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Trading Friday Binary Options

This is one of those weeks where trading against the trend has really paid off for We’d like to trade with the trend if possible, but sometimes you just need to take the trade you see and the price action that’s occurring in front you. For the past few days we noticed price action moving to the sell side. During this southerly move we noticed bounces do occur at solid support areas. In this case, we’ve been looking at the EURUSD all week and how price moved down to either support level two or support level three. The further it moved the better our reversal chances become.

Today’s trade at 24 Option was based on that similar price action coming off the pivot from the evening. Price then moved down through support one and came upon support level two. Price did not hesitate to long, and consolidated for about 5 minutes before pushing back up to the North Side. The entry of this trade was pretty early in the expiry. Overall it gave enough time to work and price eventually moved up. Trading binary options on a 15 min. expiry gives you that potential for a shorter term or even a longer-term trade. It was hard to consider whether to go on a long trade on the spot FX market because price has been down over the past week. At the same time you can also consider trades to the North side because price has been down so much. Always consider where you’ve been before where it might go in trading.

Price action is one of those things on the binary markets where decisions need to come pretty quickly. We were looking at solid trades all week and only taking entries that were ready for us to take. Anytime you have a support trade on reversal you can feel pretty good about assuming price isn’t moving heavily in that direction or if news isn’t horrible.

The image below shows how price moved down from around support level one all the way down to support level two. Notice how price consolidated for about 5 minutes on the chart. It formed a solid candlewick just below support level two. It then moved up pretty rapidly to the North Side to support level one. The price then extended through that another 40 pips almost reaching the pivot level. So in this case, price has decided to move to the North Side for the day or at least reach some middle ground at the pivot level. These are the types of trades you look for during the week and again if you can find them trade them with confidence.
Nice bounce off of support level two
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