EURUSD : When you are in trouble, double... or alternatively triple

http://blog.thelordoftrading.com/2010/11/eurusd-when-youre-in-trouble-double-or.html

I like this strategy. I now see the true contrarian in you! Really, though this does make a bit of sense. I know many including myself who previously used martingale strategies and got burned like amateurs often do. My question for you here is when you triple at what point do you look to pyramid on top of your triple and also how do you set your stops?

I definitely see this type of strategy working well after a big move down into a consolidation phase. However, I would be weary of a false breakout in the direction of my long and then being stopped out. Directly, at what point do you say I should take profits away from these other guys' margin accounts? I hope this makes sense. If not we can discuss in the live market discussion.

Great Post by the way. On the way to £ 15 Million. How is Ashley Cole's pay looking these days?

Batman wrote:

I like this strategy. I now see the true contrarian in you! Really, though this does make a bit of sense. I know many including myself who previously used martingale strategies and got burned like amateurs often do. My question for you here is when you triple at what point do you look to pyramid on top of your triple and also how do you set your stops?

I definitely see this type of strategy working well after a big move down into a consolidation phase. However, I would be weary of a false breakout in the direction of my long and then being stopped out. Directly, at what point do you say I should take profits away from these other guys' margin accounts? I hope this makes sense. If not we can discuss in the live market discussion.

Great Post by the way. On the way to £ 15 Million. How is Ashley Cole's pay looking these days?

Thanks for your comments. I'm currently preparing a post that should answer some of your questions here, the thing is the recent moves of the EUR/USD give us a good study case and ground for thoughts on this set-up... We can still discuss these points in the market discussions.

BTW Cole's wealth of 15 million is BEFORE divorce, after, he'll probably only be a poor bum like Henry or Woods:D