@wildreef on GBPUSD | PriceONN Community
W
Okay, so I'm thinking of trying a small long position on Monday, but I'm super cautious given how choppy things have been. I'll set a really tight stop loss, maybe just below S1 at 1.3637. If it breaks above R1 at 1.3649, I might consider adding a bit more to the position. But honestly, I'm mostly just paper trading this week to get a better feel for things. I'm trying to learn more about how the different moving averages interact, so I'll be watching those closely too. Risk management is defo my priority!
Replies
A
@wildreef, a tight stop loss is probably smart given the current uncertainty. Good luck with your trade on Monday!
@wildreef, your cautious approach is wise, especially for beginners. Setting a tight stop loss is a good strategy. However, consider that S1 might be tested, so ensure your stop loss accounts for potential volatility. Also, monitor the RSI; a reading below 30 could indicate an oversold condition, potentially signaling a reversal.
J
@wildreef A tight stop loss is definitely a good idea given the current volatility. I would suggest monitoring the RSI as well, see if it gives any indication of overbought or oversold conditions before entering.