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Trading the Whole Number

After having a day off yesterday we started looking at trades this morning on the EURUSD. We were sticking with trades that made complete sense versus forcing anything that could get us into trouble. The price action had come off pivot level all away down passed level two. There were several retracement trades for put options along the way. Good trading is finding entries that make sense and have catalysts working for you.

We took our trade against the trend today. Price had moved down to a level of support that occurred several hours prior to our entry. We also noticed we were nearing a whole number of 1.2900. We do like to trade whole numbers when they hit for the first time. These areas seem to hold whether their resistance or support. Although we did have a little bit of pain against us, price action did dictate a solid setup for our winner.

After about three pips of price being against us we noticed how it started to move up to the north side. Price then jumped on a significant candle giving us a 22 Pip winner on the EURUSD call option at 24option.com. This was definitely a beautiful trade on both the binary options market and spot options market. If you are trading side-by-side you could’ve set a limit order at this price on the Forex market while seeking a call option trade on the binary markets.

The image below shows how price action had been moving down through the morning. Notice how price came close to that purple line which is the exact whole number 1.2900. We don’t necessarily need the price to hit the number or it could possibly push through it a little but. It’s usually an area where price is falling down you will see a nice wick on a candlestick. In this case, price just came shy of this number before moving back up. We did miss a better entry at around 1.2903, but it was okay for us to get in this trade based on what we’ve seen the whole number do in the past. Taking trades at the whole number will be something we continue to do going forward.
Trading at the Whole Number
People have asked what is the best time to trade binary options and also how do I set up my charts on the binary options market. Most brokers don’t have good solid charting platform to meet good decisions on your trades. We don’t like to look at traders choice type entries that some of the the primary brokers offer because they can dictate poor price action information. What we like to do is make sure we have a solid set up on a binary option chart that’s located on our metatrader. Over the course the next couple of months I will try to put together a video that will show you how to set up the meta-trader chart.

We will continue to trade the binary option’s market this week. We will also look for solid setups and not force any trades. Remember we only like to trade one to three times a day and if we don’t see a particular trade set up we will most likely not take a trade at all. Fortunately for us we’ve found at least one trade a day since starting these videos.

Risk Disclaimer

Comments

  1. Hey. Are you using indicator to draw for you S/R and pivot lines? If so, can u please send me one? tnx

    • I am using an indicator on the MT4 platform. It is called the fibo_pivot indicator. I’m going to do a video on setting up charts soon and I will have a way to access this indicator.

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