Signal for 9/07/2009 for: GBP/JPY

Recap of yesterday's events:

We had no trades for the GBP/JPY pair yesterday.

Today's Signals:

Our levels of concern for today 9.07.09 are as follows:

R3-158.819
R2-155.979
R1-152.419
Pivot Point– 149.579
S1-146.019
S2-143.179
S3-139.619

Possible Scenarios:

Buy Signal:

For a buy to be triggered, I will wait for price to trade above the pivot point by London open. If a good entry is validated, we may have a target at 150.170 and a second target at 151.00. I will exit half my position at 1st profit target and let the rest run to the second profit target.

If price keeps pushing up, I will wait for a break of 151.20 level before looking for another buy entry. Thus if a good entry point presents itself, my profit target is set at 151.96.

PS – Make sure that entry rules are obeyed before jumping into a trade.

Sell Signal:

If by London open price is still below pivot point, I will wait for a break of 149.25 (if price is above this level by London open) before looking for a sell. This may be a bit tricky as the only support we have if a sell is triggered is at 146.01. Thus, I will be cautious at this point and set my profit target (if a valid signal is triggered) at 148.04.

If this level is broken and we have a valid entry, we may have another target at 147.45 level. My final target is set at 146.35.

Please remember that proper money management is crucial to protect your profit.

Happy trading.

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