Binary options support
To make money with Binary Options you need to: Support and resistance is one of the most basic concepts of technical analysis for binary options or any kind of trading. Needless to say, I was dismayed when perusing the BOTs main website I failed to find one single article giving a simple explanation of the subject and how it is used by traders. Because these concepts are important to support basics of binary option charting I thought I would fill the void and this is what I have come up with. Support will stop a downtrend, resistance will stop an uptrend, but none of that really explains why price movement will stop. To understand that we have to consider the market, the its participants and the valuation of assets. Any time prices reaches those levels buyers step in and their buying prevents prices from declining further, it is said to support them. The same thing is true for resistance. Market participants determine when an asset is overvalued and use that price as a trigger to sell. The more people who agree that an asset is overvalued and sell, the stronger that resistance will be. The easiest way to see this is on a chart, the peaks are areas of resistance the troughs are areas of options. Not all support or resistance levels are the same and this is because there are long term traders, medium term traders and short term traders, all making decisions on different types of information. Typically, the longer the outlook the more significant the potential for support or resistance. For example, a long term day moving average is often used by institutional investors and provides stronger support than a 30 day moving average which is used by short term traders. Long term traders focus on fundamentals like cash flow and profits, short term traders focus on news and emotion, trading on swings in the market. There is more long term money in the market than there is short term, the more money you can expect to provide support at a certain level the stronger that support will be. Drawing support and resistance options is very subjective. There are quite a few different methodologies and frankly, they are all pretty good. The first options will be the highest high, or the lowest low including the tips of upper or lower shadows. For more on candles and how to read them go to this article, Japanese Candlesticks — Trading Naked. In the above example the lowest close of a down trend is a first target for support, if broken the tip of the lowest shadow becomes the next target. This is because these are important price levels for buyers. The first target is where buyers overpowered sellers and pushed prices higher, the second is the trigger price that support the bulls buying in the first place. The same is true for resistance levels, the thing to remember is that the strength of the level is directly related to the number of traders who think it is good for buying or selling. The more times a level is reached and provides support and resistance the stronger it gets. In the above example the 2 nd target is hit, then tested and confirmed making it a little bit stronger than it was the first time. If the bounce continues the high set on Feb 1 is the first options for resistance. Check out this article How to Guide for Drawing Support and Resistance Using an Indicator — for more about drawing SR Lines. Support and resistance have a big impact on trend and trend following strategies. In fact, trend is actually a measurement of options progression of support or resistance levels, a sideways trend merely the test and retest of the same support level. The moving average provides support and prices rise above the bar moving average, the rise in prices attracts traders who use the bar moving average and they buy when prices touch back to their target level, then their buying pushes prices above the 30 day moving average and attracts another binary of traders and further strengthens the trend. Each level is a support level and the highers levels are in term supported by lower levels. The example below shows how this concept works in a bear market. This same concept, convergence of support or resistance levels, support be applied to multiple indicators as well as to multiple time frames. If you are finding signs of support using one indicator, and another indicator confirms it, that support is likely to be stronger than if only one indicator showed support because there are two different groups of traders in the market at that level. They do this in the near term, for short moves, binary when the signal confirms with other signals the subsequent price move is more pronounced. A tool that I really support is the Stochastic Oscillatorit can predict and confirm support and resistance levels as well as give a multitude of profitable entry signals. Read this for more details on how to use Convergence of Indicators in your analysis. The bottom line is that support and resistance is a crucial concept for all traders to know. Choosing the best ones takes practice, and the confirmation of other indicators adds to their strength. My advice is to keep practicing drawing lines, look at how lines from past peaks and troughs affects future price action. Look at how other indicators interact with the lines that create the strongest signals and eventually you will be able to see major turning points in the market without even trying. For question regarding brokers — Please use our Forums. G Smith on Bloombex Options. Nisar Hussain on SternOptions. Banc De Binary StockPair VIPBinary Bloombex Options Learn technical and fundamental analysis Choose a good broker Practice on a Demo account Follow a signal service Become a member of BOTS Let your Account manager do your work View Results. We hate Spam, we'll not binary or share your information jQuery document. Last updated on October 26, by Michael Hodges. By Binary G - Last updated on June 3, By Okane - Last updated on March 14, By Bogdan G - Last updated on June 11, Click here to cancel reply. However, we do appreciate a high level of discussion; therefore, in order to maintain honest and gentle discourse, please keep the following criteria in mind when adding a comment: Use Standard Writing Skills and Style. Mind your text and style. Enrich and Respect the Conversion. We all want to hear what you have to say. Just don't take the freedom of speech away from us. Avoid abusive language and personal attacks, directed binary at the broker or the author. 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