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Put Option and EURUSD Forecasting

Finding the best trades is what it’s all about when binary trading the EURUSD. If you try to make trades just to be in a trade, you will most likely end up losing. Although we got to the office a bit late today we noticed price action was moving to the northern side and with some serious momentum. Price climbed to support one from just below support level two giving us an area to take a put option on the EURUSD.

As price came up in a fairly quick pattern we entered our trade at 24option just shy of support level one. We were unable to get in a bit later based on the expiration time. This makes it difficult sometimes when trying to take the best trade possible. However, we felt confident enough for the price to hold at this level if price went against us by a little bit. Price did move against us after entry by three pips. Price then immediately fell giving us a three pip winner and we did see about five pips in our favor at one point. Soon after the trade was complete price tried to move back up again this level before moving further down in our original direction of our put option. Since the close of this trade price has moved up once again above support level one and has started consolidating around this level. This will be an interesting area to watch the rest of the day.

The image below shows the price pattern moving up to support one from just below support level two. Notice the few wicks that occurred at this level, which made it even a stronger area of resistance and will eventually be a strong area of support as price gets above it. Sometimes a 10 minute expiry works out better than a 15 minute expiry, so it’s a good idea to have a 24 option platform if possible. This will help you get into trades that you’re unable to get into on a 24option platform and vice versa.
The Battle was Set at this Price Level
The outlook for the EURUSD is in question still. Based on the price action I’m seeing today, I believe the price will end up at that 1.300 purple line again at some point tonight or by Friday. This price level would be a great area to take a resistance trade. If price decides to fail here, we could see the 1.2750 purple line by the end of the week or early next week. I don’t usually do too much forecasting on the Forex market, but when I see something set up, and price action occurring the way it is, it allows me to make better decisions with my trades. This is another tool you can use going forward as a trader no matter what market you are trading. It’s best to know where price might go and if you are correct you will know where to take your trades. Obviously anything can happen at this point but you should be aware of potential trades in the future. Forecasting can come into play just like price action. You are predicting the price action of the future.
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