OK, we already know that we should have avoided the sells, but what of the TS3 buy that came up later in the day ? The problem, is that you were already long off the DP low, so is there anything you can do ?
Adding to positions is called Pyramiding, and is not something I talk about a lot as it is an Advanced technique. But what you can do, is when you have confidence in the larger degree trend, then Advanced Traders can consider taking “additional” positions in the same direction. BUT, always make sure that you have protective stops locking in at least a small Profit on your first position if you consider this.
The Result was a nice +5.1R Profit (ignoring slippage and commission) at the Typical Wave 3 WPT. This was uses over the ATRStop as it was so close to the end of the trading day.
The result was an “additional +5.1R Profit to add to your +3.9R from your first trade, making it a +9R day on the 3min NQ yesterday, which was brilliant.
Thanks, Steve
Adding to positions is called Pyramiding, and is not something I talk about a lot as it is an Advanced technique. But what you can do, is when you have confidence in the larger degree trend, then Advanced Traders can consider taking “additional” positions in the same direction. BUT, always make sure that you have protective stops locking in at least a small Profit on your first position if you consider this.
The Result was a nice +5.1R Profit (ignoring slippage and commission) at the Typical Wave 3 WPT. This was uses over the ATRStop as it was so close to the end of the trading day.
The result was an “additional +5.1R Profit to add to your +3.9R from your first trade, making it a +9R day on the 3min NQ yesterday, which was brilliant.
Thanks, Steve
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