As devio has stated, if you are doing different things for an INSERT and a DELETE, you could use two triggers. Just specify FOR INSERT or FOR DELETE after the CREATE TRIGGER line.
If you want to use one trigger, then, as Ismail hinted at, you could inspect the values of the temporary "inserted" and "deleted" tables that are given to you inside a trigger.
If the "deleted" table is empty then this trigger was fired by an INSERT statement;
If "deleted" is not empty and the "inserted" table is empty, then the trigger was fired by a DELETE statement.
If neither are empty, then an UPDATE statement will have been used.