You are correct, I won't add a buy/sell position just because H1 says over bought or over sold. I will actually wait until first position(s) are at least 100 pips in profit UNLESS I am at the top / bottom of what I think to be a long term trend. If at the "top / bottom" of what I believe to be the start of a uptend / downtrend then I will open a few positions right from the get go.
Like right now I am HEAVILY short on NZD/USD and AUD/USD. So my larger positions are already in place, when I scale in I will make sure that current trades are at least 100 pips in profit before adding any more. On top of that, the positions that I scale in will usually be a little smaller.
I'll also close positions along the way usually at 280 - 320 pips and look to re enter, this assures me some real profit.
Nothing is set in stone or "black and white" when it comes to trading, so we always need to be on our toes ready for anything.
Like right now I am HEAVILY short on NZD/USD and AUD/USD. So my larger positions are already in place, when I scale in I will make sure that current trades are at least 100 pips in profit before adding any more. On top of that, the positions that I scale in will usually be a little smaller.
I'll also close positions along the way usually at 280 - 320 pips and look to re enter, this assures me some real profit.
Nothing is set in stone or "black and white" when it comes to trading, so we always need to be on our toes ready for anything.