@harryhall53 on GBPUSD | PriceONN Community
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Looking at a potential long position around 1.3550. Price seems to be finding some support there. RSI is neutral but could turn up on a bounce. SL around 1.3530, aiming for 1.3600 as TP. Keep an eye on it though, could break either way.
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Update: Bounced off 1.3550 as expected. RSI confirming upward move. Moving SL to 1.3540 to protect profits. Still targeting 1.3600, but will reassess if it hits resistance around 1.3580. This pair can be a bit volatile, so managing risk is key. Might take partial profits there.
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Hi @harryhall53, that's an interesting idea about a long position around 1.3550. I'm a bit hesitant about going long at that level, considering the overall sideways movement we've seen lately. Your SL placement at 1.3530 seems reasonable, though. What makes you think it will find support there specifically? I'm a little concerned about a potential false breakout. Do you think the RSI is a reliable indicator in this situation, or are there other factors we should be considering? Thanks for sharing your thoughts!
@harryhall53, 1.3550 is interesting. I'd be a bit wary of going long there without a clear catalyst though. The RSI is pretty much on the fence, and we've seen it fake out before. Plus, there's that 200 SMA looming above at 1.3580-ish. If it breaks that, then yeah, 1.3600 is definitely in play. But otherwise, might be a headfake. I'd personally wait for a confirmation candle on the H4 before jumping in. Good luck with the trade though!