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OOOPS this is daily support level
Oh price retraced from monthly support level
Aaah here comes the fib retracement
Ouch 89 days moving average approaching.
Market is oversold …………..
Why there are so many complexities, how much things to remember, isthere a simple way to trade and do the Market movers take into account all these level,
People usually think in round numbers are more comfortable to start or end a trade in round numbers, which will help them in easy calculations. This is general psychology of human beings. If some one were to ask you how much you spent on your computer, you’d likely respond with an amount rounded to the nearest hundred like $900, or $800. For simplicity, most people most of the time will automatically round to the nearest whole number.
And this happens in trading too.
Sowhen a large number of traders are trying to close their trade when the price reaches a round number, there will be a change in momentum of price. If the price is in uptrend and when more traders are trying to take their profit at a round number level, the price will cease to move up causing a change in direction.
The wholenumbers trading
Traders will oftencall…
