Start Trading Binaries with the FREE Binary Options Robot - CLICK HERE

Monday Trading on the Binary Options Market

The markets got off to a slow start this morning, making it difficult to find good trade setups on the binary options trading platforms. We started looking at trades before the US markets opened up. Price action was slowly dropping from the highs of the evening last night. Nothing showed signs of a good place for call options before or after the US open. Trading was fairly flat and the range has been really tight on the EURUSD. Price was coming off the pivot level and hitting support level one and two. It wasn’t until price extended through the second support level to our purple line of 1.3242. This is where we decided to take our call option. We got lucky to get a nice small winner today at GT. What will happen later is too difficult to say, but be sure to trade only the best setups. Wait for the price action to show you a good trade.

Price had stair stepped downward to support level two. Once we saw a nice 5 minute wick candle we started looking for an entry at GToptions. Price went against us at first before pushing back up in our favor. Price had a one minute candle that pushed downward against us. On the last candle of the trade, we saw it finish in our favor, giving us a 7/10 pip winner. This type of trade is one you put in the bank and walk away. It wasn’t so much about being pretty on this one. This was more of a daily grinder, but in the end it was green. Sometimes trading can be difficult and this is one of those days where you need to be careful and only take good setups.

As shown in the image below, you can see the price action fall off from resistance one. Price made some stops at both the pivot level and the support lines. This didn’t mean that these were good trading areas because price action has been fairly soft all night. Price did come down to the purple line of 1.3242. This was an area where we took the trade in the past and is a good holding ground for both support and resistance. You can see our green arrow where we entered our trade. It’s near the bottom of a red candle and the next green candle closed up just in the nick of time. After the close of our trade, price did go a little bit further south, but has moved back up to support level one later in the morning. It should be interesting to see if price action can get back to the pivot level. Either way, you need to be careful with your trading and try to find the best ones possible. When the range is as tight as we see right now it’s sometimes best to walk away and wait for price to show you better looks. If price gets back to the pivot level you can consider put options, but only take it if the timing is right. With the soft US market happening right now it doesn’t look like we have to much volume on the currency pairs.
Taking Trades at the Low
We are still working with our associates that may provide signal services to you guys. This is something we’ve been looking at for the past few weeks. We haven’t had the luck we wanted and we will only use a signal service if we feel it is going to work. As soon as we have more information about this, we will share that with you. We will continue trading at GToptions and a few other brokers going forward. Be on the lookout for new ones to come, as the market conditions change on a daily basis. If you have any questions or comments you can always leave them below and we will get back to you as soon as possible.

Risk Disclaimer

Comments

  1. Hi Rich,

    I’ve been following your video series for quite sometime now and have never seen a loss. I like the PA method that you use, as it’s so simple on the chart. Could you share with me what your win ratio is?

    Thanks,
    Robb

    • I win more than I lose of course, but I don’t carry a win loss ratio. I try to keep my risk down, but I definitely lose too.

Speak Your Mind

*