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By: Adam Stone
July 29th 2014 6:17am GMT, London UK

A very mixed day of economic news and financial results led to a mixed session for many world markets however Asia was set on its course to break through 6 month highs. Japan’s Nikkei rose 0.4% to 15629. The index has been heating up over the last weeks and continues to break resistance after resistance and binary options traders have begun taking notice. In fact, according to our dealing room, the index accounted for over 15% of total trading volume for binary options trading strategies over the course of the Asian session.

With no major news set for the day ahead, binary options trading strategies will refocus on forex pairs which are running with a smoother formation of patterns these days. The forex pair EUR/USD is now the main focus with the downtrend firmly in place. The forex pair is currently trading near 1.3432, at the time of writing, and binary options trading strategies are now looking for the break pattern of the support level at 1.3420, which is below the fibonacci support level 1.3430. The fibonacci level isn’t one to discount to quickly even as we sit right above the level now. We expect the fibonacci support to probably hold up for a few more hours but we would not recommend using the level for any pivots of a binary options trading strategy based on reversals. Such strategies will likely be met with a huge number of trades and not necessarily a profitable outcome.

EURUSD with binary options 29-7-2014

In general, looking for binary options trading strategies with reversals work fantastically well especially when chart formations have cluster supports. Cluster supports are those separated by less than 10 pips but are based on numerous support types. In this case, we are clustering 2 support levels, one being a fibonacci level as mentioned above and the other being a low from the 25th of the month which is more likely than not to break in the coming 12-24 hours. Binary options traders will likely look to reversals due to such a clustering of supports but we highly recommend being patient with this type of trading as the momentum to the downside is currently very high.

The GBP/USD is also of interest as it is now range trading between the support at 1.6960 and the resistance at 1.7005. Binary options trading strategies on this pair should possible focus on pure range trading. Again, pure reversal trading strategies with binary options might not be the best choice. Here, with this fore pair, waiting for the tests of the supports/resistances, might simply be futile. You can try being more aggressive on this pair on any peaks within the range. If you do choose to wait for the reversal levels, be sure to prepare your trades for a possible break and in the case of such a break be sure to take the breaks with much bigger trades. The reason for this is based on the small trades needed for reversals. The high frequency of trades may yield small profits or small losses while you position yourself for the break and the break is where the big hit should be made.

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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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