I will be trying out a new holding style for my trades going forward based on my journal and statistics. Instead of having a fixed target, I will instead hold my trades all the way until 04:00pm market close.
Pros:
Letting trades run. I don't know how far a trade will go. By not having a strict target, I can lock in those big running days.
Not stressing over if it will hit target. By not having a strict target, I can just let price do what it is going to do and close my day trades at 04:00pm. I don't have to worry about if it is only 10 ticks away from my target.
Allows me more freedom to use my time elsewhere. By not having a strict target, I know all my day trades will be closed by 04:00pm. I will set an alarm 5 minutes before 4 to close any open positions. I can then use my time more productively instead of being at the screen.
Cons:
Giving back profits. I know by not having a strict target that I can be up a certain percent and by the end of day close, any/all profits can be gone and or stopped out.
Can have a lot of small wins/losses and Breakevens mixed with the occasional stop out and giant win. Since I have no target, I have no control over how much profit I may make in a given day. Someone with a fixed target knows they are getting out at 2:1 for example.
Below is an exact trade I have taken using strict target of 200 ticks.
Using End of Day Hold the trade would look like this
200 ticks vs 553 ticks
This is just one example, and my journal shows countless more just like this.
If anybody has any thoughts or experience with this holding style, I would love to hear feedback.
Pros:
Letting trades run. I don't know how far a trade will go. By not having a strict target, I can lock in those big running days.
Not stressing over if it will hit target. By not having a strict target, I can just let price do what it is going to do and close my day trades at 04:00pm. I don't have to worry about if it is only 10 ticks away from my target.
Allows me more freedom to use my time elsewhere. By not having a strict target, I know all my day trades will be closed by 04:00pm. I will set an alarm 5 minutes before 4 to close any open positions. I can then use my time more productively instead of being at the screen.
Cons:
Giving back profits. I know by not having a strict target that I can be up a certain percent and by the end of day close, any/all profits can be gone and or stopped out.
Can have a lot of small wins/losses and Breakevens mixed with the occasional stop out and giant win. Since I have no target, I have no control over how much profit I may make in a given day. Someone with a fixed target knows they are getting out at 2:1 for example.
Below is an exact trade I have taken using strict target of 200 ticks.
Using End of Day Hold the trade would look like this
200 ticks vs 553 ticks
This is just one example, and my journal shows countless more just like this.
If anybody has any thoughts or experience with this holding style, I would love to hear feedback.
Note
As you can see on the Daily chart, a vast majority of the time, price closes near the end of the extreme on the candles. There are some dojis in here as well. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.