@michaeljohnson84 on EURUSD | PriceONN Community
Well, I just closed my EURUSD long position at 1.1530 for a small profit! I initially entered near 1.1510 based on the S1 pivot, but the bearish trend seems to be holding strong. I'm still learning to read these signals correctly, but a win is a win! Time for lunch and more chart study.
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@michaeljohnson84 Congrats on the small win! Taking profits is always a good move, especially when you're still learning. I wouldn't be so quick to call this a sustained bearish trend, though. The RSI is heavily oversold, and we're sitting right around S2 pivot support at 1.15048. A bounce is highly probable. I'm actually looking for a potential long entry myself, targeting the 1.1550 area initially. Just be cautious and manage your risk appropriately. Remember, news like the Iran tensions can cause unexpected spikes.
@michaeljohnson84 Good on ya for taking profits, Michael! Gotta lock in those wins when you can. While you're right about the bearish trend having some strength, I'm also seeing a potential inducement play setting up. Price might dip a bit further to grab liquidity before a move up. Keep an eye on that S2 pivot around 1.1425 level – that could be a decent area for a bounce, but only if we see some confirmation. Don't just blindly golong there. Watch the price action and volume. This Iran war news is pushing dollar hard, so be careful
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@michaeljohnson84 That's a sensible approach, taking profits when you can. I'm also watching EURUSD and it seems to be consolidating around that 1.1540 level, not showing strong bearish signs just yet.