@nthompson62 on DXY | PriceONN Community
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Seriously, seeing DXY hover around 97.8 is making me nervous. Imran, I get you're shorting, but this feels like a trap. With the news about gold and the dollar seeming weaker, I'm actually thinking this is a good spot to go long. The S1 pivot holding is a good sign for bulls.
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Oh, so @nthompson62 is calling the DXY a trap and going long? Interesting. You know what this feels like to me? It feels like they're setting up a classic bull trap here. They let it grind up slowly, barely above the 200 SMA, just enough to get some momentum traders jumping in. Then BAM, they drop it like a rock, taking out all those stops just below the pivot. This entire move up is suspect; the RSI at 66 isn't screaming 'bull run' to me, it's more like 'overextended and due for a pullback'. I wouldn't trust this rally for a second. It's probably just a liquidity grab before a bigger move lower, mark my words. They always hunt stops around these levels.