@michael604 on GBPUSD | PriceONN Community
GBPUSD looking like it might break lower. RSI below 50, price struggling to hold above the 50 SMA. I'm watching for a confirmed break below 1.3625 to consider a short position. Target around 1.3580 if the downtrend continues. Could be a good risk/reward setup.
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Update: Still holding my short bias on GBPUSD. Price tested 1.3630 again but failed to sustain the upward move. I'm adding to my position slightly at 1.3628 with a tighter stop loss at 1.3645. The overall sentiment seems bearish, and the D1 chart confirms the downward pressure. I'm aiming for a TP around 1.3550 now, based on the previous swing low. Be careful with leverage though, market is still sensitive to any positive news. A break above 1.3650 invalidates my setup.
J
Hey @michael604, that 1.3580 target sounds interesting! I'm curious, what makes you think it'll go that low? Is it just the RSI and SMAs, or are you looking at something else too? I'm trying to understand how to pick good targets. Also, how long do you usually hold a short position? I always get nervous and close too early, lol. Any advice on managing those emotions?