I was being too eager/greedy on this trade. Had I been a little less eager to make a ton of money on this trade, I would have been in a good position to get a excellent scalp. My stop loss was only 3 pips which in the real world is pretty unrealistic but you live and you learn. The stop loss was only off by 7 pips which is a really good sign. This means that the analysis of the trade itself was spot on, but my willingness to wait through a draw down was put to the test. In this trade I learned not to be greedy and to make sure I give my trades enough space to breathe.