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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 resistance level to take our trade. Price moved up to resistance one forming a nice wick on the candle and a couple minutes later it retraced back up where we entered our trade. We definitely got a decent fill just above the resistance area and immediately saw price move in our favor. We did however get in this trade a bit early for the expiry to close out. Price then moved up past our entry point giving us a short amount of pain before dropping significantly a few minutes later. In the end, price moved nine pips in our direction given us a solid October winner on the binary options market.

The image below shows the trade form right at resistance one. See how the candle formed a nice little wick before pulling back and moving up to the north side again. This is where we entered our put option and you can see how price has dropped significantly since our original entry point. There’s been a lot of news lately and price is still trying to find a direction for Monday, October 1, 2012. These are the types of trades we seek and the next area of support would be the pivot level. If the price does get down to this point we may take another call option for today. Sometimes you just need to lock in your profits and move on with your day.
Resistance Trade Works out Well

We had a really good September considering the price action was fairly weak. We are looking forward to October being a more fluid trading month. We will also seek new trading ideas as well as brokers to trade with. We’ve had some really good success at our three main brokers. If you have any comments or questions about trading or brokers please let us know so we can help you out.
Risk Disclaimer

Comments

  1. London Steve says

    Hi Rich
    Firstly I would like to congratulate you on a terrific and educational blog with some great videos of actual trades. Over months of researching binary option trading, with the aim of getting involved, your site and vids come out on top.
    Whether consciously or not you manage to put across a great psychological lesson.
    I have now entered into the world of binary option trading using the 24 option platform which I find very user friendly. I have had mild success over the past 2 days which is good, but I feel I may be to aggressive for my own good which is something I need to sort.
    Couple of questions: when setting your first support and resistance lines how far do you go back or do you set them from the trading day before?
    Also do you set them using 5 min charts.
    Anyway keep up the good work and thanks.
    London Steve

    • Steve,

      Thanks for reaching out and offering the nice feedback. My goal is to make binary options easy to understand for people.

      Emotions will be the hardest part to overcome. You need to make rules for yourself and only take strong trades. You also don’t want to get down should you have trades work against you. Don’t be aggressive and trade better than good setups only.

      My S&R lines get plotted automatically on the charts using an indicator. Do you have MT4 charts?

      The same lines can be used on all time frames. It’s a next day Pivot.

      Thanks for stopping in. Keep asking questions which helps me stay active.

      • London Steve says

        Rich
        Yes I am using MT4 charts, I will need to study them a little more to find out how to set them suckers!
        Thanks fo the reply
        Steve

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