[StageAnalysis]

Yes. What I mean is this: when you set a stop loss you need a basing point, pivot, under which you set it. When you look for this basing point you consider only the prior close prices or the intra day lows also ? John Magee speaks is his book about close below a certain level. However, Stan seems to go for an intraday stop ....How do you do it ?

You need to consider the intraday lows as well, and give a small amount of room below that to allow for volatility around the low. With Weinstein's investor method you'll want to use the last significant weekly low for the pivot and the 30 week MA also, whereas the trader method is much tighter and looks for the most recent support area using daily lows and usually the 50 day MA also. The most important thing to consider with your stop loss is is the level where you are putting it significant for the timescale you are trading and are you willing to sell your position at that level.