I took two ITM trades today and I am going to share my setups and my trades with you. I traded Nasdaq 100 contracts with 60 seconds expiry.Look at my trades.
As the rest of my 60 seconds trades I spent more time to watch and analyze the market about 10-15 minutes and less time to trade. About 5 minutes. This routine seems to work so far for me. I usually trade Forex with binary options but today the time I traded forex pairs were not available for 60 seconds so I traded the Nasdaq.So, it’s time for the screen shot of the day to show you my setups. It was naked trading without indicators I use other times like Ichimoku Kinko Hyo, VSA for volume, RSI etc. I used only price action. Let’s go.
For these trades I used free stock charts software for the “technical analysis” part because my Metatrader software doesn’t have indices, shares and commodities and it has only Forex.
So, let’s see the general picture of the market this hour.Notice our high in this chart, I mean the green candle with the big wick which hit a little bit above the 3000 level and in this spot we have a big rejection. I use the 1min chart for these trades. After the reversal (the big red bar) the price is trying to come back and it makes it but then we have again a rejection and after that the price is moving down. The white horizontal line is first our support and then it acts as aresistance to the red pin bar. This is the “change of polarity strategy” as I descibed it in my previous article.Notice that before the price moved down we had a lower high in the pin bar.The price tried to go up but we had a rejection. A signal that the price will move down. I was waiting for the price to come back to the white horizontal line to take put options and finally it hapenned. I took my trades in the rectangle.You can see two put arrows.
The price comes back to the resistance level, almost hit it and we have a small rejection, I mean the small pin bar candle before I take my trade.Solid ITM.
The reversal bar is strong as you can see in the chart and it actually engulfs the previous green bar. This is an engulfing candlestick pattern so I took another ITM put.