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A popular non-indicator strategy, which includes 2 types of trading tactics, is: Elliot Waves and Price Action.
The waves determine the end of the corrective movement and the beginning of the next one, and the candlestick combination determines the entry point.
First you need to determine the waves themselves, the third wave is always best visible. It is usually always impulsive and at high volumes. To make sure that it really was the "third" - it must break through the previous high / low (depending on the direction of the trend).
- When breaking through, there is a rollback, this is the fourth wave, immediately after this rollback, we take an option to continue the trend, in the direction of the new fifth wave.
To buy an option call:
You need to define Move up » Pullback » Breakout (high value of the bullish candle is higher than the maximum value of the candle in wave #1) » Pullback » Enter Call on the next bullish candle!
To buy options DOWN (Put) – we do the opposite, we are looking for the third wave down (so that it updates the previous bottom), then a rollback to the top and we enter down in the direction of the current downtrend.
Recommended trading pairs: any;
Expiration: 60 seconds;
Time to trade: Any;
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