Eur rate binary options returned
Like last Monday, I decided to trade some second options. For second options posts, I do my commentary a bit differently than usual.
Due to eur rate binary options returned higher than normal volume of trades, I label each trade by number in the screenshot and describe them individually below it. When I began trading around 2: When price hit the support 1 line I decided to wait and avoid the call option set-up given the When a market is near an important Fibonacci level, it almost always tests it.
This is especially important during normal market hours i. When the market touched the Price went through a bit before the Fib level expectedly acted as a level of support and sixty seconds from my entry I had a winner. I took a put option this time looking at the 1. Three wicks had formed at the level and the trend, although pretty much a non-factor thus far, seemed to have a predilection to the downside at this point. So I entered a put option and this trade went in my favor almost the entire time, although it crept back up to an at-the-money trade by expiration i.
This trade followed the same resistance level as trade 2. After a brief dip, price came back up to 1. This trade worked very similarly to the last one, going in favor most of the time before a climb back up just before expiration.
But fortunately, this trade finished in-the-money by a tenth of a pip. This trade, quite simply, was a call option using the But the sellers clearly won out at this level and a morning downtrend was confirmed.
Although this trade lost, at least the breach of the This certainly helped in making further trading decisions, where I had a clear bias for put options going forward. Since the trend was down, I eur rate binary options returned to remain partial toward put options.
However, in a downtrend and price only retracing slightly above these areas, I preferred to bypass these call option set-ups. This trade used the 1. Within a downtrend, retracements back up to resistance levels become higher probability trades. I could have taken the first touch of the level on the 3: But I was still able to get into the put option on the 3: This call option on the 4: Also note that the whole number of 1. But when it comes to daily pivot points, the market has a strong tendency to show some reactivity to these since so many buy and sell orders revolve around eur rate binary options returned points.
This trade ended up a winner. I at least expected there to be another touch of support 2 and perhaps even a move below it if the downtrend was going to sustain itself. But the fact that the market stopped short of support 2 suggested to me that a move back up was likely.
This was especially true given that an extremely weak retracement had just occurred right before the re-touch of 1. So no put options were taken at 1. My price feed temporarily froze on that occurrence eur rate binary options returned. I took the put option on a touch of the resistance level that had been formed around the 1. This trade lost by a tenth of a eur rate binary options returned.
Those type of losses might seem like morale killers, but on second trades outcomes of less than a pip are rather normal. First of all, the support level was formed after a three-pip down move from support at 1. Even so, when that support level eur rate binary options returned back into play on the 5: So that trade never materialized. This trade was simply another call option at the touch of support 2 1.
The fact that this trade failed immediately does not surprise me as the trend was down and support eur rate binary options returned had already seen a touch earlier in the day.
I actually wrote down on paper the flaws in this type of set-up so I can possibly avoid it should similar market scenarios arise in the future. For beginning traders, I would always recommend trading in the direction of the ongoing trend as much as possible. Finding high-probability reversals or counter-trend opportunities can be difficult. Even many professional traders choose to never go against the trend on principle.
This was a simple trend-following trade using the 1. This trade finished in-the-money. I took a put option here on the touch of support 2 1. Eur rate binary options returned was my favorite set-up of the day as it went with the prevailing downtrend and was based on a strong level of resistance given it was a pivot level and had seen previous price history earlier in the day.
These are my favorite type of trade set-ups in general. Overall, this was still a profitable day. Where Do I trade?