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 :-)