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.
To learn the full forex price action course and strategy, sign up here – AFM Winning Forex Course
See you on the other side!
Asia Forex Mentor,
Ezekiel Chew
ps: Click the “like” button and drop a comment below. =)
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