I only have two things to say about trailing entries and stops:
1. Trailing entries are very risky and should generally be avoided. The reason for this is fairly obvious - say you notice the price trending up and up and up, and you figure "hey, why not set a trailer sell order a few pips back so I can catch it on the way down?". So you do, and there's enough of a pullback in the trend to trigger your order; soon after the trend resumes and you're in the red - well in the red.
2. Trailing stops should generally be only used when you're ready to close the position anyway, and any extra gain is just a bonus. Otherwise, a temporary pullback can knock you out of a good trade, and then you're really mad.
Bottom line - you are not in control with trailing entries or exits, so use very judiciously.
1. Trailing entries are very risky and should generally be avoided. The reason for this is fairly obvious - say you notice the price trending up and up and up, and you figure "hey, why not set a trailer sell order a few pips back so I can catch it on the way down?". So you do, and there's enough of a pullback in the trend to trigger your order; soon after the trend resumes and you're in the red - well in the red.
2. Trailing stops should generally be only used when you're ready to close the position anyway, and any extra gain is just a bonus. Otherwise, a temporary pullback can knock you out of a good trade, and then you're really mad.
Bottom line - you are not in control with trailing entries or exits, so use very judiciously.