for those the initial stop is the candle low - but on something like PBF it already hit its price target today. If that ends up being a better bottom maybe price goes up to the 20 day next. I sold all of mine, for me I tend to be risk averse and like to lock in gains - what I try to do is go heavy and then if I wish to keep some shares, I can sell 80% or 90% and keep 20%, 10% for a runner if it turns into that - whatever feels better for your brain. For PBF, I would rather not still keep the stop that low - what will probably happen is you will get a higher low on an intra day time frame like the 15 min or something to move stop up to 

I know it’s a personal choice where to put your protective stop but do you use the previous days low  in your example ?