Scalpers - how do you exit?

Last night's moves inspired the learning agent in me to refine my rules of exit for short term scalping.

A solution that seemed pretty good for the current lower volitity price action in EU and GBP seems to be to consider exiting trades as soon as you start to see immediate peaks and troughs moving against your position.

'Technical Analysis of the Financial Markets' defined a trend as sequence of peaks and troughs occuring in a particular direction. So when you see those formations occuring at a very immediate level, against your position, that's a strong indicator that you should start considering an exit?

Each exit would of course depend on the next larger trend that the immediate formation was part of, and where your entry was, and SR levels along the way.

The key would here would also be to NOT exit trades until you see this.

... Basic stuff i know. Always makes me wonder why it takes so long for this stuff to click Guess things take longer when you're soloing the trading adventure.

Any opinions from other short term traders?

I move to BE when get to 2 pips profit, then set 5 pip trailing stop. Then let trade play itself out. Typically get one or 2 runners a week, most of the rest BE.

What initial SL do you use?

More or less same here as the previous trader, but I go straight in with 5 pip SL, move to BE at 5 pips profit.

I normally use a -7 pip stop and move to BE at +7. I find a stop as low as -2 is just too small and creates a vast number of Break Evens. Also it's very easy for your broker to spike you out with a stop that small.

I use 6 pip SL that I sometimes adjust even tighter. I very rarely take a full loss. I risk 1% per trade, I have came down from 3% risk when I first started scalping. I realize these are tight stops, however keep in mind I am scalping 1 m/30 sec frames and taking advantage of small short burst type moves.