You have heard it said that "trading is placing and trailing stops on a larger chart".
I do not concern myself with entries, if the risk is acceptable then the trade is "good".
STEP 1: what is the direction of profit?
Notice that the direction of profit, the blue lines, is slow to change because it is a bias.
STEP 2: where would you place your stop loss on a larger chart?
These are the horizontal lines that you are trading away from.
STEP 3a: attach a line to the stop and enter a trade within it on a smaller chart (10 or 15 minute charts are personal favorites).
If you are trading USDCAD for 20's then 1 line is 20 pips.
Ask yourself how badly you want in this trade. If your maximum stop is 3 lines then you can chase price up to three lines...like a dog that is chained up in a yard.
Yes, you could mark a lower red x, but you want to think about whether or not you would do so if you were already short.
We must also consider where we are within the daily/weekly ranges when chasing price.
STEP 3b: on an M10 chart you will just be looking for that chart to move in the direction of profit, if it has not already done so, before entering within so many lines of the red x.