Signal for 29/06/2009 for: GBP/USDRecap of last week's events: We had a great week last week with this currency pair…in total we made a profit of 176 pips! Today's Signals: Ok lets have a look at today’s levels: R3-1.6806 Possible scenarios: The GBP/USD is likely to head down today, however, we will wait for the London open to see what our next move should be.
Buy Signal: The pivot point for today is acting as a good support for price. Thus if price breaks through that level during the London session, we may see the price head up. My first profit target is set at 1.6520 and my second target is set at 1.6555. I doubt price will head up further than those level but we never know what can happen. So we will let the market give us the necessary information to take the right action. Please always remember, those are simply possible targets where price may head up due to heavy cluster formations and analysis. This is not 100% accurate, no system ever is. Take profit each time you reach a certain level and bring your stop to break even. Sell Signal: We have good support at 1.6355 level which is below our pivot point for the day. For a sell to occur, I will wait for price to trade below pivot point for the day and break through 1.6355 level at the London open. The first target will be at 1.6310 where we have some good support (our first support of the day is at this level too). My second target is set at 1.6355 where we may encounter some good support. I doubt market will go further than this level today, but if it does we may have a third level at 1.6310. Please remember that, proper money management will be required here to maximize your 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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