On BabyPips blogs, there is a term MaPs. Does anyone know what MaPs stands for? Thanks
It must be the dreaded [B]Ma[/B]ssachusetts [B]Ps[/B]ittacosis (a type of infectious disease prevalent among forex traders with parrots, in the Boston area). Either that, or possibly a typo of some kind (I’m wondering whether “MA’s” might have been intended, which could possibly be an abbreviation for “moving averages”, depending on the context?). Anyway, if you post a link to the post concerned, I’m sure people will be able to comment more helpfully: it’s a little difficult, in isolation, when there’s no obvious trading-related meaning apparent. :19:
It would seem to be as described in this extract:
[U]“The major psychological levels (MaPs) seem to be doing a good job of acting as price magnets lately, so I’ll be looking to play bounces off those levels this week.”[/U]
I have no idea what these levels are, where they come from, or how they might be used…I think I prefer the parrots…!
Ooh, well discovered! That will be it, for sure.
I’ve never heard of it under that name, either.
But I think that must be referring either to price-levels ending in “00”/“50” or to levels of recent clear-cut support/resistance (or perhaps even to a combination of those two things): those can become kind of “psychological levels”, can’t they?
I think you are right, at least the former are purely psychological and have no price action justification (usually). Widely recognised S/R’s are, I guess, a combination of price action AND psychological.