Where's the Trade? 4.42 am London 8/2/12

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 are no clear trade setups as of now following STT rules. The closest is a bottom on USDCHF hourly but it has shown remarkable uncertainty in the previous few hours, making it prone to fake breakouts and sudden moves. In view of that and the volatile news day, the trade is to stand aside. Something may develop later in the day during the New York session.