Signal for 23/07/2009 for: GBP/JPY

Here is a quick recap of the 21/07/09 session.

Price did not hit our levels on that day, instead it moved all the way down losing nearly 250 pips. No trades were triggered, as there were only buy recommendations on that particular day.

I was unable to post any signal yesterday so hopefully we should be able to catch some good trades today.

Today's Signals:

Our levels of concern for today 23.07.09 are as follows:

R3-157.540
R2-156.069
R1-155.2447
Pivot Point– 153.77
S1-152.948
S2-151.477
S3-150.652

Possible Scenarios:

At the time of writing this analysis, price was trading above pivot for the day. We have at the time being, some good resistance at 154.44 level, which we may want to monitor at this point in time. We will wait for the London open to see what market has in store for us.

Buy Signal:

For a buy signal to occur, I will wait for price to trade above pivot by London open. Due to the resistance at 154.44, wait for price to break this level before looking for a valid buy entry. My profit target is set at 155.77 where we may encounter some resistance.

This will be my only target for the day. Please note that we may encounter some resistance around the 155.15 level, money management will be crucial in maximizing your gain. Take partial profit as price heads up 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:

We have some heavy support at 152.80. If a sell had to be triggered I will wait for price to break that level before looking for a valid set-up. My target is set at 151.90, which will be my only target for the day.

I doubt price will go further down as we have some good support at 151.60.

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

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