Looking for previous structure, previous S/R and place stops according to them. If not possible, in case of a all time high/low, use the 113 fib ext as SL. Round numbers are always good reference levels for SLs. Never place a stop on round number, always few pips above/below. If the stop is wide and RR below 1:1.2 I don't take the trade.
Thanks for your reply, with the 113 fib, do you draw it from the bottom of the pattern to entry ? And also noticed that you don't really create PRZ too often, you rather enter on specific fibs, is that correct ?
PRZs are in fact zones between fibs. I often enter on fibs and average if needed rather than waiting and staring at the screen for right candle formation. Don't have the time nor willingness since trading many instruments.