Let's say my home address is 55.55.50.23 and I am currently hosting a Django App. I want that App to only be accessible from my home IP's address, that is working fine. Now, the problem is with the outbound traffic rules. I tried to do:
IP 55.55.50.23/32 PORT 49152-65535 ALLOW
IP 55.55.50.23/32 PORT 443 ALLOW
IP 55.55.50.23/32 PORT 80 ALLOW
And I cannot reach my server. I am not getting anythings back! The only wayt to get some response back is if I do: IP 0.0.0.0/0 PORT ALL TRAFFIC ALLOW
Not sure it's a good idea to restrict outbound traffic as your instance may need to access other IPs than yours. To get system updates for example, resolve DNS requests...
The most important is the inbound traffic as you can't control the incoming requests and you restricted it so that's perfect. The outbound traffic restriction makes sense to me only if your instance has been corrupted and you don't trust the services running on it.
That said, if you want to restrict the outbound traffic to your IP, you should allow all protocols and ports for your IP.