It is scaling in as it goes against you. Get out of the early entry and keep the second ASAP. Requires a lot of trading on a simulator to develope your instincts/understanding to recognize when the market is breaking out against you. I'm not comfortable with scaling in more than two levels. I'll bail and get back in. I may lose a few ticks in range extension but I don't get run over by the train. I understand Macro was using a simlar entry system before he came into the room.
as Luke has explained it is more of a "prior entry order replacement" strategy then a true scale-in method. as price is bouncing around you keep replacing prior entries with a better entry {if needed when price does not immediately go the direction you intended} --- it works extremely well from what i have seen and is somewhat similar to what i have been doing for years. instead of trying to explain this exact method for several paragraphs just send me a pm and i will get you the entry method info.
If you have any interest in gambling at all, you may recognize this "scaling in as it goes against you" as the Martingale strategy. In its purest form it amounts to adding to a losing position, one of the 7 deadly sins of trading. Now, scaling in using anti-Martingale has some merit...
and this method is not at all like that --- so that reference to martingale would not apply here. this is a very intelligent way of entering a new trade from market profile determined support and resistance levels, and having an entry method that will for a small price range in that zone pick the best entry price. martingale would be to continue on and on adding to a loser and never having any point where you would reverse your position --- in the chatroom we reverse on many occasions and like yesterday both times it worked like a champ!
It was early and I hadn't finished my coffee yet! I've been reading more and more about this market profile stuff. I guess it's not so obscure any more.
LOL, I just downloaded a very nice PDF file from the CBOT website about market profile. The thing is 350 pages long!
MP hasn't been so obscure, but it takes time to understand. Most everyone wants crossing lines and signals to tell them when to buy. What's done in IOAMT is more than MP however. It's a study of the market auction. Don Jones of Cisco Futures has a home study course in it. I think he's one of the founders (not sure) of this type of trading. He has an ebook called Volume Based Power Trading which you may find helpful. Good luck on your journey.
and this book --------- http://www.amazon.com/exec/obidos/t...x-jeb-9o-1_book_4764902_1/102-0055691-4011317 have a good weekend!
. Darn, I have to stop trading. Someone just told me my 8 year old consistent method can't work. Well . . . back to the drawing board I guess. The above statement was meant to be funny. Those taking offense need a vacation on a sun drenched beach with a fruity drink and an umbrella. In reality . . . I'm sorry that after spending a whole year at trying to figure out price movement you gave up . . . threw in the towel . . . retreated . . . raised the white flag and surrendered but there are individuals out here that know better. Thursday and Friday last week produced price swings of almost 90 points in the E-Mini S&P, combined, for both days. In the last 10 trading days the swings have produced intra-ranges of over 350 points or an average of 35 points per day. If you can't pull "ONE" point each for those days from WHATEVER method you want, you need to apply for a re-education grant from the government and turn in your charting program.