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Nothing Fancy With This One

Not all trades are going to be gorgeous. In the end, it is better to have a winner that is ugly than a loser. Being lucky does come into play when trading, but try not to trade based on luck. Today’s trade was created based on price action moving to the north side. Price was up past resistance one to a previous area of resistance. We did notice the time of a 9:15 expiration. Had this been closer to 9:30 or 9:45 we probably would not have taken this particular put option. US markets were showing strength at the beginning and it’s questionable to take a put option in this circumstance.

The trade was entered on a candle thrusting to the north side, however 24option gave us a pretty poor fill that went one or two pips in the opposite direction before our entry was filled. This price point was on the lower side of an area of entry. Price immediately went against us by a couple of pips and over the course of the trade we were in this trade, price was against us. It wasn’t until the last couple of minutes where price started fluxing downward. Within the last 30 seconds price moved in our favor giving us a half a PIP winner. There were plenty of times where this trade shouldn’t have worked out, but in the end a little bit of luck helped us get a winner.

The image below shows the trade set up on a chart. This Metatrader chart shows how price had moved above resistance one. We did not want to take the line of resistance one, but we did want to take an area of resistance that occurred a couple of hours ago which was just above. Anytime you have a set up like this you can take the trade knowing that a breakout may not succeed. You can see how price consolidated a bit and then fell off in our direction giving us the winner just below resistance one.
Trading a Third Top

Price has since moved up to resistance two, making a nice move to the North side. However, price has stalled giving >binary option traders a nice entry for a put option. We are getting closer to the purple line of 1.2800 which is a whole number and can hold some serious resistance. It should be interesting to see if this resistance can hold as well as this one 1.2800 number. Traders who take put options in an upward moving market can find themselves in some tough situations. Try to stick with the trend if market conditions become tough. If price comes back down to resistance one it could be a good area to take a call option. Keep an eye on the charts and checkout consolidation of the price action before making any decisions going forward.

The image below shows price action working out really well at resistance two for a put option. Notice how price poked it’s head above it before coming back down in our favor. This was definitely a trade worth taking had you been watching. Markets are showing northern strength, so you need to be careful with your trading today.

Notice the Battle
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