There are lots of different strategies you can use. It depends on your style and what best suits you.
The following is rough outline of a simple strategy I use with only price action and S/R levels.
1) I start by identifying s/r levels on the higher time frames.
2) I wait for a breakout or strong movement with certain price patterns to develop around these levels on the daily/4hr charts.
3) I look for the strongest possible s/r level in play to use as a SL .
4) I place an entry or multiple entries at s/r levels near my SL.
Short at levels above price/below SL
Long at levels below price/above SL.
5) I wait for a retracement to hit my entries. Orders stay open until price action tells me otherwise.
1) losing trades stay open until my SL is hit. If price is 40-50% of the way to my SL from entry #1, I will consider closing the trade early.
2) Winning trades stay open as long as possible. I let the market take me out instead of a TP. I adjust my SL if price reaches ceratin levels, if price moves to a new s/r zone, or if price action signals a possible reversal.
The goal of this strategy is to put yourself in position to capitalize in the event price retraces to a certain "entry zone" after a breakout w/o triggering your SL.
This isnt the only strategy or the right strategy for everyone. Its just a strategy that I happen to employ. Hopefully it will give you some ideas that can be of use.