I found this strategy on google and i thought was interesting enough to post it:
"This is another very simple, but extremely efficient strategy. The round numbers (example EUR/USD 1.2800, USD/JPY 99.00) are natural levels of support and resistance. A lot of orders are placed around these levels. During the last few years the importance of the round numbers increased because they are used for options barriers levels and are protected. That is why when the market approaches such levels the price movement is countered by these order flows and small retracement usually happens. You should study carefully the price action around the round numbers and improve the strategy.
Rules for long position
"This is another very simple, but extremely efficient strategy. The round numbers (example EUR/USD 1.2800, USD/JPY 99.00) are natural levels of support and resistance. A lot of orders are placed around these levels. During the last few years the importance of the round numbers increased because they are used for options barriers levels and are protected. That is why when the market approaches such levels the price movement is countered by these order flows and small retracement usually happens. You should study carefully the price action around the round numbers and improve the strategy.
Rules for long position
- The prices approach round number support.
- Long position is initiated when:
- the price hits the round number, or
- the price breaks a few pips below the round number. - 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.
Rules for short position
- The prices approach round number resistance.
- Short position is initiated when:
- the price hits the round number, or
- the price breaks a few pips above the round number. - After the position is open an initial stop loss order is placed 2-3 pips above the high 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."
It doesn't say where the TP should be but i guess at the next round number.