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 24, 2009

24 July 09 CAD good trade

10pips!

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

24 July USDJPY losing some steam




Was doing a quick glance in the morning across the 6 pairs at 1hr frame and saw potential losing steam in USDJPY. Went over to 5mins to further investigate to find that indicators are in favour of short. Entered the trade with confidence and wrap up 22pips.


Your trade results will show if you are doing what is correct or you are doing what you like
This is a loss trade. Should avoid entering trade (short) if it has not hit the top of i-reg and the momentum is still showing uptrend. This rule only invalidates if the 1hr charting shows otherwise.

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

Wednesday, July 22, 2009

22 July 09 GBP and JPY


Another 2 good trades.

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

21 July 09 USDCAD rally up 90pips!


If you were still awake at 11pm, you would have seen the USDCAD rally. The rally continued all the way till 1am SGT. It would have been such a sweet sweet profit of 90pips, if only my eyes and my brain were obedient enough to see it through....Congrats to those who caught the wave...




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

Tuesday, July 21, 2009

21 July 09 successful trade yet again




Above are the night trades. Profited 20pips plus. Still following the rules applied during the day. More volatility so able to grab more pips when ITM. S/L remains the same as in the day.


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

21 July 09 Good day trades for EUROUSD and CHFUSD

5pips
5 pips

10pips
Your trade results will show if you are doing what is correct or you are doing what you like

Monday, July 20, 2009

20 July 2009 trading at 1hr

25pips profit
5pips profit

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