171 in binary trading strategy for forex
Conservative Long-term Strategy This strategy is for those who are new to this game and want to build up their capital slow and steady. They key here is to be patient until all 3 factors line up. The entry rule is: And your target is trades per day. If you lose, start with the last set of bids: The rules for entry are the same as with the conservative strategy: And remember, You have to stick with the entry rules. Aggressive Strategy Look at the chart below, how many price cycles do you see?
Look at the chart below: Now it gets complicated and wonderful: The Fibonacci is drawn between points 1 and 2 in light blue and marked on value charts the last high and low, 1 and 2 respectively. Now we have the levels and wait for the retracement which can be a wick, or a full candle. Above the retracement area is the white box marked by 3, and the green candle underneath touches that box. The setup is ready when the retracement candle is followed by a red candle in the direction of the trend.
This is marked by the light blue rectangle. So this is our first breakout candle of this specific sequence. This is marked by 3 PUT on the chart above. We enter PUT 10 seconds before the close of this candle because it will be followed by a bearish candle, or bearish candles which will reach level Fibonacci level The currency pair found resistance at As you can see on the chart, the 21 EMA clearly shows the price was moving south.
After a small pullback 3 bullish candles , the pair found new resistance, after which the price continued south. The fourth white candle broke the support, and I entered my Put trade at the opening of the fifth bearish candle.
The candle opened at After losing pips, the price started to consolidate, and I was looking to enter a Call trade. The fourth candle bullish candle with no wicks closed above the most recent resistance, and I placed a 5-minute Call trade. The Euro was boosted after the positive macroeconomic news; the pair reached new high of 1. I waited for some time to take this trade, but in the end, it paid off. After three indecisive candles that just closed above the recent resistance, I decided to go with a 5-minute Call trade.
The price was moving in a channel with lower highs and an overextended bullish candle brokered the channel. I didn't place a Call binary option on the next candle, but it would have been an ITM trade as well. By following my strategy, I waited for a breakout in the opposite direction, which happened on the second bearish candle after the newly created resistance. You can clearly see on the chart the reversal in direction and the small channel with lower highs. The price clearly continues south, and I was looking to place a Put trade.
The big bearish candle smashed out of the channel, one minute before the close, I entered my trade. I didn't wait for the full close because I was expecting an undeceive candle doji to follow. As you can see, it came out a hammer. Entering at the opening of the new candle would have been an ITM trade as well, a very lucky one, just one pip lower. To be relevant to all different trading platforms, we are constantly working on new set ups and adding some custom indicators on the charts. Binary Strategies Forex Strategies.
To make profit, we need to trade smart. First, you need to learn to identify trends and then wait for a confirmation candle that will eventually tell you the price is in strong momentum and the trend will continue. You have to approach trading with lower expectations and follow real action on the charts to build knowledge.
The ADX-based trading strategy is a simple intraday system, it is ideally used by day traders. The Bollinger bands and RSI strategy can be used as a simple way to enter a trade right before volatility expands.
The simplicity of this trading strategy is that it can be used on time frames of H1 and H4. This makes the strategy easy to follow up, especially for day traders.
The trading strategy outlined offers a good system to trade. To be a successful forex trader, you need to be patient and wait for the right moment to enter a trade.
Trading the breakouts is a very simple pattern, and traders can use it to profit on the forex markets.