If I enter a trade on the short side after a signal, as in the example below I will place my stop in the next nearest resistance.
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Recognizing the trend line and the opposing parallel channel line - channel return line - and understanding the human dynamics that account for its structure, increase the efficiency of profit making by initiating or adding to one's position at trend lines and profit taking at the channel return line.
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The market struggled to make it above R3 and retraced to S4 Once R3 is taken I move my stop to S4 and lock in profits.
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Jumping the gun can be risky; the entry level may never be reached.
As the price continues to rise your stop 'trails' higher in tandem.
Also similarly with support.