Quote from: adaseb on October 31, 2022, 03:23:26 AM

Here is a tip if you are going to be using stop loss.

Try and not set it right above or below the daily high or low. Those are very common stop loss areas and traders know there is a lot of volatility in those areas and will usually try and run them. If you put it in those areas you need to put it much earlier than the daily pivot or further away.

No we don't place stop loss above and below daily highs and lows that should be the case for take profit or buy and sell limit. Stop loss should be few pips below or above the entry point depending on the trend if it is in an uptrend below the entry point else it should be above the entry point. The sole idea is incase the trend goes against the analysis done by the trader the trader leaves with only few loss and not blowing down the full trading funds.

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Or just enter a trade where you normally would put your stop.

This could be another nice idea but it will require using buy or sell limit to execute the trade but what if the price doesn't trigger so as to place your demand, the better option is wait for a good support or resistance zone join the candle after the first formed at the zone then place your stop loss below the zone incase of a reversal.