@miguellim on GBPUSD | PriceONN Community
Just opened a small short position at 1.3304. Looking for a quick scalp down to 1.3280! RSI is showing oversold conditions, but the overall trend is still bearish so I'm going with the flow. Wish me luck!
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Update: Closed the short at 1.3282! Quick +22 pips. Nice and easy! Now watching for a potential long entry if it bounces here.
@miguellim Interesting scalp! I'm a bit more cautious about shorting right now even with the overall bearish trend. The RSI is indeed hinting at oversold, but I'm also seeing some potential support forming around this 1.3320-1.3330 area. What's your risk management strategy like for this trade? I'm always trying to refine mine. Are you using a tight stop loss considering it's a scalp or letting it breathe a bit more?
@miguellim good luck with your short! I'm still trying to wrap my head around scalping. Seems risky, but the rewards can be great. Hope it works out for you!