Forex Trade Alert for – Symbol = AUD/CAD.
Forex Trade Alert for Wednesday Nov 05, 2008.
On Nov-05-2008 a candlestick formation confirmed a buy signal. 4xGENIE Action: ==> Sell this Currency pair at 0.7813. Stop at 0.8323. Wave 3 could drop down to 0.7226 or to 0.6396.
Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidation here!
Next Day Trading Ranges for Wednesday Nov 05, 2008.
The 20 day moving average of the daily trading range is 366 Pips and the 60 day moving average of the daily trading range is 237 Pips. This shows that volatility has increased in the short term. The percentage of downdays when the open/high ratio is less than 25% is 97.14 percent. This means that if this currency pair does not rise more than 91 Pips from the opening price then there is a 97.14 percent chance that this will be an downday.
The [R3] or the most extreme high trading range is 0.8411.
The [R2] or the extreme high trading range is 0.8259.
The [R1] or the high trading range is 0.8135.
The [P] or pivot point is 0.7983.
The [S1] or the low trading range is 0.7859.
The [S2] or the extreme low trading range is 0.7707.
The [S3] or the most extreme low trading range is 0.7583.
Next Day Alternate Stops for Nov 05, 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 0.8259 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.
Alternate stop: 0.80
Current Day Trading Session:
New momentum to the downside has just started.
Next Day Trading Session:
If the next day’s close is above 0.82727 then that could be a sign that the current downward momentum is reversing.
4xGenie Support Team.
Tags: chinese currency, currency exchange locations, forex broker, ireland currency, forex trading, spain currency, american currency
Social Bookmarking
More: continued here
