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Trading the EURUSD

We’ve gone over this many times before; finding the best trade is your best bet when it comes to binary options trading. Sometimes it takes a while for good trades to occur, but these are the trades that will work versus trying to guess something that you have no clue what it will do. Price prediction is what trading is all about. In today’s case, we were seeing the rise of the EURUSD this morning. It was up to us to find a trade to go against the trend or with the trend. There comes a time when trading with the trend is your best option knowing that you have the momentum with you.

Today’s trade saw price come off the price point of 1.3042. This purple line was listed on our chart from weeks past and is considered a significant area of support and resistance. Price moved down to resistance two, but never actually touched this particular area. Price formed a couple of waves before coming down closer to resistance two once again. We decide to enter our trade on this third move down from that purple line. We took a call at 24option.com. This call option went against us by about one Pip before reversing back up in our direction, closing out as a two Pip winner. Price fell off again son after our close and actually pushed through resistance by about three pips. We talk about going to the well too many times. Even today the 1.3042 line is in play.

In this case, we weren’t trading a back-to-back trade on this price level. This is why taking the one trade of the day is wise versus trying to take a similar trade right after and have it go against you.

The image below shows how the price action on the chart moved down from this purple line of 1.3042. Price eventually stopped around resistance two giving us a clear entry for our call option. The little arrow shows the candle we entered on for our call option. At first we were in at the top of the candle and it went against us. Notice, soon after it rose significantly to the North Side. Right after our trade was closed as a winner price fell off, pushing through our original entry point. Price has since created a couple more waves at this level and jumped to new highs for the day. At this point it is consolidating right on the 1.3042 purple line level. It appears that price just gravitates to these lines and wants to do a little dance before making a new move in either direction.
Morning Support Trade
For all you new traders out there please make sure you open a binary options demo account. These demos will allow you to trade what we all trade without risking your own money. It’s imperative to understand how to trade and trade well before you actually trade with real money. Over time, you will learn the intricacies of each platform and become a much stronger trader going forward before risking a dime.

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