@pooja94 on DXY | PriceONN Community
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Weekend analysis time! Thinking of a long position on DXY if it opens above 96.60 on Monday. SL around 96.45 seems reasonable. Targeting 96.80 initially, then maybe 97 if momentum picks up. Let's see how it goes...
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Update: About my long idea... I'm watching the 50 SMA closely at 96.63. If DXY can break and hold above that level, I'll be more confident in the long trade. Also, the RSI is still below 50, so need to see some confirmation there too. Maybe wait for a retest of the 96.50-96.55 area after the breakout for a better entry? Patience is key! BTW, anyone else looking at the same thing?
@pooja94 Your long position idea sounds reasonable, but keep an eye on the RSI. If it remains below 50, the upward momentum might be limited.
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Pooja, your 96.60 entry point aligns with the 20-day SMA. A solid area of support. But tbh, 96.45 seems a bit tight for a SL, considering recent volatility. Might want to give it a bit more room.
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@pooja94, your proposed long position seems reasonable, provided the opening gap is not excessively large. A tight stop-loss is prudent, given the index's recent volatility.