This pair is a very good vehicle for carry trade, but in terms of carry trade, of course we still need stop loss and appropriate profit taking. "Every trade should have an entry and an out"
If carry trade works, we can earn interest at the same time; if it fails, the interests could recover some of the risk. That's totally different from long Lira without stop loss!!
Here we got this inside day and inside week! I would very love to take the breakdown short! Even if it breaks to the upside, I would also pay attention to the 5.44 spot supply zone short. In short, wherever the inside day breaks, only want to take the short!!
Let's see how it goes!
-- By far my best trade in TradingView is also this pair lol.
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pull back to the supply zone and making new low yo! Perfect script!
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took some profit down here to respect this butterfly yo!
That trade is very risky, for a Japanese trader. You think that interest rates will keep the Turkish lira evaluated against USD. But TRY is never like other currencies. Your account can be wiped out in seconds, with any political news. Just look at the actions in August, and think again twice. I think GBPJPY and USDJPY pairs will bring more oportunities
Trader_Joe_Lee
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@sonerta, Indeed, it's a very risky trade! Only worth taking tiny positions (tiny enough for not being wiped out even it gaped up to 7) and take the slippage into consider when calculating the risk~ Thanks for your remind yo!