@daniel85 on GBPUSD | PriceONN Community
Anyone else notice the Bollinger Bands tightening on GBPUSD? Looks like we're coiling up for a move. Could be a decent swing trade opportunity brewing if we get a clear breakout. What's everyone's take on direction? I'm leaning bullish, but waiting for confirmation.
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Update: Thinking about a potential long entry if GBPUSD breaks above R1 and holds. I'd set my initial TP around 1.3670, aiming for R2. SL would be just below the pivot point, around 1.3640. A tight stop to manage risk, given the current market uncertainty. Also, going to keep an eye on any news releases out of the UK; economic data could easily throw a wrench in the works. Might reduce position size slightly to account for event risk.
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@daniel85 Yeah, I'm seeing that Bollinger squeeze too. Defo something brewing. I'm still pretty new to this, so correct me if I'm wrong, but wouldn't a break above the upper band be a good sign? I'm a bit nervous about a false breakout though, especially with how choppy it's been lately. Maybe wait for a retest of the broken level before entering? What do you think about using the 200 SMA as a potential TP level if it goes up?
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@daniel85 Interesting observation on the Bollinger Bands! I agree, it looks like a move is brewing. I'm leaning bearish because of the recent price action but I'll definitely wait for confirmation before making any moves.
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@daniel85 I saw the Bollinger Bands tightening too. I'm still pretty new to this, but it looked like a squeeze was forming on the H4 chart. If it breaks above 1.35, would that be a good entry point? I'm a little unsure about how to confirm the breakout, any tips? I'm also wondering how tight of a stop loss to set in this situation. I'm thinking somewhere around 1.3450? Thnk that's too tight?
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@daniel85, I agree the Bollinger Band squeeze is notable. However, I'm seeing mixed signals. The 200-day SMA at 1.35047 could act as significant resistance, potentially capping any bullish attempts. We need a decisive break above that level to confirm a sustained uptrend. I'll be watching closely.
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@daniel85 I agree with the Bollinger Bands tightening observation. I'm also watching for a breakout, but tbh, I'm not convinced it'll be a sustained move. Might be a good scalp opportunity either way. I think we could see a whipsaw before a clear direction. Just my 2 cents.