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.
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Succesful day trading during Asia Timing (10 pips).gif)
Setup can be invalidated at times. In the later part of the night, the price is in trend and exceeded the initial entry price. .gif)
Should probably consider using the recent low as the s/l. Note that s/l in recent low is more than 30 pips - therefore there must be decision what the s/l should be set at..gif)
Another attempt to enter trade when setup is good. Later in the night, the price moved in trend..gif)
Potential further profits of 20-25 pips if held position longer. Should probably consider the recent low as s/l.
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