past price action means little, it is more about the price action and the way it moves, it moves the same way all the time no matter the price location, pairs have personalities and are very predictable.
The Supply and demand levels are what forms the significant levels, which are places where price often reverses.
pending orders should be already placed, then you wait for them to fill. if you are doing sell stops under price as it moves up, then you need to add these as it moves.
But for longer term plays you are looking to have pending orders going the other way at the significant levels. and I am not a fan of large lot sizes and tight stop losses, slice your orders up, into at least 3 orders in a supply or demand zone. Then have 3 tpt’s one is ST 2 to 20 pips, one MT 50-100 pips and one LT 300-500 pips