wiggle out or "wigged out" ??? HAHAHAHA! actual the only thing i do is to scale-in to my position and swing trades {because how can anyone pick the exact point where price will turn} with a method that i have developed over time for what i am comfortable with. the other thing i do at times is to hold my new trade in one account {long or short acct} while entering a hedge position in a second account {short or long acct} if needed. if my original trade entry has price running against it after entry, while BETWEEN certain s/r levels that i track, then at a point where a person would normally place a stop i just enter a separate side "hedge position" trade of equal or greater value to the original trade. as long as price stays within the s/r levels i track then i will hold the hedge position up and to the point that i get a new trade entry signal in the same direction as my original entry {then i cash out/cover the hedge position at this point}. at the new trade entry signal i would then add a whole new set of positions just like it was a new trade all by itself {even though i am still holding the very first original entry positions that are underwater with "unrealized" losses}. i keep working these positions {manage the covers} until profitability as price action allows. now if price keeps running through a s/r level {when i am holding positions in two accts --- the original trade position and the hedge position} that i track, then i just flatten the original trade entry and let the hedge position run. i will then manage the covers on the hedge position to extract as much profit as possible to negate the losses of the original trade entry that i flattened at the s/r level break. the one thing that helps a lot for me is when one of the s/r levels i track is busted there is usually a lot of follow through, so this trade management method works out very well. a bit more detail here starting on page 4 of this thread ---- http://www.elitetrader.com/vb/showt...rpage=6&highlight=hedge position&pagenumber=4
If you have any idea of a volatilty model then you can know what the expected volatility will be during the duration of your trade so you can set your stops accordingly.