I love trading the GBP/USD but I constantly have this problem. It will move 30 pips in my favor so I use my trailing stop and wham, im out of the trade and miss the next 60 pip movement 
. If I use no trailing stop then it reverses and I break even because I always move the stop up to cover the spread. Let me know if you have any luck using mulitple lots because I might give that a try. Atleast you can lock in profit by closing one lot, but then you cut your pip value in half for the rest of the potential move up. I think money management is one of the hardest things to master in FX.
Money Management is indeed the hardest part.
You do not want to trail your profit then miss out a major move in your favour.
But also, it does not look good to see 20+ reversed into 20- during day.
The challenge, biggest challenge. You canât be perfect with setting up these.
What we will do?
GBP is a big mover. We have to limit our loss.
I suggest using multiple lots or trailing stop your lot.
example:
open 2 lots, and set tp 20 pips for 1 lot. lock in these pips.
trail the profit on the second one or stop it at no loss if it didnât go in your favour.
or use 1 lot, but this way, if price went your favour then reversed totallyâŚthen moved again in your favour, you gain nothing.
I am trying to do some modifications to make the method so simple, and will share it when itâs done, I will demo trade with lots today and find out.
Hereâs what you need to remember about setting stop loss to break even:
Yes you will be stopped out and then see your (former) trade work out beautifully many many times. But, how do you know it just wonât go against you if you didnât have that stoploss there? Plus, you can never go wrong with having only winning/break even trades.
I wish for myself that every trade I went into was timed right so that I would be in the money a few minutes later and that I could lock in my stoploss at slightly above break even. Worst case scenario: 100% profitable trades, many small profits. Best case scenario: 100% profitable trades, many huge profits with stoplosses following at a distance.
It doesnât get better than 100% though!! And the better your entries (timing-wise), the fewer times you get stopped out at breakeven.
I agree with you 100% on that 
I will work on using multiple lots and try to perfect the timing to increase profits but one thing is for sure I will never not use stops.
Itâs a Java based application from Oanda FX game (for demo play).
Very recommended.
One more thing, is there a way to save the chart, not to prepare it newly everytime after every logout out of the system?
You can save template as whole, which includes the chart. but you canât save multiple charts I think.
Got 61 fresh pips with the method, tho I traded e/u!
I had a day off so i monitored all the âstops and takesâ manually!
Congratulations, share losing trades as well !
I will modify the method (minor modifications), for everyone. Please recheck the first post
Newest signal from the method:
See how ADX lines turned positive, blue above red.
SAR was delayed (It didnât came with the signal candle)
The correct entry would be 1.3144, when SAR agreed on the trend.
Closed 20+ in demo
and 21+ in demo for Cable
It can go up more, itâs your own decision.
I want to add that using Heikin Ashi makes trends shape easier and market waves as well. If you made a deeper look you can tell me when the market wave is ending from the looks of shadows and candle colors.
(Often, there is a series of candles in one direction)
Picture for recent newest trade,
I wish you caught it.
The earlier signal:
Gave short altogether at 1.3145 and dropped to maximum of 1.3136.
Kidding me, only 6+ pips then turned long signal to give nearly 25+ pips.
I canât resolve this problem guys. You should use your discretion to open/close trades.
A trade would give from 1+ to 100+ pips.
A stop wouldnât help you in the case, but if you open 4 lots, close one lot every 5pip profit. then again, some trades are too generous and give 50+ or over.
Use little stoploss, we must respect risk-reward ratio.
If you found a method for SL and TP please help us.
Hi TopChess:
What is Heikin Ashi? I read where you mentioned it in an earlier post.
Regarding where to place a SL; itâs really a difficult decision. In my opinion, this is one of the two items that makes the art of trading lean more towards gambling than investing.
When I comtemplate theories of where to place a SL my mind starts spinning. I donât want to place it too close and have it trigger when the pair may have just been going through a few of itâs wild movements before heading off where I want it to go.
On the other hand, if Iâve stepped into a trade that is destinded to take off in the opposite direction (determining the direction a pair will travel is the second item that puts trading into the gambling arena,) the loss is as large as where the SL was placed.
To summarize; for me two clouds hang over my head 1) which direction a pair is really going to travel, and 2) where should I place the SL?
I like to type out my problems, it causes me to review my issues.
Hello,
Happy new year.
Heikin Ashi is a candlestick pattern that makes market trends look better and easier to identify (ofcourse in trending markets), If you see any picture above, there will be a series of red candles or blue candles in a row forming what is like a âTrendâ or a âWaveâ.
More on Heikin Ashi (from investopedia)
The Heikin-Ashi technique is extremely useful for making candlestick charts more readableâtrends can be located more easily, and buying opportunities can be spotted at a glance. The charts are constructed in the same manner as a normal candlestick chart, with the exception of the modified bar formulas. When properly used, this technique can help you spot trends and trend changes from which you can profit!
I share your problem. Stoploss is the biggest challenge of forex, may I tell you I got 2 trades stopped out at -30 when S and R breaks only to see trades went my favour after hitting SL to make around +40?
Itâs a serious challenge. If we do not use stoploss, that can wipe out accounts. If we use stoploss, we need to know that itâs really the right point to-stop-loss.
So placing your trailing stop and stoploss or any stop order is very big decision. Indeed, while the method gives you all accurate trades, one trade last for 10 pips, and another for 100 pips. You canât know.
From my experience, the trade wonât fly through my direction just when I open it, and that makes putting a SL harder.
Hi TopChess:
Yes, we suffer the same problem. After reading all of Elangâs posts it seems his method makes deciding where to place the SL easier. However, when someone takes you by the hand and feeds every move to you with explicit directions it makes it all seem much easier than âwhen you find yourself left home aloneâ to figure it out on your own. The guy is good though, really good. Canât believe heâs only 20.
I am in the process of making some developments to the indicators set to have better results and to be able to trade swing setups too.
Today the system caught eurusd upside swings nicely as well
Hi TopChess:
Thanks for the reply and I look forward to seeing the post you mentioned above.
Search for the Holy Grail. There may not be a holy grail but it doesnât mean that you canât look for it. Continue to explore systems, indicators, and anything else you can get your hands on. It will help you in developing as a trader.
I do my best to learn and develop my trading style. I might have found one already, but itâs under extreme testing now
I do not want to add more indicators to the tool, instead If I could cut a few indicators and make it more simple.