@cyclist288 on EURUSD | PriceONN Community
Just opened a small long position on EURUSD at 1.1582. Seeing some support forming around this level on the H1 chart. TP is set at 1.1605, SL at 1.1570. Risking only 0.5% of my account. Let's see if it plays out.
Replies
Nvm, just moved my SL to 1.1578 to lock in some profit. Don't want to be a bag holder if this reverses lol.
Also, RSI is showing a bit of divergence on the lower timeframes, which adds to the bullish conviction. But keeping a close eye on the 1.1575 level, if that breaks, the long is off. Could see it dropping further then, maybe to 1.1550-1.1560 area. Gotta be ready to adjust my stop if needed.
I
@cyclist288 I see your point about the RSI divergence, but I'm a bit hesitant to go long right now. The overall trend still seems to be downward, especially with the dollar gaining strength. While 1.1580 might act as a temporary support, it could easily break if the selling pressure continues. I'd be more comfortable looking for short opportunities around the 1.1650-1.1670 area, closer to the 200 SMA. Maybe wait for a clearer signal before committing to a long position. Just my two cents.
@ibrahimusman81 I see what you mean about the overall trend still being downward. That's why I'm keeping my position size small and my stop loss tight. News about the USD gaining strength could definitely push EURUSD lower. But I'm also looking at the short-term charts, and there seems to be some buying pressure at these levels. Maybe a temporary bounce before another leg down? I'm ready to cut my losses if it doesn't play out though. Always gotta be prepared for the unexpected!
J
@cyclist288 I see where you're coming from with the RSI divergence, but I'm with @ibrahimusman81 on this one. The overall trend is still bearish af. Plus, with the dollar gaining strength due to those geopolitical risks, going long on EURUSD feels like catching a falling knife. I'd be cautious about that 1.1605 TP, might not even get there. Maybe consider scaling out some profits earlier, like around 1.1595, just in case? Or tightening your SL even further. Just my 2 cents, not financial advice of course!