Signal for 12/06/2009 for: GBP/JPY
Let's first quickly recap the events that occurred in yesterdays trading session and see how we did. This pair behaved just like we said. However I did not stick to my rules and entered the market before the confirmation level was broken and lost money. Well a lesson to be leant here. “NEVER GO AGAINST THE RULES”. This pair hit the first two profit target that were set and anyone who did jump on the market would have made a nice profit. I made nearly 60 pips on that pair yesterday, could have been more but I accidentally got out of both lots when I was meant to take out only 1. Anyways a profit is a profit and it’s always nice to be in the positive. Today's Signal: This pair has been great this week and hitting most if not all the desired profit level. I personally do not trade much on Fridays, maybe because the market tends to be a bit slow and specially when the pairs I trade has had such a big gain. Having said that, if a good set-up presents itself, I won’t hesitate taking the trade. The levels that I’ll be focusing on today 12.06.09 are as follows: R3-164.712 For this pair we may see a push further up. However, it will be quite tricky, as it seems that this pair is overbought for a couple of days now. We may see a last push as I said but trade this pair carefully specially on a Friday. There are lots of cluster formations above and below price today. The 161.80 level has been acting as a strong support level for the past 8 hours now and if this persists at the European and London session we may well see a last push up for the day. However, if price breaks below 161.80 level, there is still a strong support at 161.248 which turns out to be the pivot point. Price may trade between those two levels until the London session. If price trades above 161.80 level for the first hour of the London market, price will most likely head up. Our first profit target will be at 162.50 and the second profit target is 163.30. Note that price has been averaging the 250 pips over the last 4 days of trading. My final target is at 164.70. I doubt market will reach that level but you never know. It may reach the 164.70 level, if by the open of the US session, price is above 163.30. Again no sell signal, only buyers allowed today. P.S Before taking a trade wait for a retest of those important levels I have outlined above. For my analysis I used a 20 EMA, 50 SMA, 200 SMA and two 5 Smoothed MA with one high and the other low.
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