Trading Made Simple - Page 1019 @ Forex Factory: "one method I've seen on this thread is to use the ATR (Average True Range). I put a stop loss at 2 x ATR, TP1 at 2 X ATR and TP2 at ATR x 4. When TP1 is hit I take off half the trade and move the SL to around 20/30 pips and let the trade run to TP2 or I will keep an eye on it and move the SL along following the trade. This method was recommended by dgcinc who trades TMS with great success."
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