19:57Forex Signals on GBP / USD pair on 29/07/2014
|Forex Signals on GBP / USD pair on 29/07/2014 |
Pair GBP / USD hourly chart is trading within a downtrend. Rate is below the moving average with period 55 on the hourly chart, the level of 1.6986 to reduce prices.
Signal for a long position will be breakdown up to an hour of resistance at 1.6964 in order to increase the resistance level at 1.6986 and in case of breakdown up to an hour to 1.7006. Stoploss for this strategy can be placed at 1.6935.
Signal for a short position will be the breakdown on the basis of hours of support at 1.6945 to decline to the support at 1.6928 in case of breakdown up to an hour 1.6910. Stoploss for this strategy can be placed at 1.6975.
Given that the moving average and the location of the boundaries of technical figures over time, moves to the hourly chart to adjust their status. I also recommend the open position up to an hour to avoid false breakouts.
In the case of a strong movement in the breakout technical figures, I recommend to wait for the correction. That level, which was the resistance should be strongly supported and it was near this level should open position in the direction of the breakdown.
Intraday trading is very lucrative, if competently build a trading strategy. Very important entry into the market depends on a practical 70% success in Forex trading. I draw your attention to the fact that most of the signals (strategies) begins to work almost immediately (sometimes I just point out in which direction the open position).
Then, if the signal goes up, then I open a long position, and vice versa. Recommend that you use in Forex trading several currency pairs, this will help minimize the risks and form a "short-term" currency portfolio.
Open positions after the breakdown of these need me support or resistance levels up to an hour, that is, if the new hour started in the past and the price closed at least at one point above the level of the home, you can open a position in the direction of the breakdown.
In this case, if the rate of up to an hour grew by more than 15 points, I recommend to put a pending order at the level of, for example, if the load signal to buy the course and broke resistance and up to an hour grew by more than 15 points, you need to set the pending buying just above the support level at 5-15 points.
The advantage of these strategies is also intraday use of moving averages (with period 55). If the price breaks the level of the moving average up to an hour, it is a strong signal to the opening position, reliable location stops minimize potential losses.
Price does not always reach the specified level of profit me, that there are lots of reasons why I recommend "taking 20 points", and then if the profit will grow gradually raise the stop to breakeven.
Alexei Oleg, portal "Forex Analysis" - signals, forecasts
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