When you've had money and lost it, it can be much worse than never having had it at all - From WallStreet 1987
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
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.
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.
Thursday, February 21, 2013
UsdCad all timeframe pointing to short
This pair caught my eye again despite previous losing trade on this one. This time round, there are strong confluence coming from H1, H4 and D1. Entered position to short this pair and closed at 20pips20pips.
trade results will show if you are doing what is correct or you are doing what you like
EurNzd H1 short
Didn't manage to capture printscreen of the trade. Position closed in advanced manually with 61 pips profit. Close too early as it subsequently ran up to 215pips by night time.
Your trade results will show if you are doing what is correct or you are doing what you like
Your trade results will show if you are doing what is correct or you are doing what you like
Tuesday, February 19, 2013
UsdCad H4 Short
Seeing harmonic pattern within a bigger harmonic pattern. Price action actualising. Position entered and closed at a lost.
Potential Reversal Zone shifted.
Waiting for confirmation to re-enter short position.
AudCad H4 short
Just after Chinese New Year trade position. Other than price action not fulfilled, the rest are. In trading position and closed at a lost.
Pattern evolved into bearish butterfly.
Re-enter short position and closed at a lost. Pattern invalidated.
Your trade results will show if you are doing what is correct or you are doing what you like
Monday, February 4, 2013
AudJpyW1 Pending open position
Your trade results will show if you are doing what is correct or you are doing what you like
Waiting for confirmation before entering.
Cautious entry due to pattern forming at 1 week chart.
Watch out for it.
Waiting for confirmation before entering.
Cautious entry due to pattern forming at 1 week chart.
Watch out for it.
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.
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.
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.
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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