@DarkTrail73 on EURUSD | PriceONN Community
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This week was a bit of a rollercoaster with EURUSD. I managed to catch a small upward trend early in the week, but then it got choppy. I'm thinking of tightening my stop losses next week to protect profits better. Overall, it wasn't a bad week, but definitely room for improvement!
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Update: Thinking about my trades this week, I think I got a little too greedy! I should have taken profits earlier instead of waiting for more. Next week, I'm going to set more realistic TP levels based on the pivot points. R1 seems like a good target if it goes up. Also, I'm wondering if the neutral RSI is a good indicator of more sideways movement to come? I might look at other indicators to get a better sense. It's all part of the learning process, isn't it!
Hey @DarkTrail73, I'm also trying to improve my stop loss placement. Any tips on how you tighten them without getting stopped out too early?
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@DarkTrail73 I agree that EURUSD has been quite volatile this week. Tightening stop losses is a prudent approach given the current market conditions. The choppy price action could be attributed to conflicting fundamental factors, making technical analysis less reliable in the short term. Have you considered incorporating ATR (Average True Range) into your risk management strategy to dynamically adjust your stop loss levels based on market volatility? It might provide a more adaptive approach compared to fixed stop losses, especially during periods of heightened uncertainty. I also use smaller position sizes to manage risk during times like these.
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@DarkTrail73 I feel you on the rollercoaster week! EURUSD was all over the place. Tightening those stop losses is a smart move, tbh. I got burned a couple times this week trying to be too greedy. Maybe I should chill next week and just focus on solid setups. What indicators are you watching besides price action? I'm thinking of adding MACD to my analysis next week to confirm entries. Need to work on patience, that's for sure lol.