@WildCard35 on DXY | PriceONN Community
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Given the current consolidation around 96.56, the risk of a gap opening on Monday is considerable. The proximity to both S1 and R1 pivots suggests potential for whipsaw action early in the session. Prudent risk management is advised, particularly for those holding positions over the weekend. I will be monitoring pre-market futures to get an early indication of potential direction.
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Update: Further analysis of the D1 chart reveals a neutral RSI, reinforcing the ambiguity. I'll be watching for a decisive break of the 20-SMA (96.69) or a failure to hold above S1 (96.54) as confirmation. A sustained move below S2 could signal a more significant correction. Patience will be key on Monday.
@WildCard35 That's a good point about the gap opening. I hadn't really considered that. I'm still trying to get a handle on risk management, tbh. What would you consider prudent in this situation? I'm holding a small long position, and now I'm second-guessing it. I don't have a ton of capital, so I'm always worried about getting wiped out. Thinking I should close it? Or just set a really tight stop loss? Any advice would be appreciated. I don't fully understand how to set my SL correctly yet.
Gap risk is always a worry, especially on a Friday. @WildCard35, that's a good point about the proximity to S1 and R1. A whipsaw is definitely possible. I'm considering reducing my position size before the weekend to mitigate potential losses. Better to be safe than sorry, especially with so much uncertainty in the market atm.