DislikedI use daily and weekly timeframes and the bars before today to give me an insight into market behaviour. For instance if we have reacted from a Support/Resistance line and the bar is a confirmation of that point holding then my bias for the next day or week will be based on that. I dont take trades in the hope that I can make some quick pips, I take trades that setup to be held for longer.
I mentioned to a trading partner the other day my disgust at myself for taking profit on my AUD/USD trade that I had around 86/87 mark (it is now trading...Ignored
You clearly are an experienced trader and sound like you've been doing this a while, well a lot longer than me anyway..
However although I can see the benefit of looking forward to Daily, weekly charts etc to gauge what the "larger picture" is, but isnt that what the 1 hour will do anyway ? Because you are following the "Trend for the Day" with half of your position and using the rest to go for the big moves, which is the same thing, except by not considering the "trend for the day", arn't you missing out on lots of decent profits along the way ? And although the "trend for the day" can be against the long term trend...your still missing out I think?
The only modification I would make to this system is when I hit my 1st target I would always at least bring my stop to break even, although personally in that situation I leave the stop a few pips in profit, then if it retraces I still make something and if it runs on then I either place a trailing stop or shadow the 20 EMA for the same purpose until it closes over that.
Anyway I still have a lot to learn And Im sure I will modify my system many times ..
Cheers
ab1