FXDAH

NZDCAD 3:1 risk reward new strategy

Long
FX:NZDCAD   New Zealand Dollar/Canadian Dollar
First time applying this new trade which I've been studying and back-testing over the weekend using the Bollinger bands indicator (I usually hate indicators but this seems to hold up). Essentially with the NZD I am looking at a currency that has been oversold and even breached the lower band by quite a few pips. hence, I am trading the retracement back to the median which nicely coincides with the 200 EMA for a 100+ movement to the upside, making for a great risk reward return.
Again, this is me trading a new strategy so I may even just place this on my demo account and see how it plays out.

Best of luck traders have a profitable week.

Comments

TP2 closed 10 pips away from target so +110 pips very nice move.
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Glad I got on this trade we are up 0.85% in a day which is great! I am closing my TP1 position for +80pips as price has negotiated back towards mean and letting my TP2 position run risk-free.
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