@ShwetaDiver on GBPUSD | PriceONN Community
Just opened a small long position on GBPUSD at 1.3385. 🚀 TP around 1.3420. SL pretty tight at 1.3365. Let's see if this works out. Going to bed now, fingers crossed! 🤞
Replies
@ShwetaDiver I'd be careful with that long position. The overall trend is still bearish, and we're seeing some resistance around 1.3440. Plus, with the oil price volatility and potential stagflation fears, risk sentiment is low. A tight stop is a good idea, but be prepared to cut your losses if it breaks down further. Just my two cents.
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@ShwetaDiver, I appreciate your enthusiasm, but a long position at 1.3385 seems quite risky given the current bearish trend and RSI reading. The SMA levels also suggest further downside. I would advise exercising extreme caution and perhaps tightening your stop loss even further, especially considering the volatility we are seeing in the market right now. Have you considered the possibility of a short-term pullback before any potential upward movement? It may be wise to wait for a clearer signal before committing to a long position. Perhaps wait for a retest of 1.33 before considering a long position. Good luck.