Trading pullback on USDJPY higher timeframe chart results in profits using binary options for a move on the 15-minute chart.
Trading Pullback on USDJPY Higher Timeframe
In this video, Gail Mercer, founder of TradersHelpDesk, shows you how she trades a pullback on the 240 minute chart using the 15 minute chart for entry. Plus, using either the Multicharts Scanner or the NinjaTrader Analyzer, these trades are easily identifiable because these tools help you identify the best markets to focus on.
Using the Multicharts scanner, the USDJPY 240-minute chart was oversold. This indicates a retracement is likely and is confirmed with a reversal bar to the upside. Going down in time to the 15-minute chart, the chart shows that price has flipped the red ATR, turning it blue, and a congestion dot is revealed. Price reaches up to the congestion dot and then retraces back to the ATR but fails to break it. The price bar itself reveals weakness and Gail enters trading pullback using an OTM binary option. The next bar confirms the weakness in sellers because it closes above the high of the previous bar. Gail sets an automatic profit target at 85.
Nine minutes prior to expiration the profit target is achieved resulting in a profit of $46.75 per contract or a risk to reward ratio of 1 to 1.22.
TradersHelpDesk currently offers two packages for trading pullback — Create Your Own and Silver Package. Both the Create Your Own Package and Silver Package are on special this week and include the indicators, documentation, and online video training. Plus, if you are new, I even connect and install the indicators for you! For those that just wish to use the Trend ATR indicator it is also on special for only $295.