Weekly Chart

While the weekly chart is considered not to be traded on the short term horizon, such a higher time frame has different advantages, and the most important aspect to take into consideration is the fact that all the Ichimoku elements are offering extremely strong support/resistance areas. Therefore, below are the things to look for when expecting a possible bounce/rejection based on the Ichimoku elements:

  • whenever price is touching Tenkan;
  • whenever price is touching Kinjun;
  • whenever Chinkou touches the cloud (ideally the base of the cloud if market is trending to the upsie or the top of the cloud if market is in a downtrend).
  • whenever Chinkou is meeting the candles in front of it. The exact opening or closing price of a weeky candle should offer powerful support/resistance levels.

Almost all binary options can be traded based on the above, with the mentioning that I would not recommend the extreme short term expiration dates like sixty seconds or five minutes expiration dates. Based on this time frame the ideal expiration dates should be end of day, end of week or one week expiration date or higher.