Dear Carry Traders,
I wish I could show you Long trade so that you can add one more Carry trade.
But the trade setup I am posting today is Short trade. Well, the market is Bearish. What can we do?
Here is H4 chart. The price is already coming up to the interesting sell zone. (I should have posted this setup much earlier… Sorry)
The current price is at Role Reversal Resistance zone, and touching WPP. Note Stochastic has some more room to go higher. That will be even better, because 21EMA will come down soon.
Of course, as the possibility, the price may go up to Fib 61.8% as well.
However, Hourly Stochastic is already overbought. Also the price is touching 55EMA. Thus I could say the price may drop at any moment.
For the entry…
We should wait to see the break of 75.50 (Lower Low) and sell from the retest … or simply you could also sell 5/8 cross down.
The target? How about WPP -> WS2 (72.67), or
DM3 -> DM1 (73.98).
Hope this setup helps.
YJ Baik – Forex.Today @ Tokyo