Following up on my post about Binary Options Software that actually works, I would just like to give you an idea of how I am setting up my charts for binary options trades.
Firstly, I have installed the TradingPredictor indicators onto my 5 Minute chart and then added in all my usual advanced indicators onto the same chart, one by one and then saved the chart as a template with a unique name.
Then, I have installed this new template onto all my usual charts and saved it as a unique profile.
click to enlarge binary options charts with TP
This is an example with having just one screen, if you have two screens you can do it a little differently from this.
Then I just wait for a signal from TradingPredictor and take a look at the chart the signal was given on.
Doing it this way, I can still keep an eye out for my own strategy and the TradingPredictor strategy, so in effect I have two strategies running at the same time.
What I do is open the chart and have a look at it. What I can see is that it is in a downtrend, but looks like it might be hitting a big resistance area at the Support 2 level ,as given by the FiboPivot indicator and the Diamond has appeared below the orange line.
I prefer to trade in the direction of the trend if I have a choice, so basically on the continuation of a trend after a pullback, but in this case it looks like it might hit a resistance level and make a pullback.
Time to take a closer look.
What I have done is to make a profile for each individual currency pair that I trade.
Yes, this is a Binary Options and Forex Trading website, so I guess the heading of this post; Binary Options Traders - A Free Stock and ETF Report might sound a little out of context to you, but just bear with me for a minute and all will be explained.
Over the last few months I have been receiving these Special Reports on various Stock Picks and Sector analysis from the good people over at INO.com. If you don't know who they are, well Adam Hewison, the co-founder of Market Club, well that is his company.
Now call me a skeptic if you like, but when I hear the words "Stock Tip" or "Stock Pick" I immediately think Pump and Dump.
You know that old scam whereby they get loads of newsletters to talk up a stock, the Pump part, usually penny stocks to be honest, and then as the price goes up, the guys who bought thousands of shares for pennies are the ones cashing out by selling on the hype as the price climbs up, The Dump part, and next minute the bottom falls out of the price, and there are a lot of people holding stock that they paid dollars for that is now worth pennies.
However, looking back at the results of their analysis and the actual plays they recommended, I am quite impressed.
I just received their latest report called "Bring Your Portfolio Into the 21st Century" and it covers their analysis of a whole sector, an ETF play and a Hot Stock pick. I know the Stock well and most probably so do you as you most probably use it on a daily basis without even thinking about it.
Anyways, I don't really want to say anymore, as it is a Free Report, so if you are interested you can read it yourself.
Thought that I would just share the info as they seem to be pretty much on the money and as I like making money as much as the next guy, I am going to do my due diligence and maybe have a small punt and see how it goes.
Binary Options software that actually works seems to be a claim being made by hundreds and even thousands of software sellers out there in the market place today. Just do a Google search for 'binary options software that works' and Google will return over 31 Million results.
Seems to me that there are a lot of people promoting software and if it was binary options software that actually worked, then the brokers would be bankrupt by now and the promoters of it wouldn't be wasting their time trying to promote it, but be trading it themselves and laughing all the way to the bank. Wouldn't you agree?
Even my own binary options advanced strategy and indicators have their limitations. They certainly do work, so long as you have the Patience to sit and watch charts and only take the trades when ideal set ups occur, but even then, sometimes we get caught trading what we thought was a pullback, but turned out to be a reversal.
Wouldn't it be great if we actually had some software or indicators that would let us know that we had actually hit the bottom or top of the pullback and a change of direction was actually happening?
Well, as it turns out that software or should we say set of indicators does actually exist.
Chances are that neither you nor I would have ever found it sifting through all those 31 Million Google results,as it is very new on the market, but fortunately for us the developer of the software made contact with me through my website and offered to allow me to test drive his software.
Well to be honest, I get requests like that all the time and I can usually tell within 5 minutes whether it is somebody trying to cash in on the binary options explosion, or whether they actually have something. In this case, I liked what I saw immediately and the sincerity of the developer, a certain Mr. Greg Stobie of Glasgow, Scotland and his company was a breath of fresh air.
and I must say that it really does work. Scarily accurate.
I suggest you go and take a look at what he is doing on his site as it explains it much more completely than I can, but the following are my findings and how I have incorporated it into my own trading:
The Binary Options News Indicator is one of those handy indicators that we use on our charts here at How To Trade Binary Options Profitably.
The basic 10 minute pullback strategy and the advanced strategy both have it on the charts as we never want to be entering a binary options trade or spot forex trade and get ambushed during the trade by a high impact news event, unless of course we are actually trading the news.
We like to stay out of trades for a currency pair if a high impact news event is coming up, for at least 30 minutes before and 30 minutes after the news event, depending on what it is. When we have very influential High Impact News events like US Non Farm Payroll as an example, it is better to stay out for at least an hour either side. Also watch out for some of the medium news events as well, as they can also move the price quite dramatically. You will become familiar with them over time.
If you are having any problems with your Binary Options News Indicator and it is not showing the correct times or displaying the news events correctly, then it is usually one of the settings below that is not formatted correctly and can be corrected in two different ways, namely via changing it on your chart and then resaving the template or by using the MT4 Meta Editor.
This is how the News should look to the bottom left of your chart.
If you don't see any news of that sort on any of your charts and instead you see something like this:
Then follow either one of the following steps to sort it out and also make sure that you have the correct Time Zone settings.