Proven 5-Minute Forex Scalping Strategy for XAUUSD/GOLD. 🦁📈

so don't trade gold very often but when I do I absolutely smash it so today I'm bringing you a five minute gold scalping strategy just my own personal way the way I do it to make money consistently enjoy okay so the first thing I like to do is reverse engineer everything and I cannot do that without the moving averages so let's add them to the charts in the indicator section type and move an average we will need two of them make sure that the fast moving average setting is 20 and the second moving average is 50. once you've done that you will have two moving average lines on your charts okay so we're currently on gold the monthly time frame and what do we see so the first thing I can see is the clear double top this double top clearly has broken it had the neckline just over here previous area of support was broken with this free noise bearish candlesticks what's also important is this Candlestick is below the 50 moving average which shows bearish pressure momentum so now we know that the trend or the overall direction of the market is is definitely bearish now this is the weekly time frame and as we can see the moving averages are above the candlesticks which shows bearish pressure and we can also see the Candlestick Wicks a little bit more clearer to see where the buying and selling areas were on the lower time frames now on The Daily time frame we're currently on a pullback although the two moving averages are below the candlesticks the higher time frame moving averages have already broken down so if we have a look at the four hour time frame we might see a break already and that could be a good sign for a short trading opportunities so as expected we see a four hour break on the 50 moving average this is super good all the higher time frame candlesticks are breaking important support levels so now if we zoom out we can see a nice area of structure just over here and this is likely where the four hour candlesticks are heading so this means that on the five minute time frame we have a nice Direction Where We want to go the for a bounce or bullish pressure comes back in and pulls the market back up towards the moving averages and then potentially giving us another trade towards the downside so let's take a look so this is the four hour structure we see we saw the break we see the area of support what else is important although definitely not perfect it does look like a hidden shoulders pattern right which means a neckline was broken just over here previous area support when neckline breaks it means that bearish pressure will come in and that's why we saw this move towards the downside breaking the 50. super important break of structure means that the lower time frame such as the five minute where we want to enter should have a clear Direction where to trade so now finally we're on the five minute time frame and we can see the four hour support marked in blue now if we just zoom in on the markets we can see a clear slime structure break once again a noise pushed towards the downside a break of the two moving averages just off here we can even use the rectangle tool to see where the previous area of support and resistance was and clearly it's near the 20 and 50 moving averages as well we recently got a bearish engulfing Candlestick of the two moving averages the red Candlestick swallows the blue one which means bearish pressure is here and now that we know it with broke structure on the higher time frames likely the lower time frames are going to dip down and this is where we want to be entering our trade so if we wanted to show this trade in position just off here we want to have a decent profit level so 1 500 ticks should do well if we click OK we can see that the propeller would pretty much reach the blue four hour support and this is where we want to be aiming to close off our position regarding stop loss you want to have that so a 750 ticks should be sufficient enough this is a two to one risk to reward ratio you could potentially make it a little bit lower just below the moving averages but personally I like to leave a little bit of space because gold US dollar is fundamentally driven pair which usually has big spikes that could take you out of the market and on the final touches before you decide to enter the trading position you might want to check out the stochastic RSI on the default settings to see if the market is overbought or oversold in this case it is over the 50 line I would say it's overbought and likely it's going to dip down now let's take a quick look at what will happen with this trade broke the two moving averages quite a bit uh quite a little bit of a consolidation but then we do get a strong break towards the downside and it seems to be working as planned so this is the final result and as you can see if we drag this along we nearly reached our take profit level uh just over here if we just make a little bit smaller 1 333 ticks instead of 1500 that's totally okay because probably you would have closed portions right every time you reach a milestone let's say you reach half of your trading position you should close 50 of your lot size and then maybe move your stop loss to entry or half it and then let the remainder run to hopefully profit a little bit more so this is my way on how to scalp golden Forex and if you enjoyed this video you will enjoy this one also make sure to join our Discord Community we're absolutely dominating the Forex Market see ya