We’re now in a risk-free trade!
Move SL to some profit and let it go and watch or set alarm
Right, I just moved my SL to breakeven on the short trade.
It’s all a matter of trader psychology. Getting a grip on your emotions will come with time and experience. I went through the same thing when I was new.
If it comes back up and stops me out I couldn’t care less. I know I’ll be a millionaire in a couple years from my trading, so one individual loss means nothing to me. 
Set an alarm for the 2x SL. Took my broker a while to email me though. I noticed the alert triggered on the computer then about a minute later got the email. Not sure if it’s the broker or my cellphone that caused the delay.
I might have trouble changing the stop once I’m no longer at home. Metatrader 4 has autotradr features right? Is it possible to autotrade this system
Right, I use the ATR after the Sunday candle close.
Make sure you’re putting the ATR on a weekly chart, that might be your problem. If you put in on your 4H chart you’re getting the ATR over the last 2.3 days, not 14 weeks.
In my opinion trailing stops are a broker’s way of stealing your money. Prices move in waves, and all a TS is going to do is cut your winnings short in the long-run.
I go for all or nothing on these trades, and it’s made me quite a bit of money in the last 6 months. 
I would use TS only if I have to leave (modify order) whenever I am back I would modify again.
Good point. I forget other people actually have lives and leave their homes.
s050399b
you really did a great job, appreciate it. I do have a request.
Last night after placing the order I closed my computer and when I went back in this morning the lines and text on the side where gone. Could you write the indicators so all would be displayed again?
Thanks, appreciate your time
You could also combine your ordinary TP and SL with a TS something like this:
TP 200 pips
SL 100 pips
TS 150 pips
That way, on Oanda at least (not in MT4 where TS works differently) the TS wouldn’t start trailing price until it’s 50 pips in profit.
By the time TP is hit your TS has locked in at least 50 pips in case price would turn before it hits your TP. At the same time the trade is guaranteed at least 150 pips breathing room at all times.
Phil why are you not using IBFX as a broker?
I was looking up and found this on there site:
Does my computer need to be on for the trailing stop to work?
Once a trailing stop is triggered a new stop loss is sent from your computer to IBFX’s servers. However, for your trailing stop to continue to send updated stop losses to our servers, your computer does need to be up and running. Your Trading Platform must also be open. Essentially, if your trailing stop has been triggered you do have a stop loss safely in place. However, if your computer is shut down your stop loss will not continue to trail.
With other words all the trading triggered is from your computer.
I know that they have a bit more spread but sometimes I think Oanda is a pain to use.
Thanks
I like Oanda for trading a lot more than MT4. I like being able to pop out the individual windows and move them around, the fact that you can enter SL and TP as pips or price, the ability to set default account percentages to trade, the automatic $ per pip calculations, and a load of other features.
I have the live account from Oanda but I hardly use any features they have, I pretty much use it the same way as MT4.
I taught you had a specific reason (bad experience) with IBFX.
Anybody else has or had some problems with IBFX?
Thanks would appreciate any comments.
Just noticed IBFX spread is 4 pips on GBP USD versus 2.4 Oanda. Brrrrrrrrrrrrrrrrrr
I am using IBFX, and I like most of the features - the indicators and charts and general set up are very user friendly. But … negatives… they don’t allow pending buy and sell orders on the same currency, you need to set up two acounts to do this. Although i think they are developing a new platform to fix this.
also, you can’t scroll vertically up and down the charts, which is annoying if trying to do fib extensions. Also, they don’t offer the GBPAUD pair (only a minor niggle really).
Oh and it shows real time as being an hour behind on the GMT charts, as it doesn’t account for daylight savings. Again, not really a major.
thanks Phil for explaining how you got your ATR(14) - of course I was trying to get it off the 4hr chart instead of the weekly chart!
o99016mh - cool avatar - I love MacGyver! 
Right click on your chart and hit “Properties,” then on the “Common” tab check “Scale Fix”.
Now you can drag your charts up and down!
Oh geez I feel like an idiot, thank you! Would you believe I asked two of their online support people how to do this, they said it was not possible to scroll vertically! useless. As you can probably tell, I am v new to trading, but am really liking this system , I can see the logic to it, makes a lot of sense . I’m also trying another ‘price action’ trend system, based on the London Rush forex system (or something like that). Both seem to work well .
Thanks again
This is my my first post!
I think this is a good system but I am having the same problem as some others here with the ATR(14) reading. I use Igmarkets and their third party prorealtime charts. I get a reading at about .0600 on the weekly chart (candles ending on friday).
Is this a big issue? or should I log on here to find the profit target for each week?
now that we are doing long term trades;
what would a good estimate be of the average impact of borrowing one standard lot overnight on a long position?
Currently we are in a short, so we should make some extra
OMG!!! How do you come to this conclusion?! I want to be one too!!!
If you are using the 2nd version, there’s no comments - instead the lines are drawn.
Or do you have another indicator which erases the comments or lines?