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By: Adam Stone
August 18th 2014 5:31am GMT, London UK

With investors worried about the state of affairs in the US stock market, many might be losing sight of the possibilities available elsewhere in the financial markets. Sure, stocks are languishing through a molasses like summer with little in the way of profit potential but it doesn’t mean that everything else is dead in the water, does it ? Most binary options trading strategies are based on fast moving assets and when assets get stuck in some type of channel or range trading, many binary options traders simply get frazzled. Without the ability to see the light at the end of the tunnel, which in the case of trading would be a break, they give up and move on to other trading possibilities.

Leaving ranges to others though is a major mistake, especially when the summer months are here and liquidity is low anyway. Taking advantage of the current low liquidity is a chance to make some serious profits. Ordinarily, ranges are used by binary options reversal strategies as no break would be expected when a range is firmly in place. The tests against the resistances and supports is such that the strategies in place rely on a repeated effort before the break is seen. However, when the market is low on liquidity like it is towards the end of August, which usually also records the second lowest levels of liquidity (second only to the Christmas holiday week), then opportunity could be knocking.

For the EUR/USD forex pair, 1.3360 is the current support level of interest and is thus the lower boundary of the current range with the resistance currently pointing at 1.3430. The resistance in this case is very far away and is also a Fibonacci based level. These 2 issues should have no consequence on the day of trading expected today. More likely than not, the forex pair will remain in the middle of the channel and a break is not expected. The range is too deep in this case and should possibly be passed on for greater opportunity on such pairs as the GBP/USD.

The Pound is currently strengthening as it trades near 1.6733 against the USD. After breaking down lower for the last few days, the current correction is a good omen. It will allow for greater momentum to drive the pair in either direction. The obvious choice for binary options trader will be to take the forex pair to the down side if and when a break is seen below 1.6605. A break below this support will usher in a fresh wave of sellers of the forex pair and with them, loads of binary options trading signals for Put options. For the time being, with no major news expected to roll out today, binary options traders may be hard pressed to find a signal on the forex pair, but don’t be fooled as the GBP/USD is a fast mover. Be ready for a break below the support or at least a move towards local support at 1.6715.

GBPUSD for binary options 18-8-2014

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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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