Here is our weekly analysis for the upcoming week starting from the 29th of Aug and also some of successful trades from last week especially from Janet Yellen latest speech on Friday that provided some great opportunities to gain profit from the market, this, without knowing the result or the outcome of her speech.
But first, let’s I’d like to make a short review of some basics rules for trading the binary options, it doesn’t matter if you’re new to the trading world or experience enough, it’s always good to review the basics rules and methods from time to time.
Rules and tools for successful Binary option trader
a. Define your deposit amount you are willing to risk, most of the successful traders have experience loses before they start you gain some money
b. Select your preferred broker, here we gathered some of the most recommended ones
c. Trade by a ‘Money management’ plan
d. Choose the right binary option strategy that fits to your character
e. Expand your knowledge about technical and fundamental analysis
f. Pay attention to market alerts
g. Control your emotions, remember that it’s better to wait for a good opportunity (setup) and to have few successful trades per month than just taking a risk with multiple trades that might interfere your judgment
If you following our strategies, we usually make it very simple to implement and manage, there is no need to complicate things, using our Bollinger bands strategy there is a good chance you gain some money out of Janet Yellen’s latest speech, the forecast of the outcome was not clear but this is not the issue, our strategy is based on taking advantage of volatile moves by using one touch or ladder option type you can gain from both directions
GBPUSD – 1 hour chart
Basically, when you notice for a breakout from Bollinger band 3.0 there is a good chance form retrieve, you just need to be quick enough to catch it, or better if you can set your trade in advance in case it will get to a certain price which is way above/below Bollinger band 3.0
Here is a review for some of our strategies – just peak the one you fill comfortable with
b. Big Ben strategy (GBPUSD)
As for next week, the market start to show signs of weakness so the chance we are going to experience a bear market is rising up
Start with EURUSD, there is a clear support line with ‘head and shoulder’ pattern that is aim to break, in case it will happen – it’s a bad sign for the market so keep an eye for this currency, in the meantime, the market is volatile so you can take advantage of short term trades where the first price target is around 1.1036.
Since the Brexit, it still holding the same price range, other than short term timelines such as 5 or 15 minutes, there is nothing to say about the currency, for now we stay neutral
JPYUSD – one of the most interesting currencies with great correlation to EURUSD, same as the EURUSD it provides us a clear trend line which is expect to experience a breakout from this trend line, so add this currency to your follow up list, for now the target price is around 103.53.
Oil – The chart shows very interesting pattern, the overall trend is a retrieve from a huge decline and the question is if the commodity can recover and reach to higher price range, for now, each time it meets the resistance line it retrieves back, in case the market continues with his weakness we might see another decline to a range of $42 for a barrel.
For this week, keep an eye for target prices I mentioned – the rest of the market will follow.