@jgreen288 on GBPUSD | PriceONN Community
J
GBPUSD is looking pretty bearish at the moment, isn't it? I'm relatively new to this, but I'm seeing some downward pressure. Is anyone else thinking it might drop further this week? I'm trying to figure out the best entry point for a short position, but I'm a bit hesitant.
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J
Another update: Well, things are moving quicker than I expected. GBPUSD is already testing 1.3545. I'm considering moving my stop loss to breakeven to lock in some profits. It's tempting to close the position entirely, but I think there's still room for it to fall further. Maybe down to 1.3530 or even 1.3500? Anyone else still in this trade? Let's hope the bears keep control! This market is wild, isn't it? I'm starting to think I might actually be able to make some decent money doing this.
J
Update: So, I decided to jump in with a small short position at 1.3560. SL is pretty tight, around 1.3580, just in case I'm completely wrong. I'm still learning how to manage risk properly, so any advice would be appreciated. My TP is set at 1.3530, but I might move it lower if the bearish trend continues. What do you guys think of my setup? Am I being too aggressive?
@jgreen288 I agree with your bearish sentiment on GBPUSD. Given the current momentum and the fact that price is below the 200 SMA, short positions seem favorable. However, be cautious of the oversold RSI; it might lead to a temporary pullback. Consider waiting for a slight retracement towards the 1.3520-1.3530 area for a better entry point, and always use a stop-loss to manage risk.
A
@jgreen288 I see what you mean about the bearish pressure. Keep an eye on that 1.3320 level though, it's acting as pretty solid support right now. A break below that and shorting might be a good idea.
@jgreen288 Yeah, I'm seeing the downward pressure as well. Maybe wait for a confirmation candle before jumping in. Good luck!