any trader. Between the hours of seven and 9:30 this morning we saw at least seven great setups that were in play on the binary options market. Had we been available to make these trades and hoping you did, it would have been an extraordinary trading day.

The trade we did take came up from the purple line we talked about in the past. This was a mid range price point of 1.2750. Price had already came up from support three to support two forming a nice resistance. We took our put option and only had one or two pips go against us before pushing down giving us a 3 pip winner. We like to have plenty of catalyst working in our direction. Based on the morning’s price action hitting certain levels at the same time made all these trades playable. We don’t like to trade the same price points to many times, but today was one of those days where it was doable. This also means there is a nice channel forming and this area is a significant price area.

We will continue to seek trades going forward like this and hopefully have smoother price action compared to the past couple of weeks. This is part of trading. You never know what might happen during the course of the day so trade what you see and only try to take the best setups possible.

The image below shows several different trade options this morning. You can see the thumbs up on the chart that shows where entries could have been taken for solid trades. These price areas were significant in the fact that they played off support and resistance lines including the purple line which was put in the Metatrader chart several months ago. We’ve been watching this line for some time and it finally came into play today.

As the market moves forward the rest the week please keep an eye on the US economic situation and how it will affect the EURUSD. This could determine the direction of this particular currency. Usually after an election price will try to figure out which way it wants to go. Just make sure you’re trying to trade with the trend at the moment and only take reversals where seen fit.

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Comments

  1. Another great video! Really enjoying your blog please keep up the great work 🙂

    Serge

  2. Please email me the chart template and the indicator…..ca not access the downloads page

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