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, February 1, 2013

AudNzd H4 successful trade

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

Highly tradeable pair.

Harmonic pattern forming within another harmonic pattern.

Confirmation occurred early this morning.

Spread was 6pips when I open entry.

Position closed with +29pips when candlestick showed price weakness.

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AudUsd at H4 successful trade

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

Trade primarily uses harmonic pattern as basis for trade identification.

Using other indicators as tools to confirm that the harmonic pattern is a valid one to open a position.

This particular pair AudUsd at H4 was closed at profit of 35pips.

More trades to share after this.
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