Rekon's Binary Option Trading with M15 Chart

Hello and Welcome to Rekon's Binary Option Trading with M15 Chart!

Objectives:

The objectives of opening my first journal are to accomplish the following tasks in next 6 months.

1. Fine tuning the method I am working on.
2. Put a check on myself and resist from lousy entries.


Broker:

Any licenced binary broker is good.

Investment:

USD 200 to 500 is good.

Trading Server Time:

The Trading Platform I use for viewing charts has the time set as GMT + 2.00. So if you are following the charts I am posting, please make a note of that.

Trading Time:

I use Indian Standard Time. It is GMT + 05.30 Hrs you need to Add if you are following the Time I mention here. So the FF Calender I set it as IST for GMT time it is (+ 5.30 hrs)

I am going to mark the trading time each day before I prepare for trading.

Trading Pairs:

EURUSD, GBPUSD, USDJPY, EURAUD, GBPAUD, GBPJPY, AUDUSD, EURGBP

Charts:

1st Set: All Weekly
2nd Set: All M15

Indicators on Weekly:

SMMA on Close: 34, 50, 200
EMA on Close: 8 (Trigger)

Indicators on M15:

SMMA on Close: 34, 50, 200
EMA on Close: 8 (Trigger)
PL4Candle Time
Grid
iStochText
Volumes

Trading Platform:

MT4

Binary Option Expiry:

45 mins to 60 mins

Method:

Candle Stick Pattern, Volume, MA Cross with Trigger, Stoch indication (Repaints), News volatility etc.


Profit Target:

USD 1000 from the initial investment of on or less than 500, time...well lets see

System confidence:

75%, I would rather say it has potential to fine tune further and achieve 90% of success if you are patient and consistent.

Further:

I will continue this in a step by step manner, so please be patient with me and the system

Just to add here, I am not a Pro Trader or have huge success in Trading. As I am doing Spot and binary both as my part time and liking to carry both of them for lifelong so putting an effort to hone my skills and if somebody likes this that will be a bonus for me.

Thanks.

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Important Updates:

Trading on only Daily Chart for Jan-2014

Step By Step Daily Chart Study

Introducing Market Scanner And RekonX Combo

Market Scanner is now available for Public!

Market Scanner System Architecture and some more Insight

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Trade Set Up Videos:

Daily: Binary Call and Put set up on Daily Candle

M15: How a Dark Cloud Pattern appears and you can trade it

M15: Trading a Range Bound Market

M30: Trading With RekonXs: Put Option for 30 Mins with Fractal, EMA220 and Verified Resistance on M30

M30: Trading With RekonXs: Call Option for 30 Mins with Geometric Mean, EMA8, EMA220, Volume, Rsxs, RMACD and RCCI, Verified Resistance turns Support on M30

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Edit
Set up files updted (4-Jan-14)

The RekonX Advanced version for Binary Trading is now available for free. All you need to do is send me a Private Message and get your copy.

Trading Method

1. Atleast 1 Hour before the UK Open check on the Weekly Chart for the pairs and note down the candle formation. This will help to have adirection of trades for the rest of the day.

GBPJPY Observation: Down



GBPAUD Observation: Down but not confirmed

Attached Image (click to enlarge)

EURAUD Observation: UP but not confirmed

Attached Image (click to enlarge)

EURGBP Observation: UP

Attached Image (click to enlarge)

AUDUSD Observation: Probably in a Support but not confirmed

Attached Image (click to enlarge)

USDJPY Observation: Down, could touch to 8EMA before further up

Attached Image (click to enlarge)

GBPUSD Observation: Down, under 200 SMMA

Attached Image (click to enlarge)

EURUSD Observation: UP, but near a Strong Resistance

Attached Image (click to enlarge)

Trading Method

2. The News: The FF Calender is good enough. Just Mark the High and Medium Impact news. a good positive Volume is good for binary option. My Calender is marked and the time I have is in IST.

Trading Method:

3. The Equity: Respect it!

Trading Method:

4. The M15 setup: Will explain more later.

Trading Method

5. Candle stick patterns: Try to practice and recognise more these 12 patterns

Trading Method:

6. M15 Candle formation patterns.

1. Target the hourly candle ... it consists of 4 M15 candles, generally the first M15 of the hourly and the last M15 of the hourly are going to be the decider of the expiry!

Before I continue writing ... I just noticed this set up on GU. Although it is surely not a good set up to trade. On M15 we have a trigger on Sell but the price is supported by 8EMA. so an example of do not trade.

I would rather put a sell on G/U if it touches 1.6350 or if it breaks 1.6300. before that it is risky to trade. So no lousy entry is good for your equity.

Observation: EU

weekly is near a resistance so traders might be looking for a lower price. Here in M15 we are close to a break .. but waiting for confirmation.

So, I will be scanning for trade set up for one more hour. I will again come back during US session. Today is Monday so it is only starting for the weekly candle it will be more mature and prominent as the week progress.

I will definitely define and explain more on the trade set up later, mostly on the off trading hours.

found two entries..lets see if these goes correct.

ok..I won one and lost one.. as I mentioned earlier i was not sure about G/U move and on last M15 it ditched me!

So a new hourly candle is going to open in less than 30 mins ..based on that we will proceed for 45 mins to 1 hour expiry. We will start scanning the M15 chart ...now I am going to tell you what are the indications we need on M15.

1. Call

A. Previous hourly candle was "Bull"
B. If price falls..buy from 8EMA line
C. If price further falls buy from the blue rectangle zone.
D. Mark the Price Zone based on the volume spike done on previous hour.

Put

Price must down from 8EMA. G/U is no clear but I would prefer Put from the blue zone.

Nice Put formed on U/J followed by a sale signal ..but we will wait for the opening of next hourly candle.

Aud/Usd good set up for Put.

interesting view on EurAud and GbpAud as both have touched and up on their sweet spots.