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.

Friday, July 31, 2009

31 July Aud trade in 1hr frame

Depending on the red arrow in 1hr frame as a guide to enter, profit to be taken @ EMA @ 1hr.
5 min should be used to enter in a better postition. 5 min reg need to be focus on for take profit or enter point , to be explore.

Your trade results will show if you are doing what is correct or you are doing what you like
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)