Where's the Trade? USDCHF 7.09 am London 21/2/12

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 USDCHF 1H setup. On the close of this hour, a USDCHF hourly setup Perfect Storm is setting up on the hourly charts, provided that the momentum conditions for the Perfect Storm are met. It is a micro setup, since the main Perfect Storm is on the 4H charts. Thus, we expect to potentially take a few hits before getting it correct. The Perfect Storm is nullified if price breaks below the 0.9022 level.

 

Direction: Long

Reason: On multiple timeframes, price is a key shatterpoint level and is likely to reverse or at least hesitate.