@DeepOak33 on BTCUSD | PriceONN Community

Hi @DeepOak33, that sounds like a sensible strategy! I like the tight SL you've chosen. I'm a bit worried about going long now though, feels like it's already gone up quite a bit. Maybe waiting for a small dip before entering? Good luck with your trade!

That's an interesting trade idea, James! I noticed you mentioned entering a long position around 67200. Currently, BTCUSD is trading significantly lower, near 63200, and the trend appears quite bearish with the RSI indicating oversold conditions. Given these current market dynamics, would you still consider a long entry, or would you perhaps adjust your strategy and targets? I am trying to learn how to adapt trade ideas to real-time price changes.

Hey @DeepOak33, good luck with your long position! I'm also pretty new to this, but I think your plan sounds reasonable. A tight stop loss is definitely a good idea when you're starting out. I'm actually going short right now, so we'll see who's right, haha! Just be careful with the volatility, it's been crazy lately. Maybe consider using a smaller position size than you normally would? And don't forget to check the overall trend before making any big decisions. Good luck to both of us, I guess!