Forex Trade Alert for GBP/USD.
< Forex Trade Alert for Wednesday Jul 02, 2008>
On Jul-02-2008 a candlestick formation confirmed a sell signal. ForexGenie Action: ==> Sell this currency pair gbp/usd 1.9841. Stop at 2.0021. Wave 3 could drop down to 1.9435 or to 1.9115. NOTE: The width of the Bollinger Bands is expanding which indicates that prices are trending. The CCI is above 100. This currency pair is overbought at this time.
Next Day Trading Ranges for Wednesday Jul 02, 2008.
The 20 day moving average of the daily trading range is 154 pips and the 60 day moving average of the daily trading range is 162 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 64.89 percent. This means that if this currency pair GBP/USD does not rise more than 39 pips from the opening price then there is a 64.89 percent chance that this will be an downday.
Monthly Pivots
The [R3] or the most extreme high trading range is 2.0117.
The [R2] or the extreme high trading range is 2.0046.
The [R1] or the high trading range is 1.9989.
The [P] or pivot point is 1.9918.
The [S1] or the low trading range is 1.9861.
The [S2] or the extreme low trading range is 1.9790.
The [S3] or the most extreme low trading range is 1.9733.
Next Day Alternate Stops for Wednesday Jul 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 2.0046 then that would show momentum against ForexGenie’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 1.97717 then that could be a sign that new downward momentum is beginning.
