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Trading Put Options Based on Weakness

Another day on the binary options market and another trade in the bank. Today we took our trade at bank de binary focusing on a put option and sensing the weakness of the overall EURUSD. We had just missed a trade earlier in the day which set up real nice at resistance level. We did however brush that off and found another trade that worked out a real nice.

Price had been down over the course of the night on the EURUSD. The overall market conditions have been pretty weak in the US economy, but this didn’t stop the euro from making several different moves in both directions. As price was coming up from support level two connected in line with support level one. Price consolidated for a while before making an extended move past support level one. Remember, this becomes a new resistance area. I can’t emphasize this enough. These are some of the better setups out there.

After extending through support level one we noticed how price was trying to consolidate just above the support level. A couple of wick candles on the market formed and I decided to take a put option with the overall daily trend. Price then continued in our direction to the Southside given us a nice winner for the day. Trade setups are about timing and in this case we waited just long enough.

he image below shows the trade that we really liked and missed just by a few minutes. Notice how price was coming up from below support level two and finally touched support level one. This became a new resistance area and had we traded this on the binary markets or spot forex it was clearly a nice winner. Price moved in the direction of more than 8 pips closing in the money. These are the type to trades you seek on a daily basis. You don’t always find perfect setups like this, but they occur more often than you think. Stay patient and don’t force mistakes.
Put Option Setup in a Good Spot
Keep an eye out for our videos and web posts next week and stay focused on finding good setups.

If you haven’t seen our chart setup page make sure you get to it as soon as possible.
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