Probabilities are the trend will likely continue at the moment
As anticipated last week, most of the currencies reversed direction after the release of the Non-Farm Employment Change numbers on Friday. The Non-Farm Employment Change numbers declined for the first time since 2010 (-33,000), while most have attributed the decline to the recent hurricanes.
As shown in the video this morning, there are no markets that are either overbought or oversold. This is the ideal time to trend trade the forex pairs. If the currency is moving up, then the probability is that it will continue to move up. If the currency is moving down, then the probability is that it will continue to move down.
Why? Because there are no indications that the markets are in extremes. Without any extreme readings, the market is most likely to continue in their respective directions. This makes entries slightly easier because the most likely direction is determined by the higher timeframe, in this case the 60-minute chart. By simply waiting for a pullback on the 15-minute chart, traders can enter into the higher timeframe move using either a binary option or spread.
For those that are new to trading forex binary options or spreads, make sure you join the How to Kickstart Your Forex Trading using Binary Options and Spreads webinar tomorrow morning at 11am New York time.
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