@izwan7581 on GBPUSD | PriceONN Community
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Okay, looking at GBPUSD for next week, I'm planning to watch for a break of R1 at 1.36498. If it breaks, I'll look to enter a long position, targeting 1.3670 initially. Stop loss will be placed just below the pivot point at 1.3640. Need to consider the news releases next week though, could cause some unexpected volatility.
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Update: I'm also considering a short position if GBPUSD fails to break R1 and we see a strong rejection there. In that case, my target would be S1 at 1.36375. The key is to wait for confirmation before entering either trade. Will also monitor RSI for any divergence signals on H4 timeframe. Gotta be patient!
@izwan7581, thanks for sharing your analysis. I'm curious, why are you specifically targeting 1.3670 after the R1 break? Is it based on a particular resistance level or a Fibonacci retracement, perhaps? Just trying to understand the rationale behind your target, as I'm still trying to learn how to set realistic profit targets myself.
Hello @izwan7581, that sounds like a well-thought-out plan! I'm still learning about resistance levels and pivot points, so thanks for sharing your analysis. I'm a bit nervous about news releases affecting the market. How do you usually prepare for those? Do you adjust your stop loss orders accordingly, or do you prefer to stay out of the market altogether when big news is expected? I find it all a bit daunting, tbh.