Friday, 30 March 2012

Where's the Trade? Longer Term CHFJPY 6.58 am London 31/3/12

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(TM)'s Complete Response Trading System(TM)'s specific entry and exit rules, which are only accessible by STT clients. 

Longer Term Calls: The longer term calls are designed to help clients with Shatterpoint Universe(TM) and to anticipate moves in better trending currency pairs, with projected support and resistance levels.

The Trades:  

1.) Most likely immediate trade: STT Shatterbounce Long using the daily as the originating chart. The Shatterpoint is at 90.93, with a maximum retracement level at 90.42. This should generate a trigger on the 1H chart provided the proprietary trade conditions are met. It is expected that this trade will hit only the first target, but if it does go, the ultimate target long is at 95.55.

2.) Second trade: STT Shatterbounce Long with the weekly as the originating chart. Should the first trade reverse, the next trade will develop on the 4H chart. This should occur at or between the two shatterlevels of 89.06 and 88.12. However, it may develop extraordinarily as low as 87.04 from a higher order shatterpoint. As always, the trades should attain first target. If they continue to run, the ultimate long target is again at 95.55. Should the 87.04 level fail following Shatterbounce conditions on the weekly chart, then the 84.37 should be the minimum target on the downside, and various Shatterbounce conditions short will trigger using the daily and the 4H as the originating charts.