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, October 8, 2009

20091008 usdjpy 20pips profit didn't offset the losses

Profit from jpy this morning didn't offset the losses from eur last night. Losses last night due to near miss of profit target. Losses snowballed to this morning -99pips. Important not to leave trade overnight.


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)