Trading the USDJPY retracement this morning using a combination of binary options and spreads is the topic of this video. The video below shows you how Gail Mercer traded it using binary options provided by the Nadex service.
Trading the USDJPY Retracement this Morning
In this video, Gail Mercer, founder of TradersHelpDesk, shows how she combines the binary options with spreads for trading the USDJPY retracement.
The first thing I noticed this morning was that the USDJPY was really oversold on four different timeframes:
- 240 Minute Chart
- 60 Minute Chart
- 30 Minute Chart
- 15 Minute Chart
Additionally, as I shared in this article this morning, the distance on the lows was decreasing on both the 30 minute and 60 minute and trend divergence using the stochastics was indicated. Then we had magenta peaks on both of these timeframes (remember they were also oversold on the Stochastics).
Additionally, the selling volume was also decreasing on the lows. In other words, sellers were losing interest and profit taking was likely to begin. Again, this was an excellent opportunity for trading the USDJPY retracement.
The profit target on the USDJPY binary was filled and the spread remain because it does not expire until 3pm New York time.
Also, note this was not a binary signal trade but one generated from reading the indicators and price action on the different timeframes. The indicators used to identify this trade are included in both the Silver and Diamond package. While the Silver Package is great for more experienced traders because it includes an online video library, the Diamond Package is designed for traders with less experience and includes everything from the Silver Package plus ten hours of one on one training with Gail.