For some day traders, that risk might be a bit high, and you can
choose to use a price stop. You might just use an initial stop of 11 to 20
ticks. It all depends on the trader and his or her own comfort level. You
probably do not want to make it any tighter than 11 ticks, or you are not
giving yourself much room for the trade to play out. The initial rally from
the 12496 swing low was a 66-tick move, although it eventually saw even
higher prices from the original low.