Newbie taking the leap.

I purchased a copy of TAOK (awesome book btw) and 8 yds. of Davidson Modern 16oz. wool.

Now the problem; I can't seem to get the pleating right. Trying to pleat to sett (sett repeats roughly every 6-3/8", red stripe on black). It doesn't seem to want to work out right and its giving me fits. Could someone take a look at the pic and let me know if I've laid this out correctly?

Thanks in advance, you guys rock.