Yeah it's tricky with where to put your stops. Mine are quite wide with my style of trading, even though I trade on the larger time frames - my stop can be anywhere from 30-120pips from my entry (sometimes more if it's trending nicely). It gives plenty of room to withstand fluctuations. This is why I refer to my style as "sloppy". I realized pretty early on I'm useless at entries but was good at picking the direction so now I enter at a price I feel is appropriate, put my stop nice and wide then move it tighter as the instrument moves in my intended direction.
On a 5min chart I'm not really sure what would be best. Perhaps Rick or some of the other guys on here could shed some light.
