Signal for 2/07/2009 for: GBP/JPYRecap of yesterday's events: Yesterday’s session saw the first profit target being hit. I got a 34 pips profit out of the market on that move before price reversed to head down for the rest of the day. Today's Signals: Our levels of concern for today 2.07.09 are as follows: R3-161.873 Possible Scenarios: Buy Signal: For a buy signal to be triggered, I will wait for the London open and let price trade above the pivot point and 159.23 level where we have some good cluster formation acting as support. My first target from there is set at 159.70 (same target as yesterday) where we still have some major resistance. If price breaks that major level, there may be a profit target at 160.08 and from there another target may be reached which is at 160.55. Make sure to exit part of your position as the targets are met or half way along the profit target stated. Proper money management will be required if you decide to profit from that move. Sell Signal: For a sell signal to be triggered, I will wait for the London open and let price trade below pivot point and 158.73 level. My first profit target from there is set at 158.30 where we have major support. I will exit most of my position at this level due to major support formed at that level. Then, I will wait for price to break the 158.20 level before starting to look for a valid sell with profit target set at 157.70 and 157.35 where we have major support.
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. If you have your own trading style stick to it and just use those levels as a reference. Happy Trading Back to: Free Forex Signals Page Back to: Forex Trading Homepage
|
