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Trade Setting

If you take your trading seriously it will make things a lot easier when setting up for the day. Looking at the overall markets will help you make better decisions no matter what market you are trading. We talk about sticking with the trend over and over again. Today was one of those days where the markets were down and we decided to take a put option. This put option had a lot working for it and turned out to be a very interesting trade. If you can find interesting trades going forward you will end up making a lot more money. Be patient with your trades and only take the best setups possible.

Our trade today was based on price action moving up from support level one. We noticed a huge wick form on the five-minute candle near an area of resistance from earlier in the morning. Price came down pretty quickly on the five-minute wick and consolidated a few candles in a row. We entered our trade on a put option at 24 option as the price tried climbing this wick area. Price went against us for about a minute before moving in our direction. During the trade we saw minor pain and price ended up closing as a two pip winner for the day. We continue to look for trades like this which helps us make better decisions going forward.

The image below shows two trade setups that were possible this morning. In the video we discussed prior trades taken this week and the lines they show on the charts. The first trade was at 1.27500. Notice the huge wick and then the green arrow pointing down for entry. It worked out really well giving us that two pip winner working against the resistance and working with the trend. Sticking with the trend today like this is fine however there were trades going to the north side as well. The secondary trade that occurred just soon after our original trade came up to the purple line of 1.2966. This trade was taken on March 13 and was still labeled on the chart. Notice our price came through it on a nice wick and formed two more wicks soon after. Price then decided to move south giving put options in great shape.You can see more wick trades by reading this.
EURUSD showing signs of resistance
Price is now climbing through that area back up to the purple line of 1.2983. It just so happens that this is the pivot line for today. It should be interesting to see what happens as price approaches the pivot. It should shape up to be a nice winning trade. You can see from this previous trade how price reacted at the pivot line. We use this pivot as a strong area of support and resistance like seen here.

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