Sorry Mikkom,

I missed this question from a previous post. The answer is, no. I spent a fair amount of time and resources developing an automated strategy for pull backs, and such. At best, the results were break-even, or slight gains (usually over an extended period of time). In either case, I never felt satisfied. With the strategy we're discussing in this thread... you need a human touch. There's a lot of things that I have not covered here, simply because it would be like writing a novel. Here's an example. You'll eventually start to notice the type of effect price momentum has on your setups. By this, I mean the actual speed of money flow and profit taking. Then the time of day becomes important once that's figured in, as well. There are an infinite amount of variables that will affect ones decision to get into a setup. A lot of them might have nothing to do with the market at all. I can't expect a computer to have a moment of divine intervention, or a gut feeling. Both of those elements will be your greatest tools once you've spent enough time studying the setups.

The EA I'm using now utilizes a different methodology, but its development would not have been possible without the market theory I've outlined in this thread.