Signal for 30/07/2009 for: GBP/USDRecap of yesterday's session: Before we get going with today’s analysis, lets have a quick recap of yesterday’s session. Ok...we did not have any trades yesterday, as our levels were not quite met. We had a valid sell entry, which was just before the European open. This signal did reach our profit target but it was well before the London open, therefore it was a no trade day for this pair. The 156.20 level seems to be acting as a good resistance level at this stage. I will be monitoring this level very closely today in case price tries to trade above it. Today's Signals: Our levels of concern for today 30.07.09 are as follows: R3-159.123 Possible Scenarios: My level of concern today will be the 156.20 level where we have some good resistance at present. Buy Signal: At the time of writing this article, price broke the pivot point for the day and was trading well above that level. I do expect price to retrace back by London open and head back up again. I suspect that price may retrace back to around 155.50-155.30 level before heading back up. If my analysis is right, I will wait for a break of 155.80 before looking for a valid buy entry. My profit target is set at 156.30 and second target is set at 156.64. If market is strong to the upside (seems like it is), we may see price reach 157.50 level. We may encounter some heavy resistance at around 157.05 on the way up, take profit accordingly and bring your stop to break-even to minimize risk. 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. Buy Signal: If ever we do have a sell in today’s session, I will wait for price to trade below pivot for the day. I will let price break the 155.03 level before looking for a valid sell set up. My profit target is set at 154.30, which will be my only sell target for today. We may encounter some support on the way down at around 154.70, 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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