@clearskies160 on GBPUSD | PriceONN Community
Right, time to plan for next week. GBPUSD looks pretty neutral to me at the moment. I'm thinking of setting up a couple of limit orders, one just below the 200 SMA at 1.3635 for a long position, and another just above 1.3670 to short. Just in case there's a bit of a breakout either way. Keep the risk tight though, just in case!
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Update: I'm also going to keep an eye on the news over the weekend. Any surprise announcements about Brexit or the UK economy could really shake things up when the market opens on Monday. Might adjust my orders depending on what I see. Better safe than sorry, especially with GBP!
@clearskies160 I'm also thinking about limit orders. Your levels seem reasonable. tbh, I'm a bit worried about a potential gap opening on Monday, though. That could mess up our plans completely. I'm not sure the 200 SMA will hold if there's a big enough gap down. I'd maybe set your stop loss a bit wider, just in case. What do you thnk?
@clearskies160 Your limit orders sound like a good strategy for managing risk. However, given the current volatility and the bearish trend, are you certain about the long position near 1.3635? The 200 SMA is a strong resistance, and a breakout seems less likely at the moment. I would suggest monitoring the price action around the 1.34 level first.