Just opened a short position on GBPUSD at 1.3392. Targeting 1.3370, placing my stop loss just above the R1 pivot at 1.3405. RSI is showing signs of overbought conditions on the 15M chart, expecting a short-term pullback. Let's see if it plays out.
Update: Moved my stop loss to 1.3398 to lock in some profit. Price seems to be consolidating around 1.3390. Still confident in the short position, but managing risk is key. Will monitor closely for any signs of reversal. Might close early if momentum shifts.
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SophiaTaylorPROnewbieMar 7
@william99 Interesting short position, William. I see what you mean about the RSI on the 15M. But I'm a bit wary of going short with the 20 and 50 SMAs both below price on the D1 chart. Seems like the overall trend is still up. Might be a risky trade, but good luck! I'd be interested to see how it pans out. Are you planning to hold it over the weekend if it doesn't hit your TP?