Where's the Trade? EURUSD 4.07 pm London 16/2/12

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 Shatterbounce EURUSD 1H setup. Although higher timeframe bias is still generally bullish, there is sufficient momentum on the 4H to originate a Shatterbounce. The 1H chart will provide the secondary Shatterbounce entry and the 15M will provide the primary Shatterbounce. The setup will likely occur at or around the 1.3079 level marked.

 

Direction: Short

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.