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, October 7, 2009

20091007 eurusd 16pips profit offset 26pips lost for usdjpy


Morning's trade on usdjpy landed into 26pips loss. Entry when there is no clear trend and market was consolidating. Should avoid entry when no clear trend and when market consolidates.

Clear downtrend for eurusd at night and exited at profit of 16pips.

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