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Round numbers strategy

Quoting srmfx
Constin probably your broker was missing something. Ibfx shows highest bid 1.4006 and Oanda highest mid price 1.4006 (bid is 1.40055). I was trading during the test of 1.4000 but you can see yourself:

http://img41.imageshack.us/img41/13/ibfxb.gif
http://img41.imageshack.us/img41/2527/oandaz.jpg
http://img196.imageshack.us/gal.php?g=ibfx.jpg
I believe you were trading during the test, i was just surprised that the charts were different.
Nice to have you posting Srmfx

Constin
Constin, where did toy get the chart from? All the brokers I use hit 1.4005 at that time.
As Jhig said if the price breaks beyond the round number it can go further. We can trade this price move also. See where the large orders are placed and trade the retracements. For example when the price breaks above the figure it usually retraces from '20 and '30 levels. Below the figure good levels to buy are '80 and '60. This is valid for EUR/USD and USD/JPY.
USD/JPY is order driven pair. Japanese companies export and import a lot of goods and services and they have to exchange large sums of foreign currency. Just see the levels of the exporters and importetrs and join them.
Quoting srmfx
Constin, where did toy get the chart from? All the brokers I use hit 1.4005 at that time.
As Jhig said if the price breaks beyond the round number it can go further. We can trade this price move also. See where the large orders are placed and trade the retracements. For example when the price breaks above the figure it usually retraces from '20 and '30 levels. Below the figure good levels to buy are '80 and '60. This is valid for EUR/USD and USD/JPY.
USD/JPY is order driven pair. Japanese companies export and import a lot of goods and services and...
It's an Ibfx demo chart.
Srmfx, would you please post a picture with a sketch about what you saying in this post.

Thanks,

Constin
I've got another grid indicator i also use. It draws thicker lines compared with gridv2. I use grid v2 for "00" and grid builder for "000" but first i attach the grid v2 to the charts and then grid builder so that the thicker lines can be seen.
Attached File(s)
File Type: mq4 Grid Builder.mq4   3 KB | 1,200 downloads


Thanks,

Constin
Constin I'll show you 3 charts from the last few days. After a break above the figure usually I sell 1-2 pips below '20 and '30. If the trade is made before the NY open I use 6-7 pips stop. I don't trade between NY open and 1 hour after London close. This is the craziest time of the day. It is good for trend trades not retracements.
After 6PM (London time) I enter 1-2 pips below/above '20 with stop around '35. Then I add 1-2 pips below '30 if it is necessary with stop again around '35. I say 1-2 pips and around the level because I'm tape reader. To improve my entries I watch at least 3 brokers' quotes and use GBP/USD and USD/CHF as a filters for EUR/USD. For this trades i have 10-15 pips profit target or I close trades ig GBP or CHF shows signs of concern.
http://img35.imageshack.us/img35/6952/eurrn2005.gif
http://img29.imageshack.us/img29/7358/eurrn2105.gif
http://img33.imageshack.us/img33/2987/eurrn2205.gif
Hi,

Here is an indi I thought might help newbies

HTH
Attached File(s)
File Type: mq4 SDX-SweetSpots_v5.2 Psch.mq4   13 KB | 1,649 downloads
Money grows on the tree of persistence
http://img34.imageshack.us/img34/2736/eurrn.gif
This is very interesting trade from today. First I was stopped (may be I should use wider stop in this case). Bids were placed from 1.3890 to 1.3880 and I entered again at 1.3892 with 1/2 of the usual size and I intended to add at 1.3882. When the market approaches round number sometimes is better to wait for a small break if there are bids or offers near the figure.
I still don't get why did you sell @ 1.4029 when the round number was 1.4000 pls explain? Also how do you decide to short looking at bollinger bands? One more thing what is 1.4031 why have u drawn a black line on it?
Quoting srmfx
http://img33.imageshack.us/img33/2987/eurrn2205.gif
Quoting bksujal
I still don't get why did you sell @ 1.4029 when the round number was 1.4000 pls explain? Also how do you decide to short looking at bollinger bands? One more thing what is 1.4031 why have u drawn a black line on it?
When the market breaks above round number the next levels with orders are usually at '20 and '30. If it breaks below round number bids are at '90 adn '80. Before I open a position after a break above or below round number I check the info for levels with large orders. In this example the orders were around 1.4020 and 1.4030. To refine better my entries when I trade EURUSD I watch also GBPUSD and USDCHF on at least 3 trading platforms.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd round number trendline.png Size: 37 KB

Will EURUSD bounce 100 pips down from the round number and trendline confluence?
Thanks to David, this indicator will draw lines at 80s and 20s:
Attached Image (click to enlarge)
Click to Enlarge Name: 8020 picture.png Size: 32 KB

Attached File(s)
File Type: mq4 Lines_8020.mq4   3 KB | 1,447 downloads


Constin
4 RN tests for the cad at close times. Somebody is planning some action:
Attached Image (click to enlarge)
Click to Enlarge Name: cad.png Size: 54 KB
Quoting constin
4 RN tests for the cad at close times. Somebody is planning some action: {image}
Do you still trade this system
Quoting anugrahYesus
{quote} Do you still trade this system
This system works well if you can get the R:R right.
Anyone else still use this strategy?

I have been paper trading this on the 5 minute chart and looking for small reversals on the double zero levels. It has a relatively high win rate. I use a timed stop loss and a hard SL a few pips above the level and don't really have a fixed TP just trade based on how the price acts at the level.
There is alot of volatility around round numbers!!!
I like to see price horizontal lines at
A/
31800
31200
30800
30200

B/

31050
30950
30850
30750
....
30250
30150
30050

How can I do it?
  • Post #60
  • Quote
  • Last Post: Sep 21, 2023 6:13am Sep 21, 2023 6:13am
Quoting enochben
If you trade with a bucket shop round numbers are also a good place for brokers to hunt stops. A way to beat this knucklheads at their own game is to cost in. Divide your lot into 3's. Buy the first lot at the round number, the second lot 5 pips later and the third 10 pips later. If the price moves more than 15 pips past the round number you need to be out of this trade. example: EURUSD approaches 1.3300. Buy 1/3 at 1.3300, another third at 1.3305 and a final 1/3 at 1.3310 with a stop at 1.3316/17. The drawback to this modification is if price does...

This strategy of dividing the lot into two or three parts has always been well accepted. We were able to extend our profit margin and better position ourselves in the position we want.
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