Yes it is. Devoid of having stop loss you position in Forex a ship in a deep ocean without a rudder. so, don’t ignore the importance of this strategy.
Try doing scalping. When I switch to scalping I never set stop losses.
Yet it is scalpers who need stop-losses the most. Because it is scalpers who complain they blew their account when they froze like a deer in the headlights, when they couldn’t press the button, when they just KNEW the market was going to come back their way as soon as they had exited. And every scalper who blew up knew they didn’t need a stop-loss because they were watching the trade anyway and they just knew it was safer not to hold overnight when you can’t watch the market.
The very very good scalpers can do it, the majority are delusional.
I know this is a reply to an old post, but I’m wondering why on earth anyone woud want a stop-loss to operate under those circumstances ?
I’m thinking there should be a mechnism for reinstating any bets stopped out by these “ACCIDENTAL” incidents ?
You don’t have to use physical chart stop losses… Below is an example of using the CCI indicator as a stop loss. Smoothed with a value of 50 on yesterday’s EURUSD 5min Chart as opposed to the normal 14 periods. Feel free to alter (smooth) the CCI periods to backtest patterns.
This example SHOULD only be traded if you intend monitoring your trade or scalping small TF’s.
If you scan back through any pair with either the CCI indicator (or RSI) displayed. You will start to see patterns. Find a pattern that you see repeats itself, one that you can identify easily. Will they work all the time… No… so you are constantly searching for patterns that you can trade with some degree of repeatability.
In this example we will use the following… When the CCI value breaks above (from below) the -100 you enter a Buy position and set an exit (Trailing Stop) condition when the CCI breaks back below the 0 value.
Your hard stop loss (Not placed on the Chart) will be if the CCI breaks back below -100 /-120. If your software allows set an alarm for when the CCI crosses below the CCI -100 and crosses above the CCI 0…
If the CCI has crossed the 0, you can add a physical stop inside your entry point, just enough to generate a profit if the price should spike.
As you can see the price retraced twice (hard) during this trend but not with real strength, as the CCI indicated, It didn’t break below your stop conditions until you had snatched 30 pips…in a 7 hour trade. And if you look at the Chart you will see a repeat of the pattern just 10 mins after closing your original trade…
This style of trading gives more opportunity to let your trade run and garnish more pips than a normal TP / SL governed trade allows.
Now this is easy on a dead Chart, the idea I’m trying to get across to new traders is think outside the square…trade differently … And the Broker will never see your stop…
Update: 10 Hours (Chart) after the original post and you start to see the strategy above has merit.
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One of the most important lessons for any - whether new or old hands to understand methinks 
Update: 5 Hours (Chart) Live Charts…No TP, no SL with all trade logic all controlled by the CCI Indicator.
Over 80 pips in ~20 hours. Now is where the strategy changes to protect your pips. Your trailing stop now changes from the CCI’s 0 to +100.
We will close the position if the CCI Indicator breaks below the +100 signalling a possible change of direction after defying gravity for so long (above +100).
We now have price continuing up and the CCI value falling…Divergence…We are forewarned the price could retrace…
We don’t close the position until we have a cross of the +100… setting the +100 value of the CCI will save pips.
So at the Frankfurt open… the CCI Indicator breaks below the +100 and the position is closed with a 42.5 pip profit. Could we have stayed in the trade and reverted back to the CCI 0 as our TSL? Of course you could, this is where risk appetite will dictate why some traders are more profitable even when using the same strategy…
No stop loss (TSL) or take profit were placed on the chart and this example has been shown in a completely LIVE situation… with no dead charts involved either…
Same patterns keep recurring, same strategy applied… another 30 pips. No TP, No SL.
Surfing the CCI Indicator, nice clean charts with a simple strategy and no FX philosophic waffle…
The CCI Indicator breaks below the +100 and another position is closed with a 20.5 pip profit.
And when does the fat lady sing??? 
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All trading is done with alarms and bots, I spend more time posting than trading the strategy…
The longevity of the posts was aimed at some of the jaw flapping pseudo experts on these forums that don’t understand and have never suggested any other method (to newbies) of trade control other than TP and SL… The Fat Lady is just clearing her throat James…
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And still the same patterns keep recurring, still the same strategy applied… another 29 pips.
No TP, No SL used on this 5 min Chart at any time…
Profiting from an Oscillating Indicator, nice clean charts with a simple strategy and no FX philosophic waffle…
The CCI Indicator breaks below the +100 again and another position is closed with a 7 pip profit.
Really? Then how do you manage your losing trade positions? And when you close your trade?
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By definition if you have no TP or SL then you’ll never close a single trade, regardless of these levels being orders or manual closure.
It looks like you’ve accepted a SL and a TP to only be an agreed order pretrade (as I also thought was the case when I first started out in this game many years ago). In reality they can indeed be dynamic and change with the times, the market also changes after all?
So you do use a SL then, regardless of it being an order or a level to close a losing position out. A SL is not always defined as a market order, it’s a level to accept a loss, manual closure or automated (orders, bots, alarms…all the same)?
so let’s scrap the repetitive expression which your filling all your posts with…you do use a SL and a TP, in your case they are dynamic, no magic or FX philosophic waffle going on here
If it works for you, then great. But, let’s get the terminology correct also.
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Semantics …No, there are no set levels… when the CCI breaks up through the +100, or down through the 0 value, price could be anywhere. You could use this strategy with no visible price information at all. The strategy uses price movement strength to both open and close positions.
A TP is a predetermined level on a Chart…a SL is a predetermined Level on a Chart… neither of these are ever placed on the Chart at any time…the strategy merely opens and closes positions…so price…and levels are irrelevant…
This indicator uses the value from -100 to +100 nothing more, there is NO set pips by the Indicator, NO set levels on the Chart, each trade is different… profits maybe 2 pips others 30+ pips as demonstrated…Losses maybe 0.7 pips others 10 pips. The strength of price movement dictates…the magic of the strategy…
Semantics …Once again…NO SL is ever placed at any level on the Chart…NO Market Orders are ever placed on the Chart… there is no set price level to take a profit…there is no set price level to accept a loss… A Bot is only used to open and close positions when I’m away from the screen, an alarm (push text) is sent to verify the CCI value at predetermined points and opening and closing of positions… nothing more…
(orders, bots, alarms…all the same)? Wha…Wha… What?
The only repetitive expression here is NO TP’s and NO SL’s are used, just strength of price movement, a real dynamic strategy, that was traded live so that newbies (all traders) can see that it works and apply for themselves.
It will work for anyone… I just demonstrated it live for over 24 hours with over 130 pips of profit…After reading your post I don’t think you quite understand the floating logic of this strategy. But I have got the terminology completely correct… FX philosophical waffle…being right at all costs… and that’s the Aria…
As I said, if it works for you then great!
I’m not here to pick fights based on semantics which are based on opinions.
regardless though, have a great NY.
It will work for anyone…traded correctly…same to you, have a prosperous and safe NY 
Ahhh… Bobster… An angry young man with his head in his hands…
You obviously weren’t paying attention when I indicated that a few other Oscillators can be “tuned” to give a similar result… RSI being the main candidate.
Listed here just for you are some others…DPO…MACD…Momentum…and possibly others.
Of course no trader on BP would want 130 pips?..because those pip’s profit do not equal percentage profit…mmmmm.
***Readers please note that when you give some real examples of a real strategy… members like Bob will come along and attempt to berate and belittle…adding no value to the thread whatsoever…
what happen again , its everyday bro