This is the setup I will use for my trades on a Weekly basis:
1) This set up will only be used for a maximum of 2 trades in a week. The second will only take place if the original reverses.
2) I will trade from the 1 hour chart. This will be done on Monday morning.
3) I will look at 0500 PST and see what the OPEN was.
4) I will place a BUY order at 50 pips above the OPEN. At that time I place a STOP ORDER 100 pips from that.
5) I will place a SELL order at 50 pips below the OPEN. At that time I place a STOP ORDER 100 pips from that.
6) Once one of the orders is filled I will then cancel the opposite order.
7) At that time I will then pull my STOP order to within 50 pips behind.
8) I monitor that trade and for every 25 pips of movement I will adjust my stop behind it so it is trailing and if it comes back against me I will have profits if I am above 50 pips positive. I will close the trade at some point Thursday evening before I shut down the computer.