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Trader Sonskyn's Trading Journal
Just to recap I’m 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. 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. Stopped me out when NZD weakened a bit lost 77 pips.
2. AUDCAD: buy :6/11/2012 All three my rules were met, the signal did present itself in the early hours of the morning so I got in a bit later, but I am still confidant this will work. Currently in 45 pip minus, wait and see.
3. AUDCHF: buy: 6/11/2012 Two of my rules were met, just the oscillator that is overbought. Due to the strength of the trend and the match of the currencies I decided to take a trade on a one hour chart. Still a bit slow so I wait, currently in 28 pip minus.
Took a trade yesterday afternoon and two this morning
4. AUDJPY: buy : 6/11/2012 Two of my rules were met and again my oscillator is overbought so I decided to take a trade on a h4 signal. Doing well currently in 16 pip profit.
5. EURJPY: buy: 7/11/2012 The EUR started strengthening this morning on a trend line with a 61.8 fib level giving me a notion to buy even with only one of my rules being met. This can go anywhere so I have a tight stop loss. Currently 29 pip minus.
6. NZDJPY: buy: 7/11/2012 With the JPY’s weakness I wanted to take advantage of this pair. Two of my rules are met just the oscillator overbought. Took trade on signal on h4 chart. Currently 18 pips minus.
7. GBPCHF : sell: 7/11/2012 This is really not a good trade based on my rules, taking a chance here and it can go bad fast… BUT my oscillator is giving a signal and the price is bouncing off a trend line resistance on a 61.8 retracement. Currently on 11 pips minus.
Thank you and happy trading!!
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