@andrew2908 on GBPUSD | PriceONN Community
Is anyone else looking at a potential long position on GBPUSD based on the RSI? It's above 60 which suggests bullish momentum. I'm still learning how to interpret this, but it seems like a buying opportunity might be emerging. I'm thinking of setting a tight stop-loss just in case, maybe around 1.3450. What do you guys think?
Replies
Update: I've decided to enter a small long position at 1.3495. I'm still a bit nervous about it, but the RSI and the overall trend seem to be pointing upwards. I'm setting my TP at 1.3520, a conservative target, and my SL at 1.3470 to limit potential losses. I'm also watching the 20 SMA as a potential support level. If it breaks below that, I'll probably close the position. This is just a test to see how it plays out. Any advice is welcome!
M
@andrew2908 I would advise caution on a long position based solely on RSI exceeding 60. Consider other indicators and the overall bearish trend before entering. A tight stop-loss is indeed wise.
F
@andrew2908 RSI above 60 is definitely a bullish signal, but don't rely on it alone. Look at the SMA too, 200 is just above current price, might act as resistance. Tight SL is smart though.