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Old Trade Resistance Areas

Our latest technique of trading has worked out well lately. Looking at our old trades and using them for new trades has come up several times over the last few weeks. We’ve been keeping our purple lines on the chart where we took our trades and use them for areas of support and resistance for future trades. These lines have played out really well and continue to show strong areas of trading options. We recommend that you leave your lines on your chart, but only on the trades that were successful in the past. Try not to put every line, but the ones that show some serious signs of battle. This will allow you to take better trade yourself you keep your eye on specific price points.

The trade today had several things working for it. Price had been moving up from pivot too resistance one. We noticed how price tried to crash through the two purple lines where trades worked out over the past couple of weeks. Price fell back down, and several minutes later the decline began. We watched price challenging this area and we took a put option. This put option went against us about five pips before eventually turning back down and closing in our favor. Price continued to go south for several candles before once again turning back up. Price eventually broke the old area of resistance, challenging another trade area we took last week. This will be discussed below. You can see trades on these numbers right here.

The image below shows a couple of trades that were taken and some setups that occurred. Notice the first green arrow. Price climbed up to those two purple lines which were all trades from the past. Price formed 2 five minute wicks before pushing back down 30 pips. This setup a nice area of resistance. The second candle shows our trade which were challenging those wicks. Price moved up against us before coming back down giving us a less than a pip winner. Ideal conclusion to some pain we had to endear.
Couple of Trade Setups on the EUR

Also on the chart, price had recently climbed to resistance two area. This is our favorite new number of 1.29669. This trade was taken almost 2 weeks ago. Price has fought this area several times and has won many times. This area seems to be a strong area of resistance for the EURUSD to move up. we will continue trading this area until it fails going forward.

Continue to leave your markings on the chart to allow your trades to be set up based on prior moves. This will allow you to take better puts and calls as price meanders throughout the day. If you have a hard time finding spots to trade, this is a great way to find good setups going forward. As long as we stay in some good consolidation ranges, you should be able to find several setups a day. Remember to stay patient with your trading and focus only on the best setups possible. It can sometime take hours to find a good one, but when you do it will all come together.

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