I want to demo yet another strategy. Take a forex pair & try to get a wide iron butterfly on the weekly. If you can last until Wednesday or Thursday, I'm thinking you could exit one side that's being threatened & not even worry about the other side losing. Right now I have one on the EUR/USD pair. I just got in (BUY 74.50 ; SELL 31.25), and it's 4am Thursday morning. Yeah, it's a bit late. My strikes are still 150 pips apart!
If I get in on a Monday or Tuesday, I'm wondering if I could get a 72/28 or better butterfly 200 pips apart. Maybe even set working orders on both sides to get 300 pip butterflies??? Has anyone tried this? I like the weekly contracts (I can't believe I'm actually saying this) because they are so far apart. I know there's more time to be "wrong" on the weekly butterflies, but whenever I try to do a daily butterfly, the prices are usually one good (maybe buy 74) and one bad (maybe sell 19) and they are so close! I always end up losing those. On the WEEKLY butterflies, I'm thinking if we get good prices around 30/70, we can exit one side if it's threatened for maybe a $20 loss & the other side would expire pretty comfortably.
Any thoughts would be greatly appreciated! I'm thinking when I go live again in February, I'll do this with one contract on each side as a compliment to my other strategies.