FOREX TRADE ALERT for NZD/USD SELL SIGNAL
Forex Trade Alert for – Symbol NZD/USD SELL.
<FOREX Trade Signal for Monday Sep 29, 2008. Sell>
On Sep-29-2008 a candlestick formation confirmed a sell FOREX signal. 4xGenie Action: ==> Sell at 0.6682. Stop at 0.6940. Wave 5 could drop down to 0.6518 or to 0.6176. The support level of 0.6837 was broken when prices closed below the top pitchfork line. The market has moved back into the trading channel. Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidation here!
MONTHLY PIVOT ALERT: Support level of 0.6783 was broken today. When the monthly S1 ( support level 1 ) is broken – we can look for a possible drop to the monthly S2 ( support level 2).
Next Day Trading Ranges for Monday Sep 29, 2008.
The 20 day moving average of the daily trading range is 161 pips and the 60 day moving average of the daily trading range is 118 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 74.07 percent. This means that if this currency pair nzd/usd does not rise more than 40 pips from the opening price then there is a 74.07 percent chance that this will be an downday.
Monthly Forex Pivots for NZD/USD.
The [R3] or the most extreme high trading range is 0.7024.
The [R2] or the extreme high trading range is 0.6956.
The [R1] or the high trading range is 0.6826.
The [P] or pivot point is 0.6758.
The [S1] or the low trading range is 0.6628.
The [S2] or the extreme low trading range is 0.6560.
The [S3] or the most extreme low trading range is 0.6430.
Next Day Alternate Stops for Monday Sep 29, 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 0.6956 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: 0.68.
Current Day Trading Session:
Momentum is continuing downward at the present time.
Next Day Trading Session:
If the next day’s close is above 0.6931 then that could be a sign that the current downward momentum is reversing.
FOREX GENIE
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