NZDCAD Long short setup. Correction ahead?

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
Idea is based on median line analysis. Info is on the chart, good luck.
Very detailed analysis Hamza. Only 200 pips from your target. Good luck :)
HamzaLeith moneymaking
thank you, I don't like the fact that my target is above the median line, I'd rather trade with the slope not against it, but the idea aligns well with my bullish bias on all NZD pairs. I am using the correlation (Oanda has an awesome table) alot for extra confirmation lately and it really yields good results.
+1 Reply
moneymaking HamzaLeith
I have a quick question about correlation. Do you also take correlation into account BEFORE placing a trade? For example GBPNZD and NZDUSD are negatively correlated and let's say there is buying opportunity on GBPNZD, but does that mean you would not take a buy trade on NZDUSD, even if it meets your rules?

This idea about correlation and how to use it correctly within your trading, has been confusing me a lot. I really don't know how to correctly use correlation to my advantage BEFORE placing a trade. Any type of insight or advice on this topic will be really helpful. Thank you mate :)
HamzaLeith moneymaking
I will pm you tomorrow concrete examples of how I have been using the correlation, remember though, limit your exposure to a specific currency by not trading too many pairs which consist of the same currency!! This is just as import ant from a risk management perspective as the choice of target/stop loss. Amd always have several trades open (myself i usually have 7) at the same time. That is the best way to be consistently profitable. SPREAD YOUR RISK!
+1 Reply
moneymaking HamzaLeith
Awesome, thank you mate. Highly appreciated :)
+1 Reply
HamzaLeith moneymaking
Good luck to you too mate
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