@andrew2908 on XAUUSD | PriceONN Community
Is anyone else seeing a potential double bottom forming around the S1 pivot level at 5080.39? I'm relatively new to this, but it seems like a strong support area. Could this be a good opportunity for a long entry if it bounces? What are your thoughts on using the RSI to confirm this pattern?
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Update: I've been doing some more research on double bottom patterns, and it seems like confirmation is key. I'm thinking of waiting for a break above the neckline, which I'd estimate around 5122, before entering a long position. I'd also want to see the RSI confirm the bullish momentum, maybe crossing above 50. I'm also considering setting a tight stop-loss just below the S1 pivot, around 5075, to manage risk. Does this sound like a reasonable approach? Any advice would be greatly appreciated!