Saturday 4 February 2012

Where's the Trade? USDCAD 7.34 am London 5/2/12

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 15M setup. On the open of the Asian session, wait for USDCAD 15M to retrace to the 0.9941-47 zone and overbought conditions as per strategy. When the Shatterbounce V signal is given, there is a short setup. If price should close beyond the 0.9947 region, then the conditions of reversal divergence will set in. The setup is completely negated if it closes above the 0.9960 level. 

Initial target: 0.9929

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.

Further Comments: This is not a trade that Straight Talk will officially take since on this blog it is impractical for monitoring much below the 1H trades, but this setup was noticed in the scanning for trades and it is a legitimate Shatterbounce setup.



No comments:

Post a Comment