Forex Trade Alert for GBP/JPY.
<Forex Trade Alert for Thursday Jul 17, 2008>
On Jul-17-2008 a candlestick formation confirmed a buy signal. A buy signal was also confirmed when this currency pair GBP/JPY closed above 211.6767 on Jul-17-2008. 4xGenie Action: ==> Buy this currency pair at 213.07. Stop at 208.03. Wave 5 could rise up to 217.42 or to 233.38. NOTE: A consolidation of price movement or a price correction may be underway. The CCI has crossed above -100. Look for rising prices soon.
TRENDLINE ALERT: Resistance level of 210.7357 was broken today. Look for a possible rise to the next resistance level.
Next Day Trading Ranges for Thursday Jul 17, 2008.
The 20 day moving average of the daily trading range is 176 pips and the 60 day moving average of the daily trading range is 211 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 45.83 percent. This means that if this currency pair does not drop more than 44 pips from the opening price then there is a 45.83 percent chance that this will be an upday.
Monthly Pivots
The [R3] or the most extreme high trading range is 218.08.
The [R2] or the extreme high trading range is 215.85.
The [R1] or the high trading range is 214.13.
The [P] or pivot point is 211.90.
The [S1] or the low trading range is 210.18.
The [S2] or the extreme low trading range is 207.95.
The [S3] or the most extreme low trading range is 206.23.
Next Day Alternate Stops for Thursday Jul 17, 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 207.9567 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: 209.42.
Current Day Trading Session:
New momentum to the upside has just started.
Next Day Trading Session:
If the next day’s close is below 210.473 then that could be a sign that the current upward momentum is reversing.
FOREX GENIE
