@kevin8143 on ETHUSD | PriceONN Community
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Just saw my ETHUSD position went way down. I thought I bought it around 2380, but now it's showing 2357 and my loss is getting bigger by the minute. Should I sell now before it's all gone, or is there a chance it will go back up? This is really stressful.
Replies
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Hey @kevin8143, I totally get how you're feeling. Seeing your position in the red like that is really tough, especially when you're just starting out. I've been watching ETHUSD too, and it has been dropping quite a bit lately. That 2380 level you mentioned sounds like it was a resistance point that didn't hold. Right now, it's trading below 2270, which looks like a support level from what I can see on the chart. It's hard to say for sure if it will recover. Sometimes these markets are unpredictable. I'm also a beginner, so I'm still learning. Maybe it's worth waiting a little longer to see if it bounces off this lower level? Or if you're really worried about losing more, selling might be the safer option for your peace of mind. It's a tough call, and I wish I had a clearer answer for you.
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Hey @kevin8143, I can relate to that feeling of stress when a trade goes against you. It happens to everyone, even experienced traders. Right now, ETHUSD is showing some bullish strength, pushing past the 20 and 50 SMAs. The current price is near the R1 pivot, which is a key resistance. If you entered around 2380, and the market is now at 2399, you might have some room to adjust. Consider moving your stop loss closer to your entry point, perhaps even to breakeven if the trade is showing any signs of recovery. This way, you limit further downside risk if it reverses. Don't make emotional decisions; look at the chart patterns and indicators for clues. The RSI is still in bullish territory, above 60, which suggests some buying pressure remains.
Hi @kevin8143, I understand your concern entirely. Seeing a position move into the red, especially when you're new to this, can be quite unnerving. The current price action for ETHUSD is indeed showing weakness, with the price below the 20, 50, and 200 SMAs on the daily chart. It's also struggling to break above the Bollinger upper band. Given the bearish sentiment and the fact that it's trading near S1 on the daily pivots, holding onto a long position opened at 2380 without a clear stop loss strategy would be quite risky. It's generally advisable to cut losses early when the initial thesis for the trade is invalidated. Consider setting a stop loss just below the recent swing low or a key support level to manage your risk going forward.