New2FX,
I really fail to understand your methodology using just Sniper Stops alone. If you traded the setup like you show it on your chart, you gave up around 200 pips profit waiting for the price action to get close to the dots, to make around 100 pips, on the long entry. You would have already have had around 150 pips profit locked in place.
By my EW count, you entered at the beginning of wave 5, which is the absolute last place I want to enter a trade, unless I have a lot of profit already locked in from the beginning of the move. I think that in the long run, u will have more losses than wins, but, you may trade the way you think best. Just be careful with that.
And also keep in mind that when you start stripping the majority of the indicators out of a system, you are no longer trading that system, but one of your own creation.
Regards
Kent
I think there is a misunderstanding. I did not explain well my idea. You should enter a trade as soon as the sniper stop flip over and change color. After the initial move price tend to retrace part of the move and get closer to the stop, this is where you can re-enter in the direction of the initial move. I am aware that this is a variation of the system.