@ajones680 on GBPUSD | PriceONN Community

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ajones680 PRO newbie
GBPUSD Mar 11
Okay, so GBPUSD is kinda range-bound right now, but I'm using a scaling strategy to try and catch some pips. Basically, I enter with a small position, and if it goes against me, I add another position at a predetermined level. But the key is to reduce the size of each subsequent position. On the flip side, if it goes in my favor, I scale out partially at different levels to secure profits. Risk management is key with this approach, so tight stops are a must!
GBPUSD

Replies (2)

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ajones680 PRO newbie Mar 11
And to add to that scaling strategy, I'm also watching the 200 SMA on the H4 chart. It's currently sitting around 1.33807, and if price breaks below that, I'll be looking for confirmation before adding to my short positions. I also pay close attention to the RSI, especially when it gets oversold or overbought. A divergence between price and RSI can be a strong signal for a potential reversal. Of course, no strategy is foolproof, and the US inflation data coming out could throw a wrench in everything, but it's important to stay disciplined and stick to your plan! I'm also keeping an eye on the Bollinger Bands to see if price is testing the upper or lower bands.
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OliviaMiller PRO newbie Mar 18
Hey @ajones680, scaling in can be effective but it magnifies risk considerably if the underlying trend reverses sharply. I'd be very cautious adding to a position that's already moving against you, especially with GBPUSD currently hovering near its 200 SMA.
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