Also knowing where to place my Stop Loss so I dont get Stopped out too early.
Its a combination of placing it at an area thats not too far away to require a large Stop, but far enough to stay away from temporary pullbacks.
One of the most annoying thingz is to accurately predict market direction, but get stopped out eary by a temporary reversal because I placed my Stop too near my entry. I would then watch as the market resumed the trend to hit the area that would have given me the trading gain as I had planned - instead of the loss. Sometimes I would get lucky and re-enter the market to get something out of it to compensate for the early loss, but not always.
Always better to place it at the right area to begin with instead of being cheap by wanting to use a tight Stop.
This recent trade on the EUR JPY shows an example of where we can place our Stop Loss to protect against pullbacks when trading Bear Crown Setups.
Where would you have placed your Stop Loss? At the Downtrendline as I did here, higher or lower?
Placing it anywhere near or lower than 120.75 would have led to anxious moments or a trading loss.
See my video analysis below.