Averaging up? I do it all the time, often at much higher levels. I know I have to watch getting carried away with momentum, but generally if something is working, I want more.
Averaging down? I got into a lot of trouble in my first years of independent investing ('93-'96) by doing this and it now runs against my grain. There were some interesting story stocks that may initially have been reasonable bets, but should have remained a small portion of my portfolio. By averaging down, I ended up owning far more of these than I wanted or could tolerate. I mean, I really didn't like the companies that much to begin with and ended up loaded.
I also think it has somewhat to do with my mindset. I don't really look at my portfolio as a series of trades in process, and am primarily concerned whether the whole ship is going up or down. I often don't know where I started buying something, unless I check my software. So, I don't care if buying more affects the number of bags, or whatever. I don't think this is necessarily better than the trader's focus, but it's what I'm better at.
Of course, there's the alternative to "averaging down" of "getting out and getting back in later". I do that a lot <g>.