@jennifer2619 on DXY | PriceONN Community
DXY looks like it wants to push higher, but I'm seeing a potential double top forming around 96.80. If it fails to break that level convincingly, I'll be looking for a short entry. SL around 96.90, targeting 96.60 initially. RSI is overbought on the hourly chart so might be a good opportunity.
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update: I'm seeing some bearish divergence on the 4H chart as well, further confirming my short bias. Also, the 200 SMA is acting as pretty strong resistance. Will keep monitoring price action around 96.80-96.85. I'll adjust my SL if it breaks above that range. I think the dollar is due for a pullback tbh.
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@jennifer2619 Interesting observation about the double top. I'll be keeping an eye on that level as well. Thanks for the heads up!
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Interesting point, @jennifer2619, about the potential double top around 96.80. I'm still trying to wrap my head around chart patterns like that. 😵 If it doesn't break that level, and you're looking for a short entry, what indicators do you usually use to confirm the move? I'm trying to learn more about using RSI and other tools to validate my trades. Also, is a 0.10 SL tight enough? I always worry about getting stopped out prematurely. 🤔