GBPNZD - bounce strategy (conservative order)

FX:GBPNZD   British Pound / New Zealand Dollar
The GBPNZD chart has had 3 tests of bouncing off the 50 EMA on the 15M timeframe, confirmed by hourly timeframe. Go short on 4th bounce, Current NZD strength will drive the pair down to take a profit at 48 pips below (based on 1:2 R:R). Set stop loss of at least 24 pips - previous price action suggests a moderate buffer is necessary.
Trade closed: stop reached: Bouncing pattern broke to constipate around the stop loss level - profits should have been locked in at 15-20 pips.


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