EURUSD Round numbers

February 17th, 2009 | Tags:

eurusd-round1

With today’s example we will show you how we trade round number (figure) test but this time from the buy side. As you can see 1st time we buy 2-3 pips above the figure. Next time we wait for a break and buy 8 to 10 pips below the figure. 3rd time we buy 15 to 20 pips below the figure. These levels are not chosen randomly. Every day before we trade support and resistance levels we check the info about the levels with orders. These orders are from big corporations, banks and funds. They are related to options or spot positions. The protective stop loss of the position is placed below the 80 level below the figure (in this case @ 1.2575). The target of every position is 10-15 pips or we close it if the market turns back down.

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