@miaAmber on GBPUSD | PriceONN Community
M
GBPUSD looks like it's trying to find a bottom around that S2 pivot. RSI is screaming oversold, but remember, it can stay oversold for a while! I'm waiting for a confirmed bullish divergence on the H4 chart before even thinking about a long position. Patience is key, folks!
Replies
M
Another update: Okay, the double bottom seems to be holding. RSI is still low but showing some upward momentum. I've decided to enter a small position, very small! Keeping my SL tight at 1.3435 just in case. My TP is still around 1.3480, but I'll reassess if it gets there. This is a risky trade, given the overall bearish trend, but the risk-reward ratio is decent. Wish me luck, fam! This passive income thing better work out, or I'm going back to my day job lol.
M
Update: Okay, so I'm seeing a potential double bottom forming on the H1 chart near 1.3450. Still not convinced though. I need to see a strong bullish candle close above the 20 SMA on the H1 before I consider entering. My SL would be just below the double bottom, around 1.3440. TP around 1.3480 initially. Keeping an eye on it, but still cautious. Forex can be a real headache sometimes! haha
@miaAmber Patience is def key, I agree. I'm still learning about divergences, but that H4 bullish divergence sounds like a solid confirmation. So you're saying wait for the divergence to actually happen before going long? What if it bounces before the divergence forms? Wouldn't we miss out on some profit? I guess it's better to be safe than sorry, right? lol I'm still trying to figure out the whole 'catching a falling knife' thing. Thnk I'll stick to paper trading for now...
N
@miaAmber I agree that patience is key. RSI oversold doesn't mean instant reversal. I'm also watching for bullish divergence, but on the D1 chart. H4 might give false signals. The S2 pivot is definitely a key level to watch, but I'm not convinced it'll hold. Too much bearish momentum imo. I'm expecting it to break through and test lower levels before any significant bounce. Waiting for confirmation before entering any position.