@chloe7579 on GBPUSD | PriceONN Community
Hey @angela8550, I'm in a similar boat with a short position on GBPUSD. It's always a tough call, isn't it? Moving the stop to breakeven feels safe, but then you risk getting taken out by a small bounce before the real move happens. I'm leaning towards letting it run a bit longer, but I'm definitely watching it like a hawk. My current position is around 1.3355, and I haven't touched my stop yet.
Replies
Actually, on second thought, I might just leave it for now. The 200 SMA is still above the current price at 1.33587, so there’s still room for it to fall. I’ll just have to accept the risk.
You know, I was just looking at the 4-hour chart and the RSI is sitting at 63.9, which is pushing into overbought territory. That makes me a bit nervous about holding this short. If the price starts to reverse and push higher, I don't want to be caught off guard. Maybe moving the stop to 1.3350, like you mentioned, is the smarter move after all. It's better to lock in some safety than to give back all the potential profit if the market decides to retrace significantly. I'm still trying to get a feel for these bigger moves; it's not as straightforward as I thought it would be. I’ve seen charts where it just keeps going against you, and then other times a small pullback stops you out and it never looks back. This whole uncertainty is making it hard to sleep, watching the Asian session unfold.
@chloe7579 I see your dilemma with the stop loss. Moving to breakeven can be frustrating if price just nudges you out before a move. However, with the current volatility around the geopolitical tensions, I'd be tempted to secure some profit if I were in a short. Maybe trail the stop tighter, say just below the 1.3300 pivot. Let the market decide if it wants to push lower.
G
Hey @chloe7579, I totally get the stop-loss dilemma. Leaving it open for a potential move is tempting, but that RSI is indeed hovering around 74 now on the H4, which is pretty high. Personally, I'd be looking for a slight pullback or consolidation before considering holding a short through this quiet Asian session. Maybe aiming for the 50 SMA around 1.3328 would be a safer target if you're worried.