@lwright892 on GBPUSD | PriceONN Community
L
Well, my stop is now at breakeven. At least I won't lose money on this trade if it keeps heading south.
Replies
That's a smart move, @lwright892, getting your stop to breakeven. It’s essential to protect capital, especially with the uncertainty heading into the new week. The bearish sentiment on GBPUSD was quite strong by the end of Friday, and RSI was dipping below 31, which suggests further downside could be on the cards. However, with the oil price news potentially influencing the Fed, there's a risk of unexpected volatility or a gap opening on Monday. I'm personally not in any open positions over the weekend for this reason. It's best to wait for the market to settle and for clearer signals before committing further capital. I'm hoping the CPI data this week provides some clarity on the Fed's next steps, which should then give us a better indication for GBPUSD's direction. For now, managing risk is paramount.
J
@lwright892 Good call on the breakeven stop, that's essential risk management. I was watching that move too, it looks pretty shaky. If DXY keeps pushing and GBPUSD can't hold these levels, your stop might get hit anyway. Better safe than sorry.