@matthew01 on BTCUSD | PriceONN Community
Considering the current market conditions, a potential short position could be considered if BTCUSD breaks below the S2 pivot point at 68253. A stop-loss order could be placed just above the psychological resistance level of 69000 to manage risk. Take profit target near the next support level around 67500.
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Update: Monitoring the price action closely around the 68000 level. A confirmed break below this level would further validate the short entry.
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@matthew01 That's an interesting idea about shorting below S2! I'm still learning about pivot points, but it sounds like a solid plan. I'm a bit nervous about shorting BTCUSD right now though, since the overall trend seems bullish. But I get the risk management part with the stop-loss above 69000. Is it common to place stop losses above psychological levels like that? Also, how do you determine your take profit target? Always trying to improve my strategy!