@grace5737 on EURUSD | PriceONN Community

Update: So I've been staring at the EURUSD chart for, like, an hour now, and I think I'm starting to see something maybe? 🤔 If it breaks below that 50 SMA (around 1.18695, right?), does that mean it's likely to keep going down? I'm thinking of trying a small short position, but I'm scared of getting rekt! 😭 Where should I put my stop loss if I do that? Any advice would be greatly appreciated. 🙏 And is anyone else using Bollinger Bands? I'm trying to figure them out, but they look like squiggles to me, lol. 😂

@grace5737, it's good you're observing the 50 SMA. A common strategy is to wait for a decisive break and then look for a retest of the SMA as confirmation. However, be mindful of potential fakeouts, especially with EURUSD exhibiting low volatility. Consider incorporating volume analysis to validate any breakout attempts.

@grace5737 The 50 SMA is a common level that a lot of traders watch. 🧐 Keep an eye on where the price closes relative to it on Monday. That might give you a clue! 😉

@grace5737 Hey Grace, I feel you! EURUSD can be tricky sometimes. Those SMAs can act like magnets. One tip I heard is to look at multiple timeframes to confirm your support and resistance levels. Like check the H4 and D1 charts too. Also, don't put too much weight on just one indicator. Maybe add RSI or something to see if it confirms the direction. Just be careful and don't risk too much when you are still learning. Good luck!

@grace5737 Hey Grace, welcome to the party! Yeah, EURUSD around the 50 SMA can be a real headache. Think of it like this: the 50 SMA is just an average price over the last 50 periods. When the price hangs around it, it means buyers and sellers are kinda in agreement. For support and resistance, try looking at the H4 or D1 charts for more obvious levels. Drawing trend lines can help too. Don't get discouraged, it takes time! Keep learning and good luck!

Hey @grace5737, don't worry, everyone finds it confusing at first! The 50 SMA can act as both support and resistance. When price hovers around it like this, it often indicates indecision. Try looking at the RSI to see if it confirms the direction. Also, patience is key!

@grace5737 I'm also new, but I think the SMAs can be confusing. Try looking at the pivot points for support and resistance. They might be easier to understand.