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Soft Pull Back Binary Trade

When you are looking for a particular trade set up you should always consider price action over the past hour or two. This allows you to determine if there’s areas of support and resistance. If the support or pivot lines are not showing anything to you at the moment, this gives you more ground on your trade. If the price has moved up or down in a pretty good fashion and then starts to pull back, this is the area you want to seek for support. In today’s trade we noticed how the price had moved up and then pulled back to an area support which was determined about an hour prior to taking the trade.

It can sometimes be difficult to find these areas of support and resistance, but you can find an area that shows consolidation or anything along those lines to help you determine your trade is going to workout or not the better you will be. Not all trades will hold water based on these areas of support and resistance, but it does give you a catalyst on whether to take the trade at the particular time you are looking at the charts. Most times you are trading 15 minute binary options this can be a determining factor whether to take that trade at that particular expiration.

At 24option.com we noticed that this trade occurred in almost the perfect support area for quick binary option trade. This trade was not your normal run-of-the-mill type of binary option trade you can find pretty easily. I had to dig a little bit deeper into this trade set up to make sure I was on the right side and making a good decision to take it. I’ve seen several times were trades will set up perfectly only to have the price level not hold because some other factor. Always be aware of your surroundings when taking your next trade.

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