For any long or short trade, what should be stop loss criteria?
To me. it is all about your style of trading. Personally I like to put the SL below the war zone in a long trade or above the war zone in a shor trade. Or you can use the previous swing high or low and put your SL just below or above that previous swing high or low.
Just be careful with your risk ratio.
I think this set up will work when there is good volume and price is trending. I mean Europeon and US sessions. Not ASian session.
Intra day only.