I was just testing a position on the first dip into the 1.2450-area and was watching it for around 6 hours ... It grew into 14 ticks profits at max - I had a target of 30 ticks and stop of 16 ticks. Later I gave in to my old scalper, tape-reading, and bailed out on 4 ticks profits on european open. Then I did 3 quick scalps for 2,4 and 4 ticks.
I think that there are of course a lot to gain on having a successful position, but sitting through EZ numbers, low liquidity, sleep-inducing hours and boredom doesn't seem to be the way to do position-trading. Studying the charts, setting trailing stops and scaling in, out actively according to proven systems are the better ways - although more complicated - to handle the positions safely.
Using my tape-reading "skills" to shepard the position does not exactly help a lot.
It's better to have a type of fire'n'forget system with these positions, where you're not watching it constantly - and especially not the orderbook, T&S to get superflous information which only brings very-short-term "noise" into the decision process for medium-, short-term positions. Having rigid, trailing stops which are not easily, often changed is perhaps better ... I'm a scalper - pure and simple - what do I know about this type of systems trading and positions ?
I do think I can make some short-term calls for positions - esp. for the entries .. but the exits are just not my cup of tea. I get very frustrated of letting some profit top go, and see my entry getting up close and perhaps even passed. My impulse is to exit with profits - see how far it extends and get in again at a better entry as long as I still think the trade is viable. The danger is that the first entry was made with chart-reading decision, while the decision about getting out with profits was made using tape-reading decision arguments - as was the evaluation of whether a new entry still was viable.
So, mixing strategies and techniques are probably not a good thing ... it leads to conflicting and confusing signals, arguments.
Of course a system could probably incorporate several techniques, signals - but getting such a mixed system into shape could prove quite painful and costly.
Some simpler additional rules would probably do my style of scalping some good and letting profits run a little more, enjoying the benefits of some of the best of position trading, trying to avoid the more destructive effects of mixing, and position drawdowns.
I do not feel safe in a position while using my tape-reading signals ... I don't like taking some hurt - letting profits go back much etc. It doesn't feel right when scalping is working so good for me. I'm still willing to try other stuff - but the safety net of taking profits will probably filter down many of my attempts.
Well, the experience wasn't completely wasted, although frustrating ...
Going into larger timeframes is something I'm not ready for yet, it's just too daunting as long as I haven't practiced the system into some small level of perfection. Changing a winning formula is also not something worth doing without some seriously positive reasons.
The reason I'm trying this is to find ways to grow my profits larger, because I can't really up much size with my style of quick scalping; I already scale in, out of trades. The moves I go for many times requires very quick decisions and getting out on specific opportunities which normally don't return.
For bigger profits it's obviously necessary to take the plunge into short-, medium-term positions, but I prefer it at a slow, slow, safe speed. I've already doubled my funding base trading FX, but I see that further big, relative increases will not come any easier - it's going to be twice the work every time ... actually probably twice the time.
Doubling the base means - double work, double time - as long as I can't really scale much more size into my style. Therefore, the scalping style has it's limits when size becomes "a problem".
edit: I guess I'll not be watching the numbers later on (11 GMT, 08:30 EST etc).
