Tuesday 31 January 2012

Where's the Trade? AUDUSD 7am London 1/2/12

Risk Warning: Trading Forex is inherently risky. This is not a trade alert service and should not be taken as advice to enter or exit a trade. It is simply a narrative of what Straight Talk Traders are watching for, which may or may not happen. What is posted here may or may not develop into legitimate setups on Straight Talk Trading's Complete Response Trading System's specific entry and exit rules, which are only accessible by STT clients.

The Trade: STT Shatterbounce AUDUSD hourly setup. Wait a few hours into the trading day until hourly AUDUSD makes a divergence (continuation or reversal) within the support zone marked. Pay particular attention to the support line at 1.0536.

Direction: Long

Reason: On multiple timeframes, price is at a level of either price continuation of trend or a temporary trend breakdown. For that reason, it should provide a decent intraday trade.






Where's the Trade? Results 3.43 pm London 31/1/12

Risk Warning: Trading Forex is inherently risky. This is not a trade alert service and should not be taken as advice to enter or exit a trade. It is simply a narrative of what Straight Talk Traders are watching for, which may or may not happen. What is posted here may or may not develop into legitimate setups on Straight Talk Trading's Complete Response Trading System's specific entry and exit rules, which are only accessible by STT clients. 

Based on Where's the Trade?: GBPUSD and EURUSD

One position short on GBPUSD stopped out for about 20 pips based on a 30M chart entry. It then traded above resistance and so was eliminated from the entry list.

One position short on EURUSD exited for about 60 pips' profit. The currency pair is still running down as this is being published.

Net: Profit.




Where's the Trade? GBPUSD 9.35 am London 31/1/12

Risk Warning: Trading Forex is inherently risky. This is not a trade alert service and should not be taken as advice to enter or exit a trade. It is simply a narrative of what Straight Talk Traders are watching for, which may or may not happen. What is posted here may or may not develop into legitimate setups on Straight Talk Trading's Complete Response Trading System's specific entry and exit rules, which are only accessible by STT clients. 

The Trade: GBPUSD hourly setup. Hourly GBPUSD will likely make a reversal divergence by 10 am London at a key resistance level. 

Direction: Short

Reason: On the daily chart, price is at a level of either price continuation of trend or a temporary trend breakdown. For that reason, it should give a decent intraday trade short. This is currently preferred over EURUSD because amongst the majors, EURUSD is showing relative indecision today.



Monday 30 January 2012

Where's the Trade? EURUSD 7am London 31/1/12

Risk Warning: Trading Forex is inherently risky. This is not a trade alert service and should not be taken as advice to enter or exit a trade. It is simply a narrative of what Straight Talk Traders are watching for, which may or may not happen. What is posted here may or may not develop into legitimate setups on Straight Talk Trading's Complete Response Trading System's specific entry and exit rules, which are only accessible by STT clients.

The Trade: EURUSD hourly setup. Wait a few hours into the trading day until hourly EURUSD makes a divergence (continuation or reversal) at the horizontal level of resistance marked. Also wait for 4H stochastic to give an overbought signal at 80. 

Direction: Short

Reason: On the daily chart, price is at a level of either price continuation of trend or a temporary trend breakdown. For that reason, it should give a decent intraday trade short.