a picture is worth a thousand words (or more
) so here's how I do it. This was today, basically for 5 min charts I set stop loss 1/2 of the channel for longer time periods I set it to 1/4 or even 1/8. For this trade I didnt actually set a stop loss but still
9/06/2007 20:15 Sell GBP CHF -10,000.00 2.4287
9/06/2007 20:43 Buy GBP CHF 10,000.00 2.4268
9/06/2007 20:43 Total: 15.81
hope this helps