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Double Bottom

After yesterday’s lucky trade we were definitely looking for a cleaner setup. Markets weren’t necessarily trending over the course of the night which let us take either Call or Put Options. The table was open for all kinds of trades. It wasn’t until the US markets were about to open when we took our trade.

Price had formed a new low about two hours prior to our entry. We watched how price was coming down to form the double bottom. we like to trade double bottoms because they have a tendency to hold the most previous support level. This trade had a couple of things working for it as well. Including the pre-market of the US open and the overall trend was up on the EURUSD. We didn’t hesitate too long to take the entry for a call option. This will a 10 min. expiry that moved up and then shot against us a couple of tips.

Within a couple of minutes, price then proceeded to move to the North side. This price ended up closing as a five pip winner and continue to move north since the video was posted. We might’ve called a bottom for today. keep an eye on that going forward. Price could turn into a northern trend for the day getting above pivot later on. The whole number of 1.3300 is in play as well.

The image below shows the trade we took this morning. You can see a little red arrow on the 5 min. chart pointing up. Price action moved up soon after our entry, forming a nice wick near the bottom of that previous low of a couple of hours before. You can see how price rocketed up to the North Side through support one on two long five-minute candles. Price eventually pulled back after this 30 pip move all the way down to support level I. Price continued to make new highs for this morning, and is now up to 1.3300. Price should consolidate around this area before making another move to the pivot which was tested earlier this morning and could come into play for another put option potential set up. Something we will watch for sure.
Finding the Bottom is Fun When You are Correct
Be on the look out for some more great trades at Playing it safe and being patient is the best thing you can do. We are still beta testing the Forex Black Book Software. No new trades have come yet, but some have shown some awesome gains. It should be interesting how the next couple of weeks progress. We will keep you posted.

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