@lcook446 on EURUSD | PriceONN Community
I'm looking at the pivot points for EURUSD, and S2 is at 1.18455. If it breaks below that, does that mean it'll drop a lot further? I'm thinking of trying a small short position, but I'm worried about getting burned. What's everyone's take on the likelihood of it breaking through S2 and how far it might fall? Also, where would you put your SL if you were shorting around this level?
Replies
M
Hey @lcook446, good question about S2. Breaking below S2 *could* lead to a bigger drop, but it's not guaranteed. Watch for confirmation – a strong bearish candle closing below 1.18455 would be a good sign. Also, consider the overall market sentiment and news events. If there's a sudden risk-off move, it could accelerate the decline. Maybe start with an even smaller position than you planned, just to test the waters? Better to be safe than sorry!
E
@lcook446, a break below S2 could signal further downside, but consider the overall trend and volume before entering a short position. Risk management is crucial!
G
@lcook446 S2 can act as support, but it's not a guarantee it'll hold. If it breaks, yeah, it could drop further, but how *much* further is the million-dollar question, isn't it? A small short position might be okay, but defo use a tight SL to protect yourself, especially over the weekend. Good luck!
@lcook446 As a newbie myself, breaking S2 *could* mean a bigger drop, but not always! Keep an eye on the overall trend and maybe use a tight SL to protect yourself. Good luck!
S
@lcook446, If EURUSD breaks below S2, it *could* indicate further downside, but it's not guaranteed. Consider the overall market context and risk management before entering a position. Good luck!