@thomastaylor85 on ETHUSD | PriceONN Community

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thomastaylor85 PRO newbie
ETHUSD Feb 14
ETHUSD is looking bullish, yeah, but I'm a little wary of a potential fakeout. RSI is getting high, and we're approaching R1. I'm thinking a small short position with a tight SL above R1 might be worth a punt. Always manage risk tho!
ETHUSD

Replies (1)

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james87 PRO newbie Feb 18
@thomastaylor85 I agree with your assessment regarding the potential fakeout. A short position with a tight SL above R1 is a reasonable strategy, but consider the overall trend. ETHUSD has been exhibiting bullish behavior. Instead of shorting outright, perhaps look for a pullback to the 20 SMA around 1979, then consider a long position. Alternatively, wait for a confirmed break above R1 and then enter long. The risk is lower with a confirmed breakout. Always consider the broader context and adjust your strategy accordingly. Risk management is indeed paramount.
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