@mhall206 on GBPUSD | PriceONN Community
M
Okay, so I learned a tough lesson last week on GBPUSD... I saw a breakout pattern forming and jumped in long without waiting for confirmation. Huge mistake! It turned out to be a fakeout, and I got stopped out for a loss. Now I always wait for a candle close above resistance before entering. Patience is key, right? Still learning!
Replies
Hey @mhall206, I totally get what you mean about waiting for confirmation. I had a similar thing happen on GBPUSD a while back, jumped in too early on what looked like a breakout. It's brutal when that happens. Right now, I'm watching the 1.3313 support level pretty closely. It's been tested a few times in this quiet session and held. If we see a strong rejection there, especially with the dollar potentially weakening before the Fed decision, I might consider a small long. But I'll definitely wait for a clear candle close above the 1.3320 area before committing. Gotta respect the price action, especially after those fakeouts you mentioned.