Ha! I knew I was opening a can of worms posting this particular trade. Shix. But it was one I entered yesterday and I wanted it to be real time so I went with it.
[B]I use all stop orders for everything all the time.[/B] But… I trade four, ten, twenty, and fifty two week channels on twenty different pairs. So that is kind of like trading eighty systems. In order to be able to do that, I have built a risk budget (my risk budget was my main project in development over the last year). Sometimes I will not have the budget to take a trade (my budget would have me take less than the minimum lot size). So I will not enter that trend on the four week but wait for the budget to open up and trade on the ten week channel.
I traded this pair on the four week channel back in January and got out with the new four week high on March 2nd with 179 pips in profit. (You can see that the channel would have indicated that trade in my image above). When I got out, I had the budget to go right back in and I set my stop order to do so accordingly. But as the weeks passed, my budget changed and I thought I was going to end up not trading the next break below the four week channel in this pair. Rather, I thought I might end up having to wait for the ten week channel to break (which is at the same level that will break the 20 and 52 week channels at this time by the way).
So I just left my order sitting where I had left it back on March 2nd (I really probably should have gone ahead and moved it down to the 10, 20, and 52). On the 31st, the four week channel was broken and my budget was a bit shy. But I knew I was close to having the budget so I just let things sit still. Then, yesterday my budget opened up enough but before I could move my order up AUD/JPY came down and ran through my stop getting me in anyway.
This is a pretty unusual situation and if I get my account size higher it will go away as the granularity of the account increases (the ratio of the account size to the smallest lot size available to trade).
So… Yes. STOP ORDERS are how I set these up.