@anjali796 on GBPUSD | PriceONN Community
GBPUSD looking oversold on the RSI! Could be a good time for a small buy position. I'm thinking of a quick scalp. What are others seeing? Maybe a bounce soon! Need to watch carefully. Perhaps a short-term opportunity!
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Update: I've entered a small long position at 1.3502. SL set just below S2 at 1.3490. TP around 1.3520. It's a risky trade, given the overall downtrend, but the RSI is tempting! Keeping a close eye on price action. This is just a small scalp, not a long-term investment. If it breaks S2, I'm out! Need to be disciplined. What do you all think of my plan? Any suggestions?
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Hey @anjali796, I see what you mean about the RSI being oversold, but I'm not convinced it's a good time to buy just yet. The overall trend still looks bearish to me. A quick scalp could be risky. Maybe wait for some more bullish confirmation before jumping in? I reckon there's a chance it could dip lower before any significant bounce. Just my two cents!
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Hello @anjali796, I saw your comment about the RSI showing oversold conditions. I am also seeing a similar signal. However, I am a bit hesitant to enter a buy position, given the overall trend. Could you please elaborate on what specific indicators or price action signals you are looking at to confirm your potential scalp trade? I am still learning, and any additional insights would be very helpful. I am also concerned about the resistance around 1.3500. Thnk it will hold?