@SBrown51 on EURUSD | PriceONN Community
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Well, after that little dive we had earlier, I'm reminded of that time I got a bit too eager going long EURUSD near 1.17. Thought the SMA 200 was a magic carpet. It wasn't. Ended up with a rather humbling lesson on waiting for confirmation, especially when the RSI is screaming 'overbought' or in this case, 'nearly dead'. Patience, as they say, is a virtue... and a profit protector.
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Oh yeah @SBrown51, I remember those days. That SMA 200 can be a killer if you jump too early. This RSI is definitely tempting though, but I agree, confirmation is key.
Hey @SBrown51, totally agree about the SMA 200 trap. I learned that the hard way on GBPJPY last year. Thought it was a clear support. It got swept clean and then tanked. Especially with this kind of volatility from the PPI news, you need to see some price action confirmation, not just a static level. We're seeing some bearish displacement on the 15m chart now, and the RSI is still south of 40. I'm looking for a retest of the 1.1450 area, maybe even lower, before considering any long positions. The DXY is looking strong, and that's usually a bad sign for EURUSD in the short term. Patience is key here.
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@SBrown51 yeah that SMA 200 lesson hits hard. This EURUSD might be doing something similar, trying to fake out longs before a real move. Gotta keep an eye out.