FOREX TRADE SIGNAL ALERT for EUR/CAD
Forex Signal Trade Alert for - Symbol = EURCAD.
Trade Alert for Tuesday Sep 02, 2008.
A sell signal was confirmed when this currency pair closed below 1.5508 on Sep-02-2008. 4xgenie Action: ==> Sell this currency pair EUR/CAD at 1.5462. Stop at 1.5654. Wave 3 could drop down to 1.4932 or to 1.4689. The market closed below the middle fibonacci fan line. Prices should find support on the bottom fan line. NOTE: The width of the Bollinger Bands has started to narrow which indicates that prices are beginning to consolidate.
Next Day Trading Ranges for Tuesday Sep 02, 2008.
The 20 day moving average of the daily trading range is 135 pips and the 60 day moving average of the daily trading range is 137 pips. This shows that volatility has decreased in the short term. The percentage of downdays when the open/high ratio is less than 25% is 42.18 percent. This means that if this currency pair does not rise more than 34 pips from the opening price then there is a 42.18 percent chance that this will be an downday.
Monthly Pivots.
The [R3] or the most extreme high trading range is 1.5687.
The [R2] or the extreme high trading range is 1.5640.
The [R1] or the high trading range is 1.5563.
The [P] or pivot point is 1.5516.
The [S1] or the low trading range is 1.5439.
The [S2] or the extreme low trading range is 1.5392.
The [S3] or the most extreme low trading range is 1.5315.
Next Day Alternate Stops for Tuesday Sep 02, 2008
The red line to the right on your chart is an extreme support or resistence level for the next trading day.
A good alternative stop is one which is placed just beyond this extreme support/resistance level.
In this particular case if the price rises above 1.5640 then that would show momentum against 4xGenie’s short position and that would be a break out to the upside.
Please Note: These support/resistance levels are calculated by using the previous day’s trading range. Normal volatility may cause a breakout of this value once every 4 or 5 days when prices consolidate.
Current Day Trading Session:
No signs of downward momentum at this time.
Next Day Trading Session:
If the next day’s close is below 1.5370 then that could be a sign that new downward momentum is beginning.
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