Hey Jack!
I'm sure you'll attract a whole sack of pips this year!!
torero: Attempting to run the larger swing returns will occasionally involve the necessity of larger stop placement. Unfortunately, it's not always possible to run these intraday entries into bigger potential swing moves without some adjustment of initial risk as the picture develops.
It's merely a trade-off. You have to decide whether you're gonna take a little profit off the table on the initial leg (as Jack mentioned) & compound back as price breaks thru your staged s&r levels - or trail the stops once price moves away, & counter trade any moves back against your primary position by 'jobbing' via the smaller timeframes?
That will obviously be dictated by the size of your account & your overall aims & objectives.
It's tough watching an initial c1.5 cent profit position slowly erode as price shuffles back & forth thru the intraday levels...but that's just the way it goes.
Unless you're willing to trade the intraday oscillations against your main swing position and/or keep your stops well hidden from the fire, then you're in for some pretty frustrating sessions in front of the screens.
A good percentage of your intended (larger) swing moves will fail to kick on. The healthy profits are returned (in our experience) by compounding aggressively into the ones which develop & kick on quickly.
I run a dual strat as normal practice. If an intraday entry looks like morphing into a potential larger swing move, I'll babysit the trade for a day or so, then leave it be. All it'll require then is managing.
A case of then reverting to the intraday strat/account & playing the opportunities as they arise during normal market conditions. But then, that practice has been part & parcel of our methodology for a good lick of time.
Like anything, it requires practice & a solid psychological base!!
