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Two Great Setups on the Binary Charts

We talk about being patient all the time in the binary options market. Today was no different. It wasn’t until 10:20 that we took our trade. We did see a trade prior to this, but we were just a tad late to get in. Whenever you are late to an entry it is best to sit on the sidelines and not force the entry. It could come back and hurt you if you rush into a trade that is already left the building. What I mean by this is, knowing the trade will work but getting a bad fill could cause you a losing position in the end. It’s best to be ahead of the game knowing what’s about to happen and then pounding on that particular trade. Use your alerts and signals to get better fills.

Today’s trade was taken after a nice setup was missed. Just prior to our entry we noticed how price hit the support level one and moved up significantly to the North Side. Had we gotten in on the support level trade we probably would have been a little bit more resilient on taking the pivot trade which we did end up taking. Price moved up to the pivot line and went a few pips past it. Our entry was on the lower side of a candle given us a pretty poor fill. Price then started to move up against us for the next 3 min. We did have a chance to get a better feel, but considering we had over 10 minutes to go on this particular trade we were still comfortable with our entry price.

Price then slowly fell to the South side and within a couple minutes dropped pretty heavily given us a nice seven Pip winner. We took this trade very confidently knowing that Price was starting to channel throughout the past couple of days. This was considered a non-trending type of trade. What I mean by this is; there wasn’t really a strong trend to decide whether to go on a call option or put option. This led to an open arena of whether to take a trade in either direction.

The image shown below breaks down the two trades that occurred today. You can see the arrow pointing up on the lower side by support level one. Notice how price just barely touched the support area and only quick traders would’ve gotten an entry. Although, if you did get a poor fill you still had no problem because price then decided to move up over 20 pips. The next trade set up was the one that we took at the pivot level. Notice how price moved through pivot and dropped off before moving up again. Soon after that price fell off giving us our winner. FX Spot traders would have made out real well at this level.
Two Great Trade Setups
Price is still continuing to hold in between the pivot and support level. Any time you see this type of price action be aware of potential breakout scenarios within the same day or the following day. We do have a Nonfarm payroll trade on Friday that some people might be gearing up for. Anytime Nonfarm payroll comes into play price action tends to slow a bit before the actual news comes out. We will be here tomorrow to trade on Thursday, but Friday’s definitely the bigger move day on the markets.

Be sure to check out our latest article on ROI and binary trading. This is something to consider when you take your trade and picking your binary broker. Having a good ROI on each particular trade is also important when picking an asset. Some assets pay off a lot more than others and it might be best to stick with what what’s working for you and not so much on the payout. You just need to find the best payout at each particular broker that you want to trade this asset with. Do your research.
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