If you see that the last three cancels show that the market is going up
, this is a good signal to open a buy position. If at least 2 last candles go down, this is a situation for a potential downward trend and you can open a sell position. In order to minimize possible losses you can use such orders as take profit and stop loss. You can set the take profit order after 120 pips in case if the prices between the opening and closing of the market did not exceed 80 pips for the last 5 trading days. If the prices exceeded 80 pips for the last 5 days, you can set up the take profit order for 240 points.