A quick trade on the USDJPY binary option this morning using the higher timeframes to identify where the next few bars would go by using the TradersHelpDesk indicators.
Quick Trade on USDJPY Binary Option
The USDJPY has been moving down. However, the 240 minute indicated oversold conditions and the 60 minute chart shows not only is the market oversold but also an ADX magenta peak forms. This indicates that the market should retrace up to the ATR (where the red dot is).
Going down in time to a 15-minute chart, my bias was to the upside because although price was making lower lows in price the TradersHelpDesk Stochastics was showing higher lows and price had tried to retest the previous low and failed. The Stochastics identified higher lows and so did price.
As I was looking for a USDJPY binary option, I noticed one for the 9am expiration for only $13.25 in risk with about 40 minutes until expiration. Price was trading about ten pips away so the question was:
Can the USDJPY move ten pips in 40 minutes?
At 8:20 in the morning? Of course it can. So I entered. I set a profit target at $85 and within 15 minutes the profit target was filled. The result was a profit of $358.75, based on trading five contracts and excluding exchange fees.
While these trades are not identified every moment of the day, when you can identify them, then you get a low risk high reward trade. The TradersHelpDesk scanner indicators helps you identify these USDJPY binary trades using either the Multicharts, NinjaTrader or TradeStation platforms. These techniques are also taught at the 2 day seminar which is coming up in May 2017.