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Taking Calls

Finding a trade real quick can set your week up just right. After a weird weekend it was nice to get off on a positive note. Markets were opening up around pivot today, so no serious movement has set in. Last week showed lots of price action to the downside, setting up some serious trades on the EURUSD. Although we didn’t expect to see moves like last week, price has decided to hang around the whole number of 1.3000. It has recently formed a nice channel which allows traders to take the tops and bottoms. Soon after our trade was done this particular trade set up came into play perfectly.

We started looking for our trade just before the US markets were set to open. We saw a nice 5 min. Wick on the candles. We took the trade with 4 min. left to go in the expiry entry time. Price immediately jumped 5 pips in our direction and then the consolidated at that price point five pips above our entry. There was absolutely no pain in this trade and price did come down to our entry several minutes after our trade was closed. Price has since gravitated back up to the North Side forming a nice 5 minute wick for anyone channel trading today. It should be interesting to see how price action eventually breaks out the North or South. After watching price action last week it wouldn’t be a surprise if we see the mid 1.20’s by the end of the week. See other wick trades in the past.

In the chart below you can see how price was entered near the green arrow. That jumper candle on the 5 min. chart was our original entry and as you can see, price moved up and consolidated a little bit at the highs of that big candle. This gave us a nice winner to start our week and we will continue to look for trades that look like this going forward. We talk about several catalysts when taking a good set up. One of the major catalysts on this trade was the fact that we are just below the whole number. We were also trading just before the US markets open. This allows price action to move in a gingerly fashion and not have to worry about such huge moves against you. This keeps the price in check and allows the trade to develop cleaner in your direction. Here are some more catalysts to look for while trading.
Clear Call Option
At the end of this week we will see the nonfarm payroll news event, which is one of the major news releases of the month. Be on the lookout for significant moves just before this news release and after. Don’t get stuck on the wrong side of the market just before the news event because most likely you’ll lose if you guess wrong. A lot of traders try to force entry at this area, but it’s not really that smart unless you have real knowledge of what is happening. Here is a look at last month’s non farm payroll trade.

The euro is starting to get hit pretty hard and the US dollar is gaining strength. We could see monthly lows on the euro if price continues in this kind of way. Try to find more put options been calls unless the trades are set up perfectly. Have several things working for you upon entry and only trade the best setups.
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