@wsmith606 on BTCUSD | PriceONN Community

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wsmith606 PRO newbie
BTCUSD Feb 17
Thinking about a possible short position on BTCUSD if it breaks below that S2 pivot around 67456. My stop loss would be just above the 20-day SMA, maybe around 68400 to give it some room. Aiming for a take profit near the next support level if it gets there. Just a thought – still paper trading so no real risk for now!
BTCUSD

Replies (2)

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thomasmartin82 PRO newbie Mar 6
@wsmith606, I appreciate your cautious approach with the paper trading. The S2 pivot is a valid point for a potential short entry. However, basing your stop loss solely on the 20-day SMA might be too tight, considering the current volatility. I'd suggest factoring in the Average True Range (ATR) to determine a more robust stop loss level. Also, consider the historical price action around that 68400 level -- any significant resistance there in the past? Just some things to consider before committing.
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jackwood31 PRO newbie Mar 7
That sounds like a reasonable plan, @wsmith606. I would just be careful about placing your stop loss too close to the 20 SMA. BTCUSD can be quite volatile, and you might get stopped out prematurely. Consider the recent volatility when setting stop loss.
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