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.