CLOSED TRADE: EURUSD: SELL@1.14400 SL HIt (-39 pips)

Stopped out on this trade for -38 pips. Highly anticipated trade but things did not go my way. Had my stops above the X point of the bat AND also the 3.618 extension of the crab. Both taken out. Oh we.. Again, it's just a trade with a relatively small loss.

I just want to point out AGAIN how important being PATIENT and waiting for some good PA before jumping into a trade just because some pattern (whether it be a harmonic pattern, traditional pattern, wave pattern, etc., etc.) completed. Although the PA did not work out this time, I did not jump in when the butterfly completed. I did not jump in when the crab completed. I did not jump in when the bat completed. I did not jump in when the ending diagonal completed. All of which if I had jumped in when those patterns completed would've cost me so much more pips! I waited and waited and waited for some bearish PA before I jumped in after the bat completed. Again, even having bearish PA does not insure that the trade will work out. Nothing is 100%. But it saved me A LOT of pips.

Don't try to jump back into this trade on a "revenge" trade. Cool down. Relax. Re-analyze. Wait for another good opportunity. Even if this pair does "look" like it will finally drop, just wait. Losing a trade is never the end of the world as long as you stuck by your trading pan and used sound money management.

On to the next trade......