@ashley2000 on GBPUSD | PriceONN Community
Wow, GU just swept the lows! I wasn't expecting that move. Was looking at a small retracement around 1.3350 but it just blew right through. Anyone else see that coming???
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Okay, so I'm thinking if GBPUSD can hold above 1.3330, we might see a push back up towards that 200 SMA around 1.3375. I'm going to set an alert there. If it breaks above that, then we could be looking at a larger move towards 1.34. But if it fails to hold 1.3330... yikes. Then we're probably heading down to 1.33 or even lower. I'll keep an eye on the volume as well. Need to see some real buying pressure to confirm any upside. Thinking of setting a tight SL around 1.3325 if I go long. Gotta protect the capital!
Actually, looking at it again... the RSI is getting pretty oversold. Might be a decent buy the dip opportunity if it holds here. I'm going to wait for a confirmation candle before I jump in though. Don't want to become a bag holder!
Hi @ashley2000, I saw that sweep too! It was pretty fast. I'm trying to scale into positions now rather than going all in. So if I see a good entry on GBPUSD around 1.3350, I might take a small part of my trade size. Then if it moves in my favour, I'll add more. If it goes against me and hits my stop, I only lose a little bit. Helps manage the nerves, especially overnight!