Proud of the trade though. The H2 pattern hit late Wednesday, but I controlled fear of missing out, and waited for further confirmation of an M5 IQM/harmonic combination (below). Been working hard on this final step, trying to emulate my better trades like this GBPUSD http://modoforex.blogspot.com.au/2012/02/trade-closed-gbpusd-31-bps-14r.html
Eventually got long around 8pm Friday at 79.36, and was immediately at peace with the trade given the discipline of entry and validity of the set up. Waiting for the M5 pattern ensured I got the biggest possible position, and stops were placed 20 pips below X at 79.06.
Once long I immediately logged off and didn't watch the trade. With the outcome beyond my control I went out for a drink, and thank God for that! Turned out to be a horrible entry. Price blew through the H2 X, broke the previous week's low, and came to within 1 pip of my stop, but I was blissfully unaware. Not until the close did I checked the market, at which time I was in profit 10 pips or 0.35R. Noting that the reasons for being long had been violated, I closed the position for a small gain. Lucky to escape. This was a hair away from a 100 basis point loss.
But they say you make your own luck. Discipline on entry may have been rewarded in this case. Had I not waited for the optimal entry I may have carried a smaller stop, and certainly a smaller position. Had I watched the trade too closely I may have cut early for a small loss. So despite failure of the pattern, there was positive reinforcement of some good habits. You take what you can get.
