Reintroducing those three simple moving averages back into my charts has enabled me to configure a setup with an elegance and simplicity that is absolutely beautiful—and best of all—that makes executing successful trades almost automatic. All I’m doing now is evaluating how long to allow for expiry depending on the time of day (for trading binary options). P.S. By the way, in the future I will more than likely be setting my take profit-targets at 10 to 30 pips rather than settle for just a handful or so, as I did today.
After enhancing the configuration I use on my hourly charts, I realized that reintroducing the three simple moving averages I mentioned previously did not provide me with quite enough information to maximize the odds of my setup truly making the execution of successful trades almost automatic. Carefully evaluating the enhanced hourly charts led me to add three simple moving averages to the three I added yesterday, which helped me get the results represented below. There was one losing trade (CADJPY) but that was only because I thought I had plotted my indicators on a 15-minute chart when in reality, it was a 1-minute chart, leading to an incorrect interpretation. As soon as I noticed my error, I exited the long position and went short to recoup my loss and add a bit of profit on top (see the last trade result). This is all the trading I plan to do this morning because I fear that the marker makers are essentially going to be sitting on their hands for the next two hours waiting for the USD FOMC Meeting Minutes to be released before they do any more “serious” trading. If not for my careless oversight, I would have been ten-for-ten this morning! I’m hoping that this is indicative of the kind of results I can expect for the rest of my trading career, except that I will be looking to stay in trades twice as long to reap twice as many pips (hopefully a minimum of ten per trade on average). Since these trades are all in the direction of the general overall trend, an expiry of 90 minutes to 2 hours should lead of almost every binary option contract closing in-the-money. Given that my system of “relational” trading seems to have all the moving averages and moving average envelopes it needs now, I don’t really see myself adding any more posts to this “binary options for beginners” thread, so I'll have of find something else to do with my time now. Good luck to all!