111219-111219 GBPUSD LOSS

PATTERN IDENTIFICATION ERROR 

As you can see, the true end pattern is the yellow one. I had taken the Pink one as the pattern. This is a mistake as can be see why.

FOREX FACTORY CALENDAR

I had always believed that the FOMC meeting announcements typically happens on Fridays. I think I am wrong. Important announcements happen on Fridays, but FOMC announcements can happen on other days too.

TRADE FAIL

The trade fail was mostly due to the mis identification of the pattern as shown in the first pic. I had only put 0.02 lots in the trade, as the stoploss calculated was too far. Overall the trade failed as it should have.