I use a couple of approaches on SL
In a tighter ranging market I will look to keep around the rule of 1X ATR7, and in a wider ranging market 2xATR7, so this way it ties in with the range moves of the timeframe that you are trading.
Another approach is to use previous swing high/low - which often matches to 2xATR7 rule.
Higher timeframes = larger SL and TP target, with less trades and less time needed on the screen.
the chart shows my thoughts on this trade - if TP1 does not close out in the current candle I would consider closing...Ignored