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 1, 2009

30 June 09 Big Move after poor consumer confidence result

Last night's consumer confidence result was below forecast, causing USD pairs to move real big time.

EUROUSD went down more than 200pips over the night! If you hang on till midnight, 150pips of profit will be in your pocket.

Congrats to those who held on to trade last night.I only gotten a small profit out of the huge profit!
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