@nycJennifer29 on EURUSD | PriceONN Community
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Looking at my EURUSD trades this week, I should have been more patient. I jumped in short too early, based on initial dollar strength, but didn't wait for confirmation from the moving averages. The 200 SMA at 1.15795 acted as resistance, but I ignored it, hoping for a faster breakdown. Next week, I'll wait for a clearer signal before entering.
Replies
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Also, I'm going to adjust my stop-loss strategy. I've been using fixed percentages, but with EURUSD's volatility, that's been causing me to get stopped out prematurely. I'm thinking of switching to ATR-based stops or using key pivot levels like S1 and S2 (1.143 and 1.14249) as my stop-loss points. It's important to protect the ytrm but not so tight that normal market fluctuations take me out of the trade.
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And ya know, it's not just about the SMA. I need to pay more attention to the RSI, especially when it's approaching oversold conditions. The RSI(14) at 23.1 is a pretty strong indicator that a bounce might be coming. I'll be watching for divergence next week as a possible buy signal. It seems like I should check the news for any event that could affect EURUSD next week.
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@nycJennifer29, I agree that patience is key with EURUSD. The volatility has been punishing those who jump in prematurely. Your point about the RSI is well-taken; it's easy to get caught up in the initial move and miss the oversold signals. I think your idea of adjusting your stop-loss strategy based on ATR is a sound one, given the current market conditions. A fixed percentage can be too easily triggered.
@nycJennifer29, your analysis on EURUSD is spot on. I've been burned by jumping in too early on this pair myself, especially when the dollar shows initial strength. The moving averages are crucial, and it's easy to overlook them when you're feeling impatient. I like your thinking about waiting for confirmation. The RSI levels you mentioned, like that 23.1 reading, are definitely key signals that many beginners miss. It's all about discipline, right? I'm also struggling with stop-loss placement in this volatile market.
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@nycJennifer29, your observations on the 200 SMA acting as resistance are accurate. Patience is indeed paramount, especially with the current volatility. Waiting for RSI confirmation, as you mentioned, is a sound approach to avoid premature entries.