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Slick Trading

It didn’t take long for us to find a trade setup this morning. From looking at the charts last night and into this morning, we knew that price below the 1.2900 level would lean towards the south side. After three attempts of trying to break through this line, we knew a pullback would occur. It ended up going all the way down to the pivot. We saw a price break through the pivot a few times only to bounce back up each time. Price then started to consolidate before the US markets opened up and this is when we started to look for our trade.

As price was consolidating, it had made a couple of five minute wick candles. We entered our trade at 24option near the lows of the consolidation area. Price immediately moved in our direction and over the course of the next seven minutes, the trade stayed below entry. Price did climb up a couple of times, but never made it all the way up to our strike price. Price did make new lows of our trading range, but has since climbed back up to the same consolidation area we were trading. It appears we have a strong battle between the 1.2900 level and the 1.2800 level. Eventually one of these lines will get broken and we should see some new price action over the next week or so. You must stay patient and trade the ranges that are in front of you.

In the image below you can see the price action that fell off from the 1.2900 purple line. Forex traders were able to make at least 50 pips on this trade had they taken any Short trades. Price moved relatively quickly down to that area and is has not even attempted to come back up. There were several things working for it, including the whole number, an old trading area, and a resistance one level. For our trade price action was consolidating right at the pivot level. You can see the green arrow pointing to the south side. This is where we entered our trade and you can see how price moved down and finished on the downside of that five-minute candle. This gave us a nice winner for today and we will continue to look for great setups the rest the week. We expect price to get down once again to the 1.2800, if not, it could climb back up to the whole number of 1.2900 and try and push through it for good.
Put Options at the Pivot
We’ve been getting a lot of good comments on the YouTube channel and expect that to continue going forward. If you have any questions about the trades we take or anything for that matter, please make sure you ask. There are plenty of trading options throughout the day. Just make sure you try to take the best ones possible. If you feel like the trade is not setting up exactly how you want it, there’s nothing wrong with walking away and not taking it. You’re better off only taken the best setups and avoiding ones that you’re not too sure about. Make sure you don’t trade just to take a trade and eventually your trading profits will rise.
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