There was an extreme price action seen on the Terminal Price Bar followed with a continuation move in the predominant trend which moved beyond the Stop Loss Limit of the pattern which invalidated the whole setup.
I was monitoring this pair closely after it tested the entire PRZ but when I noticed a continuation move in the predominant trend, I decided to walk away as it has already played out one of the warning signals of Harmonic Trading. In addition, there was no price stabilization seen after the pattern completion and that itself was another warning signal to stay away.
Update:
As I continue to monitor this pair along the way and as the bar after the Terminal Price Bar closed, it happened to form a hammer where the body of the hammer was within the range of the Terminal Price Bar which somehow made it a borderline case where the pattern was apparently still valid.
A few considerations were made here where the Primary (M15) and Proximate (M5) timeframes' RSI were in support of the trade.
As seen in the attached M15 chart, the RSI rolled out from the extreme oversold area which made the setup valid and the long hammer was also indicative that there was a limited downside for this pair.
I did take this trade in this case, but I guess the trade management aspect employed by me in this trade was a very conservative one which resulted in a slight loss of 1.4 pips where there was a slippage when my protective stop was triggered.
A lesson learnt in this case was to give the trade more room to work itself out or to wait for the price action to exit the PRZ before we employ a protective stop.
Nonetheless, this shows the beauty of Harmonic patterns and how well they work in the markets.
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