I just struggle with two concepts and I don’t know how to solve the conflict between them.

The pyramiding strategy as discribed by Darvas and Livermore calls for continually adding to my position on a scale-up – but at this time the price is normally far above the moving average (what we call at value). On the other side, the ‘greater fool theory’ by Alex prohibits to buy above value or the moving average…..’

I look forward to a fruitful discussion…