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Trading Binary Wicks

Trading choppy markets is usually not that great. We were fortunate enough to catch a trade in this mess. The direction of the trend was flat leaning to the south side. We weren’t going to force a trade, but this was one trade that looked the best on paper. The charts will tell you a story and in this case the story was let’s keep faking to one side and then the other. This is why we took a call option near the lows of the day. Hope was for price to come back up to the 1.3200 level.

Price was coming down to a low that we announced yesterday on twitter. The 1.3200 was in play, but the wick formed below there. Price then extended passed that forming a deeper wick. Many hours later the price dropped to that level and we decided to take . This trade was entered on a 10 minute binary options trade and we got in with eight minutes to go. This was plenty of time for price to go against us a little bit. Price actually shot down another two pips before reversing back in our direction a couple minutes later.

By the time the trade was complete we saw a five pip winner. From all the videos and blog posts we’ve done, I’m hoping some of you caught this type of trade and didn’t get into a chop city trade. There were other trading wicks to take this morning, but I look forward to hearing from you guys.

The image below shows the trade develop on the chart. This five minute chart shows where we entered. Notice the candle with the arrow had a nice wick. We were actually in the trade in the middle of this candle. This meant we had a little bit of pain. Notice how the next two candles were in our favor. That is all that matters when trading binary options. Get the trade in your favor in time for the close.

Wick Trading on the EURUSD

Notice the wick near the lows of the day around support level 2.

We will be trading next week on a limited basis. It is not known if there will be a trade of the day on Monday. This will all come down to price action. If not we will be back to trading the day after Christmas. Keep an eye out for Twitter comments and anything else you’ve been watching.
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