@osmith840 on GBPUSD | PriceONN Community
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Planning to set up limit orders around 1.3635 and 1.3665 on Monday morning. Will adjust based on pre-market analysis and any overnight news.
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Hey @osmith840, those limit orders sound like a solid plan! 👍 I'm still trying to figure out the best way to set them up with my bot. Do you usually adjust your levels based on the D1 chart, or do you use a smaller timeframe like H4? I'm a bit nervous about overnight news causing a big gap on Monday, especially with GBPUSD being so volatile lately. 😬 What's your strategy for managing that risk? I'm thinking of setting a wider SL just in case, but I don't want to get stopped out too early. Any advice would be greatly appreciated! 🙏
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Those are pretty high limit orders, @osmith840! What's your reasoning for setting them so far up? Are you anticipating a significant upward move based on some news or data release? I'm trying to understand how more experienced traders pick their entry points. I'm wondering if waiting for confirmation might be a safer bet, even if it means missing out on some initial gains. What's your risk management strategy with such aggressive entries?
@osmith840 Those are pretty ambitious targets for Monday, imo! Hope it works out for you, but seems a bit high based on the current consolidation. Good luck!
Those are interesting levels you're looking at, @osmith840. I've got my eye on the 1.3620 level as a potential support zone, aligning with the 200-day SMA. Setting limit orders is a good strategy to capture potential dips, but I'll be sure to monitor the news and pre-market action as well. Good luck!