Some personal opinions.
When executing a trading order, position on the trading order is the factor to be concerned about first. However, if you do not choose the right take profit position, your order of winnings may turn into losing.
So, in order to increase the likelihood of win for your trading order, you need to answer the following questions before executing the order:
- What is the main trend of prices?
(It helps you know if you should buy or sell. If the primary trend is bullish, you should buy. If the primary trend is bearish, you should wait for sell.) - What price scenarios can occur?
(Prices may continue to trend or return. However, you need only to trade in the main trend.) - Position of entry?
- Position of stop loss?
- Position of take profit?
Would you give your assessment for the price model below?
What would you do with position 7? Buy? Sell? waiting?
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