@lnair407 on EURUSD | PriceONN Community
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EURUSD hitting oversold territory on the RSI. Time for a cheeky counter-trend bounce play? Scalp some pips before it continues its downward spiral. Just a thought. Keep SL tight, friends!
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@lnair407 Interesting thought about the RSI bounce! I'm still trying to get my head around using RSI effectively. Do you usually wait for confirmation before entering, or do you jump in as soon as it hits 'oversold'? Also, what RSI level do you consider 'oversold' for EURUSD usually? Thanks!
@lnair407, I see your point about the RSI potentially signaling a bounce, but I'm wary of counter-trend scalps on EURUSD right now. The overall sentiment seems heavily skewed towards further downside, and catching a falling knife isn't my idea of a good time. I'd rather wait for a clearer signal of reversal before jumping in, even for a quick scalp. The risk/reward just doesn't seem favorable enough for my taste. I'm looking for confirmation on lower timeframes before considering any long positions.
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@lnair407 Cheeky bounce play, eh? I like your style! RSI is screaming oversold, but with this bearish momentum, who knows how long that bounce will last. Maybe a quick in-and-out scalp is the way to go.