Given that my entries are determined by the chart, it’s logical and consistent to allow the chart to also offer an exit. That might be based on an important price reversal, or simply a failure of the pattern being traded.
The beauty of basing entries and exits on the chart is that it’s consistent across multiple timeframes. The same principles apply on the intraday 3-minute chart as they will on a daily chart.
(In case you missed it, here’s a link to Part 1.)
Here’s Part 2 on stops. Click the full-screen button in the player for best quality: