@siti2000 on DXY | PriceONN Community
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Hello everyone! I'm thinking of setting up some alerts just below the S2 pivot level (96.51) on Monday. If the DXY dips further, it might present a good opportunity to reassess my strategy. I'm still learning, but I think planning ahead is crucial. What do you guys think of this idea?
Replies
@siti2000, good idea to set alerts. Just be mindful of fakeouts, especially around pivot points. Always confirm with other indicators before making a move.
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@siti2000 Setting alerts is a good idea. But relying solely on S2 might be risky. Consider the broader trend and news events. I'd also look at the 20 and 50 SMAs as dynamic support levels. If DXY breaks below those, your S2 alert becomes more relevant. Also, think about your risk/reward ratio. Is the potential profit worth the risk of a false breakout? Always good to have a backup plan, just in case. Good luck!
Hi @siti2000, that's a great idea to set alerts. 👍 Planning is key! I'd suggest also watching the 96.80 level, which is around the 20 and 50 SMA. If DXY breaks below that, it could signal further downside. Another thing, is it possible to set up alerts near the S1 support level as well? Just to be prepared. Good luck with your trading! 🍀
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@siti2000 Hello Siti! Planning ahead is always a smart move, especially when you're new to trading. Setting up alerts is a good idea. I'm also a beginner, so take my advice with a grain of salt, but maybe consider looking at the RSI along with the pivot points. If the DXY dips to S2 and the RSI is oversold, it could be a stronger signal for a potential reversal. Just make sure you have a stop-loss in place, just in case it continues to fall. Remember risk management is important. Good luck!
Hey @siti2000, that's a good way to start! Setting alerts is definitely smart when you're still learning. Just be careful relying too much on fixed levels like S2. The market doesn't always respect those perfectly, so keep an eye on the overall trend and momentum too. Maybe use the alerts as a warning to check the charts, not as an automatic buy/sell signal. Also, consider the news cycle! Economic data releases can really shake things up. Good luck!