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Put Options at the Right Time

After a day off of trading yesterday, we got back to business today taking a put option on the pound dollar currency pair. This trade was based on severe resistance from several days ago. We were also hitting a resistance point on our pivot’s. We saw the price rise over the past few hours in more of a downside market, which led us to taking this trade this morning.

The pound had moved up through resistance one in hit resistance two where it started to consolidate. Our entry at 9:22 AM this morning was taken using the resistance area and consolidation. The price moved in our favor seven pips and within a couple minutes after the trade closing it move down another three pips. Although after the trade was closed the price moved up again, but just over an hour later the price is now back down to resistance one which is 30 pips away from original entry point. This shows finding those areas can work no matter how you trade them.

Something I also mentioned in the video below besides being patient when you trade, is the use of trade alerts on the Metatrader platform. These alerts allow you to place price points of interest. If you have these price alerts set on any chart you wish, you can find setups without looking at the screen. This alert will either send you an e-mail, Make a noise, or send you an SMS text to your phone. Assuming you have everything set up properly this is a nice way to trade because you don’t have to watch the markets directly.

This trade of the day was pretty solid and I considered it a three-star trade. Although you seek the perfect set up, sometimes you need to improvise around price action. In this case we were very successful in this made a great trade of the day.

If you have any questions, comments, or anything else you would like to talk about please leave a message below.

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