I've been considering a short-term carry trade system of USD/TRY since JPY is so volatile and USD has been in a freefall against the TRY for a long time.
The last month or so I've been demo trading USD/TRY with T/P ranging between 20-50 pips depending on support levels and S/L set out hundreds of pips away. I've been able to take profits every trade and take about $100 in interest every weekend with the longest trade being held 4 days and getting back in on intraday retracements.
I'm wondering what you guys think about the USD/TRY fundamentals over the next few months since I'm considering taking this strategy live soon with minis. Since USD/TRY is making new lows everyday it seems, I'm hesitant to take long-term carry trades without feeling comfortable about retracement areas.
The last month or so I've been demo trading USD/TRY with T/P ranging between 20-50 pips depending on support levels and S/L set out hundreds of pips away. I've been able to take profits every trade and take about $100 in interest every weekend with the longest trade being held 4 days and getting back in on intraday retracements.
I'm wondering what you guys think about the USD/TRY fundamentals over the next few months since I'm considering taking this strategy live soon with minis. Since USD/TRY is making new lows everyday it seems, I'm hesitant to take long-term carry trades without feeling comfortable about retracement areas.