As swing traders, we keep on taking trades which are in harmony with the short term trend. These trades last from a few hours to a few days. However, the market is controlled by the larger trend. It is wise to maintain a position that goes with this larger trend. Such a position is called (by me) as a Position Trade. These trades will last for weeks to months, although I may enter and exit a few times while the larger trend is continuing.
As of now, I have a Position trade in the Nifty which is a short position, taken at 5200 and then added to at 5000. The stop loss for this trade is currently at 4800. The trade continues, since the Nifty has not yet closed above 4800.
As time goes by and new patterns form on the end of day Nifty chart, the stop or even the basis of the trade may change.