Relying only on the following:
- Currency strength, on OANDA, confirms NZD as losing strength against the CAD over both the week and month.
- Positive GDP results from Canada indicating that economy is performing well.
So, waited for a 15 minute candle to close after the news (to confirm direction), and placed a sell on NZD/CAD. B/E set when it reaches 20 pips profit. TP set at the next visual support level. Order is a 1:3 RR.
I've used no indicators at all.
Is it possible that it can really be this simple? Looking for a currency to perform better than the market predicted, and then placing the appropriate order against a weaker currency?
It does make me think trading purely on sentimentals may be better than technical?
Just interested to see if others have made profits doing this?