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
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.
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
This is a loss trade. Should avoid entering trade (short) if it has not hit the top of i-reg and the momentum is still showing uptrend. This rule only invalidates if the 1hr charting shows otherwise.
Your trade results will show if you are doing what is correct or you are doing what you like
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
Above are the night trades. Profited 20pips plus. Still following the rules applied during the day. More volatility so able to grab more pips when ITM. S/L remains the same as in the day.
Your trade results will show if you are doing what is correct or you are doing what you like