I had removed the default home node, and created new home item. After this change, Experience Editor navigation stopped working(it is throwing "The layout for the requested document was not found" exception). How to point the experience button to new home node?
The Experience Editor starts on the home page of your current site. Based on the
startItem from the node for the current site.
If you go into Desktop > Content Editor > click on your new home node. Then Publish tab > Experience Editor. Does the editor work? Your item just isn't editable because it doesn't have a layout on it. If you fix that, it will work as expected.
I would suggest to you to check these answer here - How should I remove the default Home item?. It shows what you should change if you remove the default Home item from master and web database.