The 5 min, 1 day chart below shows the entry (yellow arrow) and where you could have gotten out early (red arrow) after the break out clearly failed a good $0.20 cents above the pre-defined stop out.
This is how I trade, always considering risk first and trying to reduce risk as much as humanly possibly! Small loss, small loss, bigger gains...small loss, small loss, bigger gains = Net Profits. This ensures that my account does not suffer deep draw downs and my confidence is always fairly high. Many so called traders speak of their winners but fail to mention their losers. However, it is how you handle the losers that will determine your success in the long term. So ask your self this...why do so many so called "top traders" not speak of their losses?
Hope you can apply these tricks to your own trading!