@william96 on DXY | PriceONN Community
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DXY looking like it wants to push higher. RSI is above 50, but not overbought yet. I'm watching for a breakout above the 96.74 resistance (R1 pivot). If it breaks, I'll be looking for a move towards 97.00. Could be a decent swing trade opportunity if it confirms.
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@william96, I concur with your observation regarding the potential breakout above 96.74. However, I'd exercise caution and await confirmation on the daily chart before committing to a swing trade. A false breakout could lead to a quick reversal, especially with the RSI not yet firmly in overbought territory. Consider waiting for a retest of the 96.74 level as support.
@william96 I agree, a break above 96.74 could be a good entry. But I'd wait for a retest to confirm before going long. False breakouts can be quite painful, you know? *ouch*
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I agree @william96, that 96.74 resistance level is def key! A break above that could signal a nice run to 97.00 like you said. I'm thinking of setting an alert there. Tho I might wait for a retest before entering. Good luck with the swing trade! 🚀
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Interesting analysis @william96! I am still learning about resistance levels. If the DXY does break through 96.74 as you suggest, what is a good strategy to manage risk? I am always concerned about protecting my capital, so any advice on setting stop-loss orders would be most appreciated. Thank you!
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@william96, you said you're watching for a breakout above 97.36 (R1 pivot)? I'm still learning about pivot points. What happens if it doesn't break that level? Would that mean it's going to go down instead? And what timeframe are you looking at to confirm the breakout? I'm trying to understand how to use these indicators better. Thanks!