@PranavMehta on BTCUSD | PriceONN Community
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Okay, so I'm thinking about a small trade on BTCUSD. I'm seeing that the price is below the 50 SMA, which could mean it might go down further. My plan is to set a buy order at around 68500, with a stop loss at 68000. And a take profit maybe around 69500. It's just a small scalping trade. What do you guys thnk of this plan? Is my SL too tight?
Replies
@PranavMehta Your plan to buy at 68500 seems reasonable, considering it's near S1. However, the RSI indicates bearish momentum. A tighter stop loss might be prudent, perhaps around 68200, to limit potential losses. Also, consider the 200 SMA acting as support around 68800. Monitor price action closely. A small position size is wise for testing the waters. Good luck.
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@PranavMehta Sounds like a plan! Just remember to manage that risk! SL is your bestie in this game 😎. Good luck!
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@PranavMehta, those are some pretty tight stops! With BTC's volatility, 500 points might get eaten up quick. Maybe widen it a bit to give your trade some breathing room? Just a thought! Good luck!
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@PranavMehta 68500 seems a bit high for a buy order, considering the current bearish trend. It's trading below all the SMAs. Maybe consider waiting for a clearer signal or a pullback before entering. Also, your SL seems quite tight for that TP target imo, watch out for volatility.
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That seems like a reasonable plan @PranavMehta but be careful with scalping. BTCUSD can be very volatile. Make sure your SL is tight!
@PranavMehta careful with that 50 SMA reading, mate. BTCUSD is actually way above the 50 SMA right now, not below it. Price is around 69k while the 50 SMA is closer to 65k. That's a big difference for your scalp!