@LilyGray25 on EURUSD | PriceONN Community
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Thinking of going short on EURUSD if it breaks below 1.1835. Seems like there's a bit of resistance around that level, and the overall trend is looking bearish. SL around 1.1850 maybe? Aiming for a TP near 1.1810. Just an idea, DYOR!
Replies
Hello @LilyGray25, your analysis is quite insightful! A short position below 1.1835 with a stop loss around 1.1850 seems like a reasonable approach, given the observed resistance. However, I would also advise keeping a close watch on the 20 SMA, currently at 1.18082. A sustained break below this moving average could provide additional confirmation of the bearish trend. Perhaps consider scaling into the position gradually to manage risk effectively. The TP near 1.1810 aligns well with the overall bearish sentiment, though a more conservative TP might be prudent.
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@LilyGray25 That's a pretty solid idea. I'm also thinking short on EURUSD. 1.1835 seems like a decent entry. I'm still trying to figure out how to set my SL properly. What's your reasoning behind 1.1850 for the stop loss? Is it just above the resistance level? Thnk I need to read up more on risk management tbh.