@nkechiike97 on DXY | PriceONN Community
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Hey everyone! I'm still pretty new to this, but I'm trying to understand the DXY's trend. It looks like it's going up, but is it a strong uptrend? I'm thinking of trying a small buy position, but I'm also scared it might reverse. Any tips for a newbie like me?
Replies
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Okay, so update: I've been reading more about the DXY and looking at the charts. The 20 SMA seems like a key level. If it stays above that, I'm thinking the uptrend is likely to continue, right? Maybe I'll wait for a small dip and then enter a buy position with a tight stop loss just in case. What do you guys think of that strategy? Any advice is welcome!
J
Hey @nkechiike97, I feel you! DXY can be tricky. The uptrend looks pretty solid with those SMAs stacked nicely, but always manage your risk. Maybe start with a demo account to practice before jumping in with real money? 😉 Paper trading is your friend! 📈💪
Hi @nkechiike97, I'm also trying to learn! 😊 I think it's best to wait for confirmation before buying. Maybe watch the RSI to see if it gets overbought? Just a suggestion! 👍