Hi all, Been reading this thread with interest after following Lem here from another thread as well as The Other Place. Lem you may or may not remember a very detailed chat regarding me setting up an account with £50k. I took all your advice on-board and will start an account with 10k instead of 50k, and keep the remainder in the background. By the way, I just recently realised you are from Glasgow, which is only 40 miles from where I live (Edinburgh). Small world eh! I am hoping to be a regular contributor here as I will be starting to trade full-time...
Getting late here but I'll try and give a quick answer on this.
First off, Billy and I would deal with the trade management once things are running differently. I will use Wick-Zone tech, Billy does not. He will answer in his own time but here's my take on it:
Forgetting the boxes (I don't know what they are) and just looking at the candles (m15), this could as easily be the 08:00 set-up, or The Dead Zone. For me, it wouldn't matter, as let's say the set-up bar is bar ''1''. Let's also assume that we get a break of the Low first, at line ''B''. That fails and reverses into that spike you talk about and we can see here.
I would then enter a counter as a Wick-Zone entry at line ''A'' and so my negative (floating) loss would be the distance between the lines ''B'' and ''A''. I would never take a loss that ran the length seen on that wick. I would enter a third trade at the break of the high, at the point of your arrow, near enough.
I would have dropped this to the m5 or m1 to wrangle the hedge and unwind, so there may be variations to this theme, depending on micro S+D, etc but at its most basic, this is my technique.
When I close the original short will also be dependant on my seeing a good opportunity to do so, to minimise the damage or maximise the upside moves.
I never use pending orders, everything is trigger-finger at market.
We can get into this in more detail as time moves on but I would say that you really should run this on demo until you are completely confident in the methods and techniques needed to run hedges and the ways to unwind them. It must be second nature, with zero hesitation at any time.
If you are running The DZ, then I would suggest going with UC as your first and main pair.
cracking execution 
. Enjoy your breaky bud you deserve it. Catch you later.
/ 50-Fib Level...
