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By: Adam Stone
January 23rd 2014 6:50am GMT, London UK
Things are still riding along a very jagged edge, wobbling between complete 1997 style “irrational exuberance” and that tipping point with sites on self destruction. It truly feels like an rabid mob is chasing the market and yet the price action is just unsure. Flight or fight. Neither seem aptly avoidable or adoptable at the moment and it’s very prevalent on the charts of both indices and forex pairs. Looking at the stock indices first, you can see the mixed emotions plaguing the markets with the S&P slightly edging higher 0.06% while the Dow took a shot to the chin and went down 0.25%. It looks as though more of this uncertainty will prevail again today and binary options traders just need to remain vigilant and wary of sudden moves.

However, the irony here is that the market is barely making any of the premonition like forward leading moves. It just seems rather arbitrary at the moment. But it’s not. It’s the way markets look and feel, and for some trades taste, when there’s general distaste for both directions.

Those bulls out there are fearful of a correction. Short-artists are just as wary because they’ve been taking a beating for the majority of 2012-2013 and don’t want to jump the gun in 2014 with ill-timed shorts that will leave them stuck in miserable positions for prolonged periods with no means of an exit.

So binary options traders are stuck in a quandary. With short term assets, as most binary options tend to be utilized for trading purposes, choppy market price action makes for either a boon or a bust, depending on your trading strategy. High frequency binary options traders will probably do better in this type of market where an upward trending day turns to a red nightmare in minutes. But don’t be fooled as despite this short term malaise in the markets, it’s likely to be just that; short term. Don’t get coaxed into thinking that the market is just going to remain in some status quo price action. It’s going to be rough waters ahead for all and this includes forex, index, stock, and commodity traders as all markets are just taking cues from the other creating this .massive vicious circle of uncertainty.

The EUR/USD is now trading near 1.3550 and is just below the intraday resistance at 1.3555 and doesn’t look to have the significance it had before the real as well as false breaks we’ve seen for the pair this week. As such, binary options traders will do well to find stronger levels to pivot off of as the day progresses. Once such level is 1.3540 trend line support. While not very strong, it can be played off with reversal strategies until a clearer and more defined trend comes into play. This could in fact turn into an intra day triangle patter assuming the resistance at 1.3555 and the support at 1.3540 fail to break and continue tightening.

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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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