Signal for 28/07/2009 for: GBP/JPYRecap of yesterday’s events: This pair reacted very well to our levels yesterday and if taken accordingly, there was a potential of making around 100 pips profit on the upside. Price nearly got to our last target before reversing and heading down. Great day for this pair considering the low volatility we have been experiencing over the past few days. Today's Signals: Our levels of concern for today 28.07.09 are as follows: R3-158.554 Possible Scenarios: After the upward move of yesterday, it seems that price wants to head down. We will simply wait for the London open before deciding what to do next. Buy Signal: At the time of writing this , price broke the pivot point for the day and was trading below that level. For a buy signal to occur, I will wait for price to trade above pivot by London open. I will wait for price to break the 157.05 level before looking for a valid buy entry. My profit target is set at 157.44 and second target at 157.80 where I will exit my entire position at this level to maximize profit. Those will be my only buy profit targets for the day. 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: For a sell to occur, I will wait for price to break the 156.00 level which is acting as a good support. I will start looking for a valid sell entry after the break with profit target set at 155.620. . My last target is set at 155.11. We may encounter some support at 155.52 which happens to be one of the support level for today’s session. You may want to manage your trade and take some of your position at that level and bring stop to break-even. 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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