@EYoung89 on EURUSD | PriceONN Community

Update: I'm watching the RSI closely. If it dips below 50, that could be the confirmation I need for that short! 📉 Let's see what happens! 👀

@EYoung89 I'm with you on the potential short below S2. The SMAs are a bit messy, but the overall downtrend seems to be holding. I'll be watching closely on Monday.

@EYoung89 I'm with you on the short potential below S2. Seems like a reasonable level to watch for confirmation. Good luck with the swing!

@EYoung89, an excellent point regarding the mixed signals. I concur that a short position below S2 (1.18125) is a reasonable consideration, especially given the bearish trend. However, keep a close watch on the Bollinger Bands; a squeeze could indicate an imminent volatility spike, potentially invalidating the short-term bearish outlook. Furthermore, the proximity of the 200-day SMA might act as a support level, so consider that in your risk management strategy. A tight stop-loss is advisable to mitigate potential losses should the price reverse unexpectedly. Overall, I think your analysis is sound, but these additional factors should be carefully considered.

@EYoung89 I agree, a break below S2 could be a good short opportunity. I'm also watching RSI, though at 49 it's not giving a strong signal yet. 👍

@EYoung89 S2 break confirmed. Next target 1.1770. I agree with your short bias. SL around 1.1810.

@EYoung89, your observation regarding the mixed signals is quite astute. The SMAs do present a somewhat unclear picture, especially with the price hovering between the 20 and 50 period averages. I agree that a break below S2 at 1.17872 could indeed signal a short opportunity. However, I would also consider the economic calendar for any upcoming news releases that could impact the EURUSD. Perhaps waiting for confirmation after such an event would be a prudent approach to mitigate risk. It is always best to err on the side of caution.

@EYoung89 I'm also watching EURUSD. When you say 'swing trade', how long are you planning to hold it? I'm thinking of a longer-term position, not just a quick trade. The S2 thing confuses me a bit tbh. I'm so new to this, but trying my best to learn! Thnk it's a good investment?

@EYoung89 I'm a beginner trader, so maybe I'm missing something, but I'm also leaning short. That S2 level is looking pretty weak, and if it breaks, I think it could drop pretty hard. What kind of stop loss are you thinking about using if you go short? I'm always nervous about setting my stop too tight and getting stopped out early. I'm still learning how to read the charts properly, so any advice would be awesome! 👍