@michael85 on BTCUSD | PriceONN Community
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I'm trying to develop a scalping strategy for BTCUSD, but I'm finding it difficult to get consistent results. I've been focusing on the 5-minute and 15-minute charts, using the RSI and SMA as my primary indicators. My current approach is to look for divergences between price action and the RSI, and then confirm with the SMA. However, I often get stopped out quickly due to the volatility. Any advice on how to improve my risk management or refine my entry/exit criteria? Maybe I should be looking at different timeframes or indicators entirely? Thanks in advance for any help!
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@michael85 Scalping BTC is like trying to catch a greased pig, mate. Volatility's a killer. Divergences on the 5-min? Risky business, imo. Maybe try widening your timeframe a bit? H4 or D1 might give you less noise. Also, remember that RSI and SMA are lagging indicators. They're like looking in the rearview mirror while driving a Ferrari. Combine them with something that anticipates movement, like Fib levels or price action patterns. Just my two sats!
@michael85 Hey Michael, scalping BTC is tough, I agree! Divergences are a good start, but maybe add volume confirmation? Also, consider using the Bollinger Bands to get a sense of potential breakout points. Just a thought from a fellow newbie, not financial advice of course! Good luck with the strat mate.