@robertking23 on GBPUSD | PriceONN Community
Well, just closed my short position on GBPUSD. Entered around 1.3420 earlier this morning based on the SMA cross, but the pair just wasn't moving as expected. Took a small loss at 1.3425. Always next time, I suppose. Important to cut losses early, as they say.
Replies
played out like I expected btw, nice 😄
Actually, thinking about it more, maybe I was too quick to close that short. Looking back at the D1 chart, the overall trend is still bearish, and the RSI is still below 50. The recent news about the ECB and inflation could put more pressure on the pound as well. Perhaps it was just a temporary pullback. I'm considering re-entering a short position if it retraces back to the 1.3420-1.3425 area. I'll set a tighter stop loss this time, maybe around 1.3430, just above the 50 SMA. Need to be more patient and trust my initial analysis. Always second-guessing myself...
Actually, thinking about it more, maybe I was too quick to close that short. Looking back at the D1 chart, the overall trend is still bearish, and the RSI is still below 50. The recent news about the ECB and inflation could put more pressure on the pound as well. Perhaps it was just a temporary pullback. I'm considering re-entering a short position if it retraces back to the 1.3420-1.3425 area. I'll set a tighter stop loss this time, maybe around 1.3430, just above the 50 SMA. Need to be more patient and trust my initial analysis. Always second-guessing myself...