Gloe, for a number of months I traded my SR60 only at 10am. I also wanted to be free from having to watch charts all day long. Then we started getting a series of 1 day reverses and of course I got chewed up. That was when I started trading at any hour of the day. The results have been so good that I have not been able to go back.
Having now done it for several months, I have sorta developed a feel for when I need to really pay attention to the market and when I can let it run without much attention. The last two days are good examples. All the action was at the open for about 1 hour. After that it was pretty much all over.
Since I only trade at the end of an hour bar, even when I am having to pay a lot of attention, I still have an hour at a time free. At other times I can tell from my indicators if I need to worry anytime soon or not. During these times I may ignore the market for hours at a time.
I will trade the 3pm bar, but never the closing bar. Many days I can tell at 1 or pretty much for sure by 2 that not much could happen by 3, so I often get a full afternoon without too much worry.
Another thing I do is set trailing stops and 50% profit stops. It may not result in the perfect trade, but it is sure a lot better than doing nothing.
I already know that I have to be at full attention tomorrow at 10 as I could very easily get a short signal. If I get that signal, I have a system for setting stops and reverses, so I pretty much go on auto pilot.
I have never tracked it, but I have often thought a system of only trading at 10am and around 1pm would also not be that bad. At least the most one would miss is half a day.
Anyway, I just wanted to give you some ideas about how I trade all day without really always being in my chair. I will be traveling again Thur and Fri, so I will have to develope a plan for my stops early in the morning so I will be free. Sometimes I am lucky and sometimes not, but in the end it has all worked out pretty good and I really don't feel a tied down as one might think.
I have only had 1 signal so far this month, but could easily be 2 tomorrow morning. This has been really hard for me to do, because if it is action one is looking for this is about as boring as it gets.
Just wanted to give you some of my thoughts. I really don't watch the market as close as it may seem. And I am gone often for hours at a time, but I manage.
Trade the Charts and not the Heart - Expect the trend to continue until it doesn't.
