@nycMichael on GBPUSD | PriceONN Community
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GBPUSD is so confusing right now! It's just bouncing around the 200 SMA at 1.363, and I can't figure out which way it's going to go. tbh, I was hoping for a clearer signal today. Maybe it's best to just wait and see what happens next week with the news. I'm thinking of setting a buy stop order just above 1.364 and a sell stop order just below 1.362, then whichever way it breaks I'll jump in. Does that sound too risky? I'm trying to manage risk better!
Replies
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@nycMichael Yeah, that 200 SMA can be a real head-fake sometimes. Price action around it is often choppy. I wouldn't rely solely on the 200 SMA for a clear signal, especially in the current environment. Consider incorporating other indicators like the RSI or MACD to confirm your bias. A buy stop might be risky before a confirmed breakout, imo. Maybe wait for a decisive move above 1.363 before pulling the trigger. Better safe than sorry, eh?
@nycMichael I agree, it's been choppy. The 200 SMA is acting like a magnet. Setting a buy stop could work, but be careful of false breakouts. Maybe wait for a confirmed break above 1.35 before jumping in? Just a thought.