DislikedThanks Mike, Winston, Phanti, you posts are super useful! I trde 3 month on demo D1, W1 with profit! EURCAD H4 big BUOB from ppz 1.405 +divergence.i think it moves on 1.44, but we have not much of space, and i don't want be a hero {image}Ignored
This is the larger daily picture. The bottom of the box is not well-defined so I would have a difficult time gauging the importance of a PA bar anywhere near the bottom of the box. Current daily action is really sideways.
On the H4 there is an area of support as highlighted by the thick blue rectangle. The thicker I need to make my horizontal lines to encompass bar lows to define the area of support the less accurate I take that area of support to be. So the appearance of PA in this area can again be difficult to gauge. You traded a fairly small BUOEB in a support zone and I'm not saying your wrong. But since the bottom of the zone was not tested here this PA bar could easily have failed and price gone down to test the bottom of the zone and in that case depending on your SL you might have been nicked out for a loss. This one is working out . I sould
ve liked to see a more accurate support zone in this case and a bigger PA bar. The other thing to remember is that when you trade a bounce you will always be trading back into a box and thus traffic so the magnitude of the PA bar becomes more important.