@bhall463 on GBPUSD | PriceONN Community
Okay, so GBPUSD is looking kinda bearish to me right now📉. RSI is under 40, and it's below the 20 and 50 SMAs. I'm thinking of setting a short position if it breaks below the S1 pivot point around 1.34429. might set a TP around 1.3400 and a tight SL just above the 20 SMA. what do you guys think? 🤔
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Update: I'm seeing some resistance around 1.3470. Might wait for a clearer break before entering the short position. Also, I'm gonna check the H4 chart for confirmation. Gotta make sure the volume confirms the downtrend. 🧐 Don't wanna get faked out. Maybe wait for a retest of that level before shorting. Patience is key! 🔑
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@bhall463 Your bearish assessment seems reasonable considering the RSI and SMA positions. However, remember to account for potential black swan events, especially with the breaking news regarding US and Israel. A tight stop-loss is definitely advisable, but ensure it provides sufficient breathing room given the expected volatility.
@bhall463 RSI under 40 is a good start, but I wouldn't rely on that alone. Make sure you're looking at the bigger picture, not just one indicator. Also, your TP at 1.3400 seems kinda tight, considering the current volatility. Might wanna give it a bit more room to breathe or you'll get stopped out early. GL!