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Trader Sonskyn's daily Trades
Just to recap Im 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. 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 14 pip minus, better than yesterday.
2. 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 4 pip minus.
3. 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. The JPY suddenly turned in its strength and I was stopped out during the night as minus 77 pips. NOT NICE!!
4. 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. Again due to the JPY sudden strength I was stopped out with 100 pips minus.
5. NZDJPY: buy: 7/11/2012 With the JPYs weakness I wanted to take advantage of this pair. Two of my rules are met just the oscillator overbought. Again the JPY bit me and stopped out at 110 pips minus. There is probably a reason why there are 3 rules to my strategy and not just two.:-(
6. 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. And it was not a good idea!!! Stopped out as well with 53 pips loss. Not a good couple of trades!! But that is Fore trading
Got one new signal this morning:
7. GBPCHF: buy: 8/11/2012 All three my rules were met, trend is up, strength match is ok and my oscillator just broke the signal level upwards. Let see what happens
Thank you and happy trading!!
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