Trading forex binary options this morning on the EURGBP, GBPJPY and USDJPY. Most of the setups were coming in from either an ADX magenta peak or the market had completed a retracement and should now either test the high or low.
Trading Forex Binary Options this Morning
In this video, Gail Mercer, founder of TradersHelpDesk, shows the trades that she has using binary options on the EURGBP, GBPJPY, and the USDJPY. All the positions are to the short side but with different setups.
The EURGBP formed a magenta peak on the 60-minute and the 240-minute indicating a retracement to the downside. Although Gail had already met the profit targets on the 3am and 7am expirations, the final contract was on the 11am expiration and is still pending.
On the GBPJPY, price was at the 240-minute ATR with the 60-minute showing overbought status and trend divergence on the 15-minute chart. These conditions indicate a potential for price to test the low around 147.85.
The USDJPY forms a magenta peak on the 60-minute indicating a retracement back to the ATR and the 240-minute was very close to being overbought, indicating a further retracement on the 240-minute chart, as well.
Trading forex binary options, Gail has profit targets set at $20 on each of the binary option positions.