Now, I will again await price acrtion before deciding whether to take another LONG trade. Remember, there is that POTENTIAL waiting below that if it gets filled, I may look to get LONG again depending on price action.
Also, measuring gartley patterns in an obvious contracting range can really lead to unfortunate results. The Looney has been in an uptrend for over a year now. I'd like to use some of the uptrend points for our measurements, not just the most recent contracting range.
I realize this is a bit critical, but I mean it in the best way. I'm sure you have some insights that I am missing, as I hope I have some that you may be missing as well. My intent is to reciprocate as it seems like you are putting a lot of effort into sharing your ideas.
You are correct in that using such a small stop loss at first glance seems foolish. And in most cases, you'd be right. I don't know if you have been following my trades and my trading style but if you have, you would know it's not my normal style. But in any case, I enter trades with defined reasons. In this trade, the reason was my wave count. With recent price action, that reason didn't exist anymore. So ergo, no trade.
As for you're comment on patterns, I've made plenty of pips trading patterns in consolidation. But if you follow my trades, you would also know I am not a pure pattern trader. I don't want to get into any discussion about the viability of pastern trading so we'll just have to agree to disagree.
Yes, it may seem like it's just giving away money to the market but I'll give 10 pips to earn possible hundreds any day. As you can see by the current price action, I've just saved much more than 10 pips! Knowing AND ADMITTING you're wrong is a crucial skill to master in trading. Not throwing good money after bad chasing a bad trade is essential to success. This is the reason for the stop loss I had on this trade because when prices crossed my stop, I knew I was wrong and should not be in the trade. Anyone who is a successful trader masters this skill. NEVER stay in a trade just because you think you are RIGHT! It's not about being right or wrong. It's about being with the market. Keep your ego out of trading. The market doesn't care about your ego.