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By: Adam Stone
January 3rd 2014 6:07am GMT, London UK
 
Apparently looking up can give you vertigo as well. Markets took a tumble yesterday despite an obviously strong uptrend. This will be considered a correction by most any technical analyst but binary options traders may have reason for pause. Although no false breaks or other problematic behavior was seen, the fact that the S&P dropped 0.89% on the first trading day of the year could be an omen. After all, the Dow, which doesn’t necessarily follow the moves of the S&P, or vice versa, lost about the same amount after dropping 0.82% to 16441.

For binary options traders the day ahead may seem slightly unfamiliar. For a Friday, it will be unusually light on news. No NFP till next week and no lead up indicators to create much momentum today. So with the fall during yesterday’s US session coupled with a very mixed Asian session, binary traders may be hard pressed to find leading indicators to point towards the direction of the day ahead.

So for the most part, traders will be focused on forex pairs. We’ve been explaining over the last few days that the EUR/USD forex pair was stuck between the resistance at 1.3810 and the support of 1.3705. The forex pair, despite clearing past the resistance only to retreat, has now broken below the support. The support was broken yesterday and has yet to head back higher since. Binary options traders will likely now shift focus to the previous support at 1.3705 and use it as the resistance level to play trades off of.

Facebook trading with binary options will be interesting today. The 53.61 support level is likely to hold up but if it doesn’t, the play of choice will be to take down options with what looks to be a very low risk trades. Of course, the market might simply bounce off of the support simply testing the level until a break happen. In this case, binary options traders can take up options with smaller and shorter term trades. This reversal strategy looks to be a good choice for low risk trades today.

Facebook with binary options 3-1-2014

The market for the stock though might head higher as has been the case for the majority of the last few months. 58.25 is the current resistance level and could come into play if the market heads back higher today. Binary options traders will be able to take down options on any test of the resistance however based on the current momentum levels, this doesn’t seem highly likely. It looks more likely that the support level will at least be tested first.

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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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