@ethanscott11 on GBPUSD | PriceONN Community
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Given the choppy action on GBPUSD recently and the neutral RSI around 48, I'm keeping my position sizing conservative today. Only risking 0.5% of capital per trade. It's safer to wait for clearer signals rather than chase volatility, especially with the Fed's recent commentary and that oil news still lingering.
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Also, looking at the daily chart, we're sitting right around that 50 SMA at 1.3371. If we can break above the R1 pivot at 1.3389 and hold it, I might consider scaling in a bit more size, maybe up to 1% risk. But honestly, the 200 SMA at 1.3335 is still a significant level below. If we dip there, I'll be looking for an opportunity to get long again, but for now, it's just watching the immediate price action around these key SMAs and pivots.
Hey @ethanscott11, I feel you on the conservative sizing. I just got burned by this pair myself, bought too early and it just kept going down. Seeing that 50 SMA at 1.3371 is interesting though. If it can push past the R1 pivot, maybe it's a good sign? I'm still a bit spooked after my last trade went south so fast.
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Hi @ethanscott11, I totally get where you're coming from with the conservative sizing. I was watching this pair earlier and thought about going long around 1.3340, but then I remembered how it just tanked on me last week. Saw that 50 SMA at 1.3371 too, and it felt like a good level to aim for. But then the news about the Middle East tensions started heating up again and the USD got that safe-haven bid. It really made me rethink entering anything. I'm also seeing this drop towards 1.3320 now, and it's making me nervous about my previous idea to buy. The volatility from oil prices seems to be affecting everything. Maybe waiting for a clearer break above that R1 pivot is the smart move, just like you said.