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.

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See you on the other side!

Asia Forex Mentor,
Ezekiel Chew

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