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Making New Highs on this Binary Trade

Today, here at BinaryOptionTrading.com we set a new milestone on our YouTube channel. It’s been a good ride so far trading with you guys in mind and allowing you to learn from my techniques on the binary markets. This 500 subscriber mark means more to me than you would think and I’ll continue to add value to this website and channel. Going forward I see a lot of new things developing and as a team we should be able to take on the binary options markets together.

Today’s trade was based on the price action of the North Side move on the euro dollar. Over the last couple days the EURUSD has been up significantly breaking through all kinds of new highs and developing new levels of support and resistance. We took our trade at 24option.com and it is only fitting to have this broker as our selection today. With our 85% payout riding the trend, it was feeling really good knowing that we took a call option versus a put option. We talk about this all the time. Riding a trend is better off in the binary markets then going against it unless it’s in specific locations. This is the case especially on big moving days.

The trade we took was on a pullback based on an extended move past resistance three. We were also looking at the whole number of 1.31 as a great area of support. We’ve talked about whole numbers in the past. Let’s not forget the news has been really strong for the euro versus the dollar. We mentioned in the video about the price action that occurred yesterday because of the News that came out on the US dollar. This news is not very good for the dollar per sake, which made the euro rise to new highs since April 2012.

The entry worked out really well rising about five or six pips in our favor closing out around three pips. Although it was not a huge winner, within minutes after our trade exited price has moved up over 50 pips. The strength on the euro is just too strong to be taking put options at this point. I hope you guys are sticking with the trend and not trying to force reversal trades. Although they look tempting in strong markets like this, it’s best is either sit on your hands or wait for solid pullbacks. Unless you are trading call options I highly recommend waiting for some consolidation that will occur next week. After big moving Fridays price will slowly pull back, but not make serious moves in the afternoon. Make sure you consider the time of day as well.

The image below shows what happened today as we took our trade to the North Side. As you can see price moved on the bottom side that channel continued to the North Side. Once you start watching price action you will learn where price should hold, fall, and rise. If you are right 75% of the time, you are making money.
Big entry on the EURUSD

This was the pivot trade from yesterday that was talked about in the video. This was the beginning of this 280 pip move. Always nice to be on the right side. Ride the strength when you can.
Great Pivot Trade

Risk Disclaimer

Comments

  1. Rich,

    I watch your videos every day….thanks for doing them. I took the same trade as you today but perhaps messed up my timing a bit and lost. I’m new to binary opyions and am trying not to get frustrated. I had success at the begining but can’t seem to get it back.

    Anyway, thanks for sharing, and i’ll be subscriber 505…..

    G.

    • Glad you are on the team. Stay positive and look for the solid setups. Try not to guess. Once you get into that mode, it’s all down hill. Keep watching the videos and posting.

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