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Storm Trading on the Binary Markets

With a huge storm on the horizon it wasn’t necessarily a good day to take a binary trade. We focus on solid setups and good market conditions, but today the markets are partially closed. This doesn’t happen often, but when it does you need to keep things in perspective. There is no need to force trades when things aren’t in your favor. That being said, we were able to find a nice enough setup to trade. If we didn’t have a couple of things working for us we may not have had a trade of the day. We may not trade tomorrow, but we will keep the charts open. This will be based on the weather.

The one thing we did notice on the charts was the whole number of 1.2900. This area became a nice level of support and resistance. An extended move past support level one reaching this whole number was a major factor for our trade. This whole number also carried the support level giving us two catalysts to take the trade of the day. We talk about Having a couple things working for you before making a trade and in this case we did have two solid items to go along with this low volume market. Price came up and extended through a couple of pips past the 1.2900 level. We then entered our put option. Price went against us by over four pips before reversing all the way back down giving us a two pip winner at 24option. Price is weak and still holding this level well past an hour after this trade was taken. It appears this can be the stopping ground on the EURUSD

This is the type of day where you can walk away from your trading station and not think about it. I know some people feel like they need to trade every day and that’s okay, but please make sure you’re only taking the best setups possible.

The image below shows the boring range the markets are in right now. We traded this range only because we were at a whole number and didn’t know if we would get a better setup today. Market conditions today look a lot like September and if you end up forcing trades you could end up losing more than you are winning. Sometimes it is not worth trading. If the charts aren’t showing you anything they most likely are telling you to stay away. At this point seek a trade within the channel. This will be based on the volume and you could get a weak reversal. Look at all the wick candles on a 5 minute chart and if price gets down or above those levels you may want to take reversal.

Whole Number of 1.2900 Holding

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