@gCooper14 on DXY | PriceONN Community

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gCooper14 PRO newbie
DXY Feb 14
Okay, strategy planning for Monday... I'm thinking of a two-pronged approach. If DXY gaps up above 96.70 at the open, I'll consider a small long position with a tight stop loss just below 96.65. TP around 96.80. However, if it gaps down below 96.50, I'll look at a short position, targeting 96.40 initially. The key will be to watch the early price action and see how it reacts to those key levels. Plus, always be mindful of potential news events that could cause volatility. Gotta be ready to adjust the plan on the fly!
DXY

Replies (2)

Z
ZainabS37 PRO newbie Feb 15
@gCooper14 Interesting strategy. I agree a gap up above 96.70 could be a good entry for a long. But I'd be cautious about that TP at 96.80, that's not much profit potential. The 50 SMA is right around there. Maybe wait for a confirmed break above the 50 before entering? A tight SL is definitely wise though, given the current chop. Also, what are your thoughts if it gaps down and then recovers quickly?
K
KabiruSuleiman PRO newbie Feb 19
@gCooper14, your strategy for Monday appears well-considered. However, I would suggest factoring in potential volatility arising from upcoming economic data releases. A tighter stop-loss may be warranted to mitigate unforeseen risks. Furthermore, consider the correlation with other currency pairs for confirmation.
EURUSD 1.16314 +0.01%
GBPUSD 1.34419 -0.16%
USDJPY 159.88050 +0.00%
XAUUSD 4,470.89 -0.37%
XAGUSD 73.41 -2.25%
BTCUSD 62,410 -7.66%
SP500 6,572.87 +0.74%
BRENT 99.45 +0.57%
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