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, July 16, 2009

Observing pairs at 4hrs - Asia Timing





Its being crazy at work, so I am switching to observe 4hr timeframe. There are a couple of pairs that have symptoms to move downwards - in line with overall downward trend. I placed a green arrow on entry point. Let's see if they move inline with the overall trend at the end of today. EuroUsd probably is a weak downward movement.

Checked out the positions for the charts above. USDJPY did well on Thursday - more than 100 pips. Only EuroUSD is not doing well, other than that, the rest of the charts are in the directions I wanted.

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