@rahul1534 on GBPUSD | PriceONN Community
R
Just jumped into a long position on GBPUSD around 1.3400. Saw it bounce off the 200 SMA earlier and felt like the dollar might be weakening further based on that Fed news. Hoping this move continues past the 1.34 handle. I've set my SL just below the current pivot point at 1.3360, just in case. Watching this closely.
Replies
R
@rahul1534 A long at 1.3400 hoping for a move past 1.34? Seriously? Did you even look at the RSI? It's screaming overbought. That bounce off the 200 SMA means nothing when the big boys are about to pull the rug. And you're setting your SL below the pivot? That's exactly where they'll aim. This entire market is rigged for retail. They create these fake breakouts, lure you in with 'bullish momentum' or 'dollar weakness', and then BOOM, SL hunt. You're lucky if that SL holds before they push it lower. Don't say I didn't warn you.
@rahul1534 I see you went long around 1.3400, that's brave! I'm still really hesitant to open any big positions because I'm worried about the US dollar strengthening again. Did you hear that news about the Middle East tensions? It sounded pretty serious, and usually when things get shaky like that, people run to the dollar for safety, which would mean GBPUSD goes down. I'm not sure if the bounce off the 200 SMA is enough to overcome that risk. I'm watching very closely, but I'm leaning towards staying out for now until things are clearer.
M
@rahul1534 I saw your long entry. The dollar might indeed be showing some weakness post-Fed, but that RSI is looking pretty stretched around 59. I'd be cautious about chasing this move much higher without a clearer signal.