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By: Adam Stone
March 14th 2014 8:15pm GMT, London UK
Closing the trading week now, binary options traders are in need of a break. It’s been an up and down sort of period in general with economic forces at work changing the course of trends on the fly. Worries over Chinese manufacturing prowess, US economic recovery and job creation, Ukrainian sovereignty, rocket fire on Israel, and other exogenous geo-political attributes pulling and pushing the market in every which way. It’s hard to gauge today what really is good for the USD and what’s better for the EUR. It’s become precarious to envision the factors capable of helping push the S&P back to fertile up-trending territory.

For binary options traders, this situation lends itself to an atmosphere that precludes activity based on fact. It’s more gut feelings and hunches and that spells trouble for binary options traders. The incredible volatility levels are creating innumerable false breaks and we see this as a brokerage in the form of very elevated trading volume. In fact, the number of trades executed this week reached its highest level in the history of the brokerage and this is not only attributed to the growth of the company but rather the sheer number of false breaks. Again, this is a purely negative situation for binary options traders and requires a greater deal of focus when seeking our positive signals and opportunities.

so how can a binary options trader get through all of this worry and uncertainty? It’s not easy, but certainly possible. For starters, keep close tabs on the real price action in the markets and not on the noise around it all. With the US markets dropping hard, steer clear of the index options available today and focus instead on the forex pairs available for trading.

The price action seen on the EUR/USD over the last 6 trading sessions has been harrowing for the most jaded of traders. The moves in the last 48 hours specifically have been simply incredible. The move upwards which started on Wednesday doesn’t look to be ebbing despite the retreat seen yesterday. The fast price movements might very well continue into the trading day ahead and currently the price of the pair is 1.3870 and seemingly well supported above 1.3845, the support level. With upside potential now well above 1.3970, things have a strong inclination to the upside. Look for strong moves above the local resistances at 1.3890 and 1.3915 to take UP options today. Any such move should yield solid results with shorter term options.

EURUSD with binary options

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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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