One thing i've yet to perfect is the art of pyramiding my position. Case in point, my USB position that's still currently on. My initial risk was about 75 cents, not enough to make a full dollar R, but doubling up would mean risking more than my initial R.
Because of this, i want to seriously consider pyramiding positions like this, (and it can be used for other profitable trades as well).
One method i'm considering is this. Being in this time zone, i can catch the final hour of trade easily. Perhaps if i see that towards the close, it will close below the previous day's low (because i'm short), i can add a position.
Conditions:
- the candle being formed is in my favor
- the close is in my favor
- the new total risk levels shouldn't exceed my initial R
But, how do you determine the 2nd entry price?... or should i just issue a market order?
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