@palesa9728 on GBPUSD | PriceONN Community
I'm holding a small short position on GBPUSD over the weekend. RSI on the daily chart is just below 50, which is neutral, but the SMAs are giving mixed signals. The 20-day SMA is below the 50 and 200. I've set a stop loss just above 1.35 to mitigate any potential upward movement over the weekend. Will review it on Monday morning depending on how the market opens.
Replies
Further to my earlier comment, I think it's important to consider the potential for a gap opening on Monday. Given the quiet economic calendar this weekend, I don't anticipate any major news events that would dramatically shift sentiment. However, unforeseen circumstances could always lead to volatility. My strategy is to monitor the Asian session closely and adjust my stop loss accordingly. I'm also prepared to take a small loss if necessary. Preserving capital is more important than chasing profits, especially with the current uncertainty in the market. A tight SL is crucial.
Update: I'm considering closing the position before Monday if I see any significant positive news over the weekend that might affect GBPUSD. Risk management is key!