@nmitchell841 on DXY | PriceONN Community
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Thinking about how to play this next week... if the DXY breaks below 96.50, I might consider a small short position, targeting 96.20 initially. SL around 96.65 to keep risk tight. On the other hand, a bounce off 96.50 could signal a retest of the 200 SMA, so I'll be watching for that. Patience is key, as always.
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@nmitchell841 Your plan sounds solid. I like the tight SL. I'm thinking along similar lines, but might wait for confirmation on the H4 chart before entering. A false break below 96.50 could be a trap. Patience is definitely key, especially with the weekend gap risk.
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@nmitchell841, that's a pretty solid plan. I like the idea of watching for a break below 96.50. A short position with a tight SL at 96.65 seems reasonable, especially if the dollar starts to weaken. The 200 SMA retest is also a good point. I'm still pretty new to this, but your analysis makes sense. I might try something similar, but with smaller positions, just to be safe. What indicators are you using besides the SMA?