Where to Place Stop Order?

From thomast - Snowrider laoda ... Admiring your trading. Have been following but not able to post during day time.  As I have TLT & TNA, just want to ask you, what is the stop lose price (my entry was during the last few days)? Would it be the June 7/June 13 low for TLT, 124.38?  What about TNA? I'd like to learn how to set stop, as often one big lose kills my profits from other holdings.

thomast - You know that we are applying Elliott Wave analysis to our trading.  When a trade is being entered, it has to be based on some wave count assumption.  Since we have an assumption about how and where the wave should go, we know when our assumption beocmes invalid.  In other words, we can validate our assumption against the Elliott Wave Principle.  Now you know where the stop order should be placed - the stop order should be placed at (or behind) where our assumption becomes invalid.

For example, as of today (06/19/2012), we are seeing that the market is marching north in an implusive wave structure, I would place an stop order below 06/12/2012's low (the right shoulder).  If the market ever falls below that price, our preferred scenario becomes invalid.