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, July 24, 2009

24 July USDJPY losing some steam




Was doing a quick glance in the morning across the 6 pairs at 1hr frame and saw potential losing steam in USDJPY. Went over to 5mins to further investigate to find that indicators are in favour of short. Entered the trade with confidence and wrap up 22pips.


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