Just to give a different perspective, the strategy works well in bull markets. I practised it and it really worked in 2009-10, when I was using closing highs. It gave me clean runs in several stocks.
TTK Prestige - 300 to 1500 without any 15% fall.
Lupin - 900 to 2000 w/o any 15% fall
corp bank - 225 to 700 w/o any 15% fall.
Recently, Ajanta pharma has given similar run from 350 to 800 before falling 15% from closing highs.
Though many good stocks stop you out. Like recent Titan, bata, bajaj corp examples.