An over extended Cypher pattern was created due to the news. The last hour retrace on Friday was mostly caused by traders closing out their positions before the weekend market close. There are two ways you could trade this while placing your stop just below support:
1. Take a long position upon the opening of the market.
2. Wait for a double bottom and take a long position there. (less risky and better R:R)
For you binary option traders I would suggest option 2. A call option for 3 to 4 hours also a end of day call should also be ITM.
Plan your trade, trade your plan and good luck!
1. Take a long position upon the opening of the market.
2. Wait for a double bottom and take a long position there. (less risky and better R:R)
For you binary option traders I would suggest option 2. A call option for 3 to 4 hours also a end of day call should also be ITM.
Plan your trade, trade your plan and good luck!