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.

Tuesday, July 7, 2009

7 July 09 Another Good Trade for EuroUsd

Short and gotten 15pips profits. Took a glimpse the next morning and the movement was shocking!!! It breached the key pivot point and plunge like crazy@@
That could be potential profit of more than 80pips...


Your trade results will show if you are doing what is correct or you are doing what you like
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7 July 09 Another Good Trade for EuroUsd Sample


Your trade results will show if you are doing what is correct or you are doing what you like
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Da Vinci and Fibonacci


In case you didn't know, Da Vinci is also into Fibonacci. In the seminar I went to last Saturday, the speaker shared that Mona Lisa and the Vetruvian Man are all drawn using the Fibonacci Figures!

While you wait for your trading signals, do go to this website to learn more about Da Vinci and his relationship with Fibonacci. http://library.thinkquest.org/27890/applications6.html


Your trade results will show if you are doing what is correct or you are doing what you like
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6 July 09 Sample of good trade for EuroUsd


Last night around 12.00, EuroUsd has some good trade (long). All indicators align with the trend (short and long timeframe). Potential profit of 50pips (15mins).


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

If haven't heard, this is something you need to go check out with your US forex brokers - Under the new NFA ruling, some US forex brokers may not be able to honor your stop loss. If your broker is affected, switch now.

Your trade results will show if you are doing what is correct or you are doing what you like
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Monday, July 6, 2009

EuroUSD relationship with GbpUSD

The 2 pairs should always be inline. If their direction/trend is in conflict, don't enter trade if if signals/indicators tell you so. This is to reduce risk.

Your trade results will show if you are doing what is correct or you are doing what you like
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Sunday, July 5, 2009

Do you trade on news at 15mins?

These are the main reports which can be possible to trade using straddle method (options trading uses this method as well).

• Nonfarm Employment Change
• Trade Balance, Import Prices m/m
• Producer Price Index m/m, PPI excl. Food and Energy m/m
• Durable Goods Orders
• Gross Domestic Product q/q (p), GDP Deflator q/q (p)
• Nonfarm Productivity q/q
• Retail Sales m/m, Retail Sales excl. Autos m/m
• FOMC Interest Rate Statement


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