Rekon's Binary Option Trading with M15 Chart

See the U/J price bouncing on support, for binary we can take Call position for 30 mins when the price touches this support. Because U/J is still not in a Strong Sell and very well can reverse from here.

But for spot forex, we need to see if the price is able to climb up above the 8EMA.

These are from RekonX template, with first reversal sign on G/U.

So if you see the post 577, you will get the following information:

1. The instrument is in Strong Buy, but it has 5 technicals disagreeing the Buy, they are oversold and nutral, suggesting for a near reversal.
2. You check the RekonX template (post 579-80), yes the reversal sign is there.

3. You took entries for 40 mins to 60 mins.

4. Best odd is you will be in the winning site.

If you are following Amazon, it is slowly moving to Sell from a Strong Buy. Lets see if we can get an entry.

Got one!

cool win

Here is, excellent PUT set up on U/J, 30 mins to 60 mins we can try for PUT.

It is not yet a strong sell though, only slowly it is going into the sell zone. perhaps in 2-4 hours it will turn into strong selling.

Please pay attention to this observation:

Early Entry:

Post 590: It is indeed very tempting to go for a short / PUT if we visually see this kind of set up in MT4, Please post if you disagree on this.

Post 591: Market Scanner is not suggesting for a sell yet, it is not highlighted the U/J at all for trading.

Post 590: Observe the RekonX template carefully, the price is on a weekly pivot and near a support, therefore, it is not a time to jump for entry rather wait for the candle close and observe if it able to break the support and create a new low below the pivot.

Final Result: It just got the support there, market got range bound and rest of the session just sideways.

Hi Rekon,
Thank you for you good work. I would like your opinion and advise on this.
I have noticed that the Dark Cloud Cover is a very good consistent pattern.
if i analyse the 15m chart i see that most of the time there is a red confirmation candelstick. Also after the confirmation candelstick another red will follow.
having said that this is not always tru (of course).
i would like to be able to filter somehow the trade were only the ddc appears and not the confirmation or the one that go up after the confirmation.
what i have in mind is to place a 15 m trade after either the DcC or after the confirmation.
do you think of any indicator that could help? I have tried many but no results so far.
maybe using stochastic on a lower time frame when the DCC appears?
or maybe place a put on a longer time frame so that any temporary up will be re adjusted?
what i would like is to find one high possible set up and stick with that

thank you again and your experience and knowledge is much appreciated!
ciao
cristiano

Hi,

Thanks for testing this.

In my opinion M15 is not good for Price Action, better you move to H4 if you only want to trade with Price action. I can gurantee with that you will have more than 85% success rate.

If you are using M15, there are already 3 excellent filters available for trend direction, short term trend can be easily viewed with them.

Please post the chart and mark you entry and post why you have taken the trade. i will try to explain if I find anything incorrect, there.

Cheers!

As you can see, I just updated the App with Auto Scan feature where we can put custome time interval for scheduled refresh.

Hi rekone67,

Good morning,
Here in canada it is now 05:00am 22nd Jan. I know in inida it must be evening. Can you please load daily template. I have seen your instruction how to use daily chart but could not see template for the same. Thank you for helping us.

Bomi