Where's the Trade? CHFJPY 7.35 am London 2/4/12

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.

The Trade: STT Shatterbounce(TM) CHFJPY 5M setup. On the way to developing the setups described for the longer term trades, there is yet another Shatterbounce setup on the 5M.This is the second one in sequence, but a legitimate one. As this post goes out the trigger has already occurred so it could potentially develop very quickly. Levels are the same as before. Again, this trade is for illustrative purposes only because the spread prohibits trading such small targets.

Direction: Long

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.