Two traders can hold the same directional view and get completely different outcomes because one bought at the bottom of a range and the other bought the breakout at the top. The view was identical; the location was not.
Good location means a small distance to the level that proves you wrong and a large distance to the level you are aiming for. It is the direct input to risk-reward-ratio and, in practice, matters more than the accuracy of the forecast.
Chasing is the failure mode. Entering late in a move puts the invalidation-level far away, which forces either a wider stop or a smaller and worse-placed one. Most bad trades are not wrong ideas, they are right ideas entered at the wrong price.
Related: invalidation-level, risk-reward-ratio, pullback, setup, trend-channel