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Trader Sonskyn Trading Journal
Closed the rest of my trades with about 250 pips profit for the week. Nicely done! Had some losses but way less than the profits.
Just to recap Iam 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
1. 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. Decided to close the trade 48 pips profit.
2. NZDJPY: buy: 24/10/2012 All the rules where met in this trade and I decided to close this trade with a 120 pip profit.
3. CHFJPY: Buy: 31/10/2012 All three my rules where met so I took the trade and I am in 48 pips profit so far and decided to close the trade as CHF is falling its teeth out.
4. 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! Decided to close this trade with 56 pips profit.
5. NZDCAD: buy : 1/11/2012 Two of my rules where met and the trend is strong, made use of a h4 setup to get entry into this trade currently negative 28 pips for now.
Thank you and happy trading!!
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