We allow two digits after the point since numbers are smaller compared to stocks. I found this strategy on google and i thought was interesting enough to post it.
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You can trade round numbers on both lower and higher time frames.
Forex round number. Forex trading strategies to trade round numbers round numbers are powerful even in forex trading because institutions usually place! their orders at those levels. These levels act as supports and resistance and therefore have to be taken into account when trading. On a price chart these figures are generally considered to rule off levels at the 50 and 100 mark.
A lot of orders are placed around these levels. Round numbers in forex are price levels such as 110 or 112. What are round numbers in forex trading and most importantly why do we need to pay attention to them.
The round numbers example eurusd 12800 usdjpy 9900 are natural levels of support and resistance. Round numbers refers to pretty much what it sounds like. After the position is open an initial stop loss order is placed 2 3 pips below the low reached during the test of the round number or at fixed distance from the entry point.
A limit order is placed according to our money management rules. The price breaks a few pips below the round number. Forex round numbers trading system.!
Round numbers or psychological numbers ! as traders call them are probably the best support and resistance areas. This is another very simple but extremely efficient strategy. Round numbers indicator is a simple but useful indicator to draw 00 and 50 price levels in your chart.
The numbers ending in one or more zeros such as 09500 10350 8750 etc.
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