Watch the video above: Forex Trading Strategies To Trade Round Numbers
Round numbers are powerful, even in Forex trading, because institutions usually place their orders at those levels.
In this video. I provide Forex trading strategies to trade round numbers. I want to ensure you understand the importance of the topic.
Round numbers in Forex are price levels such as 1.10 or 1.12. We allow two digits after the point since numbers are smaller (compared to stocks).
You can trade round numbers on both lower and higher time frames. The key lies in observing the reaction in price action when the price gets to a round number.
Once price hits a round number, it can do two things:
- Reverse
- Continue (after a pullback or retracement)
However, it is not unlikely that price will consolidate prior to reversing or continuing. As a result, a trader interested in trading round numbers would need to either identify strong reversal price action patterns or a strong breakout.
Like in any trading strategy, the goal will be to implement money management and to be disciplined in executing on what you've defined.
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If you truly want to succeed in Forex trading, you need to keep working on yourself so you can improve your strengths, but also your weaknesses. Do not focus solely on what you're good at.
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