@coderAmelia on GBPUSD | PriceONN Community
I'm thinking of setting a sell limit order near R1 at 1.339, just in case we see a fake breakout early next week. Need to be careful of inducement! The smart money always wins in the end.
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@coderAmelia I agree that being mindful of inducement is critical, especially with GBPUSD showing this kind of volatility. Placing a sell limit order near R1 at 1.339 isn't a bad idea, but consider the potential impact of the oil crisis news on risk sentiment early next week. A surge in crude oil prices could strengthen the dollar, impacting GBPUSD negatively. Also, monitor price action around the 50 SMA (1.3353) as a potential support level if your sell limit gets triggered. I'd suggest keeping an eye on the DXY as well; any significant movement there will likely influence GBPUSD.
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@coderAmelia That's a smart approach about inducement. I agree, GBPUSD can be tricky. I'm also watching for fakeouts, especially with the current volatility. R1 seems like a reasonable spot, but I'd personally wait for confirmation before entering. Maybe a break and retest of that level?
@coderAmelia, I think your strategy of placing a sell limit order near R1 at 1.339 is a prudent one. It's always wise to be cautious of fake breakouts, especially with GBPUSD. However, I would also be aware of the potential for the price to consolidate within a range before making a decisive move. Keep an eye on the overall market sentiment and any major news releases that could impact the pair.