I don’ t trade intra-day.
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T here is something else to remember. At any point, if you use a market order to Stop out, you could be slipped badly, and it hurts, a lot psychologically. It is especially true during high volatility events, like today. If you were able to watch at 830 am today, that spike down on the USD/JPY was less than a min, and I was monitoring 3 different feeds, and all three moved about the same, pause, no movement, then movement, then pause, then movement. The was on two retail feeds, one live one demo, and an institutional feed. So if anyone was long, and panicked, they got hammered. The market was moving so fast the charts could not keep up, and so you will get a random fill.
I had an instance where I stuck my head into some News volatility, I was profitable and so I closed out with a market order, I was slipped 17 pips, now if you can be slipped 17 with the market moving in your favor, think if it is moving against you!
Oh and I called PFG and asked Jimbo, hey I just got slipped 17 pips, he said I was fortunate, he had two traders who got slipped 28-30 pips. So I walked away and had lunch hehehehehe.
The other thing to remember, there is an execution ladder, in other words even if you preset your stop, or tp for that matter, it may not get filled as soon as it touches your price, why, because others were in front of you, they get filled then price moves away from your price. This is where patience comes in, it may touch or even over shoot your price, and not get filled, again lack of liquidity at that price, So it may have to hit a couple of times to get filled.
This is not a function of dealing desks etc. I had the same thing happen to me when I was trading futures, you have no idea, or maybe you do, what it is like to see your price hit 2 or 3 times, and not go off, Then the stupid thing reverses, and you have to figure out an exit strategy on the fly. And that is if the trade was originally moving in your favor. Think again of what would happen if it was moving against you.
So you have to always prepare for the worst case scenario.
The Ever Prepared VIPER
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Whoomp, there it is !!!
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Its advisable to maintain 1:2 ratio for stop loss and take profit.so you can set 10 pips as stop loss
Thank you for those considered words of wisdom and experience 
All the best for your trade!
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As for me, I consider Stop-loss to be a tool of risk management. A lot of traders claim that Stop- loss is a bad thing that may lead to loss of deposit, though.