Here is how you can manage risk on your trades.

You take a trade and risk money because you have an idea and your idea may reach point at which it is most likely no longer correct or, at the very least, evidence suggests that the probability of the idea coming to fruition is reduced such that the risk is no longer justified This is known as an invalidation. If your idea doesn't have an invalidation, reconsider it. If your idea doesn't have a basis in the first place, there is no idea, go back and plan it.

Now there are different types of invalidation that you can use for your trading.

*Price based stop loss*

The idea is that X level is support, invalidation = if X failed to act as support.

in price based invalidation you just simply draw a level and place the stop loss just under it , You do not wait for any candle close or anything. Your invalidate as price drops under your support line. (first attached picture is the example )

*Time-based / Candle close invalidation*

The idea is that price should (consecutively) close above X to suggest a breakout, invalidation = closing below X (Picture two as example)

You take a trade and continue to hold it as long as price holds above your support level and you don't count the wicks. This is manual stop loss, you cut your trade when you see candle close below your support level.

It will be based on the timeframe you used to take trade or the timeframe that you want to see price holds on closing basis.