What is the rule when it comes to using either the present or past participle in two word adjectives?

adjective\adverb + past participle:

adjective\adverb + present participle:

When do we use which?
It depends on the time of the verb action:

well-built-- the building happened before, and this is the result.

hard-boiled-- the boiling happened before, and this is the result.
badly-designed-- the designing happened before, and this is the result.

good-looking-- the present look

foul-smelling--the present smell

easy-going-- the present going
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