So here are the simple trading rules for the buy setup:
Draw a downward trendline
If the price breaks the trendline, wait for the retest.
If a retest happens, it is better to use a bullish reversal chart candlestick as a trigger to place your pending buy top order just 2-3 pips above that bullish candlestick. If the price decides to go up, your buy stop order will be activated.
Place your stop loss(SL) a few pips (5-10 pips) under the low that bullish candlestick.
Use the previous chart swing high as your take profit(TP) targets for profit targets.
Draw a downward trendline
If the price breaks the trendline, wait for the retest.
If a retest happens, it is better to use a bullish reversal chart candlestick as a trigger to place your pending buy top order just 2-3 pips above that bullish candlestick. If the price decides to go up, your buy stop order will be activated.
Place your stop loss(SL) a few pips (5-10 pips) under the low that bullish candlestick.
Use the previous chart swing high as your take profit(TP) targets for profit targets.