[quote=justin217]atrader2,
I am NEW to IBF’s and I watched Darrell’s intro video on the Binary Essentials menu (Binary Butterfly Course - seemed a bit old) and also your short video on page one of this thread. I am interested for a couple of reasons…not sure any are valid, hoping you could help me with that.
I work 815-5pm CST so I basically dont have time to trade til about 6-10PM CST. I have been testing and playing with the TC3Tick Trend Catcher system and it works great…if theres enough volume at night, like around medium news etc. But I am finding there are many nights where bars are taking WAY over 3 minutes to form and a clean trend trade is not available on the 5min bins A/U or the U/J.
Questions:
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With my trading hours…would IBF’s work for me and also work on the 5 mins bins? Can I use this strategy on them or does it not work well on 5 mins bins? If not, then what do you suggest I do when there are quiet nights with no movement?
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In your video, what template are you using? Or are you not using a template? Also I didnt see your followup video on the outcomes of that trade. Did I just miss it? Also, if IBF’s dont work with 5 mins bins, could you help me with doing setups at that time that expire ITM the next day on the instruments you trade or something along those lines? Also, I dont have any experience with any other instruments other than the 5 min bins (the four pairs). Ive never traded indices before and dont know how they work or what news I need to watch for etc. All my experience is in forex and forex news.
If anything you suggest requires the Elite membership, it wont work for me whereas I am on the Essentials plan.
Sorry for the insane amount of questions…just wanting another “club in the bag” as Darrell says it when I have flat markets at night (6-10pm CST) to be able to make money on.
Thanks,
Justin217[/quote]
Justin,
With your trading schedule BF’s could work for you. As far as on the 5 minutes. Well thats a whole nother bag of worms. I find that the strikes arent wide enough to make it a comfortable trade for me to do on the 5’s. Or the pricing is never correct. But you are welco e to try it out.
You can do BF’s on any Instrument that is range bound. I trade them on Forex pairs all the time. Just look through this sub forum and you can see all kinds of examples. Creek and I have posted plenty of examples. The best thing to do is jump in the pit and start trying to find some of these setups yourself. Post a marked up chart of what you found and ask questions. Get feedback.
Grim