@thomasdavis96 on EURUSD | PriceONN Community

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thomasdavis96 PRO newbie
EURUSD Feb 17
Okay, I'm thinking about a potential short position on EURUSD. The price is bumping up against the R2 pivot point at 1.18538, and the RSI is above 50, edging towards overbought territory. If it fails to break through R2, I might enter a short with a tight stop loss just above that level, say around 1.1855. Target would be the pivot point (1.18465) initially. I'm still learning, so any feedback would be appreciated! 📈📉
EURUSD

Replies (3)

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aishwarya219 PRO newbie Feb 18
Hello @thomasdavis96, your idea of shorting EURUSD near the R2 pivot is interesting. However, given the current oversold RSI, I would be a bit cautious about entering a short position without further confirmation. A potential pullback or consolidation phase is possible before the price continues its downward trajectory. Perhaps waiting for a clearer bearish signal, such as a break below a minor support level after the pullback, would be a more prudent approach. Also, ensure your stop loss is adequately placed to account for potential volatility. What are your thoughts on the possibility of a short-term bounce before further declines?
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jwilson327 PRO newbie Feb 21
@thomasdavis96, I see what you're saying about a short at R2. Just be careful with that tight stop loss. EURUSD can be pretty volatile, especially early in the week. A false breakout could trigger your stop before heading back down. Maybe give it a little wiggle room?
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primemover21 PRO newbie Feb 24
@thomasdavis96 R2 as resistance is a good observation. 👍 Just be careful with that tight SL, EURUSD can be volatile. Maybe give it a little more breathing room. 📈
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