Hi,
I am thinking about making a carry type of trade with this pair, though i dont have enough information for this currency pair to back test it. Can anyone point me in the right direction? I would like to have at least 5 years worth of back data.
Just to experiment, I’ve been holding 2 lots for the last week or so @+$140.33per lot per day roll over, and though i have a drawdown at the moment, i’m still ahead cause of the swap.
Thanks
A few details, I shorted this pair @ 8.1495, so atm i am up +880 pips and have a positive swap roll over of ~$1,964.00 for the week.
I have given a SL of 3000 pips but am considering increasing that based on the daily volitility, but at the same time i dont want to be over exposed.
Essentially the trade has to run for 26 days to cover my SL with the interest carry over and discounting any +pip gain.
After doing some research, I do believe my SL will get taken out eventually(could be tomorrow), based on the economic conditions in SA, and looking at the last 6 months of data its pretty clear the USD is in a uptrend vs the Rand.
19 days and counting
Well my broker decided to ruin my plan!! They reduced the swap from $140.33 to $18.77… so I am going to close out my trade.
trade ran for 10 days 2 lots
9 @ $140.33 : $2,525.94
1 (today) @ $18.77 (x3) : $112.62 (should have been $841.98)
Net Interest Swap = $2,638.56
Pip draw down -1170 = -$2,830.70
So net loss -$192.14 (today i would have been in profit compared to my drawdown if they hadnt reduced the swap)
There goes my idea of holding the trade for a year for an easy $102k… haha
Though with the reduced swap rates, it opens the idea to going long on this pair, its been in a solid uptrend for the last 6 months