Day trading, some held overnight, 15m
Some call it swing trading
About exit strategy:
Again we face a more psychological issue than technical. I was like those americans invading far lands... no plan in advance to retreat.
In my opinion, the exit point could be by stoploss (things were bad) or takeprofit (things worked fine).
But this two situations are only one actually.
I would prefer avoid fixed stoploss or target points now. I prefer to close my position(don't matter wether winner/loser) as soon as the market begins to do something against my initial plan.
I don't mean to close when price come against my entry price. It is not about my position. It is about my plan.
If price go against my position but not against my plan yet, I'll keep it open.
If market begins to behave naughty (or evil) and goes against my initial plan, I'll close inmediately.
When I say "my plan" I mean
"The reason why I open the position"
That is the key. I need a reason to open.
Reason to close is that reason to open is not valid any longer.
Do you have a clear, sharp and well definite reason to enter the market?
Then just close when it proves to be wrong.
If you don't have such a reason... then, why did you open the position?