I will say that you do not have to wait for any kind of leg anywhere before you start to implement any such semblance of a JJG strategy.
Well I can hardly start stacking sells at the bottom. Can I?
First: how do you know that we are at any kind of bottom? Yeah, sure we went down in the past couple of days, so therefore there has been a buying opportunity for those who had been selling on the way up. On a personal note, my last sell orders were filled in the $11,350 arena
** (and there were several close to $11,700, but none of them were filled). Therefore, in my current set up, I started buying at $10,700, and so I bought a few times down to $9,700... But whenever my buy orders filled, I reset my sell orders, so therefore, even though my sell orders hav not filled yet, they are starting around $10,350 and going back up the chain..
Second: By stating that you start right away, I am not asserting that you should rush anything. Instead, I am saying that there is no reason to wait to implement the strategy by placing the orders on both sides... and even if your sell orders might not have executed, yet, they are already in place.
Third: Sure, there is a certain level of stick-to-itness with any strategy and to keep your orders in place once you set them; however, there is nothing wrong with rethinking your whole approach from time to time. Sometimes, I will go through my whole order book and tweak it a little bit here and there.. sometimes, I will make the increments larger or smaller and other times I will make the amounts larger or smaller, and sometimes my tweaking is just based on personal comfort level adjustments, and other times, I tweak because I feel a bit of a tingling feeling in respect to one price direction or another, but most of the time, when I tweak, I do not take BIG actions, because I had already set up a system that feels pretty comfortable to me, so any kind of tweaking is usually not a major change that will cause me to feel more in sync or more in balance with my then current sentiments.
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** Note: I am rounding these trading numbers for ease of reference. Almost never do I set any orders at exactly round numbers.. if the price is going down, I will set my buy orders, slightly above any round number, and if the price is going up, I will set my sell orders slightly below any round number.