Good day traders, I hope your day was well! I have some trades I made yesterday I want to go over. I didn’t have a good day yesterday trading, but it wasn’t horrible, I had a few losses but that’s expected in trading. The normal pairs I trade were a bit stagnant in a sense; there just wasn’t much volume.
My first trade of the evening, was OTM. It seems like when I first enter the market, I’m more likely to lose my first trade than any other, or so it seems that way. My analysis was price would continue to go down a little more before turning back up. Price was in a small range as you can see on the chart, and I was waiting for a breakout of the range to the downside. Price did breakout down, and that’s where I entered, but shortly after price moved back up. I should note here price was at a whole number (1.50000) level and I should have waited to see what price would do at this key level.
My Second trade I believed price was beginning to pullback like it had done previously hours ago. So I was beginning to look for call trades. Once the candle turned green, value chart was ideal, price was returning to the 20EMA, and the 1.50000 level was rejected, I entered a call, but my problem was I entered too late, and price entered another small range. I don’t know if I would even call it a range, because it literally didn’t move hardly at all on the 1 min chart. This trade was OTM because price ranged for about 20 minutes before going up. My analysis was correct, just my timing was bad.
My third trade was in the same direction as before, with basically the same analysis except now price went through the 20 EMA, so I waited to enter once it closed above the EMA. Price did the same thing as last time, it stalled and ranged for another 20 minutes, and of course my 5min trade was OTM.
My fourth trade I waited until price broke out above the range. I entered another call shortly after my last trade because I “knew” it would continue up, and I was determined to catch this next jump. I believe the price was trying to rally back towards the 180 day EMA as it did before in the overall downtrend. Price broke out above the most recent range, the value chart was making higher high’s and higher lows, and price “bounced” off the 20 EMA. The candles also remained green also giving me a buy signal. This trade was ITM and I still ended up with a small profit.
The thing about binary options is your timing has to be right, especially with the smaller expiries. Your analysis may be 100% correct but if your timing is off, it wont matter. Longer expiries are a little more forgiving, but you risk price moving against you longer term if your analysis is for short term only.