@osmith59 on EURUSD | PriceONN Community
Thinking about a short position on EURUSD. It's been trending down today, and the price is below all the SMAs. I'm a bit new to this, so I'm wondering if it's too risky to enter now or wait for a slight pullback first? SL around 1.1850 maybe?
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Update: I decided to go short at 1.1830 with a SL at 1.1855. TP is around 1.1800. I know it's aggressive, but I'm feeling confident about this downtrend. I'm using a 1% risk. Anyone else in a similar position? I am keeping an eye on the RSI as well, it's getting close to oversold, so I might move my TP up a bit if it starts to bounce. This is just a small test trade btw, not going all in or anything!
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@osmith59, I think your idea of a short position could be viable, but 1.1850 seems quite far for a stop loss, especially if you're new to this. That's a fair bit of potential downside. Maybe consider tightening it up a bit, perhaps around 1.1650? Also, have you looked at the RSI? It's just above 50, so not quite oversold yet. I'd probably wait for a bit of a pullback before entering, just to be a bit more cautious. Good luck!