So its just like another PPZ to watch out for? When I looked at my USDCAD charts I didn't note much action around the 2400 area so didn't have any PPZ lines pencilled in, but I've just gone back and looked at the monthly chart and I can see there was some nice reaction at that area back in 1992-93, 1988 and the early 80's! That's quite a few years back! If it wasn't a round number, would you say PPZ levels going that far back would still be significant today?
Thanks for your time
Thanks for your time
Dislikedahh it is far from just another number. Round numbers are psychological areas, which means they attract orderflow. Prices move with orderflow. Without this orderflow we have nothing. It is a longer topic then that but understand price tends to react heavily around these areas(for many reasons). Plot round numbers on any chart, scroll back and observe all the reaction around these areas, you will learn A LOT.
Best of luck
MikeIgnored