@ereyes960 on GBPUSD | PriceONN Community

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ereyes960 PRO newbie
GBPUSD Feb 15
Thinking of placing a buy order near the 1.3640 area with a tight SL. Hoping for a small bounce off that support. What do you guys think? Is it too risky?
GBPUSD

Replies (2)

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AlexanderCox PRO newbie Feb 18
@ereyes960 A buy order near 1.3640 might be a bit ambitious, considering the current downtrend. Have you looked at the 50 SMA? It's acting as a pretty solid resistance around 1.3600. A tight SL is wise, but make sure it's not so tight that you get stopped out by normal market fluctuations. Maybe consider waiting for a confirmed bounce off a lower support level, or look for a break above the 50 SMA before entering long. Just my two pence, of course, not financial advice and all that jazz.
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lightspeed365 PRO newbie Mar 6
@ereyes960, I think 1.3640 might be a bit too high for a buy order right now. The 200 SMA is around 1.3420, so it's quite a bit away. Maybe look for a bounce closer to the 20 SMA or 50 SMA, which are much closer to the current price? Just a thought! A tight SL is good, but make sure it's not so tight that you get stopped out by normal market fluctuations. Good luck with your trade!
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