Trader Sonskyn's daily Trades

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.      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. Sudden change in the AUD strength so I decided to close the trade with a 20 pip profit.

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. Again the AUD weakening so I closed this trade at 20 pips minus.

3.      GBPCAD: 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. Moving nicely, GBP still strong and CAD still weakening at 50 pips profit this morning…watch it like a hawk.

No signals this morning, waiting for 2 will see either today or Monday!

Thank you and happy trading!!

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