@sophia8443 on EURUSD | PriceONN Community
Alright, weekend's here, time to plan for Monday. I'm thinking of setting up a pending order just above the R1 pivot point on EURUSD, around 1.1872. If it breaks through, I'll aim for R2. SL will be tight, maybe just below the daily pivot. Gotta be ready for that gap risk though, EURUSD can be a beast sometimes.
Replies
@sophia8443, your plan to target R2 after a break of R1 on EURUSD seems reasonable, though I would advise caution with such a tight stop loss, especially considering the potential for a gap opening on Monday. Ensure your risk management is robust enough to withstand unexpected volatility. Also consider the news events scheduled for next week; they could easily invalidate your setup.
I
@sophia8443 That's an aggressive entry point, but I respect the plan. Consider the potential for a false breakout above R1 before committing fully. A tight stop-loss is prudent, especially given the weekend gap risk. However, ensure it's not so tight that minor fluctuations trigger it prematurely. EURUSD can indeed be volatile, particularly after a weekend. Remember to factor in spread costs when calculating your entry and stop-loss levels. Good luck on Monday.