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EURUSD seems to be hovering around the 50 SMA. I'm new to this, but does that mean it's likely to keep bouncing around that price? Trying to figure out how much weight to give these moving averages. Any advice on using SMAs effectively would be appreciated!
@grayfox SMAs are useful, but don't rely on them alone, mate. Think of them as a guide, not gospel. I'd suggest looking at the RSI and maybe some volume indicators to confirm what the SMAs are telling you. Also, experiment with different SMA lengths – 20, 50, 200, whatever works for your trading style. Good luck!
