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4/5 ITM (+90$) trading with RSI and PA
Good Day everyone,
Today I am going to share with you my results and some of my setups. It was a quite profitable day (about +90$ Net Profit) and a 4/5 ITM performance. Not much money because of some silly mistakes but profit is profit. Look at my results.
In these trades I used RSI with some changes from my last articles, RSI trendlines and Price Action. The -37 Euro Loss came without reason, I took a trade without evidence and clues, just from my greedy, and of course was OTM. Let’s go to the first screen shot. It’s from the EURUSD currency pair and I traded in London session.
First of all I want to say that I made some small changes to my RSI, the period is now 3 instead of 8(in close) , the overbought zone is 92 instead of 70 and last the oversold zone is 8 instead of 30. My first trade was a put, a little bit risky because was against the mini- up trend. The highest red line in my chart was a strong resistance from the previous day that the price didn’t break. Moreover, our 3 period RSI was overbought and break the trend line I drew (higher- lows, mini-uptrend).The trade was ITM. The third indicator which I have in my chart is a 64 period CCI which helps me to identify the momentum. Above zero bullish (blue color) and below zero bearish (brown color). Notice that now I have a 5min chart ,not a 1min chart.
In my second trade I took a call in the call arrow. The red line is a recent support. Loot at the price behavior. After the reversal in which I took my first trade the price is moving down. Finally hit the 61.8 fib level and you can easily see that we have a very strong rejection here and the candle finally close in the 38.2 fib level. Furthermore the 3 period RSI is now oversold and breaks the trend line I drew (lower-highs, mini- down trend). Notice that our CCI ,when I take the call, is still bullish.
This is another ITM setup from USDJPY currency pair same to the previous. The 3 period RSI is oversold, RSI’s trend line is broken and we have also a support. You can use RSI with solid results but never ignore the price action and be careful to not trade against the general trend because the oversold/overbought conditions many times don’t work perfectly if you trade against a strong trend. Sometimes the RSI goes sideways in OB/OS areas. For finding the best entry you could use an oscillator like stochastic or you could analyze a smaller TF like the 1min chart.
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My 60 Seconds Binary Options Trading Style
Good Day Traders,
I’m Kostasze and my first article is about my trading style and some comments in my trades. First of all, I want to say that I am a short- term binary options trader, 1 min and 5 min expiry are both short-term trading.Personally, I prefer trading 1 min expiry with 1min chart.I sometimes use 5min chart to filter some of my entries.
Some benefits of 60secs trading:
- quick profit
- More trading opportunities
- More volatility when the market is slow
- Solid Price Action setups, at least for me
- Easy to miss an entry
- Losses can mount up quickly
- Can be addicitive due to risk of ‘gambling’ (Avoided with a strategy and discipline)
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Now, let’s go to the technical analysis. I believe that the most solid and the “holly grail”that many people are looking for(but they never understand it) is Price Action. I don’t mean candlesticks patterns, I am talking about how the price acts in some specific levels. These levels might been Support/Resistance,Daily Pivots as S/R, Fibos and extensions as S/R, Harmonic Patterns, Head & Shoulders, Double Top/Bottom Patterns, change of polarity(a support becomes a resistance and the opposite). This is what I call “PURE PRICE ACTION” and it’s something that you give you the opportunity to trade with or against the trend and stay profitable.
About the indicators, I have one simple thing to say. There isn’t a magic indicator, there isn’t a magic system which will make you rich. So, the best choice is to stop looking for them and learn basic price action. Personally, the indicators I use are EMA’s (for identifying the trend), CCI, RSI(for identifying overbought/oversold of the asset), whole number’s indicator(as confirmation of S/R), Daily Pivots and Daily Fibos indies. All of them are simple indicators to confirm PA and you can find them free.
Some Screenshots of my today trades using Price Action for trading a reversal
4/5 ITM
performance: 80%
Look at the beginning of the rectangle. The price after a big movement upwards hit the whole number 1.51100(the cyan line) and then make a big movement down. The whole number is now our resistance. Price make a come back and come again near the whole number. When price touch our resistance I took the trade(the put arrow). It was ITM. The doji star here is our confirmation. You can easily see from the EMA’s (8 EMA is above 4 EMA) that we are in a down trend. So, in this case we are trading with the trend.
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