Wednesday 15 February 2012

Where's the Trade? EURUSD 2.59 pm London 15/2/12

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 has set up on the Weekly charts. The Daily chart is at the shatterpoint reversal level of 1.3076 that has been anticipated for awhile now. There is also an STT Hidden Force shatterpoint at 1.3028, thus forming a zone between the two levels. Provided the conditions of reversal divergence occur and satisfy the momentum conditions of the trade, this trade is valid.

Direction: Long

Reason: The higher timeframes provide evidence to believe that a retracement higher is to be expected, and thus on signs of the movement downward weakening, a long position is valid.





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