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Nice Setup

It’s nice finishing off the week with a solid trade. We watched the euro dollar falloff a cliff all week before reaching the whole number of 1.3400. We took a couple of call and put options this week. We were only considering put options today based on the trend of the day. Price had moved up from support level one after crashing down throughout the night. Yesterday had some huge moves that led us to our put option this morning. We took our trade at TradeRush (Seen Here) for a solid winner and we will continue to look for these trades next week.

On this particular trade price had fallen off, down to support level one. It was recently above the whole number of 1.34000. We watched how price moved up over a course of an hour to attack the whole number once again. Price extended through this price level before forming a nice solid wick. We entered our put option around this level and during this five-minute candle. With less than 5 minutes to go price only went against us for a few seconds. In the end we had over a two pip winner on this trade and it looked even nicer when it was over. Looking for the best entry at this point was our only option using solid resistance areas.

In the image below you can see how price was coming up to that purple line of 1.3400. You can see how price formed a nice solid wick and extended through the line. Price actually fell down and almost formed a huge wick, but it didn’t hold and fell down on the next five-minute candle. Price finished the trade on the big green candle with the wick. Had you been trading the Forex market you could’ve taken a short trade and watched it drop all way down from 1.3400 to 1.3368. This is the support level one line that held earlier in the morning. Price is now consolidating just below the whole number and it will most likely continue to stay there. We will see what happens next week on the euro dollar, but keep an eye out for a change in direction altogether, and trade the best trades possible.
Finding great setups
It’s amazing how some trades worked out in the past like this one. Here’s an example of a trade we took in the past that worked out perfectly. Sometimes we like to go back on what has worked for us and continue to trade that way. We will have a another review of Forex Black book, so keep an eye out for that. This will show where we are at right now. If you have any questions about it, please use our contact form on the about us page.
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Comments

  1. Hello Rich,

    just wonder why you haven’t trade on banc de binary?

    thank you
    Veronica

    • Well, due to their change of policies I decided not to trade there anymore. If they become strongly regulated I will go back for sure.

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