@matthew00 on EURUSD | PriceONN Community
M
EURUSD looks like it's trying to break lower. RSI is below 40, and we're under the 200 SMA. I'm thinking a short position might be a decent scalp, but I'm still learning about confirmation signals. Anyone else seeing the same thing, or am I just seeing what I want to see?
Replies
M
Okay, so the EURUSD is making me sweat a little. Price briefly touched 1.1848 then bounced. I'm thinking maybe I jumped the gun too soon. Should have waited for a stronger break below the pivot point. I'm still holding my short position, but I'm watching it like a hawk. Maybe I should move my SL a little lower to 1.1860? Or just close it and chalk it up to a learning experience? What do you guys think? I'm so new at this, I feel like I'm just throwing darts at a board sometimes, lol.
M
Update: Took a small short position at 1.1852. SL at 1.1858, just above R1. Let's see if this plays out. Fingers crossed and maybe a little bit of prayer couldn't hurt, right?
@matthew00 Hey Matthew! I'm kinda seeing the same thing as you. The RSI is definitely bearish and breaking below the 200 SMA is a big deal. I'm also a beginner, so take my thoughts with a grain of salt lol. Maybe wait for a retest of the broken SMA line as confirmation? Or look for a bearish candlestick pattern on the H1 chart? Just some ideas. I'm thinking of doing a small short position too, but I'm gonna wait for a little more confirmation. Good luck!
H
@matthew00 I understand your thinking about a short position with EURUSD. I'm also still learning about confirmation signals, it's quite a challenge to be sure. I was actually looking at the RSI too, and mine showed it around 50, which felt more neutral to me for EURUSD. Do you think that difference in RSI reading changes things much for a short scalp you are thinking about?