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Monday Binary Trading is All Good

After a great weekend it can sometimes be tough getting back in the groove. We tried to find the best trade possible every day, but on Monday especially, is one trade we want to get off on the right foot. Price action opened up pretty sour this morning to the south side. The EURUSD gapped down nearly 30 pips from the close of Friday afternoon. This led to the price action movement to the north side from the lows of the day. Throughout the night price climbed the gap before pushing higher through the pivot level. Price then formed a new high for the day before retreating back down close to the pivot.

The trade we took today was price moving back up into the highs of the day. We noticed how price had been weak all morning and for price to continue to the North Side it would need some significant strength. The past two days the EURUSD has been beaten down pretty good giving a potential move to the north side. It was still in play at this particular time that a trade reversal could come into effect. As price climbed, eventually to the high of the day we entered our trade at 24option. Just as the candles moved through the high we got in our trade for a put option. Within seconds price moved south in our direction and never looked back. Price fell off and closed out by 4 pips in our favor. Since the trade has been closed, price has moved down through the pivot, giving this particular trade a lot of momentum for bigger moves on the Forex Market.

Price will most likely consolidate around the pivot today or trade between support one and resistance one. If you plan to trade the rest the day make sure you’re still sticking with the trend if possible which is still to the south. Although price might be on a slight upward plane, the past few days should dictate whether you should take call options or put options.

The image below shows the trade we took based on the high of the day that occurred one hour prior to our entry. You can see to the left where price hit the 1.2940 level. Notice how price came up and moved just through this level one hour later. This is were we took our put option and never looked back. Price continues to fall at this particular time and should be watched of course the rest the week.
High of the Day Put Options

The next image below shows what a Gap Trade looks like at the beginning of the week. Notice how price closed on Friday at the pivot level of today. Price then opened up last night 30 pips below this entry. As you can see, price was trying to make it back up to that opening price all morning. There’s a nice 15 minute wick candle in the middle of the night that showed the bottom for the day. Price has steadily climbed and has created those highs of the day which we traded.
Gap Down on the EURUSD

We also avoided a breakout trade to the North Side because of the timeframe and the slowness of the market. Sometimes people like to take a breakout trade because it does thrust pretty quickly when it does work. Over time however, price will have a tendency to come back to that high the day before moving up. We like to take the pullback after the move above this breakout area and watch it rise. This will help you avoid false breakouts and save you lots of money in the long run.

We recently started working on a Forex Trading segment of the website. This area will share what Forex trading is all about, how to get started in Forex trading and pretty much everything you wanted to know before trading FX. This will piggyback our binary options trading content, but still focus on the Forex side of things versus just binaries. Make sure you check this section and if you have any questions please let us know.
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Comments

  1. Ricardo Johnson says

    I want to get started trading eur/usd. I need some basic infor and strategies?

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