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Technical Analysis – EUR/USD
EUR / USD: Current level of the currency pair is 1.37975
Today’s expectations for the price are for upward movement. It is possible shallow correction towards the level at 1.3770 and then to resume its upward movement with target the level at 1.3880.
Intraday resistance: 1.3880
Intraday support: 1.3747
Technical Analysis – USD/JPY
USD / JPY: Current level of the currency pair is 97.689
Currently pair is trading near the resistance level at 97.90. Forecast for the pair is still negative with target the level of support at 97.196.
Intraday resistance: 97.90
Intraday support: 97.196
Technical Analysis – XAU/USD
Current level is 1348.91
Gold is trading steadily above the support level at 1330.00. Upward trend remains and expectations are for bullish momentum towards 1375.18-1400 dollars.
Intraday resistance: 1375.18
Intraday support: 1330.00
This Technical Analysis is provided by Dimitar Petkov
The charts and analyses in this article do not comprise any form of advice or recommendations by ActionBinary.com to buy, sell (or refrain from making) any trade or investment. It is recommended that you seek independent advice before entering into transactions.
“Triangle” formation of Candlestick chart
The next formation, which I will discuss is called the “triangle.” Triangles are trend confirming as well as trend reversal figures. Triangles are one of the most common pricing models on the market, they come in three types – symmetrical, ascending, descending.
The first triangle discussed here is symmetrical – in Figure 11.
Fig. 11 symmetrical triangle
The shape (symmetrical triangle) is formed, when the subsequent highs are lower than the previous ones and the subsequent lows are higher than their previous ones. Drawing trend lines through the respective lows and highs leads to a triangle shape (symmetric in this case). The height “H” which can be observed on the wide side of the triangle is equal to the target price after the breakthrough, whether in ascending or descending direction. Price does not always reach the full height “H”, but in most cases gets up to 85% of the height (H). This in particular may be used as a base for performing the Take profit action. The next triangle figure we will observe is the ascending one. This triangle is almost identical to the symmetrical one with one difference – the upper line (line of resistance) is horizontal. This triangle is called “ascending ” because after a breakthrough in the Strong level – the line of resistance – the price continues to move upwards. Figure 12 shows an ascending triangle.
Fig. 12 Ascending Triangle.
The symmetrical and ascending triangle both use the same strategy as follows. The height “H”, which is equal to the wide side of the triangle is equal to the target price after breakthrough in the ascending direction. The price in this case also does not always reach the full height “H”, but in most cases gets up to 85% of the height (H). And again, this may be used as a base for performing the Take profit action.
The last triangle we will discuss is the descending triangle. Its structure and construction method are not different from the previous models with the only difference that it is used in a descending direction.
Fig. 13 Descending Triangle.
Similar to the symmetrical and ascending triangles, the descending triangle uses the following strategy. The height “H”, which is equal to the wide side of the triangle is equal to the target price after breakthrough in the ascending direction. The price in this case also does not always reach the full height “H”, but in most cases gets up to 85% of the height (H). And again, this may be used as a base for performing the Take profit action.
Levels of support and levels of resistance.
When do we observe levels of support and levels of resistance?
The financial market does not ever stop in one state, the prices of financial instruments constantly move either upwards or downwards. When the price of a financial instrument rises, this is called a bull market (dominated by buyers). And when the price of an instrument goes down, this is called a bear market (dominated by sellers). Levels of support and resistance are determined depending on the market trends. The price reaches a certain level, then bounces back or breaks the level. This is called a “level of support” if an descending price changes into an ascending price, and a “level of resistance” – if the price changes into a descending price after reaching the level. Figure 14 shows the levels of support and levels of resistance. When the price is above a specific level, then we say that level is a level of support, but when the price is below that level, then the level is a level of resistance.
Head and shoulders
Trend cannot last forever and sooner or later it ends. Signs of its slow down or turn usually are typical pricing models – shapes and formations formed by the graph. The first formation that I will discuss is called “head and shoulders”, it belongs to a trend reversal figures (Figure 8).
Figure 8 shows how after an uptrend we obtaine figure “head and shoulders”. The elements of the formation are as follows:
LS – left shoulder.
HEAD – head.
RS – right shoulder.
Neckline – through the door.
H – height of the head to the neckline (neckline).
H – height, a new target in the middle of the neckline.
Price behavior after breakthrough the neckline is the following: It reaches a certain distance above the neck, and set up (left shoulder-LS), and then fall to the neckline (closes above it). After that there is a new uptrend, the price reaches over the left shoulder, where forming head (HEAD) of the figure. The next move is again descending, the neck reaches line (neckline) reflects from it and sweep upward by forming the right shoulder (RS). Upon the lowering of the price it breaks the line of the neck (neckline) and close below it. Next target price is the height H in the opposite direction of the head. After reaching the target price, follows the neck line test (test-neckline). The price is unable to break the neck line and the trend goes in a downward direction. That formation is considered the large frames (time frame) from four hours up (daily, weekly, monthly).
Depending on the formation of Candlestick chart we observe three types of trend (direction-the direction of the price). They are:
Uptrend – also known as “bullish trend»
Downtrend – known among investors as “bearish trend»
Horizontal trend– range , side trend (price moves sideways in a narrow range)
Uptrend (bullish trend) – we can see where the market is dominated by buyers and observe when Lay trend line through the bottom of the timing and direction of the trend is upwards, as on the chart here:
Downtrend (bearish trend) – we can see where the market is dominated by sellers. Downward trend is observed when though the picks of the chart we make a trend line and it goes in a downward direction as shown in Figure 6.
Horizontal trend (Range – side trend) – We observe it, when the price goes at one side and reaches the same price levels, without any clear upward or downward trend. Figure 7 shows a horizontal trend.
After looking at different trends, we now look at the formations and shapes which form the candlesticks. They could be trend confirming and trend reversal patterns.
The next and most frequent schedule of technical analysis is a “Candlestick chart”. The reason for using this type of chart is that it gives very full and clear visual information about the price change. Candlestick chart are widely used in making technical analysis. I will pay special attention to this type of charts, intensify in the description of the graph, the information given and the formations built.
They often show trend confirming figures or trend reversal formation, formed by series of candlesticks.
The structure of the graph type “Candlestick chart” is shown in Figure 3 and expresses the following:
Open – Open Price
Closed – Closing price
Peak – The highest price
Bottom – The lowest price
Wick (shadow) – Is a shadow of the candle, the price for that period of time.
Depending on whether the candle is bullish (rising – the closing price is higher than the closing price) or the sword (lowering – the closing price is lower than the opening price) Candlestick chart changes the color. Rising candle fills and stays white while lowering candle is filled in black.
Graphical analysis can be presented as the main part of technical analysis. Subject of technical analysis are the charts. The charts form the so-called figures. The figures represent the patterns of market movement and the outcome of their movement.
Based on these figures is predicted the future price movement. The graphs are drawn as a result of the actions of the two main groups in the market – buyers (bulls) and sellers (bears). There are three types of graphs that are used to draw a price reflecting the current state of market sentiment.
The first point to be considered is called a “bar graph”. One bar contains information for a period of time, whether it be from 1 minute (M1), 5 min (M5), 1 hour (H1), 4 hours (H4), 1 day (D1), weekly (W1) and monthly (MN). Here you can see a graph type “bar”
Fig.1 Bar Graph
OPEN – opening price
LOW – the lowest price for the period
HIGH – the highest price for the period
CLOSE – closing price
The following graph, which is known in technical analysis as the “linear graph” is drawn on the closing price for the period. As with the chart type “BAR”, here in the linear graph are different periods of M1 – one minute to monthly (MN).
FIG. 2 shows a line graph with a time period of four hours (H4)
The current global economic system cannot get away without international capital and financial markets, without foreign exchange trading, and generally without the interaction of international banking systems. In countries with developed capital market, many of the companies that are joint-stock have listed their stocks on the relevant stock exchanges. Each company that is listed on the stock exchange has a different value of the shares. Although the two peers may be similar in activity, assets, liabilities, innovation and more. their shares are not of equal value and do not follow the same movement. Shares in companies and other securities and financial instruments are used by various investors who want to invest resources in order to achieve further gain in the long run. Before taking a specific operation for investment or purchase of shares or another financial instrument, these investors make an analysis of the financial instrument.
Analyzes could be Fundamental and Technical
– The Fundamental Analysis is based on macroeconomic news and news, related to the company
– The Technical analysis is based on charts defined by the prices of financial instruments on the basis of past periods