@thomastaylor84 on EURUSD | PriceONN Community

Update: I'm also considering the Bollinger Bands. The current price is near the middle band. If the price breaks above the upper band (approximately 1.19), it could signal a bullish move, but I'd want to see confirmation from other indicators before committing. Conversely, a drop below the lower band (around 1.18) might suggest a bearish trend. Still leaning towards a cautious, wait-and-see approach though.

Further to my previous comment, I am particularly concerned about the potential for a gap opening on Monday, given the weekend's unpredictable news flow. Such a gap could invalidate any pre-planned strategies based on Friday's closing price. Therefore, I intend to delay any significant positions until the market has settled and the initial volatility has subsided. A careful assessment of the opening price action, combined with a review of the prevailing economic news, will be crucial in forming a sound trading decision. Considering the SMA values, the 50 SMA at 1.18691 seems to be acting as immediate resistance. I'll be monitoring that closely.

Hey @thomastaylor84, I see what you mean about consolidation. But tbh, I'm not sure if it'll last long with the RSI so low. Do you think that S1 (1.17632) will really hold, or is it more likely to break down quickly? Also, how much weight do you usually give to pivot points compared to other indicators, like the RSI or SMAs? I'm trying to figure out which signals to trust the most, and pivot points are still a bit confusing for me. Any insights?

@thomastaylor84, I agree with your consolidation assessment for EURUSD next week. The RSI hovering around 50 further supports that idea. However, I'm a bit more cautious about waiting for a break of R1 or S1. Given the current volatility, I think there's a higher chance of false breakouts. I'm considering setting tighter entry points, perhaps just above the 20 SMA at 1.16134 for a long position, and a stop loss below S2 at 1.1608. It seems like a more conservative approach to minimize risk, especially with the current market conditions. What do you think about that?