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We talk about price action throughout this site. Watching the pattern of the candlesticks is what gets us excited everyday. This is an art, when it comes to binary options trading and will take a lot of time for most people to really get a good understanding. Instead of using trading indicators such as the MACD and RSI, we watch how price forms certain levels. These levels are what we look for when trading. We’re going to go over some of the major items we look at on our charts everyday. Without applying indicators you can still see lines drawn on the charts.
Each line represents some kind of price action. The four major factors we will discuss are Trends, Support and Resistance, whole numbers and old trading levels. Each of these represent price action in some form or fashion no matter what you’re trading. We will look at each, in a binary options point of view. Probably one of the most obvious price indicators is knowing what the trend of the price is. If we’re looking at the EURUSD, and price is climbing, we know an uptrend is happening.
If price is dropping off from a certain level we know a down trend is forming. Picking the right side of the trend is where the money is made. Are you looking at the daily trend? What is happening during the intraday price action? Each of these will help you determine what the trend really means. Assuming there is a trend, what is the best time to trade it. Going against the momentum could lead to tougher trades.
Although reversals carry solid moves, you need to make sure you have a couple of things backing you up. You can learn more about trend trading here. This is another major factor when it comes to finding good trade setups. You can use them in any market and at any time.
Using the support and resistance level along with the trend will also increase your trading odds. R, you will become a stronger trader. This price action strategy had been one of our favorites while binary trading for some time now. We used to use in in the Forex market, so as long as it worked there, it should work in the binary options market as well. The whole number has a gravitational pull working for it. It works as heavy support and resistance. If you combine trading whole numbers with the trend things get even better.