This is a rough generic breakdown of my pip targets when I trade.
Based on a ton of different things, I on average aim for 20-100 pips a trade.
-Mini-breakouts, or fakeouts, I aim for 20-30 pips. This includes seeing a big spike in your favor, but you cannot spot the catalyst. Phantom spikes I usually ride until it stalls, then exit immediately. On average these spikes are 30-40 pips.
-A sentiment move (or a session move), I aim for 50-60 pips.
-a catalytic driven move, or real breakout, I aim for 80+.
-When the box SIZE (from top to bottom) is between 20-30 pips, Don’t trade inside the box! This is breakout only!
-When the box SIZE is between 40-60, you CAN range trade within the box, entering at the ends, provided that there is no catalyst in this period to drive price to a new high/low!
-When the box size is bigger then 80 pips, you are better off looking for spots of mini-consolidation to trade from(faster time frame). However, under a no-catalyst low volatility market, You can enter trades at the end (which is kind of rare). A good rule of thumb is, for these trades, the FIRST test of the box-ends is a good one. The 2nd one is risky.
I never set a hard take profit for a real breakout. And also, after a real breakout hits, the market tends to not give you any trades the following day, so you should take the following day off.