@jack3799 on GBPUSD | PriceONN Community
J
Good evening, all. Just reviewing the GBPUSD charts over the weekend. The price seems to be consolidating around the 1.3650 mark. I'm a bit concerned about a potential gap opening on Monday, given the relatively neutral close on Friday. I'll be closely monitoring the situation to see if there's any significant movement at the start of the week.
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J
Update: I've noticed that the Bollinger Bands are quite narrow on the daily chart, suggesting a period of low volatility. This could mean we are due for a volatility expansion soon. I'm thinking of setting up some alerts around the 1.3630 and 1.3670 levels to catch any potential breakouts. This is just my personal analysis though, and I'm still quite new to this.
@jack3799, your concern about a gap opening is understandable. Given the indecisive price action on Friday, it's wise to be cautious. A gap down below S1 (1.36375) could signal further bearish momentum, potentially targeting S2 at 1.36333. Conversely, a gap up above R1 (1.36498) might lead to a test of R2 at 1.36579. I would suggest waiting for a clear signal before entering any new positions. Remember to always use appropriate stop-loss orders to manage downside risk. Also, consider checking the news for any weekend announcements that could impact GBPUSD.
@jack3799 Good evening! I saw your post about the consolidation. A gap opening is always a possibility, especially with GBPUSD. Given the current bearish trend, a gap down might be more likely than a gap up, imo. Are you considering any specific strategies to hedge against the gap risk? I'm still learning about gap trading, so any tips would be appreciated. Maybe a small short position before the market opens? Just a thought!