I am currently not able to analyze the chart properly as i am not at my personal desk, but from what i can see here on the rough charts, our short position has been terminated and our hard stop of 50 pips has been taken out.
Overall today was a loosing day.
Using this sytem for the past 2 days we have been able to bag +175 on our first Long trade -20 on the second and -50 on our second, totaling to 105 pips in 2 trades.
Since i am new to this methodology myself even though it is based on simple Fibonnacci retracments, it seems evident now that it is pure suicide to trade against the direction of the trend.
At the moment the price is at a level which is vary volatile since thre is a massive battle going on between the bulls and the bears on who is
going to take control of the price.
Althought i feel that my analysis is correct it seems this system is best used after a stable trend movement in either direction has been established.
For early entries near reversal levels i will continue to rely on my established experience and knowledge.
I will update more on how this system perform, but i feel id rather best wait for an established trend first.