I let the 3rd trade run without a TP. As you have noted sometimes there are rarely signals on the daily as a trend that catches can really run a long time. During the Crisis in 2008 some of my 3rd orders (smallest positions) went on to run for over a 100% account gain. This was on the GBP/JPY.
Three choices (are best):
Daily is the best but will give you the fewest signals. That is a good thing EXCEPT you will want to be taking trades as a trader most likely you have yet to learn the great value and skill of patience. Don’t worry that is norma.
So practice on the 8 hour, practice also on the 12 hour. But trade the daily.
Trading a smaller time frame such as the 1 hour during London & Early NY sessions may be great. I would absolutely experiment with it. I am unable to trade this during London and use the higher time frame to best fit my schedule.
You may not get a lot of signals on the daily but it is the easiest way to trade, learning how the strategy works will open your eyes on what it takes to create a successful system and can then be incorporated into other areas of your trading.
Again, the 4 hour is tough for me to trade. Lot’s of back and forth. Perhaps trading this during certain market hours during London and early NY would prove itself worthy. Please keep me updated if you begin exploring as well as feel free to look to me to bounce ideas off of regarding this approach such as the best hours to focus in on.