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Using Our Resistance Levels for Trades

We found a nice put option early this morning on the EURUSD. It didn’t take long for this trade set up to occur after we opened our charts. We noticed how price action had fallen off from pivot all the way down to support level three. This area was also the 1.3842 level. The bounce occurred earlier in the morning back up to the area where we took our trade. We were looking for price action to consolidate and it did.

As price was climbing up to this level we were looking for more than just a line as our resistance. We had several hours of consolidation around this price point that gave us more of a conclusion to take this trade. We entered our trade with about 10 minutes to go in the expiry. We placed this trade at Redwood options. Price action moved in our favor and then moved against us. By the time the trade was over, we had a small winner. This was not a huge winner, but enough to give us a green light for this Tuesday. Price did fall off another 10 pips or so before climbing back up once again to our entry area. The idea was right and we’ll continue to trade these lines as we move forward.

In the chart below, you can see how price action had fallen off to support level three. It Created two extended moves before climbing back up. The climb back up, shown by our green arrow. was the entry point. Notice the several red bars after our green handle. If you look to the left of the chart, you can see the consolidation as well. This price action gave us the line we were seeking.
Smooth winner at Resistance
A lot has happened over the course of the past several weeks. We’re continuing to talk to new brokers as well as products, and signal services. We’ll continue to provide as much information as possible. Our latest product that we like a lot is, Tom’s EA. You can learn more about this on our website and get a free demo of the product. This will allow you to see it in full swing and help you make a decision on whether you want to purchase it or not. It is a set it and forget it system. Once you are ready to go, you’ll be all set up and it becomes a money making machine. There are hundreds of people using it right now and you don’t want to be left out.

For the rest of the week, we’ll continue trading the EURUSD on the binary options market. We will also look for some decent setups in both directions. As we are near the highs of the 1.3900, put options are still in play. Although price action is trending up, we are in an area where put options are definitely playable. If you have any questions about any of the binary options brokers on this website or strategies, please ask in the comments section below. We look forward to more trading.
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