Signal for 17/06/2009 for: GBP/JPYProfit Update: Totals profit made so far in June: GBP/USD – 655 pips GBP/JPY – 212 pips Not bad in anyone's book! And we still have a lot more days left to go. Recap of yesterday's events: Ok let’s have a quick recap of yesterday’s events… Price did not head down yesterday; instead it went all the way to gain nearly 300 pips. Seems like buyers took control yesterday. I was in front of my PC for the first 2 hours of the London session and as soon as price broke the 158.40 I decided to call it a day. The bias was clearly down, must have been the news release that created such a move. Price however went straight down just before the US open to retest the major support level, which is at 157.10. As you may have noticed I rarely trade against the trend, if the trend is down, I will take only sell for the week and if it’s up only buys. I will be going with the trend again and look for only sells today. Today's Signals: Our levels of concern for today 17.06.09 are as follows: R3-164.133 Possible Scenarios:
As said before I will be looking for only sell signals today. We have major support at 157.20-157.10 levels due to some heavy cluster formation around this region. Price reacted pretty violently when this level was retested early this morning (AEST). At this rate, we have two major levels of support and resistance. The support level we will have our eyes on is the 157.10 level and the resistance level we will closely be monitoring is the 158.40 one where some heavy cluster formation are apparent from my analysis. This level is also not too far from our daily pivot point making this analysis more viable. Thus I expect the market to trade between the 158.40 and 157.10 level until the European or London market. As soon as the 157.10 level is broken I will look for a retest or a slight retrace in price before jumping in the trade. My first profit target will be at 156.30 and my second profit target will be at 154.40. We may find some support at around 155.40 but ultimately price will head to 154.40. P.S- before taking a trade wait for a retest of those important levels I have outlined. I use a 20 EMA, 50 SMA, 200 SMA and two 5 Smoothed MA with one high and the other low. Please, if you have your own trading style stick to it and just use those levels as a reference. Happy Trading P.S.S – There will be no GBP/USD trades today and no trade alerts for the coming 2 days. Going away for couple of days . So please sit tight and remember to trade with the trend until I get back soon from a short (but well-deserved holiday :) Back to: Free Forex Signals Page Back to: Forex Trading Homepage
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