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.

Wednesday, May 19, 2010

18pips short EUR

EUR hit all time low!

At Asia Time, 3pm odd, EUR suddenly shot down by 60pips within few seconds. Within short time, it went up again. Short EUR and grabbed 18 pips. Moving average at 5mins chart showed market is turning direction.

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