Failed to close lower than something but also failed to close higher than something else..
Appears I should have been long 20 pips below the close of up bar.
"Wick in direction of loss" entry.
Does not fit my rule #1
1 failure is pretty weak, 2 failures is a legitimate concern.
After 1 failure entertain the possibility of a 2nd if there is any evidence of a reversal trade on a small chart.
Keep in mind that in almost all scenarios the 2nd failure occurs shortly after the BO of the first.
Also, when dealing with large charts, remember that the illusion (open candle) lasts a LOT longer which means
that you should expect a lot of inner turmoil; commitment to a specific course of action will see you through.
Here is a reminder of how I would draw the lines (the possible new location in gray):
It is my aim to make the rules for the lines immutable so that there is no subjectivity: