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Plenty of Breakout Trades Today

We waited for a solid trade this morning. The markets were jumping and it wasn’t looking good for reversals. Yes, there were some moments, but not enough to put the odds in your favor. It wasn’t until price was stretching to the highs of the day before we decided to take a breakout trade. Price action was pushing to the 1.3800 in a big way. We were watching a few five minute candles start to consolidate near resistance three. Price was not above this point at entry. We then saw price break the level and got in with a call option at Traderush.

Price had risen from the whole number of 1.3700 yesterday and continued its stair stepping movement all the way above pivot. Price then made its next move to resistance one, followed by resistance two and then eventually hitting resistance three. Price action made nice moves at the 1.3742 number, which is also the resistance one level. This was definitely a trading area last night and today. We eventually looked for our trade after the pullback already happened. Price got to resistance three and we waited for entry on the breakout trade. Eventually price did move up 10 pips in our direction and we had a nice solid winner for this Tuesday.

In the chart below you can see how price action was climbing up from the 1.3700 level all the way to the pivot. Price eventually got to resistance three where the green arrow shows our entry for today’s call option. This green arrow took us all the way up without any pain giving us a solid winner. Price has since pulled back below are entry, but look for the 1.3800 to come into play at some point. Price action was showing some nice moves at the 1.3742 level on both calls and puts from last night and today. The first attempts of the highs of the day didn’t actually reach resistance three, but once it broke above it later on this morning, it climbed nearly 25 pips. We will continue to look for resistance trades as well as the 1.3800 level going forward. The most obvious trade coming up is the 1.3742 or 1.3842. We’ll watch these numbers the rest of the week.
Watched this breakout trade take off
We’ve been talking about taking trades with the trend and today was one of those days where you had to be with the trend to have a good chance of winning. If you were going against the trend, yes you might’ve had some winners, but if you picked poor timing then you would’ve suffered some serious losses. Continue to trade with the trend until it is broken severely and you’ll be much better off. Look for your whole numbers and resistance levels, not to mention the 42 levels. Binary options trading is not easy to do when the markets are stagnant, but if you can see price develop nice trends, your entries will be a lot easier to find. Continue to follow the momentum until good areas of support and resistance are found.

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