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Thread: Should we or should we not take this trade?

  1. #1
    Join Date
    Sep 2011
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    Should we or should we not take this trade?

    Forex trading strategies – Should we or should we not take this trade?

    Today’s post is one of the forex trading questions that i got over the weekend which i thought would be helpful to share

    I spotted a pin bar pointing down with the 150ema supporting the
    cadjpy. The daily chart seem to be heading down but the weekly chart seem to be going
    up. In these case, is it safe to sell as the day seems to be heading down
    although the weekly still seems to be pointing up?
    My Reply:
    No, when i trade the daily forex chart, i will make sure the daily and the weekly are
    in the same side of the trend.
    Although its a price action pin bar off the 150, but the pin bar looks too small to
    take away the strength of the uptrend. I may be wrong on this, but given the
    small pin and the weekly uptrend. i will skip this trade.

    Forex Trading Strategies – Here’s the recent Forex chart update on CadJpy

    Follow up:
    True enough, the price action pin bar failed to take price down and its stoploss was triggered. Had we placed our stoploss at the top of the pin, we would have gotten stop out.
    Take away Tip:
    Pin bars happen & form all the time, it is by picking the right ones to trade in. There are several criterias which we use to call for a good trade and that is taught in our Winning Asia Forex Mentor Price Action Forex Course.

    Ezekiel Chew
    Asia's #1 Forex Mentor

  2. The Following User Says Thank You to asiaforexmentor1 For This Useful Post:

    Rein135 (03-21-2014)

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