60s Binary Extreme Nemesis is a great trend following system. The accuracy of this system is very high since you will be buying only when the price is extremely oversold and you will be selling only when the price is extremely overbought. There cannot be any simple system than this. Any newbie trader can use this system and start to make money without any difficulties. However there are certain rules that should be followed with complete self discipline. Difference between a successful trader and unsuccessful ones is; their state of mind. Successful traders think in different way than the unsuccessful ones. Successful traders take it as a business, they accept their losses and they are highly disciplined while the unsuccessful traders take forex trading as a make money quick scheme. They don’t care about the rules and they always want to make money quick. And they end up losing way much money then they intended to make. So believe it or not it is not the trading system that will make you successful. It’s your state of mind, how you think about the trading. So this is a great system but you should have the courage to apply it with complete self-discipline.
60s Binary Extreme Nemesis system basically consists of four custom made technical indicators.
- Candle time: This indicator shows the time of the current candle.
- RSI: It is relative strength index. It is helpful to know the strength of the trend and to identify the overbought and oversold conditions.
- MFI: It is a money flow index indicator. The reason behind using this indicator in this system is we buy when the MFI indicator is around the zero level and sell off when it if around 100 level.
- DeMarker: This technical indicator prints the momentum on the indicator window. The main idea is to buy when the indicator is around the zero and sell when the indicator is around the level of 1.
Note: This indicator works best on 5 minute chart. Please look for buy only in an uptrend market and for sell only in a downtrend market.
Buying Conditions Using 60s Binary Extreme Nemesis.
- RSI should be at or below the level of 10.
- MFI indicator should be at the level of zero.
- DeMarker indicator should be at the level of zero.
- Place your Stop just below the recent swing low.
- Take your profits as soon as any one of the three indicators is overbought.
Selling Conditions Using 60s Binary Extreme Nemesis.
- RSI should be at or above the level of 90.
- MFI indicator should be at the level of 100.
- DeMarker indicator should be at the level of 100.
- Place your Stop just above the recent swing high.
- Take your profits as soon as any one of the three indicators is oversold.
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