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

25 June 09 Trade small profit in Asia Timing

This trade is a wasted trade. There should be 25-30 profits but has turn into losses because of hoping the market will continue to trend down.
This night trade is bad entry. Even when RSI shows to long, the MACD does not agree.
This is a good trade during Asia Timing. This is because profit is kept within 10pips and slightly more.

Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)