Thursday 23 February 2012

Where's the Trade? Results CHFJPY 3.33 pm London 22/2/12

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. 

Based on Where's the Trade?: CHFJPY
 
Trade not triggered.

Net: No entry.

Wednesday 22 February 2012

Where's the Trade? CHFJPY 5.06 am London 23/2/12

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 Secondary Shatterbounce CHFJPY 1H setup. The Primary Shatterbounce will be on the 15M. The trade should occur below the 88.07 level and around the 87.72 shatterpoint. Wait for a few hours to get an oversold level and a V signal at (ideally between) those levels. There will be no trading by Straight Talk today and thus this trade will not be counted in the statistics either way.   

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.




Tuesday 21 February 2012

Where's the Trade? Results AUDUSD 7.20 am London 22/2/12

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. 

Based on Where's the Trade?: AUDUSD

The first trade did not work out and was exited for a loss. The second entry came shortly after and turned a profit. Net, it was a very slight profit but the trade was exited due to the combined uncertainty of Frankfurt hour and various targets being hit based on the principle of Shatterpoint Reflection. Both trades are shown below.

Net: Profit.


Where's the Trade? AUDUSD 0.58 am London 22/2/12

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 Perfect Storm AUDUSD 1H setup. AUDUSD has a Perfect Storm setup on the hourly charts, which has been taken.
 
Direction: Long

Reason: On multiple timeframes, price is a key shatterpoint level and is likely to reverse or at least hesitate.




Where's the Trade? Results EURJPY 4.42 pm London 21/2/12

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. 

Based on Where's the Trade?: EURJPY 

This trade did not trigger the primary STT Shatterbounce on the 15M, but it did (barely) trigger the secondary Shatterbounce on the 1H chart. The attached chart shows the entry and the initial target, already hit, which would have yielded an initial profit of 29 pips. However, the trade was not taken because the trader mentor was away from the trading terminal, and thus to maintain integrity this trade will not be counted. The snapshot is shown for illustrative purposes and for completeness relative to the initial trade call.

Net: Profitable, but not traded.


Where's the Trade? Results USDCHF 8.23 am London 20/2/12

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. 

Based on Where's the Trade?: USDCHF

The trade was closed aggressively when price retreated off the initial target. A few pips of profit were made.

Net: Profit.



Where's the Trade? Update USDCHF 8.06 am London 21/2/12

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. 

Based on Where's the Trade?: USDCHF

On the close of the hour price pulled back sufficiently to justify an entry after all. However, this trade is being monitored defensively.

Monday 20 February 2012

Where's the Trade? Update USDCHF 7.47 am London 21/2/12

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. 

Based on Where's the Trade?: USDCHF

There was no opportunity for entry on the 1H chart due to price speeding to the target before the signal was given. Nonetheless, the 4H Perfect Storm setup is still technically in play and will continue to be watched.

Net: No entry yet.

Where's the Trade? USDCHF 7.09 am London 21/2/12

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 Perfect Storm USDCHF 1H setup. On the close of this hour, a USDCHF hourly setup Perfect Storm is setting up on the hourly charts, provided that the momentum conditions for the Perfect Storm are met. It is a micro setup, since the main Perfect Storm is on the 4H charts. Thus, we expect to potentially take a few hits before getting it correct. The Perfect Storm is nullified if price breaks below the 0.9022 level.
 
Direction: Long

Reason: On multiple timeframes, price is a key shatterpoint level and is likely to reverse or at least hesitate.




Where's the Trade? EURJPY 6.05 am London 21/2/12

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 Primary/Secondary Shatterbounce EURJPY 1H setup. Wait a few hours until price gets oversold on the 1H chart between the 104.84 and 105.20 shatterpoint levels. Although counter the weekly charts, there is a valid Shatterbounce setup at these levels. The secondary Shatterbounce will be triggered when it gives the V signal. The primary Shatterbounce will occur when the 15M chart gives a reversal divergence with momentum conditions.

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 EURJPY 9.47 am London 20/2/12

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. 

Based on Where's the Trade?: EURJPY

Price did an STT Secondary Shatterbounce on the 15M which was entered at the 104.98 level. This trade was taken as a valid trade although the overall market conditions were still uncertain, and thus aggressive trade management was used. As of this post, the initial target level at 105.14 has been hit and the remaining position moved to breakeven. Secondary target is 105.48. The charts show the trade as it developed.

Net: Profit. 



Sunday 19 February 2012

Where's the Trade? EURJPY 6.36 am London 20/2/12

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 Primary/Secondary Shatterbounce EURJPY 1H setup. Wait a few hours until price gets oversold on the 1H chart between the 104.74 and 104.27 levels. Although counter the weekly charts, there is a valid Shatterbounce setup at these levels. The secondary Shatterbounce will be triggered when it gives the V signal. The primary Shatterbounce will occur when the 15M chart gives a reversal divergence. For the moment, a lower order Shatterbounce is already in play with an initial target at 105.18. (The entry price was 105.01.) In observing the formation, the actual 4H shatterpoint is 103.84, which is significantly lower, so trades will be filtered for quality and trade management defensive as the first trade or two are likely to be fakeouts.

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? 5.56 am London 20/2/12

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: Higher timeframes continue to be fractured and thus for the purposes of this blog, there is no clear trade in sight in the seven major currencies. The weekend gaps that have appeared seem uncertain and will probably close, but for the purposes of STT setups, there are no alignments at the moment. The daily charts in particular are disjointed.

Thursday 16 February 2012

Where's the Trade? 7.02 am London 17/2/12

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: There is no trade today as the timeframes are unaligned and there appears to be significant uncertainty for the market. In view of that, it is deemed best to leave the market alone till next week.

Where's the Trade? Results EURUSD 2.17 am London 17/2/12

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. 

Based on Where's the Trade?: EURUSD long and EURUSD short
 
Both trades have failed to trigger and the price formations have lapsed, so no entries were made. The new setups in currencies will now be considered.

Net: No entry.

Where's the Trade? EURUSD 4.07 pm London 16/2/12

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 EURUSD 1H setup. Although higher timeframe bias is still generally bullish, there is sufficient momentum on the 4H to originate a Shatterbounce. The 1H chart will provide the secondary Shatterbounce entry and the 15M will provide the primary Shatterbounce. The setup will likely occur at or around the 1.3079 level marked.
 
Direction: Short

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? Update EURUSD 2.46 pm London 16/2/12

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. 

Based on Where's the Trade?: EURUSD

Thus far, EURUSD has not satisfied the momentum conditions for STT ReCoil on the 4H charts. Even though it fulfilled 1H conditions, momentum is too strong on the 4H chart, and it has not yet reached the shatterpoint. This trade continues to be the one of primary interest.

Net: No entry as yet.

Wednesday 15 February 2012

Where's the Trade? EURUSD 7.03 am London 16/2/12

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 ReCoil long trade has set up on the Weekly charts, although it is dueling with an STT Shatterbounce short trade situation. The next shatterpoint at which this will resolve itself one way or another is at 1.2941, where either the Shatterbounce will prove correct and continue the downtrend, or the ReCoil will commence its effect. Provided the momentum and divergence conditions for the ReCoil are met on the 4H and 1H charts, there is a trade long from that shatterpoint region. In the mean time, lower timeframe Shatterbounces short are likely to develop on the way to that shatterpoint.

Direction: Long

Reason: The higher timeframes provide evidence to believe that a retracement higher is to be expected, and thus on signs of the movement downward weakening, a long position is valid.





Where's the Trade? Update EURUSD 1.50 am London 16/2/12

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. 

Based on Where's the Trade?: EURUSD

Thus far, EURUSD has not satisfied the momentum conditions for STT ReCoil. Furthermore, it is violating momentum conditions on the 4H chart. This trade will continue to be watched, but it is unlikely that it will trigger.

Net: No entry.

Where's the Trade? EURUSD 2.59 pm London 15/2/12

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 ReCoil has set up on the Weekly charts. The Daily chart is at the shatterpoint reversal level of 1.3076 that has been anticipated for awhile now. There is also an STT Hidden Force shatterpoint at 1.3028, thus forming a zone between the two levels. Provided the conditions of reversal divergence occur and satisfy the momentum conditions of the trade, this trade is valid.

Direction: Long

Reason: The higher timeframes provide evidence to believe that a retracement higher is to be expected, and thus on signs of the movement downward weakening, a long position is valid.





Where's the Trade? Final Result AUDUSD 10.51 am London 15/2/12

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. 

Based on Where's the Trade?: AUDUSD

Final position taken out for 80 pips. Total for the day is 238 pips.

Net: Profit.

Tuesday 14 February 2012

Where's the Trade? Further Update AUDUSD 5.14 am London 15/2/12

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. 

Based on Where's the Trade?: AUDUSD

Second target was just hit. One position remains with a target at 1.0785. The remaining stop loss is currently at 1.0691, more than 15 pips in profit, so this trade will certainly work out profitably. The remaining stop loss will be trailed relatively slowly from this point on. Locked in profit on this trade so far is 158 pips.

Net: Profit.

Where's the Trade? Further Update AUDUSD 2.33 am London 15/2/12

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. 

Based on Where's the Trade?: AUDUSD

Initial target was hit very quickly - within 15 minutes of the last blog post. 38 pips were taken as profit and the rest of the position moved to 1 pip better than breakeven. This trade will be left to run. Regardless of what happens now, this will be a profitable trade.

Net: Profit.


Where's the Trade? Further Update AUDUSD 2.19 am London 15/2/12

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. 

Based on Where's the Trade?: AUDUSD

Following the previous update, AUDUSD came down and fulfilled the STT ReBounce conditions, but the close gave an unfavourable entry point. Thus, the ReBounce secondary entry on the 4H chart was taken instead on a pullback on the charts below. The entry location was favourable and it immediately went into profit, although it has yet to hit any targets.




Where's the Trade? Update AUDUSD 2.52 pm London 14/2/12

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. 

Based on Where's the Trade?: AUDUSD

AUDUSD failed to fulfill the final conditions for the ReBounce long before setting off. Nonetheless, it completed a Shatterbounce short on the 5M, 15M and 1H charts which was good for a bit more than 10 pips. This will not be counted as it was a short-term trade.

Net: No entry.

Monday 13 February 2012

Where's the Trade? AUDUSD 5.06 am London 14/2/12

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 ReBounce AUDUSD 1H setup. The originating Shatterbounce on the Daily chart is still in effect, and the 1H is now entering a zone to continue the original trend. A reversal divergence trade on the 1H chart with 4H oversold following Straight Talk Trading reversal divergence rules are will make for a valid ReBounce provided it does not go below the 1.0633 level marked. 

Direction: Long

Reason: Price is at a level where it is likely to confirm an original Shatterpoint setup, offering a chance at a second entry.




Where's the Trade? Final Result USDCHF 1.02 am London 14/2/12

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. 

Based on Where's the Trade?: USDCHF

USDCHF hit its final target at 0.9174. Net overall gain of about 60 pips, counting the initial loss.

Net: Profit.


Where's the Trade? Results USDCHF (was GBPUSD and EURGBP) 4.25 pm London 13/2/12

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. 

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

Both EURGBP and GBPUSD failed to meet entry conditions in the strict sense marginally. EURGBP subsequently went to initial target. GBPUSD failed to get up the shatterzone required to make this a safe trade, so by the principle of Shatterpoint Reflection, the same move was participated in on USDCHF instead. The initial trade was a loss of 10 pips or so. The second trade hit target at 20 pips and most of the position has been scaled out, guaranteeing at least a marginal profit for today. The final target is at 0.9174. The trade setup was STT Perfect Storm. Attached are various snapshots of the three currencies.

Net: Profit. 

Comment: As this blog aims to record the trade setups as they occur, Shatterpoint Reflection will be used as little as possible to maintain the veracity of trading. Nonetheless, trading is unpredictable and sometimes the setups simply do not turn out as expected, and the optimum actions dictated by strategy at the time will be taken, as was the case today.




Where's the Trade? GBPUSD 9.40 am London 13/2/12

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 ReShatter GBPUSD 1H setup. The originating shatter is the result of a Perfect Storm on the Weekly and Daily charts. The 4H chart is still undecided, suggesting that this trade may take a couple of false entries before working out. Nonetheless, a reversal divergence trade between the 1.5801 and 1.5898 would qualify for an early entry into a ReShatter. 1.5845 is likely to prove to be the key shatterpoint level from which this trade takes off. This trade is preferred to the EURGBP posted earlier, and is the one currently being actively watched.

Direction: Short

Reason: Price is at a level where it is likely to confirm an original Shatterpoint setup, offering a chance at a second entry.

Comments: We appear to be seeing a shift in market rhythm so that the clearer trades may start occurring towards the New York session, instead of the London session as they have been lately. Lower timeframe trades may be taken in the London session but they will not be blogged because of their quick nature.