Where's the Trade? EURJPY 6.05 am London 21/2/12

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 Primary/Secondary Shatterbounce EURJPY 1H setup. Wait a few hours until price gets oversold on the 1H chart between the 104.84 and 105.20 shatterpoint levels. Although counter the weekly charts, there is a valid Shatterbounce setup at these levels. The secondary Shatterbounce will be triggered when it gives the V signal. The primary Shatterbounce will occur when the 15M chart gives a reversal divergence with momentum conditions.

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.