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  1. #1
    Solid Member heyzee's Avatar

    Boss B's Trading Diary !!!

    Hello everyone. I am a newbie trader from Nigeria. I would love to know more about binary options and become a pro trader someday and I know I am in the right place. I am still demo trading at the moment and I will be posting results and analysis of trades I take in this diary. I use the price action strategy(majorly making use of S&R lines) to spot my entries and I use some indicators namely: bollinger bands, stochastic oscillator, moving averages and the fibopiv as well to get extra comfirmation. I follow the time pattern too which I got from Okane when taking my trades. Pros and newbies like me out there please take a look at them and give your opinions about them. Your opinions are most welcome. Thanks @all.
    Last edited by heyzee; 05-18-2016 at 02:34 PM.

  2. #2
    Legendry Member Michael Hodges's Avatar
    This is a good start. Now let us know what you are trading, what tools you are using, the type of strategy you want to employ and maybe some of your first trade ideas.

  3. #3
    Solid Member heyzee's Avatar
    Hello Micheal, thanks for checking in. I only trade the EUR/USD. I use the price action strategy to spot my entries and I am a short term trader(I take between 10-20 mins trades). I also use some indicators namely: the stocastic, moving averages, bollinger bands and the fibopiv to confirm my entries. I will be uploading pictures of trades I take ASAP with their analysis. Thanks again.

  4. #4
    Solid Member heyzee's Avatar
    So here is my first trade. I saw that price was dropping after the 2pm news release about the USD(FOMC MEETINGS). >Price continued dropping and almost touched my daily support(indicated by the blue line) but price didn't make it to that level as price turned at the red line on the daily chart. So I immediately entered a call option for a 15mins expiry which ended in the money. Stochastic was oversold on several time frames and I also followed the time pattern on this one as I took the trade @ some minutes to half hour MT4 time. The trend was also bullish as the bollinger band(DEFAULT SETTING) and the moving averages(I use EMA 99 & EMA 200) on the daily confirmed it even though on lower timeframes they were both indicating a downtrend. Anyway I always trust the information on higher timeframes. Pictures are attached below. Please look @ them, your opinions are welcome.Click image for larger version.

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  5. #5
    Solid Member heyzee's Avatar
    So here is the trade I took today. Price was dropping heavily as at the time I was watching the charts this afternoon Nigerian time. I immediately saw that price was trying to reach the red EMA 200 on the daily chart. So I had a line(yellow line) drawn there as it was a confirmed support line as you can see in the daily chart picture I posted those huge support candles I indicated with the green arrows. The trend was still bullish as price was still closing above EMA 200. My fibopiv indicator also drew a support line close to thesame area to confirm my line and the stochastic was also overbought on several timeframes. I also followed the time pattern on this one as I took the trade around 1500 hrs MT4 time. So I entered a 13mins call option which ended well in the money. Pictures are attached below. OPINIONS.
    Here are the picturesClick image for larger version.

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    Last edited by heyzee; 05-19-2016 at 01:27 PM.

  6. #6
    Solid Member heyzee's Avatar
    So here is the trade I took yesterday. I saw that price was dropping after the 2pm USD FOMC news release to a support line I had already drawn on the daily chart. I was expecting price to reach that daily support on the 5mins chart but price didn’t make it to that level as price started retracing on the 1min timeframe as soon as it touched that brown support line on the 5min chart. The trend was still bullish as the candles were closing above both EMA 200 and EMA 99 on the daily chart. Stochastic was also overbought on several timeframes. I also followed the time pattern as I took the trade at about half hour MT4 time. So as soon as I saw price was retracing on the 1min timeframe, I took a call option which ended in the money. Pictures are attached below. OPINIONS.Click image for larger version.

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    Last edited by heyzee; 05-19-2016 at 02:26 PM.

  7. #7
    Legendry Member Michael Hodges's Avatar
    very nice, the eur/usd is on the move what with the FOMC getting a little hawkish on the rate hike stance.

  8. #8
    Solid Member heyzee's Avatar
    So @Micheal, is there anything I did wrong in both trades??

  9. #9
    Solid Member heyzee's Avatar
    Took a call option which ended OTM.My support line was based on an hourly support included in the attached picture. I probably lost the trade because the uptrend was weak on the daily chart as EMA 200 & 99 was very close to the candles while the 4hr, 1hr and the 30mins timeframes clearly reflected a strong downtrend as the candles were closing far below the EMAs. My expiry was also very short @7minutes which was a flimsy mistake I made. Probably the real reason I lost the trade. Every other thing checked out fine. Stochastic was overbought on the 1m, 5m and the 4hr timeframe. The time pattern was also fulfilled. Learnt something new though.Click image for larger version.

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    Last edited by heyzee; 05-20-2016 at 08:00 PM.

  10. #10
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by heyzee View Post
    So @Micheal, is there anything I did wrong in both trades??
    they both ended in the money right? nothing wrong that I see immediately, I'm sure I can come up with something if you really want me to... ;-)

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