The above seemed strange to you last week. Take down the numbers mentioned: 3400 and 3330. Now go check the chart of this past week: the top was 3400! Also notice the level 3330. Drawing lines without thinking is not something intelligent people should do.
The fast run is probably due to the volume of the stops of the longs who bought within the range, and put stops below what they thought was support. Those who did not put a stop, would now be waiting to get out at a small loss if they can. But if everyone one took their loss, then price might go up to frustrate them. Trading is a negative sum game.
In my opinion the entry should be where I made the bar on your chart. I think the entry works best if you put a stop order that automatically buys the contracts for you. Easier that way, less time to choke and think twice about it. In this case 56.25 would be the stop buy, and put the stop loss underneath the base at 54.50, so you are risking 1.75, size your order to the amount you are willing to risk size per trade. I have been a follower of this method since the first straight line thread, and I have incorporated into my strategy trading stocks. This method put you in much better R/R setups. you just have to manage your entries better
The fact that you actually went through replay is a good sign. Kudos to you. First, try to veer your thinking away from stops. A catastrophe stop is necessary, but stops otherwise encourage the trader to relinquish control and responsibility for his trades and let the market take over. But the trader is responsible for everything, and blaming something or somebody else for his failures is a road too commonly traveled by beginners (and not-so-beginners). Look instead to buyers and sellers and what they're doing. Your first sign that a short is appropriate, only confirmed by your line, is that rapid failure at the last attempt at a higher high. Clearly selling pressure is greater than buying pressure. You don't know why. You don't need to know why. You need only to recognize the fact of it. This in and of itself increases the probability that your short will succeed. Don't, therefore, throw away the opportunity just because price hiccups. Traders have this thought in their heads, recognized or not, that price should immediately react once they've hit the transmit button, that if they initiate a short, price should plunge instantly. The irrationality of this should be obvious, yet it is pervasive. One should therefore strenuously avoid the temptation to entertain the notion that the market not only cares about what one does but that it is somehow reacting to it. The market is an elephant. The trader is a gnat. Therefore, when price "turns against" you after your entry, try not to be concerned so much as interested in what buyers and sellers are doing. If you have clearly defined what it means for a trade to go wrong, then by all means act. If you haven't, then you shouldn't be in the trade at all. But in this situation, price is simply doing what price does, and it poses no threat to you. Not only can price not even reach the last swing high, it can't even sustain the effort, failing immediately within the same bar interval. This is clear even if one is not watching this live. After this, there is not a single bar that moves against you until you reach this end of this particular run. It helps to consider what you would think about all of this if you weren't in a trade. If you have fear issues, those have to be addressed, but the idea that your trade is of any importance must be set aside. Otherwise this will drive you as crazy as any other approach.
This may be true if one has incorporated a breakout strategy into his options. But as this thread focuses solely on retracement strategies, breakout strategies are better discussed in the Son thread. In this case, the entry should be off the first retracement after the break of the supply line, as stated earlier. As to entering trades via stoplimit orders, that has been addressed as well, though some may have missed it. Nor are there stops nor any consideration of r:r ratios.
Do you mean the first or the second entrancement? If it is the first, doesn't that imply one does not have a new line yet?
0430 demand line has been broken decisively. 0818: and a retracement 0826: 0808 supply line broken but price having trouble at last swing high.