Where's the Trade? CHFJPY 5.06 am London 23/2/12

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 Secondary Shatterbounce CHFJPY 1H setup. The Primary Shatterbounce will be on the 15M. The trade should occur below the 88.07 level and around the 87.72 shatterpoint. Wait for a few hours to get an oversold level and a V signal at (ideally between) those levels. There will be no trading by Straight Talk today and thus this trade will not be counted in the statistics either way.   

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.