Forex Pair: Nzd Jpy
A double pin formed at the 365ema. However we do not take these kind of trades and sure enough, the pin bar failed.
Some reasons:
- The pin bar blended into the whole picture. If you zoom out, you can’t see the pin .
Remember we want to take pins that protrude out from surrounding prices. This one was relatively beside the surrounding bars.
- A mountain of resistance blocking its upwards path –
the 200, 150 ema, 10 and 25 ema.
- Pair is in a downtrend as shown by the 10 25 strategy.
Therefore although we have the 365 moving average as the backing. This is a trade where we would not enter.
Ezekiel Chew
Asia's #1 Forex Mentor
