Archives for October 2012

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Happy Halloween Binary Traders

Trading on Halloween should just be like any other trading day. However, today was a bit different than most other trading days. Returning from a hurricane, Wall Street is opening up the markets after two days of closure. Price action the past couple of days has been really soft and the range has been really tight on the EURUSD. This led to hard-to-find trade areas and a lot of patience. We did notice how price action on the charts was choppy in the sense of not being completely plotted like it usually does. Hardware Datacenters across the nation have been hit by this giving poor price feeds to some charting systems. Anytime something like this happens it is best to [Read more…]

Storm Trading on the Binary Markets

With a huge storm on the horizon it wasn’t necessarily a good day to take a binary trade. We focus on solid setups and good market conditions, but today the markets are partially closed. This doesn’t happen often, but when it does you need to keep things in perspective. There is no need to force trades when things aren’t in your favor. That being said, we were able to find a nice enough setup to trade. If we didn’t have a couple of things working for us we may not have had a trade of the day. We may not trade tomorrow, but we will keep the charts open. This will be based on the weather.

The one thing we did notice on the charts was the whole number of 1.2900. This area became a nice level of support and resistance. An extended move past support level one reaching this whole number was a major factor for our trade. This whole number also carried the support level giving us two catalysts to take the trade of the day. We talk about Having a couple things working for you before making a trade [Read more…]

Trading Put Options Based on Weakness

Another day on the binary options market and another trade in the bank. Today we took our trade at bank de binary focusing on a put option and sensing the weakness of the overall EURUSD. We had just missed a trade earlier in the day which set up real nice at resistance level. We did however brush that off and found another trade that worked out a real nice.

Price had been down over the course of the night on the EURUSD. The overall market conditions have been pretty weak in the US economy, but this didn’t stop the euro from making several different [Read more…]

Getting on Track

Price action has been forming some nice movements both to the downside and upside. Prices also developed a nice support/resistance area and the lines are holding pretty well today. On a day where you can trade the support lines with confidence makes it a lot easier to pull the trigger. In the video I mentioned it’s nice to have 10 or 15 pip winners, but it’s the [Read more…]

Break Even Trades are Fine By Me

Price continues to be a bit choppy on the currency markets. Forcing trades is a bad thing. When you open your trade station, whether it’s in the morning or at night, your expectations should be to only trade what you see. Sometimes trades don’t develop the way you want them to and then you may tend to force your entries. Today I didn’t follow my rules and might have forced a trade that probably could’ve been avoided.

Although it worked out to be a break even trade, it wasn’t necessarily a good set up. Had I waited another 15 minutes I could’ve gotten in on a trade at an old resistance level that became support. This trade will be talked about later in this post.

I did get to my trade station a bit late today and finding a good set up took some time. I took my trade while waiting for price to move up to a resistance level or down to a support level. In the end, I got caught in the [Read more…]

Finding Good Setups Can Be Tough

This week we’ve been talking about trading in tough markets and how sometimes it’s best just to stay away. Today was another trade that had price action around it, but not enough to feel really confident with the trade. I was watching price action since about 8:30 this morning and nothing was really setting up on the EURUSD at Our charts were showing some areas of support and resistance, but nothing stood out where I felt comfortable risking money in the market. This is something that happens quite often as a trader no matter what instrument you are trading. You could be trading stocks and watch the markets just be flat and try to risk your money. In binary options you need price movement to make [Read more…]

Trading Smart

It’s funny how some weeks you trade with the trend and others you trade against the trend. Once we found out that price was moving heavily to one side we decided it was best to stick with that direction. When you can get into a trade knowing that you have that behind you, it definitely makes you more confident in the trade you are taking. There were several setups that worked out pretty well for reversals against the trend, but it’s okay not to take those particular trades based on the price action we’ve seen today. Better to be safe then sorry.

We noticed how price was forming a channel all the way up to resistance three. Three different areas of support within this channel [Read more…]

Trading a Support Line Ahead of the Curve

Getting started on Monday can be slow sometimes, but when you start your week with a winner it changes everything. Today we wanted to get started with a bang. After finishing up the binary options chart set up video and webpage we felt that it would be fitting to trade a setup using these lines. The trade was based on a downward move to support level one from the pivot area. We noticed how price had faded yesterday and then moved up through the night giving us a seesaw style of movement and led us to either a call or put option today.

Price moved [Read more…]

Trading Price Action Takes Patience

I’ve talked about being patient over and over again and this is another day where it paid off. So many times traders want to be in a trade just to take a trade. They think too much about taking a trade versus the money that could be lost and becoming successful as a binary options trader. Without patience over trading becomes a habit and this is where accounts go to zero quickly. I keep emphasizing when you take your binary trades that you focus on good price action trades with things working in your [Read more…]

Trading the Whole Number

After having a day off yesterday we started looking at trades this morning on the EURUSD. We were sticking with trades that made complete sense versus forcing anything that could get us into trouble. The price action had come off pivot level all away down passed level two. There were several retracement trades for put options along the way. Good trading is finding entries that make sense and have catalysts working for you.

We took our trade against the trend today. Price had moved down to a level of support that occurred several hours prior to our entry. We also noticed we were nearing a whole number of 1.2900. We do like to trade whole numbers when [Read more…]

Two Great Setups on the Binary Charts

We talk about being patient all the time in the binary options market. Today was no different. It wasn’t until 10:20 that we took our trade. We did see a trade prior to this, but we were just a tad late to get in. Whenever you are late to an entry it is best to sit on the sidelines and not force the entry. It could come back and hurt you if you rush into a trade that is already left the building. What I mean by this is, knowing the trade will work but getting a bad fill could cause you a losing position in the end. It’s best to be ahead of the game knowing what’s about to happen and then pounding on that particular trade. Use your alerts and signals to get better fills.

Today’s trade was taken after a nice setup was missed. Just prior to our entry we noticed how price hit the support level one and moved up significantly to the North Side. Had we gotten in on the support level trade we probably would have been a little bit more resilient on taking the pivot trade which we did end up taking. [Read more…]

Opening Binary Options Trade for October

We opened up October with a nice winning trade at 24option. After a month of inconsistent price action, October has opened up a whole new look from the month prior. We noticed on the charts how the price had come up all the way from its lows of support level two today. This was a 100 pip move from those lows. Anytime you have this kind of significant move from the middle the night to the next day, it usually means price action is trying to find its way. We didn’t rule out a call option or a put option based on this move.

We waited for about an hour for the price to move up to the next [Read more…]