I think you were onto the reversal but just got shaken out. Granted, it was only about a 2 hour or so trade. Not sure what your typical holding period is.
You said it. I was supposed to hold it longer but I got frustrated and thus shaken out. Didn't honor my stop (which was close but still had room) and was punished. Thanks for commenting! Me making silly mistakes like these are what will cement me from not making them again.
7.22.20 Posting a little late but figured I'd wait until I took something Trade 1: BOT 6MNQ @10827.75 CLS 2 @10851.75 Lightening the load as we go up. Let's hope the last pieces hit today's highs at least. And as I type this, CLS 2 @10855 Action getting weak. Holding last section until boom or bust.
I base entry and exit on price action/location. Exit has a hard stop on loss (which wasn't honored that time). I close pieces as the move develops.
Questions are no problem at all. I look at candlesticks. When price enters a good area to open a position, I will when the action is strong. Solid bars, etc. Negative price action would then be a mirror of that: solid bars against me. With the added caveat of also weakness (wicks and such) being places to start closing. So I'm opening on strength and closing on weakness/opposite strength.