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Trader Sonskyn's daily Trades
Thank you for coming back again! Today is a great day for trading!!! The EUR and CHF has just started strengthening giving great signals and resulting in some profits on my other trades. Only drawback is that the GBP also decided to strengthen giving me one bad trade I had to close so far.
I am following a strategy based on a daily chart setup. The rules are simple:
1. Only Currency Pairs of which one must be in the strong corner and the other in the weak corner.
2. Only when my trend indicator confirms that the daily chart is trending up or down may I even look for entries.
3. My signals are generated by an Oscillator indicating when the market is overbought or oversold.
Simple and easy, the catch is when you are eager to trade and you are looking at a daily chart the signals can take days to manifest. So you need to SIT ON YOUR HANDS!
Current trades and their status
2. USDJPY: buy: 22/10/2012 Here the only rule I broke was my oscillator showed overbought and I still took the trade. Luckily the strength and weakness match is still intact and the oscillator is moving into oversold positions so this trade should still work out fine. USD is weakening currently can make the trade slower.
3. NZDJPY: buy: 24/10/2012 All the rules where met in this trade and currently I am 35 pips in profit and all the indicators still look fine so I expect some good returns here. All is good!
4. USDCAD: buy: 26/10/2012 2 of the three rules where met here, just my oscillator that is still overbought. USD is weakening so I closed this trade with a 7 pip profit, not ideal but I will wait for my oscillator to go to oversold to buy again.
5. GBPUSD: Sell: 2910/2012 All three rules were in place
when I took this trade AND my down trend line is acting as resistance. Closed
this trade! USD is falling sharply and GBP strengthening, not good for my
7. EURGBP: buy: 30/10/2012 Another brilliant trade!! As it was confirmed with a trend line as support with a fib retracement on 61.8 exactly on the trend line!! Only snag here was that my daily trend indicator was not in place, but the trend line with the fib retracement overrides it. 9 pips in profit so far
8. NZDCHF: Sell: 30/10/2012 Two of my three rules were not met here, 1 daily trend indicator and 2 both these currencies are relatively strong but flat at the moment, so anything can happen But I took this trade because the Trend line is resistance supported by a Fib retracement of 61.8. Price action has a tendency to override my rules So this could be a disaster, but I really believe in the combination of my oscillator and the trend line on the fib retracement And it is doing well, good decision!! 21 pips in profit!
Due to EUR and CHF strengthening I got 3 new signals.
9. CHFJPY: Buy: 31/10/2012 All three my rules where met so I took the trade and I am not in 36 pips profit so far!! Well done, good trade taken.
10. EURJPY: buy: 31/10/2012 Now this is a brilliant trade if I have to say so myself!! All three my rules are met AND we have price action as confirmation: price bounced off the trend line on a 61.8 fib retracement! 50 pips profit already!!
11. EURNZD: buy: 31/10/2012 This is not such a good trade, must admit daily trend indicator and strength match on this pair is not ideal, but the price bounced off a trend line and the oscillator gave a signal. This can go anywhere!! Have to watch this one
Thank you and happy trading!!
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