When there is strong confluence at a level – and especially when it involves a weekly pivot, it is prudent to add risk to the trade. This can be done in several different ways depending on the PA:
- by using a break of the TL that supported the move into the level.
- by taking a break of a triangle or compression that forms around or just above/below the level.
Before I calculated the damage that my over-cautious profit taking was doing to my account, I would have said to get the first entry risk free before making the second but that makes no sense when the trade has the potential for many multiples of R. It’s a strong setup so I bet 2R on it and if it goes wrong then I am down 2R and that is just how trading works.