FOREX PAIR EUR/JPY is holding above the 164.98 level. 4XGENIE Action: ==> Maintain long position. Wave 3 could rise up to 171.87 or to 176.90. NOTE: The width of the Bollinger Bands is expanding which indicates that prices are trending. A divergence in the MACD indicator has been found. The current upward trend may soon correct or end. The CCI is above 100. This currecy pair is overbought at this time.
TRENDLINE ALERT: Resistance level of 167.13 was broken today. Look for a possible rise to the next resistance level.
Next Day Trading Ranges for Monday Jun 16, 2008.
The 20 day moving average of the daily trading range is 140 pips, and the 60 day moving average of the daily trading range is 157 pips. This shows that volatility has decreased in the short term. The percentage of updays when the open/low ratio is less than 25% is 49.03 percent. This means that if this currency pair does not drop more than 35 pips from the opening price then there is a 49.03 percent chance that this will be an upday.
The [R3] or the most extreme high trading range is 169.70.
The [R2] or the extreme high trading range is 168.69.
The [R1] or the high trading range is 168.02.
The [P] or pivot point is 167.01.
The [S1] or the low trading range is 166.34.
The [S2] or the extreme low trading range is 165.33.
The [S3] or the most extreme low trading range is 164.66.
Next Day Alternate Stops for Monday Jun 16, 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 drops below 165.33 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.
Current Day Trading Session:
Momentum is continuing upward at the present time.
Next Day Trading Session:
If the next day’s close is below 165.39 then that could be a sign that the current upward momentum is reversing.
The fourth wave may be near completion. Look for a fifth wave to form soon. The CCI is above 100. This Currency Pair is overbought at this time.
Next Day Trading Ranges for Monday Jun 16, 2008.
The 20 day moving average of the daily trading range is 219 pips, and the 60 day moving average of the daily trading range is 259 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 56.93 percent. This means that if this currency pair does not rise more than 54 pips from the opening price then there is a 56.93 percent chance that this will be an downday.
The [R3] or the most extreme high trading range is 216.27.
The [R2] or the extreme high trading range is 214.56.
The [R1] or the high trading range is 213.47.
The [P] or pivot point is 211.76.
The [S1] or the low trading range is 210.67.
The [S2] or the extreme low trading range is 208.96.
The [S3] or the most extreme low trading range is 207.87.
Current Day Trading Session:
No signs of downward momentum at this time.
Next Day Trading Session:
If the next day’s close is below 209.19 then that could be a sign that new downward momentum is beginning.
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