Using last week's wick low to manage risk

The technical I'm using on this ET position to manage risk is last week's wick low. Normally I would always wait for price to push through the close of the prior week when it looks like this but I've discovered over time that the low of the wick is a good level to use if you want to try to get involved a bit earlier. Since this was an energy name I was watching from over the weekend and it was sitting tight above that level I felt it was quieter and off the radar here which should help improve my chances in this current environment.

When there's a big lower wick, especially on a shakeout candle, the low of that wick is a level I always come back to because someone was willing to step in there hard enough to create it. I use it as my stop on new entries and it's one of the more reliable spots I've found for defining where you're wrong.