Maybe he's waiting for a signal, and wouldn't bother taking the trade otherwise, but then again, if he IS waiting for a signal, he wouldn't tell us beause he doesn't want to disclose the details of his system.
I'm not knocking Porgie, I'm just trying to figure-out his logic.
For my two cents, the market is definitely setting up for a Long trade, it just hasn't confirmed the bottom yet.
Good trading,
Jimmy Jam
P.S. On the intra-day time-frame it looks like a reversal, but on the longer time-frames, it's a continuation of the uptrend.
I checked'em out on Youtube weeks ago, but after I viewed one of his videos and saved it to my folder, I started to get the sales pitch, so after that I wrote'em off.