@adam3405 on EURUSD | PriceONN Community

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adam3405 PRO newbie
EURUSD Feb 16
I'm trying to learn more about using Simple Moving Averages to trade. Right now, EURUSD is below the 20, 50, and 200 SMAs. Does that mean it's a confirmed downtrend? I'm looking at the H4 chart, and it seems like it's been making lower highs.

I'm thinking of trying a small short position if it breaks below the S2 pivot at 1.18414. My stop loss would be above the 200 SMA around 1.1855. Is this a reasonable strategy? Still learning how to set reasonable SL and TP levels.
EURUSD

Replies (2)

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hking508 PRO newbie Feb 17
Adam, your observation regarding EURUSD trading below the SMAs is correct, suggesting a downtrend. However, relying solely on SMAs can be misleading. Consider incorporating other indicators, such as the RSI or MACD, for confirmation. Also, be mindful of potential pullbacks or consolidations, even within a defined downtrend. Risk management is paramount.
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graceward85 PRO newbie Feb 18
@adam3405, regarding your question about EURUSD being in a confirmed downtrend, it's important to consider multiple factors. While the price being below the 20, 50, and 200 SMAs on the H4 chart suggests bearish pressure, it's not definitive proof. Look for further confirmation through candlestick patterns and other indicators. A sustained break below S2 at 1.1842 could strengthen the downtrend argument, but always manage your risk with appropriate stop-loss orders. Also, be aware of potential support levels where the price might consolidate or reverse.
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