I skipped the short entry simply because the long price structure is more recent. If the second peak would have reached the 3 touch bar lows, I would have shorted it. Getting that close to an entry twice like that and retreating invalidates the ...

I bid 0.7818 and took full profits at 0.7829. Been demoing your methods for a while. I have been profitable since 2007 using other methods but the results on my demo account are impressive so far. Scott

First, the pinbar itself looks great. Second, the location of the pinbar is not so good. It is at a PPZ, however, there is no S/R confluence. Also, the FTA is the 0.8525 area which is just under the pinbar. Scott

To add to what Mike said... Only mark obvious PPZs. The PPZ you have on your chart does not stand out on the weekly timeframe (it probably stands out on the daily timeframe). 1.87 is the closest weekly PPZ I see on the upside. Interesting enough, ...

Short answer... an easy pass. A decent PPZ but there is nothing else working in its favor. In other words, no confluence. In fact, the confluence of the 38,2 fib and 150 EMA would work against a long position. Take a look at the attached AUD/NZD 4 ...

You are on the right track. The PPZ was solid enough, however, there was no confluence. Look to do touch trades at areas that have great confluence only. Scott

I'm late, but did not trade it. Support was not nearly strong enough for me. Looks like it worked out though. Now if price gets to the $1550 area, it will have my full attention. Scott

That is GREAT! It was not luck; it was discipline! Question is... can you maintain it? That will be your next hurdle. Scott

You are correct. Two is not enough for me even. I like to see 3-4 or even more. Scott

I looked at it and is an easy pass for me. There is a single swing low and a fib ret. but that's it; not very solid. Scott

You are 100% correct. the 38.2 fib is at former support and you know what often happens at former support resistance levels. I would not trade a PA setup there. As you stated, the level is not well-defined, and I do not take trades off of the 38.2 ...

What the heck... here's a chart. See the awesome resistance at 0.9100? That is what we like to see. If a PA setup forms at 0.9100 and it does not work out, it is NOT my fault. Scott

I chuckled at this. Lets see what happens at 0.9100 if it gets there. Scott

The power of confluence.

Was it a terrible location? Of course not. Was a good location? Yes. Was it a great location? Not in my opinion. It was one of those almost there but not quite setups. Over the years I became more and more picky. Scott

I went back a page and looked at your chart and opened it on my workstation using the fxPro feed. The PB was in a bit better location than your chart showed. There are two fibs that line up at 1.4380 plus the divergence. Would I trade it? No. It is ...

In those cases, I do not give much weight to the divergence. Divergence can often seem like it is never ending before price actually reverses. Divergence is only one of the tools in our toolbox. Also, NEVER take a PA setup just because there is ...

Whenever you notice a big decrease of momentum, there is probably divergence. Scott

It could... you never know. I seldom use trendlines as they fail too often. Nothing wrong with a break-even trade. Scott

EUR/CAD Chart — Entered long at 1.4306 and placed SL at 1.4270. After a surgery operation, I looked at this chart pretty close. There was solid resistance at 1.4300. Price closed above that area last Friday -- not by much but it did. Price ...