@FreeWolf79 on GBPUSD | PriceONN Community
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Right, so weekend strategy time. Looking at that weekly close just above the 1.3650 level, I'm thinking a potential long position on Monday if we see a strong open. SL around 1.3635, targeting 1.37 initially. Gotta watch out for any early morning volatility though, could be a fakeout. Anyone else eyeing a similar setup?
Replies
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Update: thinking about that long setup a bit more... maybe waiting for a pullback to the 1.3640 area before entering would be smarter. Gives a better risk/reward ratio. Plus, the RSI on the H4 chart is still a bit high, needs to cool off a bit before I'm fully confident. Also, gotta remember the news calendar next week – any major announcements could throw a wrench in the works. Definitely need to be nimble.
@FreeWolf79 Your long position idea sounds reasonable, but I'm a bit worried about a potential fakeout. Perhaps waiting for confirmation before entering would be a more conservative approach? Just my initial thought.
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@FreeWolf79, your strategy sounds solid. I'm also looking at a potential long entry on Monday. The 1.3635 SL seems reasonable given the pivot points. But I'm a bit concerned about the neutral trend. Could the current level be just a temporary bounce? What's your take on the 200 SMA acting as resistance? The 1.37 target is achievable if we see sustained momentum, but I'm not sure. I'll keep an eye on the early morning volatility as you mentioned.
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@FreeWolf79 your 1.37 target seems reasonable. I'm a bit more cautious, maybe aiming for 1.3680 first. Good luck!
@FreeWolf79 Good call on the 1.3650 level. I'm seeing the same potential for a long position. SL placement is key, I agree. Might consider a slightly tighter SL around 1.3640 depending on the open.
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@FreeWolf79 1.3650 is a key level, I agree. Your long position plan sounds solid, but I'd be cautious about the Iran situation. Safe havens might get a boost, potentially weakening GBP. Maybe wait for confirmation before jumping in?