Phil wrote:Ok, made an attempt today but to be honest im doubting whether i'm right.
Sure, idea worked out but somehow i feel i misinterpret a lot you guys, doji and Mo, talk about.
See the attached chart below.
The 'idea ' was to look for a long and position myself from here, the yellow solid line. This is a 2xH1 low line (per my definition but dont shoot me)
where i would expect some movement up. As you can see it played out real nice.
I did wait for a momo to close above the zone down, momo up, entered with 1 unit. Next i doubled rather quickly and also added a half so i had 3 units open. I should have hold to the around the white m15 line, to take full advantage but i remembered reading something from MO this night that rather take full profit than to move your stoploss without normalization...
Also i must admit that i was a bit scared to add doubles since, it dipped a bit against me, i dont want to add to losers anymore..
So now i have 3 units OPM is that right? Should i now wait for a new setup and start my initial trade with those 3 units, then double and add half?
I think i have a lot of reading to do or stop doing so stupid...
I meant also to say, once we start out with the initial risk, using the momentum concept, when the 1st part of the cycle should go wrong, we can double up and make good. Next we should again wait for a new oppertunity to trade away from the extreme?
Sorry if this post doesnt add any value to your thread Doji, just trying to survive.
20170606.1314 - GBPJPY - M5 idea.png
Phil
Wait for a Doji's or a MO's reply..
but in my opinion there isn't a rule saying you to "double and add half" if you don't want it.
You could add one single unit and trail your stop (normalize risk), wait for a RET and double, take partial profits and expand space or go one tf higher doubling your lines width..
Do what you want (as long as your risk stays the same).