You are correct. We try to only take trades that give us a great chance of success. If price does go up from here, no big deal... the next trade will be right around the corner. A PA setup is nothing more than a trigger. They mean almost nothing ...

james16 Chart Thread

I would not trade either. The FTA is just below the low of the bar on the GBP/CHF. And the location on USD/CAD is not good. Below is the USD/CAD chart for a visual. The blue shaded area is where to look for bullish PA. Notice the confluence? Scott

james16 Chart Thread

The USD/JPY does look good and will probably jump on board myself. I will be passing on the GBP/USD PB. To me everything screams LONG to me except for the PB. Whenever I have a bias, I seldom trade against it. I do miss nice moves at times but my ...

james16 Chart Thread

That is not a PB in my opinion. It hardly has a nose. Scott

james16 Chart Thread

Nice looking BUOB but the location is not good. Price did not get low enough and the high of the setup (82.00) is a PPZ. I do not recommend trading long into resistance. Setups like this often go your way for 5 - 10 pips and then reverse. Scott

james16 Chart Thread

Stay far, far away. I pulled up the same feed and would place the PPZ at 1.3575. A PPZ denotes flips of support and resistance. Where you placed it, I see the previous resistance but do not see the previous support (the flip). Also, the candle ...

james16 Chart Thread

Good analysis. I marked 1.0250 instead of 1.0275 though. I recommend placing lines at round numbers on the daily timeframe. I made a mental note of 1.02 but felt it was too minor to worry about (comes from experience). Scott

james16 Chart Thread

Bryan, I passed on this one but you are far from a dope. The PB was at good support, however, it had little room to move. The first trouble area was 61.00 so price did what we expect. Below is a visual.

james16 Chart Thread

Closed my GBP/NZD long position for slightly above break-even. I closed it purely due to lack of momentum. Now I'm waiting for trade #2 for the month.

james16 Chart Thread

A PA setup should never be the root reason to enter a trade. Location should be the main reason. A PA setup at a good location is merely the trigger. Location-wise, the trade only has the MACD in its favor... nothing else. In other words, a person ...

james16 Chart Thread

See my input on this one on the previous page. Scott

james16 Chart Thread

Do not under-estimate the power of pie. Scott

james16 Chart Thread

Yup. It's helping my GBP/NZD position. It was in the red for the majority of last week but held on based on what I saw on lower timeframes (Elliot wave analysis). Scott

james16 Chart Thread

Actually, 50 is not a fibonacci number. I just like the 60EMA. 50EMA would probably work just as well. I use the 60, 150 and 365EMAs as floating support and resistance. Scott

james16 Chart Thread

Possible? Yes. Worth betting money on? Probably not. Keep in mind that this pair is currently in a strong downtrend. When picking extreme tops and bottoms, you need to be "extremely" picky. If we got a nice PB or BUOB at 1.25, I would jump on board ...

james16 Chart Thread

I see no good setups on the daily nor weekly. The GBP/CHF Weekly made me pause as it was the first time back to the 60 EMA but it has nothing else going for it. There are PA setups but none of them are at good locations. The 1.7 area is only a minor ...

james16 Chart Thread

Great location. You have a PPZ, 61.8 fib. and the 1.10 round number in your favor. I would place a sell stop order just under 1.09 if my broker carried this pair. Scott

james16 Chart Thread

All I see in favor of this one is it lines up with a PPZ. Bad location so easy pass in my opinion. See my comments regarding this one in previous posts. Definitely no in my opinion. How would you trade this? I do not see a double top. This is not a ...

james16 Chart Thread

Jim, I know you know how to trade these B and C grade setups, however, most do not when they are in-experienced. Scott

james16 Chart Thread

Neither of them are PBs. The GBP/USD one does not have the open and close within the previous bar. The close of the USD/CHF one is in the middle of the bar. Even if the close would have been lower, the tail would have been very short. PBs have long ...

james16 Chart Thread