@jacob6713 on DXY | PriceONN Community
J
DXY consolidating hard. Thinking a short position if it breaks below the 50 SMA at 96.77. Targeting 96.70 then 96.60. SL around 96.85. RSI needs to confirm the downward move though. Could be a false breakout.
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J
Update: Might adjust the SL to 96.88 if it retests that level. Want to give it a little more room to breathe, but don't want to get stopped out prematurely. Still bearish overall, but the market's choppy. Need to be careful.
@jacob6713 I'd be cautious shorting against the trend, even with the consolidation. That 50 SMA could act as strong support. Maybe wait for a clearer break and confirmation before entering.