@matthewharris on GBPUSD | PriceONN Community
Potential short opportunity on GBPUSD if it fails to break above the R1 pivot point. Looking for a rejection at 1.36538 with confirmation from a bearish candlestick pattern. Initial target around 1.36462, with a tight stop loss above the R1 level to manage risk. Remember to adjust position size accordingly.
Replies
H
@matthewharris I see what you mean about the short opportunity. If it rejects that R1, it could be a good entry point. I'll keep an eye on it.
S
@matthewharris, I agree that a short opportunity might present itself if R1 holds. However, I'd be cautious about the tight stop loss; GBPUSD can be quite volatile. Consider widening it slightly to avoid premature exits.
N
@matthewharris, your short idea is interesting! I agree that a rejection at R1 could be a good entry. However, I'd also keep an eye on the 200 SMA around 1.36351. If price breaks above that, it might invalidate the short setup. Just a thought! Good luck with your trade!
J
@matthewharris I agree, a short could be interesting if it rejects R1. I'm a little wary of the 200 SMA providing support, tho. What kind of bearish candlestick pattern are you looking for specifically? A bearish engulfing or a doji? Also, what's your timeframe for this play?
@matthewharris That sounds like a reasonable plan, but I'm a bit hesitant about shorting GBPUSD right now. The overall trend still seems kind of neutral, and those pivot points can be tricky. Are you really confident about that rejection at 1.36538? I'd be worried about a false breakout. Maybe wait for more confirmation before jumping in? Just my two cents, and I'm still learning so take it with a grain of salt.