Where's the Trade? GBPUSD 5.24 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 Perfect Storm GBPUSD 1H setup. Wait a few hours until price gets overbought on the 1H chart provided it is below the 1.5838 level. Then, take any reversal divergence entry as appropriate. Markets are mixed so this trade is to be taken with caution.

Direction: Short

Reason: On multiple timeframes, price is at a significant shatterpoint level of either price continuation of trend or a temporary trend breakdown. For that reason, it should provide a decent intraday trade.