The price was thought and seen to have reached the top of a major falling channel based on D1 chart.
In the H1 chart, the price is seen beginning to fall from a major resistance zone which was determined as the first wave of reversal.
The price then retraced twice and completed a retracement channel and thus a short trade was made.
Results and Modification: Loss 1%
Things started to go wrong as the price broke above the retracement channel and thus the first cut loss was made.
The price subsequently went higher and a full exit was made.
I have then realised that the price has yet to reach the top of the major falling channel, which explains why the price gained further eventually.
Secondly, the retracement channel has broken above FR61.8% which could be the first signal of a failed retracement channel.
Thirdly, it was probably not a good idea to short when the price had just successfully supported and rebounded off from the bottom of a key rising trend channel.
Lastly, always check again with the bigger timeframe to make sure there is no error before deciding to go for a full risk trade.
What was done well, as usual, was the ability to cut loss decisively, thus reducing the loss from 3% to only 1%.