As a discretionary trader, I always keep a set of rules pinned up next to me, to keep my emotions out and to remain clinical. Today's setup was pretty obvious - as pointed out in another thread. The entry was determined by what I term - opening price rejection. Usually I get this entry on the premarket action but today I had to wait for the cash market open. The opening 5 minute candle tells the whole story. I find that the 1st 2 hrs on the JSE are the best for counter trend trading. Now - normally, I would let a trade ride, but it is stupid to think that such a bull market is just going to up and reverse itself, so when trading against the trend, I take profits - always. My targets were again fib retracement levels. The fact that we shot past them is irrelevant. Now, I am looking for a long entry, but this drop is a bit too far for my comfort levels (past the 61% retracement level), so I will wait for bottom confirmation (normally I would make use of my 3 strike long system - but that is another story).