Round Numbers - page 2
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Round Numbers
MiniMe;
Your on to something. The reason being, I've found that if there are no Support Or Resistance lines around the and I pull the trigger, Wow, did I make a mistake?
I've seen this on Level 2. Your sitting on either side of the ladder with a $10K contract and you see coming from the bottom, someone with a $800K contract.
In this case you have to liquidate your position or take a huge loss. (ECN)
I have read for years that institutional traders use round numbers for initiating or liquidating positions.
It is obvious that your method could either stop out or be a huge winner, depending on trend. I've seen this almost 12 times in the last 2 days. You can really see this in most pairs over the past 2 days. Example GBP, Euro, Aud/Usd.
Just my 2 cents
MiniMe;
Your on to something. The reason being, I've found that if there are no Support Or Resistance lines around the and I pull the trigger, Wow, did I make a mistake?
I've seen this on Level 2. Your sitting on either side of the ladder with a $10K contract and you see coming from the bottom, someone with a $800K contract.
In this case you have to liquidate your position or take a huge loss. (ECN)
I have read for years that institutional traders use round numbers for initiating or liquidating positions.
It is obvious that your method could either stop out or be a huge winner, depending on trend. I've seen this almost 12 times in the last 2 days. You can really see this in most pairs over the past 2 days. Example GBP, Euro, Aud/Usd.
Just my 2 centsIts the nature of man to love easy things, so lots of traders put thier stoploss or take profit at round numbers, not just traders but also big players.
when the price reach those numbers there is enough momentum to drive the price up or down, look at the volume chart and there should be more volume around those numbers.
the entry point is very important as you don't know the price will continue or bounce back, the best way is to make a small channel and trade the break.
This best traded on active pairs , like EURUSD , GBPUSD , and USDJAP
I wouldn't recomend EURJPA or GBPJAP
I made a test expert the results were good but , the math is wrong as I couldn't get all the round numbers, I have my hands full these days , but when I am free I will try to make an expert , that way we can easily test/backtest the thoery
Its the nature of man to love easy things, so lots of traders put thier stoploss or take profit at round numbers, not just traders but also big players.
when the price reach those numbers there is enough momentum to drive the price up or down, look at the volume chart and there should be more volume around those numbers.
the entry point is very important as you don't know the price will continue or bounce back, the best way is to make a small channel and trade the break.
This best traded on active pairs , like EURUSD , GBPUSD , and USDJAP
I wouldn't recomend EURJPA or GBPJAP
I made a test expert the results were good but , the math is wrong as I couldn't get all the round numbers, I have my hands full these days , but when I am free I will try to make an expert , that way we can easily test/backtest the thoeryLooking forward to seeing your results!
Anyone could make the sweetspotsgold 3 levels instead of 2?
Would be usefull for 00-50 and 25 number
Thx!
I am interested in knowing what are the ratios one should use. I have seen a 1:2 loss:profit ratios, 3:1 ratios, etc... and i am a bit confused. I had been doing relatively well trading without stop losses, on the eur/usd
, but whenever i place one, i either get hit by what it looks like stop runs or then over the weekend, the direction of the trade goes against me and when the market finally opens, it closes my position at a loss. The only way i have been able to make my stop losses work for me is with huge stop losses of 150 pips. I have done hedging in my demo with SL of 150 pips for a gain of 25 pips and i have had success with it, especially during the high volatility of the eur/usd.
Yes, that is one simple yet profitable strategy.
I found the SWEET SPOT indicator that plots the lines.
I don't use indicators, just trade in the direction of the H1 candle color.Dear all, it there a version with '00', '20', '50, '80' lines?
tks
In a tradition similar to "DonateMuncher" :
Enjoy
sorry, im not very clear how to set sell or buy.
what can i see is set pending order for buy and sell for every *.**00 lines.
is that true..?
Round number is FX
hi folks, trading without a round number is like a radio without a battery!! according to nature, prices often have problems crossing round numbers, WHY??
it is because sometimes price finds those areas as support or resistances. for example in an uptrend, a price meets 109.00 and retraced, and gaped up then formed a higher close as a spinning top candle, then reversed with an opposite candlestick, then this is naturally known as an eveningstar as a bearish reversal pattern, so u are very sure to execute a sell position as the next candle closes lower and in the opposite direction and your stop should be above the round number exactly a few pips above the candlestick pattern.. so thats all u have to know about round numbers......HAPPY TRADES AHEAD WITH ROUND NUMBERS AND CANDLESTICK PATTERNS
Jonathan dc
Modification
Could some kind soul please modify this indicator so that the horizontal lines are drawn in the background. I notice that the highlighted price levels, being in the foreground, can at times obscure the current price.
Thanks in advance for taking the time to fulfill my request.