Dear Carry traders,
I hope you already have some Long positions with stop at even by now.
(I lost one position last week. But still have one from 87.35)
Let’s continue to look for the next opportunity.
Looking at H4 chart below, the price is at the interesting support level, which also is Fib 38.2%.
However, as far as we see on M15 chart, the price action doesn’t seem Bull at all. (On Hourly chart, the price is still riding down on 21EMA!)
So if you want to be conservative, you should wait to see Higher High (than 88.40), and buy from the retest.
But if you want to be aggressive, you could buy this pair from the double buttom at 88.00. The benefit of that is… the stop can be small.
Hope you can find the Long entry.
YJ Baik – Forex.Today @ Tokyo