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EP76: A Quick Guide To Applying Forex Binaries
In this episode of Truth About FX, Walter dives into the question of how to use price action trading with forex binaries… as a newbie. He gives some few choice books to help you with patterns and charts and Hugh’s go-to book for options.
You will also learn here about this famous “Three Soldiers” and whether to use them or not.
Download (Duration: 04:35 / 5.25 MB)
In This Episode:
00:45 – turbo binary
02:23 – three soldiers
03:35 – something emerges
Tweetables:
Why do you want to trade binary options? [Click To Tweet].
There’s more flexibility if you are trading spot forex. [Click To Tweet].
Focus on the candlesticks patterns. [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. Someone wrote me a letter and asks: I am quite new to trading… They’ve only been trading binary options through a Signal Service for a few months and they want to learn candlestick pattern and price action trading as applied to forex binaries.
They say, right now, they’re only trading in a day or 15-minute chart end of day strategies and they’ve been doing some 30-minute, 5-minute and turbo binaries. I don’t know what turbo binary are but that’s something trouble. What do you say to that?
Walter: It does sounds like trouble. I mean, one of the advantages you have as a spot trader and trading spot is that you can make money with the trailing exit. You can get out if the market goes past your target, or almost to your target. You can tighten your stop, things like that.
With binaries, it has to hit your target, doesn’t it? So, it’s an all or none sort of thing. Some spot traders do trade that way but I would say it sounds like this trader was using Signal Service and was like, “I’m over with”.
It also sounds like this trader is trying to fit candlestick patterns and price actions into binaries. There’s nothing really wrong with that. I guess what I would say is, there’s a couple of books that I would probably recommend.
All of Bulkowski’s books are really good. I’ll link those up in the shownotes for this episode. That’s what got me started on patterns, was reading the Bulkowski books, encyclopedia, chart patterns, and things like that.
He was looking at stock charts but I tested in forex tester and found that there are a lot of those same things were happening in forex. So, that is where I got a lot of my ideas from forex seeds for different trade system.
There’s some other ones. I’m not a big fan of some of the candlesticks charts out there. I find that some of the patterns are actually don’t test out very well and I’ll give you an example.
Some of them, like they call it the
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By Walter Peters (FXJake) and Hugh Kimura (Trading Heroes)In this episode of Truth About FX, Walter dives into the question of how to use price action trading with forex binaries… as a newbie. He gives some few choice books to help you with patterns and charts and Hugh’s go-to book for options.
You will also learn here about this famous “Three Soldiers” and whether to use them or not.
Download (Duration: 04:35 / 5.25 MB)
In This Episode:
00:45 – turbo binary
02:23 – three soldiers
03:35 – something emerges
Tweetables:
Why do you want to trade binary options? [Click To Tweet].
There’s more flexibility if you are trading spot forex. [Click To Tweet].
Focus on the candlesticks patterns. [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. Someone wrote me a letter and asks: I am quite new to trading… They’ve only been trading binary options through a Signal Service for a few months and they want to learn candlestick pattern and price action trading as applied to forex binaries.
They say, right now, they’re only trading in a day or 15-minute chart end of day strategies and they’ve been doing some 30-minute, 5-minute and turbo binaries. I don’t know what turbo binary are but that’s something trouble. What do you say to that?
Walter: It does sounds like trouble. I mean, one of the advantages you have as a spot trader and trading spot is that you can make money with the trailing exit. You can get out if the market goes past your target, or almost to your target. You can tighten your stop, things like that.
With binaries, it has to hit your target, doesn’t it? So, it’s an all or none sort of thing. Some spot traders do trade that way but I would say it sounds like this trader was using Signal Service and was like, “I’m over with”.
It also sounds like this trader is trying to fit candlestick patterns and price actions into binaries. There’s nothing really wrong with that. I guess what I would say is, there’s a couple of books that I would probably recommend.
All of Bulkowski’s books are really good. I’ll link those up in the shownotes for this episode. That’s what got me started on patterns, was reading the Bulkowski books, encyclopedia, chart patterns, and things like that.
He was looking at stock charts but I tested in forex tester and found that there are a lot of those same things were happening in forex. So, that is where I got a lot of my ideas from forex seeds for different trade system.
There’s some other ones. I’m not a big fan of some of the candlesticks charts out there. I find that some of the patterns are actually don’t test out very well and I’ll give you an example.
Some of them, like they call it the