To get the best out of any analysis confluence between multiple tools is best because it gives a clear picture of where to possibly set take profit and set a stop loss in case of reversals. For me i Iove support and resistance and so I combine trend lines, moving average, time frame and indicative candle stick making sure my chart is as neat as possible and any signal outside this i avoid it. This keeps my trading discipline in check.
What are your own it can be beneficial to someone else.
I think a tight stop loss with not much wiggle room can be closed by normal market movements and you may miss a trade that could have potentially been profitable. A wide stop loss placed too far could require entering a position so small, that the potential profit might be too insignificant.
I usually use indicator like macd, psar and ema together for opening my position and closing my positions as well in order to filter out the ranging market I use ADX indicator. So in chart I have these indicators.
I always set multiple stop loss and take profits and see where they are and how their position fit the current market thanks to chart trader. I have an understanding of RRR for each SL or TP level before opening the position.
Another thing is I always replay my position history on the chart in real-time, I can see what I need to improve and check if any of my conditions are rushing or lagging behind. It gives me tremendous insight on how to go with the way I trade and constantly improve myself.
I implement these on a trading platform called
cleo.finance btw.