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Pivot Point Holding it’s Ground

We got off to a good start this morning with a binary options trade that occurred around 9:30. We were looking for price action to move back towards the pivot. We noticed how price was consolidating, but missed our entry on the previous binary expiry. Price then retraced back up midway between pivot and resistance one. It then had a nice move back down to pivot in which it pushed through by a couple of pips. We then took our call option trade at this particular price.

Price then consolidated for a couple of minutes before making its move up to the North Side in our direction. We had a nice winner here for about two pips, but there was no pain whatsoever. The pivot did what it was supposed to do and that was become an area of support while price action was leaning towards the North Side. Always good to be with the trend, although it wasn’t very strong this morning.

We did also notice another catalyst for this trade which was the GBPUSD. We saw how the price of that particular currency pair had moved up through resistance three and it was definitely strong enough to be an extra layer of support for the EURUSD. Anytime you can use another currency pair in your favor it adds a little bit of comfort. This won’t always work in your trading, but it does help give you more confidence going forward.

The image below shows how price moves down towards the pivot and then retraced back up midway between resistance one. Notice how price then held again at the pivot point and therefore we entered our trade. These are the types of trades you seek on a daily basis if they do occur. You won’t always see a pivot come into play during your trading hours. The best time to trade binary options is going to be based on what works for you and your schedule.
Pivot Holding it's Level

Continue to seek good trades going forward on the euro USD. Don’t force trades that don’t exist. Make sure you have at least one catalyst for your educated guess so that you can have more confidence in your trade. Price action is key on the binary options market and in this case we used We will continue to trade binaries on Friday as well as all next week. If you have any questions or comments please let us know.

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