Well, guess I slipped on the oil slick and landed on my &^%$#@!. Price came down and triggered the new Stop at 37.28, then bounced. Guess what the low of the day was? How about 37.28!
This is the 2nd time I was disappointed by a Gartley pattern. So I did some more research and decided to play the Gartley Pattern differently in the future. Next time we go for Fib retracements of the AD range, like 50% or 61.8%. Then capture our profits and wait to see if a re-entry is warranted.
We would have realized several hundred dollars if we got out at the 61.8% or 78.6% retrace of the AD range.
Here's a nice graphic of the Gartley Pattern. Notice how it implies a target well above the A point. I understand that happens sometimes, but after the first 2 trades I'm setting much lower targets, and maybe get back in.
OK, another lesson learned. I've only actually used the Gartley once before, and it was recently. See https://jmstweets.blogspot.com/2020/11/live-cattle-looks-bullish.html and the updates.
The good news is, assuming price continues down to the original Stop, we did save $468 by raising our Stop. See https://jmstweets.blogspot.com/2020/12/slick-looking-gartley-in-jan-soybean.html
Bottom line:
Entry 37.70
Exit 37.28
Net 37.28 - 37.70 = -.42 * $600/pt = -$252. Put it in the loss column.
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