Price-based Vs. Pip-based

I'll start this post by just briefly saying how much I enjoy FF and the posts by some of the well-known members. Alot of the stuff here is pure gold.
(PS: to the mods, if this is in the wrong place, please relocate it to the appropriate place for me)

As you can tell from my profile, I don't post very much, I'm a pure skulker
Reason being I feel my opinions etc. are very much my own. (A grand total of 2 posts even though I've been a registered member since 2006, and reading as a "guest" long before that

I did however, with this thread, want to establish whether some of the other seasoned/experienced traders share one of those particular opinions. (notice I refrained from calling you "experts", again because of my opinions on "them" ).

If I may just set the scene for you, which will lead me to my question.

As many here, I am from an engineering/mathematical/scientific background. I learnt the ropes in the futures and equities markets before moving to the forex market. During that time I developed my own methodology which was adapted from my stock/futures background. I demo'd it for a year or so, and have been trading live for about 4 years.
I have stuck with my "system" with cast-iron discipline, even in the "bad times" (as I did, and still do in stocks/futures), and I must be doing something right, as I'm still here and profitable year-on-year.

Anyway, I have recently shared this methodology with a friend who is new to the trading industry. He has however told me in about as many words that my system is sh*t, as he suffered a string of stop-outs (what he considers losses) lately.
After some investigation, it came to light that he was infact not following ALL the rules, and adding his own "twists" here and there. One of which is what this "opinion poll" is about.

I use PRICE when making my decisions. Entry, exit and stop.
He on the other hand (due to too much "expert advise") deviated from the last rule, by using PIP-based stops.

Now, surely I cannot be the only one that thinks this tactic is fundamentally flawed... PRICE-based signals, PRICE-based entry, PRICE-based target/exit and then PIP-based stop?

Please, tell me it's not just me...
Your comments/opinions are appreciated!

hey.. welcome to the forum :-) When you say a "pip based stop", are you meaning a set pip value, say 30 pips for the stop, regardless of support and resistance? If so, I agree with you.. I don't like this idea at all.. there is no logic to it..

Yep, sorry, should have elaborated more I suppose.

But you're spot on.

He places stops based on what he thinks (or has been led to believe) are average swings (in pips) for particular pairs.

30-pip stops
40-pip stops
60-pip stops
Whatever the case may be for a particular pair.

Just another thing, to clear up confusion.

I know that using, lets say, a 40-pip stop still gives you the price, 40-pips away... but what I mean is.

If you are using price swings, fibs, gann, whatever. You are basing your retractions etc. on percentages of PRICE highs/lows.

NOT pips.

Am I wrong?

lately i try to figure a place for stop loss to be likely hit and through and re enter on better place, mostly still fail,

as for that xx pip sl, i sometimes (rarely do ) use it, when it is on positive side, but not negative , that's because i am too lazy :

Wow... I've seen worse posts get more response than this!

Thanks to those that have replied.
Although I'm still getting a bit of a 50/50 feel from such little responses.
Not a very big sample for an objective consensus.

'Spose that's why I generally keep my opinions to myself
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