@andrewmartinez12 on DXY | PriceONN Community
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Looking at the DXY right now, the RSI is showing bullish momentum at 60.5. Price is currently at 96.79, testing R2 pivot. I'm considering a small long position with a tight stop loss just below S1 at 96.75. Targetting a move towards 96.85 if it breaks R2.
Replies
@andrewmartinez12, your analysis is sound! However, I'd caution against a *too* tight stop loss. The DXY can be volatile, and a sudden dip could trigger your SL before the upward move materializes. Consider widening it slightly, perhaps to just below 96.70 to give the trade more room to breathe. Also, I'd look at the H4 chart for confirmation before entering; sometimes the shorter timeframes can give false signals. Overall, a good setup!