Based on experiences in the past and my trading style, I will be implementing new exit rules as follows:
When price goes against me after entry...
And continues to trade against me for about another bar without getting stopped out, and trade volume in mt trade's direction is low, market is not proving my trade as correct. The logical move in this situation is to take a small loss or exit if price attempts to get back near breakeven on low volume on the T&S.
The logic for this rule is that a minor intraday support/resistance level may have been broken and therfore, price may not be able to come back to my trade direction. I can always reenter afterwards if price is able to come back, and the technical situation has changed in favor of the trade.
When price moves favorably right after entry...
Market is telling me my trade is correct so I should be a little more patient. I can manage stops a little looser than normal. Scale out at S/R levels and the second contract can be held longer for a higher target if market is trending. If market is moving sideways, exit using bline overbought/oversold levels or any CCI divergence or reversal hook signals.
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