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Kind of a Slow Day

Slow market conditions must be treated with a lot of patience. If you are new to trading, it’s very important to understand that not every trade will be fast acting and especially strong. Prices on the currency markets will fluctuate throughout the week. Some days you’ll see slow price action in which it will consolidate around a certain range. Other days you’ll see high flying markets where price doesn’t stop while moving over 200 pips. Either way, you need to trade based on what you see and keep your emotions in check. Don’t try to force trades that aren’t there and only take the best ones possible. Today was one of those days where some nice setups occurred, but you had to be patient for them to come to you.

Price was coming off the pivot of 1.3544 and getting closer to support level one. The 1.35000 whole number was close to this support level. Price immediately made a strong candle to the south side at this whole number and bounced nearly 15 pips. Price then dropped off again, breaking through this whole number and reaching support level one which was only a few pips away.

Our trade today was based on price action: back up to the North Side. We saw an area of resistance and price pullback forming two solid wicks. These wicks formed a nice area of support and we entered our long call option. We saw over 18 pips in favor before the trade closed 10 pips in the green. Price has since moved up 15 pips just under an hour after our trade finished. Price is still consolidating in a tight range as the markets continue to trade.

These are the types of days where you take one trade or maybe two and move on. The US markets are pretty slow and looking to the downside. Keep an eye out for both call and put options on anything you’re trading today. Everything is fair game until we see some real movements. Remember trading whole numbers can interesting as well. Like Seen Here.

In the image below you can see the whole number came into play and how it held several different times. We talk about whole numbers quite frequently and we hope you understand how powerful they are for both call and put options. Make sure you’re not just trading lines all the time and keeping everything else in focus. Price should consolidate for the rest of the day and could see a tighter range tomorrow. However, a couple trades could open up for you today. We could see pivot, support one, or the whole number for another good entry area.
Taking trades that are slow
Keep an eye out for our next Forex Black book update which should come out real soon. There have been a lot of questions about the software and we want to make sure you get them all answered.

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