I want to demo yet another strategy. Take a forex pair & try to get a wide iron butterfly on the weekly. If you can last until Wednesday or Thursday, I’m thinking you could exit one side that’s being threatened & not even worry about the other side losing. Right now I have one on the EUR/USD pair. I just got in (BUY 74.50 ; SELL 31.25), and it’s 4am Thursday morning. Yeah, it’s a bit late. My strikes are still 150 pips apart!
If I get in on a Monday or Tuesday, I’m wondering if I could get a 72/28 or better butterfly 200 pips apart. Maybe even set working orders on both sides to get 300 pip butterflies??? Has anyone tried this? I like the weekly contracts (I can’t believe I’m actually saying this) because they are so far apart. I know there’s more time to be “wrong” on the weekly butterflies, but whenever I try to do a daily butterfly, the prices are usually one good (maybe buy 74) and one bad (maybe sell 19) and they are so close! I always end up losing those. On the WEEKLY butterflies, I’m thinking if we get good prices around 30/70, we can exit one side if it’s threatened for maybe a $20 loss & the other side would expire pretty comfortably.
Any thoughts would be greatly appreciated! I’m thinking when I go live again in February, I’ll do this with one contract on each side as a compliment to my other strategies.
Not sure why you might be wanting to do weeklies. True, the wings will be far apart, but with the changing Implied Volatility we have been seeing…that could be a very risky trade. The Premium collection will not start to kick in until about Wednesday evening -if I remember correctly. So in the mean time you will just be sitting there hoping for a small amount of price movement. You can make just as much by placing a 1 to 2 hour trade as you can with the weekly. You also will not need as much of a wing spread to have full profit. Seems to me the percentages are higher with a shorter trade. That and coupled with our Expected Range indicator have shown me good profits. I love to do IB during lunch hours and early Friday afternoons. . Be sure you are out before 4 if at all possible.
Thanks for the reply! I don’t like IB trades normally, because I don’t win. The 2 hour strikes are just too close. I think I won one of those in ten tries or so.
I was also thinking about putting working orders on the weekly binaries & then I could get in after it moves 100 pips or more. That way I get a better strike than the one I would’ve grabbed originally. If the premium collection doesn’t start to kick in until Wednesday, I could take a look at what happened from the beginning of the week until Wednesday morning. If it dropped quite a bit, I could buy a binary a few strikes below the market. The opposite would be for an upwards market. I’d just try to find the one that moved the farthest, expecting a pullback, or maybe assuming the market will exhaust the movement in that direction…
I’m doing really well on my 5-minute binaries & the “Afternoon Delight” strategy, so this weekly binary thing might just end up being a throw-away test. 
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How have you been trading the 5 min binary? I haven’t found a good method yet that works for me?
5 minute Binaries are highly discouraged by Apex. Pricing ladder will eat your shorts. Use 20 minute if US indices or 1 hour. 5 minute Bins are no mans land. IF you want to be successful, have the probabilities in your favor. 5 minute binaries are more of a sucker bet, as we are looking for the edge to be in our favor before trading ANY trade. This is regardless if you are trading Bins, Spreads or KO. Which I am loving trhe newer Knock Out Trades.
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5 min are not recommended they are the hardest contract to trade the easiest is futures you can trade micros with only a $400 account.
