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.