Drawing support and resistance in binary options trading
Many binary traders are looking to profit with 5-minute binary options and want to build a profitable strategy. In my opinion, the combination of fundamentals and price action is the best way to approach short-term trading. It is also important traders lower their expectations. To best perform the strategy, you need the MT4 platform and a binary broker that offers you fixed 5-minute expiries.
Trading the daily breakouts is a widely used concept in forex trading, and of course, many are trying to implement it into binary trading as well. By drawing key support and resistance levels on the chart, you look for breakouts to open a short or long position. If you are trading daily binary options, it might work the same way but not if you trade short term. For trading 5-minute or minute binary drawing support and resistance in binary options trading, you need to approach the charts differently to identify the most recent highs and lows.
Therefore, we need the custom indicator Support and Resistance Barry in combination with the Value Chart. Placing 5-minute trades is probably one of the most popular trading styles, together with second trading. To set up their strategy, most traders uses the Meta Trader 4 platform as it offers 5-minute timeframes and allows for custom indicators.
The best time to perform drawing support and resistance in binary options trading strategy is during strong trends as we want to trade with the trend and not the countertrend. Using 21 EMA helps you visualise the current trend and place your trades accordingly.
It is also important to check the economic calendar to spot major events that can move the price in one direction on another. Thus, you can spot a strong move before the close of a 5-minute candle on the MT4. You can place your trade at the close of a candle drawing support and resistance in binary options trading 1 minute before the close.
To trade a Call signal, we look for up trends and breaks in the resistance. In our example, you see a strong bullish candle breaking the resistance, and at the close of that candle, you can place a 5-min Call trade. We get a Put signal when the price is moving in a downtrend and breaks the most recent support level. You can enter your Put trade at the opening of the new 5-minute candle. You have to approach trading with lower expectations and follow real action on the charts to build knowledge.
Expecting high profits every 5 minutes is not going to lead you anywhere. It is also important to follow the price action closely and identify the breaking candles. In most cases, it should be a strong candle without wicks, but drawing support and resistance in binary options trading an overextended one.
If you see breaking in SR levels with long wicked candles, it is probably a fake signal. It is important to read the price action and not follow indicator signals blindly. You can also leave your comments below. To try 5-minute strategy you can download free indicators and template. To support our work you can register an account at Ayrex. Skip to main content.
Strong trends The best time to perform the strategy is during strong trends as we want to trade with the trend and not the countertrend. Call Signal - Resistance break To trade a Call signal, we look for up trends and breaks in the resistance. Put Signal - Support break We get a Put signal when the price is moving in a downtrend and breaks the most recent support level.
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