Where's the Trade? USDCAD 5.40 am London 6/2/12

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 USDCAD 1H setup. Wait a few hours until price gets overbought on the 1H chart in the 0.9959-0.9989 Shatterzone. The Shatterpoint of 0.9967 is particularly significant. Take a Shatterbounce secondary V entry short and overbought or a reversal divergence on the 15M chart at those levels. Initial support level at 0.9943.

 

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.