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.
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