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NFP Binary Trading

You never know what you’re going to get when news comes out at 8:30am, on the first Friday of every month. Today was no different. Price on the EURUSD has been getting beat up the past two days. This news could have caused the EUR to see monthly lows or allow it to hold on to it’s strength. So far, price is a bit weaker. However, bulls are stepping in and making the push for a higher EURO. It’s best for this week to be over so we can focus on next weeks trading post holidays.

We took today’s trade after several wicks were formed. Price started to push down toward the original purple line of 1.3042. Price had already come up from the whole number of 1.3000 this morning. Although we were below pivot, price still had some momentum to the north side. Price extended through th 1.3042 level and came upon support one. Remember news will wash these lines out if need be. They don’t hold as well. Price soon consolidated and we entered our trade.

It then came into the money and then out of the money. Seesaw action was in play. Luckily, in the end the trade closed by .4 pips. Not exactly what we were looking for, but anytime you have a winner is a good thing. Price has currently broken the highs of the morning and will most likely consolidate for a little while.

The image below shows the price action around the time we entered. Not much to see other than the nice wicks above and how price held on to the support level.
Wicks and Consolidation Trades
The second image below is a daily chart. You can see how price tested the 1.3300 several times before falling on all occasions. Yesterdays candle was big in size for sure. This could be a telling sign for the EURUSD. Today’s candle is forming a doji/hammer. This could mean consolidation or reversal. Most likely people are waiting for the new week to start. News events keep people on edge.
Notice the Daily Fall Off
We’ll be trading these charts all next week. Price action should pick up quite a bit as well. Be careful not to force trades. There will be plenty of trades to take going forward. If you are new to Metatrader charts, please make sure you check out the chart setup page. This will break down everything you need to have charts like us.
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