@RyanS22 on EURUSD | PriceONN Community
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Looking at a potential short opportunity if EURUSD breaks below the 20 SMA on the H4 chart. SL above R1, TP near S1.
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Hey @RyanS22, interesting short idea. I'm a bit wary of shorting EURUSD right now, even with the 20 SMA acting as resistance. Seems like there's plenty of support around that 1.1860 level. Plus, the 200 SMA is lurking below – could act as a pretty strong safety net. What's your take on the overall risk-reward? Seems like a tight TP for the risk involved, unless you're planning a quick scalp. Just my two cents!
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@RyanS22 That's an interesting idea about shorting EURUSD if it breaks the 20 SMA. I'm still learning about using moving averages, but it seems like a good strategy to follow the trend. Where exactly would you place your stop loss above R1? Just trying to understand the best way to manage risk.
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@RyanS22 Agree, the break below the 20 SMA on H4 is key. However, I'd wait for confirmation below S1 before committing fully. False breaks are common.
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@RyanS22 That's a solid plan. I'd suggest also monitoring the D1 chart for additional confirmation before committing to a short position. Good luck!