Based in the 5min or hourly chart you bought at a short term high, daily you could hold it and weekly you should hold it. It is a question of what timeframe you are trading the trade!!! And if you know this you can set stops. You also can see the market trending in an channel, where you can buy on the bottomline and sell at the topline. For your Journal you can add the timeframe for every position in what you are trading, this makes it easier to specify your stops and goals!!! For identifiyng the trend I use at every timeframe a MA at 5 candles. This I think is the best indicator for me.
What I can say is that: Looking at the 50y or 100y timeframe AND with the Macropicture behind is so what of complicated!!!! For Example you have to add many many many thing to the chart and build it around: FED Funds rate, political decisions, tax decisions. Another one is do you use a linear or a logarithmic chart? When you ask me, it is to complicated for quite everybody who not read thousands of books about that. If the politicans decise any studiply things we could easily slide to 4000 with the DOW. So much can happen.
Based in the 5min or hourly chart you bought at a short term high, daily you could hold it and weekly you should hold it. It is a question of what timeframe you are trading the trade!!! And if you know this you can set stops. You also can see the market trending in an channel, where you can buy on the bottomline and sell at the topline. For your Journal you can add the timeframe for every position in what you are trading, this makes it easier to specify your stops and goals!!! For identifiyng the trend I use at every timeframe a MA at 5 candles. This I think is the best indicator for me.
I like using the 60 minute charts myself but for exact entry and exit I use both 1 minute and 15 minute charts.