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By: Adam Stone
July 18th 2014 5:19am GMT, London UK

Binary options trading for the day ahead will likely keep totally focused on forex pairs. Most binary traders are possibly a bit disappointed in the lack of inertia in the US stock markets. Yesterday. after we spent a fair bit of time and energy explaining what could happen if the well positioned S&P stock index just headed higher, as we admittedly expected, the market just lost its beat and fell fairly hard. Problem was, it didn’t and left many strategies focused on binary options trading with the S&P dejected.

The index dropped for the day down to the strong support at 1957 and just stopped right there. The support is based on the Fibonacci retracement from 1824 to 1955. The support level we are focused on for the day is now very strong and a break will lead to binary options trading strategies focused on the break. The reason for this is that a break here will likely be met with a fair amount of follow-through.

Such breaks, despite running counter to the current uptrend, look like they can create a fair bit of follow-through which is expressly what protects binary options trading strategies from significant losses. As such, we recommend staying clear of reversal strategies with the indices unless the move below the support isn’t seen. If a few hours go by with no break and the market is just hovering, a reversal based strategy could be well timed.

But most traders will likely refocus on the forex pairs. While no major moves have been recorded on the EUR/USD or the AUD/USD, which we have been focusing on greatly all week, we still see a good number of potential trades. For the EUR/USD, after the sharp move lower by the forex pair, the market is now trading near 1.3522 while the major support level is at 1.3515. A break of the support will usher in more sellers into the market as this marks a shift away from the range trading and will lead to a good amount of momentum to the downside. Binary options trading strategies on the forex pair will likely benefit from such a move as it runs counter to the uptrend in place for much of the last 4 weeks. As limited as it is, the uptrend fully breaking down will lead to an end of the range trading we’ve had during the period. Look for more of this today

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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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