For more details on this trade setup and trigger, see here:
The long and short of it was that the trade did not work out. The stop loss was hit just prior to the closing, as shown below.
Whilst definitely annoying, this was hardly disastrous, as this style of trading requires the willingness to take a couple of stops in exchange for better potential reward. (By comparison, a client of mine did not take a stop as he was trading the same setup on the daily chart, where it did not trigger. That is a higher probability trade in exchange for lower reward-for-risk.)
For now, the playing field has shifted higher, as this resistance zone is now considered breached. Aggressive traders would stop and reverse, and this would be a valid response, although I am not inclined to be aggressive here, and thus would prefer to wait for this move to lose steam at the next stop, which is shown below.
Instead of a zigzag-type complex retracement, we now expect a five-wave retracement on the hourly chart. It may take awhile to reach and activate this area, but we will be watching it with interest.
Head Trader Consultant