Strategy: Harmonic Pattern Trading

Target profit: 75pips per week
Indicators: Channel Movement, Harmonic Patterns, RSI
Important chart pattern: double-top/bottom and Head & Shoulder, divergence and convergence
Important candlestick: Doji, bullish/bearish engulfing

My Trading Mantra

1. Objectively identify my edges - I have a system here that works.
2. Pre-define the risk of every trade.
3. Completely accept the risk. Consider the money GONE.
4. ACT on my edges without reservation or hesitation. Follow the rules and take every trade that meets the conditions.
5. Pay myself as the market makes money available. Take the profits and be happy. Even if compounding my account, pay myself something out of my profits each month.
6. Continually monitor my susceptibility for making errors.
7. Understand the absolute necessity of these principles, and therefore I never violate them.

Thursday, June 25, 2009

24 Jun 09 Proven trade is better at night

Once again proven that trading during Asia Timing should limit the profit target to not more than 20pips. I will scalp 10pips or slight more so that profit does not turn into losses which is shown in the above trades.

This night trade shows potential of profit going beyond 30pips. Unless you can monitor through the night, it is best to take profit off the table before you sleep. Price retracement could have gone beyond entry price and it this case it move with the trend.
Sampe of good trade at night.
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