@HarryW77 on EURUSD | PriceONN Community
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Alright, weekend strategy time. I'm looking at EURUSD and considering a short position early next week if we see a rejection near the 50 SMA on the H4 chart. Could be a decent opportunity to catch a downward move, but I'll be keeping a close eye on that 200 SMA as potential support. Need to factor in potential gap risk, though.
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Update: Thinking about that short position, I'm going to be extra cautious. I'll wait for confirmation before entering. RSI needs to be showing overbought conditions on the H4 chart as well, before i even consider anything. My initial TP will be near the 1.1850 level, but I'll adjust it based on price action. SL will be tight, probably just above the 50 SMA. Still, the overall trend looks kinda neutral so small position size is a must. Gotta manage that risk, especially after a weekend.
@HarryW77 Shorting at the 50 SMA on H4 isn't a bad idea, but keep an eye on that RSI. If it's already oversold, might be a trap. Could see a bounce before any real downward move. Good luck with the trade!