If I were to exit because a trade didn't go immediately in my favor then I would have lost out on a lot of winners!

By analyzing the market structurally using wave analysis there are certain points at which what you saw is no longer valid.
Therefore when you enter a trade you are able to determine a structural shift point for your Stop Loss,
if it doesn't go to your Stop Loss then your analysis is still correct and the trade is still perfectly OK.

Since I trade Intra-Day I will check the structure behind what is happening every hour or so to see if I need to make adjustments,
the majority of the time though it is all set and forget.

Theo

Okay, so you let price action tell you if things are not working out, but if the trade does not go your way immediately, you let the trade stop out rather than close the trade before the stop is hit, is that right?

In your second post, you say, "My IPS is for when a trade does not go my way immediately and at a point where, when reached, I was wrong in my analysis."  What do you mean by immediately, the next one, to how many candles?

The trader in an article entitled 'The Phantom of the Pits', and a trader named Mike Reed (www.tradestalker.com) say that a trade should be closed out if it does not go your way immediately. I read that to mean that the trigger candle should close in profit, if not close out the trade. Both also suggest that if a profitable trade is showing signs of stalling, that the profit target should be moved toward the stop, rather than the stop moved toward the profit target. This implies to me active trade management rather than passive trade management.

Do you advocate active or passive trade management?

Pepe.

I will always let price action tell me if things are not working out,
price will never stand completely still for very long so there are always waves to show you when momentum is shifting.

It's best to set and forget as much as possible to avoid psychologial interference.

Theo

What about a time stop (inactivity stop)? If the trade is triggered but simply does not move beyond several pips from entry, will you close out the trade after several periods or simply leave the trade alone to either hit a profit objective or protective stop?

Pepe

My IPS is for when a trade does not go my way immediately and at a point where, when reached, I was wrong in my analysis.
If the trade does go in my favor I will trail the shorter term swing of the chart I am trading. 
Once price goes in to profit, pulls back against me, and then goes further than it did the last time I will move my SL to +1.

Theo

Once you have placed your Initial Protective Stop (IPS) and the trade is triggered, do you use active trade management such that you will exit a trade if it does not move as anticipated, even though the IPS is still intact, ie, not activated? In other words the IPS is the last line of defence which is there to cover you in case you are not able to manually close out a trade that is not working? Or is your IPS your first line of defence, ie, the trade either hits a profit target or it is allowed to hit the IPS?

Similarly, do you use a time-base stop, ie, if the trade does not move as anticipated within say three to five periods, you exit the trade either with a small loss or small profit?

Pepe