Carry trade AUDUSD

[Deleted]  

Currently there is a positive rollover rate (swap) going long on AUDUSD. According to my broker (FXOpen) going long results in +9 pips swap per day. Subtracting average spread 2.1 pips and commission 0.7 pips we still have a positive 6.2 pips.

The strategy I'm suggested is therefore simply to go long on AUDUSD seconds before 5 pm est and close the order as soon as the swap is collected. Sure, the exchange rate may change, but 6.2 pips in a few seconds is quite a lot for the AUDUSD during those hours.

But this is all way to good to be true. Is it possible to gain a relatively safe 6 pips per day by this simple carry trade, or am I missing something here?

dwi.forex
43
dwi.forex  

I think the swap is .9 pip (~ $9.00) not 9 pip ($90) per lot (100,000) per day.

Please double check

[Deleted]  
duwi:
I think the swap is .9 pip (~ $9.00) not 9 pip ($90) per lot (100,000) per day. Please double check

Would explain a lot, but according to FXOpen Swap history home page the swap long is +9 pips. However, looking at the AUDUSD contract specification in Metatrader reveals that the swap is +9 points. Since the quotes are 5 decimals it may very well be 0.9 pips and FXopen screw up displaying it as 9 pips in the Swap history.

0.9 pips would also make a lot more sense since the annual interest rate would be 3,3 % (1.00009^365) and not 38%!

[Deleted]  

Confirmed... the long swap is 0.9 pips, not 9 pips... the information on FXOpen's Swap History page is wrong then.