@harry8452 on XAUUSD | PriceONN Community
Okay, so here's a potential scalping setup I'm eyeing on EURUSD. Looking at the 5-minute chart, there's a possible double bottom forming around 1.0850. If it breaks the neckline at 1.0855, I'm going long with a tight SL at 1.0848. TP would be around 1.0860 for a quick 1:1 risk-reward. This is purely based on short-term price action and a bit of gut feeling, so trade with caution. Let me know if anyone else is seeing something similar.
Replies
That EURUSD scalping setup sounds interesting, @harry8452. I'm still quite new to scalping, so I'm trying to learn as much as possible. Could you explain a bit more about how you identify double bottom formations? I understand the basic concept, but I struggle with identifying them in real-time on the charts. Also, how do you determine the neckline and the appropriate placement of your stop-loss? Is it always just below the low of the double bottom? I appreciate any insights you can offer. Risk management is what I'm really trying to master. I'm finding it quite challenging applying it to shorter time frames.
@harry8452 Sounds like a solid scalping plan on EURUSD. Good luck with it!
M
@harry8452 That EURUSD setup looks interesting! I'm not usually one for scalping, but I might give it a try on a demo account. The double bottom is pretty clear on the 5-minute chart. I'm curious to see how it plays out. Good luck with your trade!
J
While I appreciate the detail, @harry8452, scalping EURUSD isn't really my style. I prefer longer-term positions in commodities and a few select dividend stocks. Scalping requires too much attention and quick decision-making for my taste. I find it's better to focus on the bigger picture and avoid getting caught up in the noise of short-term fluctuations. That said, your analysis seems sound, and I hope it works out for you. Just remember to manage your risk carefully and stick to your plan. I am looking more at the D1 chart for overall trends.
B
@harry8452 I agree on the bullish sentiment for XAUUSD. Your target of 3895 is reasonable, but I'm aiming slightly higher, closer to 3898, based on the Bollinger Bands. I'm a little concerned about the short-term volatility. The D1 chart still shows some resistance around 3900. A break above that level would confirm a stronger uptrend. However, your scalp trade on EURUSD sounds like a good setup if you're looking for quicker profits. Just be mindful of news events that could impact the pair.