Clarification of Foreign Tax Credit / Foreign Income Exclusion Rule

I am in the process of preparing my taxes.  My income is such that I can either exclude it through Form 2555 OR use the Foreign Tax Credits from Form 1116.  Am I allowed to each year choose the approach that works best for me or am I obligated to follow one method during my entire expat life?

Once you select 2555, you select 2555 for each subsequent year until you revoke your right to claim 2555.  After you revoke the 2555, you can't file a 2555 for five years.  So only stop filing the 2555 if the savings is substantial.

Each year, you can file any one of three ways:

* 2555 alone

* 1116 alone

* or, if your income is high enough 2555 and then 1116 for the income in excess of the 2555.

So it's actually three different methods, not two.