Reading Michael Covel's Trend Following he mentions adding to a position once the market moves up 1%. What other pyramiding methods are there?
You can double a position after the market has moved in your favor and you get another trade set up. Remember pyramid into strength not weakness. As PTJ says losers avg. losers.
Instead of adding-on at an arbitrary level, you could initiate your first position on a breakout, wait for consolidation to take place, then initiate your second position on a breakout from the first consolidation and on and on. You could get out of the entire position on a failure of the most recent consolidation and trade the in the other direction with the same basic guideline.