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Binary Trading Today

We had a nice start to the day with a pop into resistance. The EURUSD has been getting hammered over the past few weeks and we started watching the price rise up into a resistance level of 1.2828. This price has held four different times over the course of the morning, setting up nice trades for put options in short trades on the Forex market. As price was climbing up around 9:10 this morning we decided to take a put option at and we immediately saw price move in our favor. Due to the weakness on the Euro, put options were the only play we were looking for today. Although there were some nice setups for call options at the pivot level, price is just too weak for us to look for long trades right now.

As price was climbing to the 1.2828 number, we set our put option to go into play at stock pair. We watched price move up on the 5 minute chart and took our entry to the south side. Using the Stockpair platform requires 10 full minutes of being in the trade. Fortunately in this case price never went against us. We did see price move about seven pips in our favor within this timeframe, but by the time it the price closed out, we had a nice five PIP winner. This was one the better trades we’ve had in the past couple of weeks and we will consider this set up in the future should price move away. We talk about support and resistance areas based on previous trades and today was one of them.

In the image below you can see a few things on the EURUSD. Notice how price climbed up to the purple line of 1.2828 several different times. Each time price fell off giving nice winners on the binary options market. You can also see how price came down to pivot level and the way it held its ground. Although these are nice setups, we weren’t really comfortable looking at them as call option trades. In our trade, you can see the green arrow pointing to the South side. Notice how that five-minute candle moved strongly in our direction. Price action closed on the next candle giving us a nice winner. It’s interesting to see how price has moved up above the 1.2828 level since the close of our trade and might show signs of a bottom on the euro USD. Watch your levels for sure.

No Pain on this trade Monday we saw price action hit the lows since March. Although it did not actually cross the lowest price, it did get down to a level we haven’t seen in months. Two things can happen in this case. One, price can continue to the South side making new lows or it can move up to the North Side and not look back. Look for some areas of consolidation over the next week or so, as price decides which way to go. Remember, price action will dictate your trading, so make sure you look for the best trade setups possible.

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