Wednesday 11 April 2012

Where's the Trade? Results Longer Term CHFJPY 2.46 pm London 11/4/12

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(TM)'s Complete Response Trading System(TM)'s specific entry and exit rules, which are only accessible by STT clients. 

Based on Where's the Trade?: Longer Term CHFJPY

Neither the Recoil nor the Scale 1 setup occurred. The Double Shatterbreak happened and is in play, but the previous long setup retriggered one final time in the last chance zone and is headed up towards first target at 88.70. The second target is 91.25. This trade will not be counted since it was not officially called on the blog beforehand. Nonetheless it is also a valid setup entry.


Monday 9 April 2012

Where's the Trade? Results Longer Term CHFJPY 2.36 pm London 10/4/12

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(TM)'s Complete Response Trading System(TM)'s specific entry and exit rules, which are only accessible by STT clients. 

Based on Where's the Trade?: Longer Term CHFJPY

As suspected, this pair began to run shortly after the previous post, and was entered aggressively before the candle closed. It hit first target at 89.22 and there is a small position remaining being trailed aggressively. All the previous small losses have been made back, although that means not much has been left to run. However, we are now waiting for an STT Recoil(TM) setup or Scale 1 setup to add on.

It may also potentially set up an STT Double Shatterbreak(TM) to the downside. That trade will not be covered here if it develops, however.

Net: Profit.


Where's the Trade? Results Longer Term CHFJPY 5.13 pm London 9/4/12

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(TM)'s Complete Response Trading System(TM)'s specific entry and exit rules, which are only accessible by STT clients. 

Based on Where's the Trade?: Longer Term CHFJPY

It has been a quiet day on this pair, although there were opportunities elsewhere, but the objective of this exercise has been to follow the development of this particular pair. Although again not a particularly satisfying setup, it is very likely that the close of this 4H candle will complete the trigger for another long. USDCHF 4H is bearish, which is bullish for this pair. USDJPY 4H is bullish, but still showing too much downside momentum. All in all, another mixed signal to be handled with care. With Barb Wire in play, this setup could shoot straight to target or spike against us very quickly. The setup is hair-trigger so the entry may be aggressively made before the close of the bar.


Sunday 8 April 2012

Where's the Trade? Results Longer Term CHFJPY 2.29 am London 9/4/12

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(TM)'s Complete Response Trading System(TM)'s specific entry and exit rules, which are only accessible by STT clients. 

Based on Where's the Trade?: Longer Term CHFJPY

As expected, this trade didn't go. Because aggressive management was used, the loss was minor - in the 20-23 pip range. The setup is still valid, although it will likely not trigger for awhile.


Friday 6 April 2012

Where's the Trade? Results Longer Term CHFJPY 3.44 am London 7/4/12

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(TM)'s Complete Response Trading System(TM)'s specific entry and exit rules, which are only accessible by STT clients. 

Based on Where's the Trade?: Longer Term CHFJPY

There has been a second entry on the 4H CHFJPY, this time more properly in the Shatterzone. Like its predecessor, it is a little imperfect, having occurred on NFP Friday and being traded on the weekend, but since this is an exercise in following every technical Shatterpoint Master System(TM) trade, it is an entry nonetheless. Entry was at 88.96 and current first target is 89.61 although that may change depending on the momentum. Due to the momentum being evidence on 4H USDJPY to the downside, it is expected that this trade has a lower than normal probability and thus will be managed aggressively.


Where's the Trade? Results Longer Term CHFJPY 3.58 pm London 6/4/12

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(TM)'s Complete Response Trading System(TM)'s specific entry and exit rules, which are only accessible by STT clients. 

Based on Where's the Trade?: Longer Term CHFJPY

The trade showed signs of weakness and ultimately moved against us. Although the Shatterpoint actually transposed very close to the 89.74 high, the first target was not hit in this case. This is unsurprising in view of the earlier downside momentum, but it is not up to the trader to judge a trade that fulfills the Shatterpoint conditions. The setup is still intact and waiting for another entry signal on the 4H. The estimated loss is about 30 pips.



Thursday 5 April 2012

Where's the Trade? Results Longer Term CHFJPY 5.00 am London 6/4/12

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(TM)'s Complete Response Trading System(TM)'s specific entry and exit rules, which are only accessible by STT clients. 

Based on Where's the Trade?: Longer Term CHFJPY

There has been an entry on the 4H CHFJPY, a little higher than the projected Shatterpoint(TM) level, but within the Shatterzone. Although it is a little early and there is still evidence of downside momentum, it is a valid STT Shatterbounce(TM) and so the entry has to be counted in fairness with the first target at 90.04.


Tuesday 3 April 2012

Where's the Trade? Results Longer Term CHFJPY 3.22 am London 4/4/12

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(TM)'s Complete Response Trading System(TM)'s specific entry and exit rules, which are only accessible by STT clients. 

Based on Where's the Trade?: Longer Term CHFJPY

The remainder of the Part 2 entry was not completed at the 91.74 level due to excessive momentum on the 15M, USDJPY and USDCHF respectively. All positions have now been closed for a slight profit. If the remaining entries had indeed triggered, then the positions would have been closed for net breakeven. We are now on our way to the longer term trade on the 4H.

Net: Slight profit.

Where's the Trade? Results Longer Term CHFJPY 3.19 pm London 3/4/12

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(TM)'s Complete Response Trading System(TM)'s specific entry and exit rules, which are only accessible by STT clients. 

Based on Where's the Trade?: Longer Term CHFJPY

There is a Shatterpoint(TM) Part 2 entry for this trade (one of several variations). A very small position was opened at 91.03 and much more will be added on at 90.74. Targets will be per the Shatterpoint system. 91.74 is the Level 2 Shatterpoint(TM). 91.65 is the part-way exit level for some of the positions to be opened at 90.74. Part 2 scale ins are funded by the profits from the Part 1 entry, and so this trade will not turn into a loss regardless.




Monday 2 April 2012

Where's the Trade? Results Longer Term CHFJPY 3.12 am London 3/4/12

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(TM)'s Complete Response Trading System(TM)'s specific entry and exit rules, which are only accessible by STT clients. 

Based on Where's the Trade?: Longer Term CHFJPY

The entry for Trade 1 developed in the Shatterzone as expected on the hourly. Entry is on the close of candle marked by the vertical line. It has visited the first target at 90.86. The remainder of the trade would be managed on the Shatterpoint Master System(TM) trade management principles, but from this point on it is a no-loss trade.

Net: Profit. 


Sunday 1 April 2012

Where's the Trade? Results CHFJPY 7.53 am London 2/4/12

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(TM)'s Complete Response Trading System(TM)'s specific entry and exit rules, which are only accessible by STT clients. 

Based on Where's the Trade?: CHFJPY

This trade went just before the first target and hesitated. With such small targets it was not worth waiting so trade was exited slightly ahead of the entry. With the spread, this probably would have been a breakeven or slight loss.

Net: Would have been a breakeven/slight loss by part of the spread, which is why only higher timeframe trades are being taken on this pair. It would still be a net up or breakeven on the day due to the earlier trade.




Where's the Trade? CHFJPY 7.35 am London 2/4/12

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(TM)'s Complete Response Trading System(TM)'s specific entry and exit rules, which are only accessible by STT clients.

The Trade: STT Shatterbounce(TM) CHFJPY 5M setup. On the way to developing the setups described for the longer term trades, there is yet another Shatterbounce setup on the 5M.This is the second one in sequence, but a legitimate one. As this post goes out the trigger has already occurred so it could potentially develop very quickly. Levels are the same as before. Again, this trade is for illustrative purposes only because the spread prohibits trading such small targets.

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 CHFJPY 6.53 am London 2/4/12

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(TM)'s Complete Response Trading System(TM)'s specific entry and exit rules, which are only accessible by STT clients. 

Based on Where's the Trade?: CHFJPY

In spite of the time, the 5M trade worked out - hit first target before reversing as expected. We are still on course for the development of the longer term trades.

Net: Would have been a profit, although these smaller timeframe trades are not taken due to the relatively large spread.


Where's the Trade? CHFJPY 5.21 am London 2/4/12

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(TM)'s Complete Response Trading System(TM)'s specific entry and exit rules, which are only accessible by STT clients.

The Trade: STT Shatterbounce(TM) CHFJPY 5M setup. On the way to developing the setups described for the longer term trades, there is another Shatterbounce setup on the 5M. This is a relatively more risky setup due to the time of potential triggering within the Asian session, but nonetheless a valid one. The Shatterzone(TM) is formed of the Shatterpoints indicated.

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.