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, July 22, 2009

21 July 09 USDCAD rally up 90pips!


If you were still awake at 11pm, you would have seen the USDCAD rally. The rally continued all the way till 1am SGT. It would have been such a sweet sweet profit of 90pips, if only my eyes and my brain were obedient enough to see it through....Congrats to those who caught the wave...




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