First, i’d like to thank you all for the great and interesting replies i’m receiving from you all,
no matter if you a beginner or a pro, it is important to prepare yourself for the next trading week.
This time, let’s go through my previous analysis from last week and see what happened since:
Gold, i presented a support line the gold has reach, the support line shows the direction of the gold is up, unless there will be a breakout from this line here is the chart from last week:
Gold Oct. 16 Daily
and here is the gold today:
Gold Oct. 23 daily
Gold keeps the uptrend and remain above the support line, again, until it will not breakout the line the trend is up.
EURUSD – since the currency has broke out a triangle template, it continues its downtrend journey, last week i mentioned there is another line the EURUSD needs to break in order to keep the same trend,
EURUSD Oct 16 daily
As for this week the EURUSD acts as expected there was a small struggle near the support line and from there it slide to a more lower price.
EURUSD Oct. 22
Exactly the same picture we see for USDCHF (it’s an opposite mirror chart due to the switch of the USD symbol.
Another intresting currency i covered last week was the USDTRY, this time, there were no support or resistance lines just a significant diversion between the graph and MACD indicator, i also presented a step-by-step of the diversion straegy which i really like, if you missed last week analysis, please find it here.
So, I assumed that the USDTRY will soon switch to a downward trend, as shown n last week chart
USDTRY Oct. 16 weekly
Here what happened to the Turkish lira in the past week:
As for next week, The markets are going to act strangely, my estimation is that there will not be significant changes until the election day on November 8th, of course it depends on other events which can’t be predictable but as from now, there is no reason for the market to make significant moves.
For you, as a binary option trader, it will be better to concentrate in more short term time frames, just choose a strategy you feel comfortable with, you may find some short term strategies i presented here such as the 60 second strategy, here is a short reminder of step-by-step instructions:
Once you see at least two touch points at the same low price and two touch at the same high price you should act as follow using binary option touch (one touch) type:
- If the currency price reaches the support line, it’s a call option
- If the currency price reaches the resistance line, it’s a put option
- When the price breaks up from one of the lines you should quit
Here you can find more info about 60 seconds strategy.
Another big event the market is waiting for is the rate decision on November 2nd and the next one on December 14th, because of these major events the following two weeks will be unusual for a trader, personaly, in this period of times i prefer to take a step back or minimize activity, it’s a good time to gain and learn new knowledge, look for some interesting binary option strategies and maybe keep the trading for trading robots who can handle fast changes, one of them i already recommended on is binary options robots.com.
So good luck this week, remember to minimize risks until the major events will clear the way.