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By: Adam Stone
May 29th 2014 5:54am GMT, London UK

Binary options trading gets ready to roll out with a new day and loads of opportunity waiting in the wings. If yesterday is anything to based the coming day on, then binary options traders are in for a great one. For those who may not have been following, the forex market was on fire for the day with loads of signals and trades lighting up the screens. Our main focus for binary traders was certainly the EUR/USD which headed lower, as we expected in yesterday’s binary options analysis. The break we were waiting for was that of 1.3610 which broke in dramatic fashion.

The continuation and follow through though was perfect and allowed down options takers to make off like bandits with nary a care in the world. The volume on the EUR/USD with binary options headed higher on the break by a factor of nearly 20% and forex trading volume floated above 30% normal levels. This meant good execution during the break despite some pockets of lower liquidity as the break happened.

1.3607 is the current level of trading and we are expecting one of a few scenarios to play out today.
1. The market for the EUR/uSD heads back above local resistance at 1.3615 and continues towards 1.3636
2. Reversals ensue at 1.3615 and the market then heads lower
3. The forex pair fails testing 1.3615 and just heads lower

In the case where the market just breaks higher, we would recommend taking up options on the break with what looks like the lowest risk scenario of the 3 listed above. The reason is, the break looks to have run its course (the one from yesterday) and the market looks to be needing a break. The break higher likely won’t signify an end to the down trend however. This would require a move back above 1.3710 and this doesn’t seem likely at all in the coming 2-3 sessions considering the momentum levels as well as the overall formation on the daily and intra-daily charts.

Scenario 2 and 3 and very similar as they both call for down options. The issue here is that we don’t particularly see the formation that will allow reversal strategies to take effect. The reason is, the market doesn’t seem to be pivoting off of the 1.3615 just yet and a move of sharper slope may be seen early in the session. As such, using down option on any down tick below 1.3601 is likely the best move of the day albeit with a much higher risk level than scenario 1.

EURUSD with binary options 29-5-2014

In other news, the market is waiting to open up and react to the finalization of the deal between Apple and Beats, valued at $3 billion. The deal could lead to a short term drop in the price of Apple stock and binary options traders would do well to steer clear of this stock as it might be rather choppy early in the session. In general, this is considered a good news item however, the fact that the company is doling out billions is always going to cause a drop in stock price. So be prepared and don’t try to catch falling swords on this one. Let it play out and then get involved.

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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