We've looked at Asian session high/low and pivot point in planning our day but what about BRN's (big round numbers)?
Well BRN's are really great to utilise as the "floor and "ceiling" as well as target points in our daily trading plan. For instance today quite obviously 13200 was the "floor" (or "ceiling if you like!) and knowing the daily range we could quite easily work out that 13100 would be a good "ceiling" to aim for. If you think about it course, when the "big boys" (who buy and sell enough currency to really move the price) work out THEIR daily strategy, they are certainly not using minor levels in their planning rather it's so much easier to work from BRN to BRN (say 13200 to 13100 or 13200 to 13050). If we know HOW THEY THINK AND PLAN and we know the approx. daily range of our favourite currency pair, we can obviously work on those targets too!! They are also of course "stop hunting" along the way, and as people usually put their stops at BRN's, you'll note how price action seems to accelerate though BRN levels as it did this morning through 13150 and just now through 13100.
rgds
Well BRN's are really great to utilise as the "floor and "ceiling" as well as target points in our daily trading plan. For instance today quite obviously 13200 was the "floor" (or "ceiling if you like!) and knowing the daily range we could quite easily work out that 13100 would be a good "ceiling" to aim for. If you think about it course, when the "big boys" (who buy and sell enough currency to really move the price) work out THEIR daily strategy, they are certainly not using minor levels in their planning rather it's so much easier to work from BRN to BRN (say 13200 to 13100 or 13200 to 13050). If we know HOW THEY THINK AND PLAN and we know the approx. daily range of our favourite currency pair, we can obviously work on those targets too!! They are also of course "stop hunting" along the way, and as people usually put their stops at BRN's, you'll note how price action seems to accelerate though BRN levels as it did this morning through 13150 and just now through 13100.
rgds