Counter trend trade on EURJPY this morning when the 15 and 60 minute average true range stops align (ATRs). Again, as shown in yesterday’s video, the best potential trade setup is when your timeframes align. This morning, after a 240-minute ADX magenta peak appeared, both the 15 and 60 minute timeframes aligned to the downside on the EURJPY for a short entry.
ATRs Align for Counter Trend Trade on EURJPY
In this video, Gail Mercer, founder of TradersHelpDesk, shows you a counter-trend trade based on the 240 minute ADX magenta peak, which is pushing price down to the 132.20 area. Notice how the ATRs align on the 15-minute chart. Plus, the Directional Volume shows hidden divergence, as well as hidden divergence earlier on the Stochastics.
In this case, I opted to use the daily 11 am expiration binary options for the counter trend trade on EURJPY for a total risk of $26.25 per contract, after the Asian market opening. This is the preferred setup as hidden divergence formed on the highs indicating that price would move down.
I also set a profit target at $20 (when short always go lower than price on entry). Although the profit target has not been filled yet, it may be filled prior to the 11am expiration.
Profit Target on the counter trend trade on EURJPY was filled resulting in a profit of $53.75 per contract.
Forex Trade Setups for Binary Options
In this video, founder of TradersHelpDesk, Gail Mercer, shows the potential trade setups on the forex markets for using binary options. Although there were quite a few markets at the ATR, some of the trades would not be entered because a stronger pullback was anticipated when looking at the higher timeframes.
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