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Slow Euro Leads to a Profitable Trade

It’s funny how in the summertime, especially in August, price action becomes a fight. As traders, we look for the best setups possible, and this is the time to avoid pressing your trades and trying to make a lot of money. I’ve mentioned before that I’m not a big believer in summer trading, however it does occur and when it does you need to be on your toes.

We were seeking a trade based on price action, looking for a move that was solid in the direction of today’s trend. The chart only showed flat consolidation with minor bumps to the North and South side. Whenever we see this kind of price action we know to stay out of the market until something sets up for us. It wasn’t until later this morning when price retraced back above pivot and hit a resistance area that was previously created. We took our trade based on this price action.

Price moved up above the pivot and we entered a put option seeking a solid move back down to the South side. We did get in the trade with plenty of time to go on the expiry. The trade was taking at 24 option and won by more than seven pips and also showed around 10 pips at its low. This was a solid Monday trade especially when price is not favorable for trading. If you’re able to read this blog post, I do recommend you sit back and let the trades come to you and don’t force anything that you can’t control. This will cause your binary options account to go down.

The image below illustrates what happened this morning and how price was perfectly set up in two different locations using the same resistance area. You can see our two little arrows that show the resistance points we used to take a put option on the EURUSD. You can also see how pivot held in the middle of those two trades. These are the types of trades that your better off taking during the lull of the summer. August will be over soon and after Labor Day(USA) things should pick up again.
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