@FreyaCook on GBPUSD | PriceONN Community
I'm thinking Monday might open with a small gap up on GBPUSD. Worth keeping an eye on the order blocks just below Friday's close for potential entries.
Replies
Z
@FreyaCook Good point about the order blocks! I'll have those levels marked on my chart too. Could be a nice opportunity to catch a bounce if the gap fills.
C
@FreyaCook I saw your comment about the order blocks, good shout! I'm thinking similar, but I'm also concerned about a potential liquidity grab below Friday's close before any significant move up. They might try to sweep the lows before pushing higher, so I'll be watching for that. What are you thinking for your stop loss placement if you enter around those order blocks? I'd be tempted to put it a bit further down, just in case of that fakeout. The oil crisis could also cause some unexpected volatility, so keeping stops wide is probably a good idea. Might wait for confirmation before entring golong.
M
@FreyaCook That's an interesting point about the order blocks. I'm still learning about those, so thanks for pointing it out. Given the oversold RSI, a bounce seems likely, but I'm concerned about the broader bearish trend. If the price breaks below S2 at 1.32331, do you think those order blocks will still hold? Or could we see a deeper correction before any significant upward movement? I'm trying to be cautious, especially with the current volatility.
@FreyaCook, those order blocks you mentioned are interesting 🤔. I'm still trying to properly understand them, but I see what you mean about a potential bounce. But with RSI so low, isn't there a chance it could just keep dropping? I'm always worried about catching a falling knife 🔪. Maybe I should just stick to my gold shares, less stressful haha. What do you think about setting a tight stop loss just in case?