I'm not an expert in your method. I think Subhdeep, ST bhai will be able to comment more on the technique.
I can share my thoughts on the basis of what I see (even if its in hind sight).
-You shorted at 441.70. Great!
-Price fell to 435 levels and went sideways for 5-6 bars(10:00-10:20). After this, it made a pivot high at 438.80 which was 2 points away from your entry. You held on till it made this pivot high. Question to ask.. what would do if it retraced all the way to 441?
- Price going sideways should have been your first indication to take some money off the table.
- Even after it broke the low of that sideways move, you will see a red candle pulling back(10:55). Here price is saying "I dont want to go lower".
-After this, low was again broken, price went and spent a good 15 minutes holding 432.50 levels. There is a break of this at 11:20 which forms a spinning top and price closes back in the range of the last 3 candles (the lowest low of the day).
Ideally, I would check out on the sideways move at 436. If the low of the sideways breaks, I would think of rentry again.
The common sense approach: I like this approach a lot better than any technical stuff. You are trading an instrument at 441.70. You short the stock and you are lucky to get a full 1.5%-2% move in your favor and you were day dreaming. What are we thinking here? Stocks do not move 5-10% everyday. We have to remember this. Its extremely important. There has to be a purpose in your trading. You are trading to make money and not to watch your pivots being taken off.
So, when you have a 2% move in your favor, you should not be worried about your pivot which is anyways so high(almost up in the sky at 438.80) Price is at 432.50 The least you should do is to pull your stop to the lows of the consolidation bars at 435.
You gave up 3-4 full points on the pull back. You not only lost a nice profit but it ended up denting your confidence as well. Taking a loss is sometimes much easier. Giving up hard earned points is tough.
I admit that TS need some breathing space initially on entry. It can move 1-2 points at a snap. But when you are in good profits, dont let it kill you.
Also, Taking profits every now and then never hurt anyone. So be aggressive in taking your profits. Its only in hindsight we can say" ah if i had held on i would make 3 points extra". All that is good for day dreams not for our ledger.
Sorry bro no harsh words intended here. Just speaking what Im thinking.