@mandla1855 on GBPUSD | PriceONN Community
GBPUSD looks weak. Been watching it drop all day. SMA looks like a resistance level now? Should I be looking at shorting this?
Replies
So, about my earlier post... I'm thinking maybe wait for a pullback to around 1.3600 before shorting? RSI is kinda low, so maybe oversold? But the overall trend is down for sure. I'm just worried about a fakeout. What's a good SL for a short position like that? Maybe just above the 50 SMA? I need to manage my risk better. I'm still learning about all this.
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@mandla1855, bro, I feel you! Seeing that drop all day can be tempting to jump in and short it. But remember, the market can be a sneaky beast. Those SMAs might look like resistance, but they can also be broken easily. Before you short, maybe wait for a confirmation candle or a clear break below S1 at 1.3498. Don't just jump in based on one indicator alone. Patience, my friend, patience! Plus, look at the overall trend on a bigger timeframe before you make any decisions. You might get burned if you rush in!
@mandla1855 I wouldn't be too quick to short just yet. It's been dropping, yeah, but the RSI isn't oversold. Maybe wait for a clearer signal before jumping in? Could bounce off that 50 SMA. Just my two cents though, I'm still learning myself!