TmoneyBags, is something wrong with the system …or i am doing something wrong??
i notice lately most of my gartleys are working, as in achieving the 30 pips target guideline. HOWEVER, alot of the time price will close over the fib level first … and then do down to achieve the 30 pips, and under your guidelines we must close out a trade if that happens [for a loss] in order to protect capitial as it is assumed that if price is closing over the fib line the trade will go onto fail.
but situations like this are happening alot lately… [ignore blue fibs in backround]
here you can see, both on the hourly and half hour … price closes above the 78.6 fib line, then later goes back down…
the pair is usd/jpy. it has not been flowing all that symmetrically lately tbh, but eur/jpy and eur/usd have been and i’ve been noticing it happening on those pairs too, and twice now i’ve got stung because of it.
what is the reason for this, and why isn’t the protective close strategy working??
i am getting frustrated as trades that should be winners are becoming loosers by closing them out ,
the only thing i have notice is that it tends to happen when the strenght of the currecny is not in your favour. eg: trading eur/usd bearish gartley [looking to sell] and usd being 1 strengh, and euro being 4 strengh [strengh differance is more than 2]
but then again, you are not using sweetpips strenght table much …and certainly wasn’t at the start of the thread when you were making profits …so what adjustments do you suggest i make??
please reply. i beleive i am close to finding consistancy with your system, it is just this issue