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Post Holiday Trading Setup

We found this setup after the US markets opened. It took longer than we expected, but the EURUSD did drop off right when we needed it to. We were looking at lower highs on the chart coming off the 1.3400 level from last week. We are now hitting new lows for the day and week.

Price was coming off support level one and got down to around support level three earlier this morning. We noticed the price was trying to climb back up to support level two and although this was a pretty tight range we were watching lower highs develop. Price was trying to reach the highs for the day, but failed. This allowed us to take a solid trade on the EURUSD.

Price started to climb back up to support level two, but we were watching these highs fail several times and that is when we entered our trade at Traderush. Price action fell off pretty quickly in our favor giving us a nice to quick winner to close out our day. Price has since moved down further in the direction of our put option, breaking new lows for the day. Prices is now bouncing back up and challenging the support level three area with a seesaw motion. This is when you have to be careful with your trading and look out for soft markets. Don’t get you stuck in a trade that most likely won’t work out. When you’re trading binary options you need to try to find the best setups possible to allow price action to make the move it needs, to give you a winner.

The image below shows the chart on the EURUSD as price action was fluctuating between the one 1.3150 area and the 1.3185 level. This area really didn’t have too many setups created except for a couple of support level two trades. Knowing that price action was slow, you really needed to be careful with your trade entries. There was a nice 5 minute wick candle near the lows of the day which was possibly the best trade for the day. Price climbed up from that area about 20 pips before moving back down in the direction of which we took our trade of the day.
Trading Lowe Highs
We’ll look for new trades this week and hopefully find some good ones. We’ll most likely see more slow-moving markets today and tomorrow. We do have a news event on Wednesday based on job reports. This could move the market in the morning. It’s not until Friday when we will have the nonfarm payroll trade, which will probably move the markets pretty heavily. You need to be ready to not be in a trade at that particular time and try to wait around 30 minutes before you enter the next trade. A lot of times price action will jump up, jump down, jump up, and keep doing this until it finally decides which direction to go. Once you have a better decision-making chart in front of you, that is when you can take a trade on the binary trading markets. You have to avoid taking new trades at that particular time because you really don’t know what may happen. If you judge incorrectly on a news trade, you’ll most likely have a loser in the books.

Keep your eye on the binary markets all week and hopefully things will pick up by mid-September and into October. Until then, trade smart, manage your risk and have a great week.

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