Ron Hadyt explains an evergreen method for setting trailing stops on stocks and indexes. If you are an active trader rather than an investor you might hold an open trader for several days to a couple weeks. The daily chart and analysis is used to set profit and stop loss levels. The methods used probably number in the hundreds; but ATR, Fibonacci, and past support and resistance levels, along with Bollinger bands and moving averages, are the most common.
Ron Hadyt at Markettamer.com successfully uses standard moving averages for his daily analysis. In this video he explains a method that’s dependable because a large portion of the trading population use it. Banks and private, or retail, traders trust the moving averages, particularly the 5 and 8 day exponential moving averages. Ron explains in details how the 5 ema can be used for an initial close when a daily bar closes below it. He would close half the trade and then wait to see if in the following days, a price bar closes below the 8 ema. If it does, then the remaining half of the trade position would be closed.
For longer term investors or position traders you could experiment with using the 5 and 8 ema on weekly charts. Ron’s daily analysis can be found on his site’s ‘Market Forecast Videos’ page.