1.With a typical rectangular room, we usually start by treating the corners behind the speaker with bass traps. The mids and highs are also somewhat improved by treating these corners.
2.Next, we treat the specular reflection points at the side walls. With a stereo (2-channel) system, there are two specular reflection points on each side wall.
3.Depending upon the room's furnishing and window treatments, we would reduce the room's slap echo, particularly at the listening position and around the speakers.
4.Returning to bass trapping, we would treat the corners behind the listening position, possibly with the same size bass traps as the corners behind the speakers, but possibly with a different size.
5.Next, we may treat the middle of the wall behind the speakers to improve the imaging of most speaker systems.
6.Last, we might address problems on the wall behind the listener and ceiling.
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As for the bass traps, I would start with rockwool panels in the corners. Panels should be covered with plastic in case that you only need to absorb bass or covered with some fiber which should also absorb the hi freqencies.