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, May 21, 2010

19 pips short EUR

 Another day of drastic up and down for EUR during Asia Timing. Market moved up almost 200pips and plunge almost the same amount in the late afternoon.

Despite that, the one hour time frame showed signs of reversing i.e. market is moving up. Wonder if the news of unsustainable US economy outweighs the Europe economy that is breaking down.

Nonetheless, grabbed 12pips short EUR. Grabbed another 7pips short EUR as market retraces to Moving Average.

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