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Answer:
If you're taking a long trade, you should look out for the next resistance levels at which you can place your profit target. This could be at the pair's recent highs, historical resistance levels, or psychological levels. You can set your stop a few pips below the closest support level below your entry.
If you're taking a short trade, you should look out for the next support levels at which you can place your profit targets. In contrast to that of a long trade, these could be at the pair's recent lows, historical support levels, or psychological round numbers. You can then set your stop a few pips above the closest resistance level above your entry.
