Wow, thanks everyone for the input. The numbers I used are more for ease than anything else. Its more important that I learn how to set up an order like this, rather than the above being a functional strategy.
That said, I am really only looking for 5 pts per trade. The idea would be if the current (fast) trend were to continue, quickly and in a straight line, I might be able to take a bit more out of the trade ... though still with the initial 5 pt target being all that I am really after anyway.
As far as my initial stop, I've been experimenting with a stop just above whatever resistance area is nearest my entry. For example ... I go short (personally prefer going short, but thats besides the point) when a range is broken to the downside. I would then put my stop just above previous support, thinking that if new resistance gets broken I want to be out and try the next move.
My thought process being ... commission is pretty cheap. If the move doesnt really materialize then I dont mind breaking even, or coming close to it, and getting in again on the next move/wave. Though, if the move does follow through then, well ... gravy
Oh, also my time frame is within minutes ... I don't really like holding a trade for more than say 5 minutes. Hence, the small target size. This will probably change as I get more experience, but for now thats what I'm comfortable with.
Again, thanks everyone on the comments and I welcome any criticisms you might have
Travis