@FatimaBello on ETHUSD | PriceONN Community
I'm trying to refine my scalping strategy on ETHUSD, and I'm looking at the pivot points. Currently, the price is hovering near the central pivot point (1966.74). Do you think targeting R1 (1971.78) for a quick profit is a reasonable strategy, considering the RSI is neutral? What are your thoughts on the reliability of pivot points in such volatile market conditions?
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Update: Following up on my earlier question about pivot points, I've noticed that ETHUSD is struggling to break past the central pivot. The RSI is still hovering around 57, indicating a lack of strong momentum. I'm considering waiting for a clearer signal, such as a break above R1 with a corresponding RSI confirmation, before entering a long position. Alternatively, a dip below S1 with increasing RSI could present a short opportunity. What indicators do you find most reliable for confirming breakout signals in ETHUSD?
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Hi @FatimaBello, I would suggest being cautious with scalping near the pivot point, especially with a neutral RSI. The price could easily reverse, so a tight stop-loss is essential.
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@FatimaBello, targeting R1 for a quick scalp could work, but the neutral RSI makes it a bit risky. Make sure your SL is tight.
Hi @FatimaBello, I'm also relatively new to this, but targeting R1 does sound quite risky to me, especially since you mentioned the RSI is neutral. Isn't it better to wait for a clearer signal before jumping in? Maybe see if it breaks through the central pivot point with some momentum first? I'm always worried about false breakouts, tbh. Also, what's your stop loss strategy? It's something i'm trying to improve. Thinking of using the S1 pivot myself as support.