@NgoziEze on EURUSD | PriceONN Community
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Planning my EURUSD trades for Monday. I'm looking at a potential short entry if we see a rejection at the 1.1875 level, targeting 1.1830. Risk management is key, so I'll be setting a tight stop loss above 1.1885. Let's see if the market confirms this setup early next week.
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Update: Another scenario I'm considering is a potential long position if EURUSD retraces to the 1.1850 level and holds as support. I'll be watching for bullish candlestick patterns on the H4 chart to confirm this setup. This would be a higher-risk trade, so position sizing will be crucial.
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Hello @NgoziEze, that sounds like a solid plan for Monday! I'm curious, what makes you think it'll reject at 1.1875? Is it a fibonacci level or something? Also, you mentioned a tight stop loss. How do you decide how tight is too tight? I always worry about getting stopped out too early. I'm thinking of trying a similar strategy, but I'm still a bit unsure if I can actually pull it off. Risk management is super important, I know that much!
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@NgoziEze Interesting setup! 1.1875 rejection sounds plausible. My only concern is the overall bearish momentum. Maybe wait for confirmation before jumping in? A false breakout could sting. Good luck!
Hey @NgoziEze, that's an interesting plan for Monday. I'm still new to this, so I'm curious – what makes you think it'll reject at 1.1875? Is there a particular indicator you're looking at? I'm trying to learn how to identify those key levels better. Thanks!