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Binary Trading the AUDUSD MidWeek

Trading during the Christmas week is always exciting. That was a joke. If you’ve watched the markets for the past few days around the Christmas holiday, you are aware of the boring price action. A lot of traders have probably been faked out in their trades all week. We keep mentioning that you are better off taking the time off from trading while focusing on other things. We aren’t forcing trades, but we definitely haven’t seen anything perfect either.

Since price action was so boring on the EURUSD, we started looking at trades on the AUDUSD. The Aussie is usually a pretty boring currency to watch, but this morning it was showing movement to the pivot point. As price was coming down to pivot for a second run, we took our call option. Price fluctuated with and against us the whole time, but closed out in favor by half of a pip. This trade never had much momentum. Soon after the trade was complete price went down further with the news in the US. We may trade the AUDUSD again, but until we see price pick up, we’ll probably go back to the EURUSD.

The image below shares a couple of stories with you on the EURUSD. This price action happened later in the morning and early afternoon. News came out around 10am EST. This news caused the EURO to drop quick rapidly. Price moved all the way down to the pivot point. Notice the 5 minute candle that formed the wick right on that line. This would have been a nice place to enter a call option or some kind of long trade. Price proceeded to rise over the next 20 minutes before breaking new lows later in the day.
Pivot and Whole Number Trading
Soon after this price moved down to one of our purple lines. This price of 1.3200 has been a destination for support for the past couple of weeks. Notice how price almost got down to that level and has bounced up ever since. Whole numbers are a powerful thing on the currency market. At the time this blog post was written, price moved up 50 pips in less than 4 hours. Not a bad move for a whole number trade whether you were binary trading or trading the Spot Forex market.

Trading will stay dull the rest of the week. You are still better off not trading or only taking trades that have a lot working for you. Although these trades in the image were real nice, it doesn’t mean the rest of the days will work out this way. Be on the look out for more trades if they show up.
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