Fine stones on the sharp maker.
I just noticed that you mentioned (and showed) that the strop doesn't have any compound on it. Without compound, stropping doesn't really do much except push the edge back into place. With compound, it does that while also polishing the edge with light abrasion. Think of sharpening as grinding and stropping as polishing in that respect.
So what's happening here is you're leaving an edge that's good at slicing (cutting paper) but not necessarily push cutting (shaving). When you go to the strop, the grit's not changing since there's no abrasive, and the edge is already aligned since it's clean off the stones, so it stands to reason that you won't see any difference. Dry stropping is useful when you've been using your knife and you just want to realign any rolls and other damage on the fly, but it's not going to really polish your edge.
So if you're looking for a shaving edge, bring it to a shaving edge on your Sharpmaker - the F rods should be sufficient for that, I believe. Stropping with compound after that simply refines the already sharp edge to give it a little more "pop". For example, this is my Izula (older picture, I've really got to update these) done on DMT C/F/EF. After this grit progression, it was shaving and push cutting newsprint. After I stropped it with compound, it gave it a clearer finish, a little more sharpness and thus ease of cutting:
But stropping was a
finishing step rather than a
sharpening step. The edge was already shaped and sharp, stropping just put it over the top. So in your case, get that knife shaving sharp off the stones (again, the F rods should be fine) before stropping. As far as why that's not happening in your case, I would look into how to deburr - I've found that whenever I'm having trouble getting a shaving edge, it's because I left too much of a burr. So:
- Sharpen with the M rods.
- Deburr.
- Sharpen with the F rods.
- Deburr again.
- Lightly apex again or microbevel with the F rods.
- Strop to refine as needed.
No burrs left after any grits = a very clean (and thus sharp) edge.
Stropping can be used as a crutch sometimes to straighten out a burr left over by sharpening. Sounds good, right? Stropping will straighten it out, thus aligning the edge, and making it seem sharp. But this isn't necessarily a good thing, since that weakened metal will collapse after some use (think about a paper clip or soda can bent back and forth until it tears, a burr being flipped back and forth will act similarly). Deburring before stropping means you'll be polishing the very apex of the edge rather than the short-lived burr.
Does that make sense? Before you load that strop with compound, wait for others to chime in - everybody has different methods, and it's been a busy day at work so my explanation might be a little off.