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 AUDUSD hourly
setup. Buy entered on the hourly chart based on the secondary STT Shatterbounce rules.
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.
Emergency Exit: Trade to be exited if hourly price closes below the 1.0665 level marked.
Initial Target: 1.0725 unless one of the Shatterpoint early exit signals appears. There is a solid trend on AUDUSD although it is approaching weekly resistance levels, so the strategy will be to scalp out quickly on account of NFP and then to try to ride the trend.
Additional Caution: Today being NFP Friday and given the inherent uncertainty of the currencies this week, any Shatterpoint exit signals will be viewed seriously.
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