The USD Swiss was trading between resistance one and support level one all night. It was using the pivot level as a center point, where price was fluctuating throughout the morning. As price formed some nice wicks at support level one, we then noticed the wick starting to form right before our entry. Price pulled an extended move through support level one, giving us our call option for the day. Price moved 1 to 2 pips against us in the first couple of minutes, but eventually shot up giving us a nice 10 pip winner on the binary markets. Any time you can get a big jumper candle after entry feels really good especially on a Friday. We will continue looking at USD Swiss as we go forward. Should the euro dollar not show us solid trade setups, we will consider the USDSwiss as a good potential trade option.

The image below shows price action coming off the mid-area of the channel from pivot. Notice how price action hit the support level one and bounced up 30 minutes before we entered our trade. You can see the green arrow pointing to the north side, which shows our entry. Price action jumped almost immediately after our 10 minute expiry started and by the end of the trade, consolidated 10 pips above our strike price. Price did reach new highs soon after our trade was over, but eventually dropped all the way back down to our entry level. Since the close of this trade price action has actually made new lows near support level two, giving traders a nice set up at this level as well. A nice 5 minute wick has formed and is now bouncing back up to support level one. It’s this type of price action that allows you to take the best trades possible. Sometimes it’s better to walk away from the markets when price is not moving very much. In this case, we are able to find some nice setups this morning while moving into the weekend with a nice winner.



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    August 2013
    July 2013