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.

Wednesday, July 8, 2009

8 July 09 Good trade for EuroUsd Again

Market experienced a selldown (illustrated by a gap down). It is puzzling as there is no news announcement... Entered after the gap and exited near the support line. Small amount but I expect more downtrend over the night. Sure looks bad the following day as it went down to as low as 1.3832. Market might range a little - rest a little before which it decides to continue the downtrend or move up. Judging from the major trend, supported by minor trend, I am downtrend bias. Let's see how market moves in Asia Timing later in the day.


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