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  4. GBP/USD Signal - July 31, 2013
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GBP/USD Signal - July 31, 2013

By Adam Lemon
Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

By: DailyForex.com

Short GBP/USD between 1.5328 and 1.5353 if the price reaches this level between 7am and 4pm GMT today. Take 75% of the position as profit at 1.5223, move the stop to break even and allow the remainder to run to an initial target of 1.5168.

Day traders should wait for the price to return to 1.5328 and look for trades from fast short breaks of inside or engulfing bars on the 15 minute chart, being prepared to enter more than once if necessary, but not more than three times. After one 15 minute bar closes above 1.5353, the signal is invalidated.

Traders that cannot be near their screen should set a limit sell order at 1.5328 with a stop loss at 1.5365, expiring at 4pm GMT today.

GBP/USD Signal Chart

Notes:

1. If todays' AUD/USD signal is also triggered, bear in mind that both the trades have USD risk in the same direction, so you might wish to make the second trade a smaller position size.
2. The AUD/USD signal is likely to be stronger, if triggered, than the GBP/USD signal.

Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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