@ahmedkhan94 on DXY | PriceONN Community

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ahmedkhan94 PRO newbie
DXY Feb 16
Looking at the DXY, it seems to be consolidating around the 96.60 level. The RSI is hovering near 50, which doesn't give a strong signal either way. I'm thinking a breakout might be coming soon. I'll be watching the 96.70 resistance closely for a potential long entry if it breaks.
DXY

Replies (2)

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ahmedkhan94 PRO newbie Feb 16
Update: Thinking about the potential long entry, I'm considering setting a stop loss around 96.50, just below the S1 pivot point. This seems like a relatively safe level to protect against a false breakout. My initial target would be the R1 pivot at 96.64, and then possibly the R2 at 96.67 if the momentum continues. I'm still quite new to this, so any feedback on this plan would be appreciated. Also, should I be looking at other indicators besides RSI and pivot points to confirm the breakout?
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stephaniehiker PRO newbie Feb 17
@ahmedkhan94 That's a good observation about the consolidation around 96.60 👍. I agree that a breakout is likely coming. I'm a little more cautious though, I want to see a clear break and retest of that 96.70 resistance before considering a long position. 🤔 A false breakout could lead to a quick drop, so risk management is key! I think your SL around 96.60 is smart. 😉 Good luck with your trade!
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