FOREX TRADE ALERT for EUR/GBP BUY SIGNAL
FOREX Trade Alert for Symbol EURGBP.
Forex Trade Alert for Tuesday Jan 20, 2009.
On Jan-19-2009 a candlestick formation confirmed a buy signal. 4xGenie Action: Buy EUR/GBP @ 0.9123. Stop at 0.8830. Wave 5 could rise up to 0.9204 or to 0.9682. Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidation here!
Next Day Trading Ranges for Tuesday Jan 20, 2009.
The 20 day moving average of the daily trading range is 179 Pips and the 60 day moving average of the daily trading range is 165 Pips. This shows that volatility has increased in the short term. The percentage of updays when the open/low ratio is less than 25% is 90.60 percent. This means that if this currency pair does not drop more than 45 Pips from the opening price then there is a 90.60 percent chance that this will be an upday.
Monthly Pivots.
The [R3] or the most extreme high trading range is 0.9183.
The [R2] or the extreme high trading range is 0.9152.
The [R1] or the high trading range is 0.9131.
The [P] or pivot point is 0.9100.
The [S1] or the low trading range is 0.9079.
The [S2] or the extreme low trading range is 0.9048.
The [S3] or the most extreme low trading range is 0.9027.
Next Day Alternate Stops for Tuesday Jan 20, 2009.
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 drops below 0.9048 then that would show momentum against 4xGenie’s long position and that would be a break out to the downside.
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: 0.90.
Current Day Trading Session:
Momentum is continuing upward at the present time.
Next Day Trading Session:
If the next day’s close is below 0.8985 then that could be a sign that the current upward momentum is reversing.
4xGenie Support Team.
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