When the chart is moving fast like this, using the previous highs that are lower than the current price as stops, is a valid way to anticipate trade reversals and lock in gains. If the chart breaks out to new highs above all previous highs, then switch to using previous lows as stops including considering upwards diagonal lines. This is an excellent way to manage and keep trade risk to a minimum while enjoying continued high percent gains.
Placing stops with the price structure that the chart gives you can provide better risk management, than trying to conform all charts generically to an indicator stop or value that is derived from price instead. lines do not change, but indicators do.