Zarp, two points:
1. Weekly time decay (theta): ? -23.3%
If you are going to trade without waiting for signals, please find an instrument that does not have the decay issues that warrants have. Waves have linear decay.. CFDs incurr interest on open long positions, but they don't decay, and you should receive interest on open short positions. Sounds better than ~5% per day decay, right?
2. P&F charting- I clearly don't have the depth of understanding you have about this technique, but I have picked this up...
P&F ignores/compresses the time scale in order to filter the chart and give you those nice straight 45 degree lines. So... it stands to reason that you get nice clear signals, but timing might be a bit of an issue? Let me know if my understanding is sound
Actually, there is a third point - putting on a bad trade and then adding repeatedly to a losing position to bring your average cost down is simply bad trading. No other way to descibe it. It's not a strategy, tactics, planned or anything else, it's just bad trading.
If you call it wrong, just get out and wait for a better entry point, or admit you were wrong and move onto the next trade.