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Using a 5 Minute Chart for Entry

The trade of the day for June 8, 2012 was created by using a 5 min. Metatrader chart. We noticed how the 5 min. chart created several areas of support. Once the price at the support level was broken, any price that moved back into this level would now be considered resistance. At 9:06 AM this morning we noticed the price move back into this area and that is why we took a put option. The put option had a few levels of pain and never really moved in a solid direction during the 15 min. expiration time, but in the end the price did move enough in our favor.

We consistently talk about support and resistance and how they play a huge role when it comes to trading. Binary trading allows you to get in at specific times and to make a confident trade based on the strategies you follow. In this case, we completely used the price area of the support and resistance. Sometimes price will move against you one way or the other on the support levels, but that is part of trading price action. These areas are considered battlegrounds.

During the video it turned out that a trigger alerted us of a 60 second binary option trade. This price triggered for a put option to be taken immediately after the alert went off. We did see the price move completely in our direction and never had an ounce of pain. It turns out that within that hour of trading this 15 min. expiration we witnessed three different 60 second trade setups and all were victorious. Although we’ve been talking about this particular trade set up it has only been a short period of time of research. This trade set up could fall by the wayside in a matter of days if we see it fail completely. We will keep you posted on future 62nd trades and anything else we are developing.
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