@noluthando4731 on ETHUSD | PriceONN Community
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I'm currently employing a scaling strategy with ETHUSD to manage risk. I initiated a small long position at 2085, and I plan to add to it if it dips to around 2065, based on S2 pivot support. Conversely, I'll reduce the position size if it reaches 2100, near the 50-day SMA, securing some profits. This approach allows me to capitalize on potential upside while limiting exposure during volatility, especially with everything happening with crypto tools and refugees mentioned in the news.
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Also, I'm keeping a close eye on the RSI. If it approaches overbought conditions above 70, I'll consider reducing my position further, regardless of price action. Better safe than sorry in these markets.
@noluthando4731 Your scaling strategy sounds prudent. I agree, managing risk with smaller additions on dips is wise, especially with the pivot points you've identified.