Dear Carry Traders,
I proposed AUDJPY trade setup yesterday. Unfortunately, it didn’t work out. (The price continued to go down!)
Too bad. Let’s move on dot com.
Here is another Carry trade setup.
The above is Weekly Chart, and you can see the price is approaching Support.
On Hourly chart (below), the price is at DM1 and also Previous Low (Jan 8).
Well, this is not an ideal setup. But I still think it could be a valid Long setup.
For the entry, you can play “Triple Bottom”, to long from the current level. In this case, you can set your Stop very close.
Or if you want to trade more conservatively, you should wait for Higher High (and Break of DPP), before you buy this.
Hope this setup will help you build your own.
YJ Baik – Forex.Today @ Tokyo