If one is holding a profitable long or short position overnight and does not believe the current move has run its course what is the best way to place a buy stop if short and a sell stop if long to protect open profits. Would it be to protect a percentage of open profit or a strict point move? I am speaking about the emini S&P500 futures in particular. I had a short position from Tuesday's close that got stopped out two ticks off the high of 7:48 PST this morning right where it collapsed down 12 points!