How to know which wavelet is most suitable for denoising?

I have a digital signal that i wish to de-noise. after googling, wavelet is the highly recommended technique to remove noise from signal

by typing 'wavemenu' in the command prompt, a GUI menu appear and i used the "wavelet 1-d"

What confuses me is that there are so many types of wavelet to used. every type have their own variation and level.

i observe that by increasing the level, the signal gets cleaner, but further increasing it will cause it to lose its original shape.

how can i know which wavelet, and what level is the most suitable for denoising a signal?