Signal for 20/07/2009 for: GBP/USDRecap of yesterday's events: Result: 118 pips profit The market did head down on Friday, but we managed to get to our targets set for the day. I did not take the trade simply because my entry rules were not met.. Bias is up for this pair this week, but we may experience a price retracement at this point in time before price heads back up again. My level of concern here is the 1.6465. If this level is broken we may see price move higher for the day. This is speculation at this point so we will wait for London open to make an inform decision. Today's Signals: Ok lets have a look at our levels of concern for today 20/07/09: R3-1.6626 Possible Scenarios: Buy Signal: At the time of writing this, price was trading above pivot level for the day. I feel that price may retrace back at this point in time before heading up again today. If by London market, price is trading between 1.6370 and 1.6345, wait for a break of 1.6380 before looking for a valid buy entry. My first target from there is set at 1.6430, please be advised that we may encounter some resistance at 1.6412 on the way up to 1.6430 thus proper money management is crucial. The 1.6465 level is a crucial level today, if this level is broken I feel that market may head up for the day to 1.6527 and then to 1.6580. If you are trying to head for those levels, money management will be crucial. Take partial profit each time profit targets are reached and bring your stop loss to break-even. Today is another tricky day due to the cluster formation being very close to each other. Please remember, those are simply possible target where price may head up due to heavy cluster formations and analysis. This is not 100% accurate, no system is. Take profit each time you reach a certain level and bring your stop to break even. Note: Wait for a retest with 20EMA, 50SMA all heading up. Make sure that the 200SMA is not in the way when price is heading up as this may act as a strong resistance. Sell Signal No sell signals today. Wait for retest of the levels given once broken or until a bullish candle is formed after the retrace (preferably on 15 mins chart making sure that the 20EMA and 50SMA obeys the rule of entry) PS – You may decide to use your own strategy and use those levels as entry and exit points Happy Trading. Back to: Free Forex Signals Page Back to: Forex Trading Homepage
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