closed half of eur/usd long from 1.3381 out at 1.3397
EDIT: sorry…actually, it was a long from 1.3382…not 1.3381
There is nothing wrong with averaging down.[U] As long as your setup is still valid[/U], it is in fact the best you can do. Because it decreases risk and increases reward. 
I guess nobody can find the best price right away. It will very often retrace a little further. So why not use that for advantage? It’s the other side of the coin when scaling out.
I know Talon…seems foolish possibly…but I have many reasons to be bullish on the E/U right now in particular…and to a lesser degree, the euro in general. (COT, euro sentiment improving, short side vulnerability, 4hr trendline break, soverigen nations (china) buying euros to support, large players making big bets around these prices to the long side…etc…etc…)
Anyway, I hve a few price levels that I"m interested in… about 4 or 5 on the eur/usd. At these levels I’ll buy i the risk/reward is justified, and if i can get a decent stop.
As a general rule… the deeper into an area of interest for me that price moves without targeting, the less I risk, and the tighter the stop I put…and of course, I have a limit that I’ve pre-determined for this that I will not cross under any circumstances without closing what I’ve got.
So… it’s all pretty well preplanned out. I know where I want to buy. I have a good idea of how much, and I kknow without any doubt what my max uncle point is.
I also know potential profit targets of course, and what I would expect to see happen…for me to justify entering another order… or not.
So… it’s not completely crazy
Jay
I’ve done some averaging down when it looks like an even better area than the original setup but have not had good results with that. You’re a better more experienced trader than I am though. 
Hey Jay…Can u send me the thread where you posted some videos ??
closed half of the long at 1.3402 out at 1.3392… 10 pip loss
reducing risk
So what are these levels that you haveon EU ?
Cheers
Dan
http//forums.babypips.com/newbie-island/39827-professional-trader-offering-free-mentorship-via-babypips-chat-room.html
Thank you Brian
Dan…I could tell you…but then I’d have to kill you.
Ok, but seriously…it’s not that easy. It CAN be that easy…and I have trades that I determine levels off a daily chart that I take primarily on level and level alone (see the link above to see some videos on this stuff)…
but, ok…it’s like this. As it stood after the major move up in E/U last week on wednesday, I was looking at 7 possible places for turning points. I need to enter somewhere before this…and have a stop somewhere after this. All 7 are basically stacking one on top the other, for a total span of 3200-3370ish.
That’s 170 pips…and I would never bet on taking the entire 170 pip range. 1st of all, it would only be one trade… and thats not going to allow me to reproduce my edge as much as I can…therefore, stifiling the ROI I can generate in any given day or week.
2nd of all, I wouldn’t necessarily bet on a 170 pip move up from the top of 3370. I know If I can determine 20-40 pip zones around those 7 possible turning points, then I really generate some great trades off them, and likley I can take trades from the new levels that PA develops in reponse to how it acts when hitting those 7 primary possible turning points.
But it’s all just possible. And if price bounces off one…it may invalidate the level immediatly below it…if it doesn’t move far enough up, or fast enough up, or penetrates too deeply, or at the wrong time of day (yep, it can matter), or doesn’t react the way I would expect it to for a reversal
Also, if price stalls too long, too close, to the level, or if correlated markets are not at similar such levels… if sentiment is too strongly pointing the other way, or where the level even exists in terms of the longer term trend… ie: is the entier market oversold or overbought anyway, in terms of recent average price over X period of time.
SO… as you can see, this is not an easy thing to determine. well… it is once you’ve developed an eye for it (a REALLY well developed eye mind you)
In other words, I can tell you 7 different levels… but that’s like telling you the names of 7 cities with the best restaurants in them.
If you want to go to these “best restuarnts”, but don’t know where they are, what they look like, what type of food they serve, or what their name is…well… I can give you the city. but good luck in making the correct guess as to which one of the many restaurants is actually the one you want.
Hope this helps. It likley only will be a bit of a frustrating answer… but, start with those videos… and then whenver what I show in there DOESN’T work… ask yourself “why?”
Find patterns in this…and after trying it a few thousand times… you’ll be getting better at seeing what.
Again…start with those videos in that link
and watch sam seiden supply demand videos. google this… he has about 37 free ones scattered around the internet. It’s the foundation of everything I do. Practice those concepts over, and over…and over time, it becomes more clear.
I’m sure this didn’t help…but maybe gave you something to consider, and this is actually better than most will get, IMO.
Jay
yea best thing to do is to watch a real trader, trade each and every day…helped me become a consistent trader
I agree with you in part but you could trade each and everyday and not improve or learn anything.
Key things are to seek out information constantly and remove what works and what doesn’t
Welll…I personally like to KEEP what works…but i’m just crazy like that 
Jay
Thnx Brian
Hey Jay,
I’ve been hearing good things about your trading results last month and this month so far.
Keep it up buddy!
It’s that crazy, radical thinking that will keep you ahead of the pack, Jay!
ST
long on eur/cad at 1.3522
53 pip stop
100 pip target
risking 0.35%
eur/gbp long at 8565
22 pip stop
22 pip target
already filled
risking 0.35%
eur/usd long at 1.3357
30 pip stop
30 pip target
risking 0.35%
Are you out of your mind?!! If one keep what works one might actually do well and whats the fun in that?!