Where's the Trade? EURGBP 5.48 am London 7/2/12

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: STT Recoil EURGBP 1H setup. A EURGBP Recoil long trade has been entered. This is a relatively lower probability trade and the markets are mixed so the trade is taken with some caution. Trade will be exited if it closes below the 0.8273 level.

Direction: Long

Reason: On the hourly, the Dynamic Shatterpoint has been triggered, bringing into play a potential countertrend retracement to at least the target level of 0.8307.

Comment: It is unusual to take a trade outside the major currencies, but this had a setup than the majors today.