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For what it is worth, I trade intermediate term (1 day to 2 months) and use VERY loose trailing stops and the inverse of my entry signal for an exit/reversal signal. I find my best exits from buy signals are the inverse sell signals etc. The trailing stops based on X bar highs/lows help reduce overall system volatility, but they are painfully loose...
As an aside, I also wait for the bar to close on the trailing stop to trigger the stop. This way if a false breakout takes out stops, I may not get stopped with the rest of the world. As a drawback, when that happens, it stretches my stop even further out... This also seems to give a more realistic execution price for the most part rather than assuming I am getting a price at a level full of stops and f***-job executions.
Good luck trading,
Seth
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