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I think it comes down to personal preference and time frame. For example, if you are a trend trader use something long-term like an Ichimoku cloud or super trend. If you are trading fairly quickly and scalping, try a SAR or trailing ATR stop. I like trailing on a 14-period ATR, but some like it quick for adjusting to vol, like a 3-period ATR. Some kind of smoothing (a moving average for example) will work for this too, but if you don't want a lot of whipsaws, consider displacing the MA to add some wiggle room.
For scalping, I trade a lot of point and figure, so I like to use a trailing reversal + x box, sometimes known as a pole trade depending on how you define it. So maybe I am trading on a 2 box reversal, and make my trailing stop at a 4 box total.
Sody
"The great Traders have always been humbled by the market early on in their careers creating a deep respect for the market. Until one has this respect indelibly engraved in their makeup, the concept of money management and discipline will never be treated seriously."
