Hello to the OP:
I agree with everyone here…
One element that could be added, if it fits with your strategy, would be using the Average True Range indicator reading to determine your stops and profit levels, for example:
if you were a day trader, you would add the ATR indicator and use the reading for the Daily chart on your chosen pair and, for example, you could set your profit at twice the ATR value (if your Risk/Reward ratio was 1:2, for example), or use the same ATR value for both stop and profit (if your Risk/Reward ratio was 1:1, for example)… Some people use ATR values plus half, or any variations on the theme, depending on the pair and on the circumstances.
Remember that the ATR is a lagging indicator, therefore if you were holding on to a position for several days or weeks, your pair’s volatility may change, in which case you may want your stop and profit levels to reflect that (e.g. moving them each day, according to the changing ATR value) or, perhaps, ignore that and go by what you set at the start of the trade.
Here is some basic reading that you may like to use: Manage Stops Like a Professional: ATR | DailyFX