Signal for 21/07/2009 for: GBP/JPYRecap of yesterday’s session: Price did head up the whole day yesterday showing no signs of weakness. Our first target was already reached by the time London market opened. We had a great entry as soon as the London market opened where price found some good support at 154.90. There was potential of making around 90 pips profit following yesterday’s analysis. I am still in favor of an upward move in today’s session, but for now let’s wait and see what the London session has in store for us today. Today's Signals: Our levels of concern for today 21.07.09 are as follows: R3-159.64 Possible Scenarios: At the time of writing this analysis, price was trading below pivot for the day. The 154.90 level is still acting as a good support at this point in time. I will monitor this level closely today. Buy Signal: For a buy signal I will wait for price to trade above pivot by London open. I will wait for a break of 155.52 before looking for a valid buy entry. My profit target is set at 156.05 where we may encounter some resistance. If this level is taken out we may see price head further up for the day. However if you want to be on the safe side, wait for price to break the 156.50 level before looking for a valid entry buy. My profit target from there is set at 157.05 where we have heavy resistance and next target is at 157.75.If you are trying to head for those levels, money management will be crucial. Take partial profit each time a profit target is reached and bring your stop loss to break-even. 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. Sell Signal: No sell signals today Remember that proper money management will be needed to maximize profit. 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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