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My trading style is based on support and resistance breakouts for trading 5-minute binary options. It is a simple breakouts strategy that uses two Meta Trader 4 indicators: To perform successfully with this trading style, you need price action knowledge and should spend some time on the charts.
The currency pair found resistance at As you can see on the chart, the 21 EMA clearly shows the price was moving south. After a small pullback 3 bullish candles , the pair found new resistance, after which the price continued south. The fourth white candle broke the support, and I entered my Put trade at the opening of the fifth bearish candle.
The candle opened at After losing pips, the price started to consolidate, and I was looking to enter a Call trade.
The fourth candle bullish candle with no wicks closed above the most recent resistance, and I placed a 5-minute Call trade. The Euro was boosted after the positive macroeconomic news; the pair reached new high of 1.
I waited for some time to take this trade, but in the end, it paid off. After three indecisive candles that just closed above the recent resistance, I decided to go with a 5-minute Call trade.
The price was moving in a channel with lower highs and an overextended bullish candle brokered the channel.
I didn't place a Call binary option on the next candle, but it would have been an ITM trade as well. By following my strategy, I waited for a breakout in the opposite direction, which happened on the second bearish candle after the newly created resistance.
You can clearly see on the chart the reversal in direction and the small channel with lower highs. The price clearly continues south, and I was looking to place a Put trade. The big bearish candle smashed out of the channel, one minute before the close, I entered my trade. I didn't wait for the full close because I was expecting an undeceive candle doji to follow. As you can see, it came out a hammer. Entering at the opening of the new candle would have been an ITM trade as well, a very lucky one, just one pip lower.
The Pound just bounced from support 1. After two indecisive candles closed below, a small bullish candle closed above the resistance 1. I decided it was time for my Call trade, but that decision proved to be wrong. The breaking black candle was too small to continue the buyers' enthusiasm, and that was my main mistake here.
You can clearly see the formed channel and its break out with a big bearish candle. I entered my Put trade at the close of the breaking candle as I expected the down trend to continue, which proved to be the correct decision here. On the 5-min chart above, you can see three bearish candles closing below the support line, and in all three cases, it follows another bearish candle.
When the price is moving in a downtrend and a bearish candle closes below support, it proves to be a good Put trade signal. I have placed a Put binary option in the last scenario on this chart, which one may consider a bit risky because of the long wick. Dollar was boosted because of revised data, which shows an economic growth of 3. After the pullback, the pair was on a rally again, and I placed a 5-minute Call trade based on pure price action.
You can see the unsuccessful attempt of breaking resistance by the bullish candle with the big wick inverted hammer. Thus, I had to wait and see what came next. Two small bearish candles were engulfed by a strong bullish candle with almost no wicks. At the close of that candle, I entered a new 5-minute Call trade. The British pound was boosted after some positive Brexit headlines earlier today, but later plummeted over pips because of a failed Brexit deal.
On the 5-minute chart, you can see the overextended candle with a big wick that broke the recent support. I prefer skip trading after such an indecisive candlestick. The next bearish candle closed with almost no wick, and I entered my 5-min Put trade, which closed in the money.
If you want to use the 5 minute strategy you can download free indicators and template. Please keep in mind you need some price action knowledge to perform the strategy successfully. The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks.
Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion. Skip to main content. Breakouts trading - 5 minute binary options You are here Home. Support and Resistance Barry Signals. Thu, 14 Dec Log in or register to post comments. Hi, is it possible to get your mt4 template? Wed, 13 Dec FX Crypto App - Free forex signals and crypto signals. Best Forex Brokers - Trading forex and crypto with leverage 1: How to trade trend lines and channels - Forex and Crypto.
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