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Trading on Price Action

Today’s trade of the day was solely placed on price action at Bank De Binary. We were watching the charts develop throughout the morning and finally found a good area of support to take a call option. Markets over the last few days have been pretty tight range forming and it makes it difficult to find solid trades. Finally this morning we found a solid trade set up that old resistance that became support and we traded it on a 10 minute expiry that worked out just fine.

This painless trade was in our favor by over seven pips, but in the end came back down and only closed just above one pip in our favor. Although we never had any issues with the trade we were definitely happy when it ended. Looking at the chart now price seems to want to hold the most recent highs over the last hour and is having trouble pushing through the pivot. This will be something we will continue to watch down the stretch.

Trading the binary markets can be exciting and profitable, but you need to make sure you stay the course and not take too much risk on any particular trade. You should also only seek the trades that have the most catalysts working in your favor. In this case, it would be support, pivot lines, and anything else that will give you a leg up against the rest. Trading the EURUSD can be pretty consistent if you find the good trade setups. In many cases people over trade the markets and have a tendency to lose a lot more money.

If you decide to trade more than one or two times a day you are better off trading on paper or in a demo account. A demo trading account will allow you to practice what you are looking at for future trading. Finding good setups is not always that easy, but with some practice it will come to you much quicker and cleaner.
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