Bob, you understand the market moves a lot better than I do. So, question:
Your style seems to be evolving to a fairly quick in & out, grab small moves in the market action, go flat for the weekend. That's tough for me to manage on my schedule. A slower, longer-term approach would work a lot better for me.
What do you think of using 10.4 to get in on moves, and then just let them run until (whatever)? That's what I've been doing for the last few weeks and it's been working well, mostly because of the nice move in AUD. Yesterday I had over 1200 pips open profit on trades I'd opened in the last few weeks. (3 opened April 24-26, 1 on April 30, the rest this week.) The AUD strength yesterday kicked a dent in my open profit (9 of my 11 positions involved AUD
) but I'm still doing OK. I'm trailing stops so I don't lose too much when it turns.I figure these currencies run for weeks or months at a time, so why not ride the whole move, adding positions along the way? E.g. I figure I could have picked up about 800 pips from AUDCAD in the last month, adding positions when 10.4 signaled.
Obviously this won't work so well when currencies turn or go flat. But there seem to be lots of opportunities when they're trending. If they're flat, then that would be the time to go to shorter holds and maybe 10.5 trades. The trick of course will be deciding when to ride trends and when to counter-trade.
I think this was the idea you first proposed with 10.4, but you seem to have evolved away from it, and I'm wondering why. It *seems* to work well for me...
