November 21st – Two Binary Wins on EURUSD & NZDUSD

I recently ran a 2 hour seminar on how to trade longer-term positions using Binary Options. I performed it online and also in a class-room environment.  As part of the event I challenged the groups to use their newly found knowledge to create a trade plan and we’d trade it live with my money on one of my accounts.  I wanted to show the students that they could utilise their existing Technical Analysis skills and their new Binary Option knowledge to effectively take longer term positions in the Financial markets.

We ended up taking two positions one in EURUSD and the NZDUSD.

EURUSD

 We discussed how since the 9th September the EURUSD had been in a range for the following 7 weeks. We discussed particular options on what might happen in the final few weeks of the year.  We decided that price was unlikely to climb out of the range in the next few weeks and so took a No Touch Barrier Binary Option for a price just above  the 1.32 handle.  We decided on an expiry date of 21st November which also coincided with the date of our next London Traders’ Network Social Event. A fitting expiry date.

Price didn’t climb at all and eventually broke out of its range to the down side. The contract expired last night for a profitable trade.

NZDUSD

For the NZDUSD we looked at using a range strategy of price staying within the range of 0.80 to 0.84 based upon our technical analysis skills.  We were offered a good R:R for our position and the trade was placed and left to run out with an expiry date of the same Wednesday 21st November.

The two positions took about 20-30 mins of discussion and placing followed up with a quick check in once or twice a week.  the trades were left to play out and there was no maintenance required of the positions.  Both played out for a nice profit.  Hopefully the people from the seminar can see how by melding their existing technical analysis with binary options as an engagement vehicle they can see a simple way to take low maintenance, risk managed longer term positions.

Until next time trade well,

Paul

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About FXTraderPaul

A professional Trader and Coach, FXTraderPaul blogs about his adventures from the front-lines of FX Trading. A Trader and educator who can walk the walk as opposed to merely talk the talk!

View all posts by FXTraderPaul

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