Forex Pair: Nzd Jpy
A double pin formed at the 365ema. However we do not take this 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.
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See you on the other side!
Asia Forex Mentor,
Ezekiel Chew
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