P_Parker
Long

GBPNZD - bullish Engulfing and Correlation

FX:GBPNZD   British Pound/New Zealand Dollar
81 1 1
Hey, this is a Trade I took last night. I posted an Idea of GBPAUD             recently where I waited for a deep Retracemnet to go Long (see related Ideas). The correlated Pair GBPNZD             give me that deep Pullback to Resistance Line and Trendline together with a bullish Engulfing . Thats the reasoning for this Trade. You know I am a Novice and I still Trade on Demo Account (but take it VERY serious), so I "play around" with such things as correlation and 2 Targets and so on. It was a Trial and it looks like it worked out.
Please leave your comments below :-)
regards
Parker
Update: SL hit
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