Pending buy stop orders are placed above current market price action, and you expect price to keep on going up. These can be on any time frames, but daily is great if you are too busy to monitor your trades on a short basis.
As noted on daily EurUsd chart, on Monday (pink line) a pending buy stop was placed above current price action, once price action later on Monday was hit then trade was activated with a 40 pip stop loss (margin, leverage, lot size etc... your risk management will decide this) and a take profit or target or 1.19000 or 120 pips up, by looking to your left on chart. This would have been a 1:3 risk reward setup, for this set it and forget it trade.
As noted on daily EurUsd chart, on Monday (pink line) a pending buy stop was placed above current price action, once price action later on Monday was hit then trade was activated with a 40 pip stop loss (margin, leverage, lot size etc... your risk management will decide this) and a take profit or target or 1.19000 or 120 pips up, by looking to your left on chart. This would have been a 1:3 risk reward setup, for this set it and forget it trade.