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Great Trade to Start the Week

Today’s trade was supported by perfect price action on the binary options market. We watched the EURUSD setup a nice put option trade after a nice strong leg down to support level two. We saw price rise from this level and then form a double top. This secondary move gave us a signal to take a put option looking for price to drop again.

On this particular trade we stuck with the trend which gave us a nice winner of over nine pips. Earlier this morning from looking at the charts we noticed how price had been moving down pretty significantly from around the levels of 1.22725 all the Way to 1.22249. With a 50 pip move like this you look for a reversal of trend and in this case we did see it. Sticking with the trend we were waiting for price action to move up at least 25% from it’s lows.

Although price did consolidate for a good few minutes we did wait on our trade. Price then moved back down toward support level two. But within minutes it had moved back too the top of this most current bounce. This is where we decided to enter a put option and the price never looked back. Price move down within about 2 minutes time. With a nice cliff jumper candle of over 12 pips we were in good shape. This trade closed down well in our favor and price was perfectly set up for this put option trade 24option.

The image below shows a couple things. As you can see, price had moved off of support level two and bounced significantly up again. This is a great area to take a reversal trades on a downtrending market. We’ve been sticking with the trend the last week or so and it’s worked out really well. You need to seek these setups and trade them using your experience over time. You can also see on the chart in the image of the double top where we entered our trade. Price had moved up and then move down, and then of course moved up again. This is a great area to take a put option when price doesn’t seem to want to go in one direction it’s best to stick with the trend.

Trading a Double Top

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