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.

Monday, August 3, 2009

3 Aug 09 Euro, Chf and Cad (20, 10, 10 pips profit)








Entered trades for Euro (short), Chf (long) and Cad (long) in the morning. All 3 trades at 1hr crossed the i-regression and red arrow indicated trading opportunity. Went to 5mins timeframe to find good entry and closed position in the afternoon. Initial target profit is at 1hr emas. Panicked a little and adjusted the profit taking for euro (20pips) and chf (10pips). Shortly after both pairs moved towards emas (potential profits of additional 20pips each).




Your trade results will show if you are doing what is correct or you are doing what you like
Posted by at No comments:
Subscribe to: Posts (Atom)