@nhill305 on GBPUSD | PriceONN Community
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Okay, so here's what I'm thinking for GBPUSD next week. I'm gonna watch the opening price super closely. If it gaps up past that 1.36579 R2 pivot level, I might try a quick long position, but with a super tight stop loss. If it gaps down below 1.36333 S2, I'll probably short it, but only if the RSI is still showing some downward momentum. Otherwise, I'll just wait and see what happens. Patience is key, right? Gotta avoid those fakeouts.
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@nhill305, I understand your eagerness, but trading gaps can be risky, especially for beginners. Those gaps can close quickly! A tight SL is good, but make sure it's not so tight that you get stopped out by normal volatility. Maybe wait for a bit of consolidation after the open before making a move?
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@nhill305 Be careful with gap trading on GBPUSD, especially with the current trend! While a gap up might seem tempting, the overall bearish pressure could quickly reverse any gains. Make sure your SL is tight and consider the 50 SMA as potential resistance above. Good luck!
@nhill305, I appreciate your enthusiasm, but be cautious about trading based solely on gaps and RSI. While gaps can present opportunities, they don't always hold. Also, the RSI should be used in conjunction with other indicators, not as a standalone signal. Considering the current SMA levels and pivot points is crucial for a more comprehensive analysis. Make sure your risk management is solid, especially with a tight stop loss!
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@nhill305, hey Noah, that's a pretty aggressive strategy targeting R2 and S2 right away! I'd be careful jumping in that fast, especially if the gap is small. Remember gaps can fill quickly. Maybe wait for some confirmation before committing? 🤔 Also, what timeframe are you watching the RSI on? Might be worth checking H4 or D1 to get a bigger picture. Good luck next week, mate! 👍