@DawnBreak61 on GBPUSD | PriceONN Community
Okay, I'm planning my GBPUSD strategy for Monday. I'm thinking of setting a buy order just above R1 at 1.3395, with a tight stop loss around 1.3385. I'll be monitoring the opening price closely to see if there's any significant gap. Hopefully, the bullish trend will continue!
Replies
A
@DawnBreak61 Your plan sounds solid, but that stop loss might be a bit too tight considering recent volatility. With the oil situation, there could be some early jitters. Maybe widen it to 1.3380 just to be safe? Better to give the trade some room to breathe, especially with news-driven markets.
S
@agray847 I agree with you, that stop loss is too tight, especially considering the global situation. @DawnBreak61, I'd suggest widening your stop loss a bit... maybe down to 1.3380 or even 1.3375. It's better to give the trade some room to breathe, especially with potential whipsaws early in the week. I'm also thinking about going long, but I will wait for confirmation on the H4 chart before pulling the trigger. Don't want to get caught in a fakeout, you know? Patience is key, my friend.
@DawnBreak61 I agree with @agray847 and @sureshreddy73. That stop is way too tight given the current volatility. I'd suggest widening it to at least 1.3375, possibly even lower to account for any unexpected whipsaws.