Forex Trade Alert for – Symbol EUR/JPY.
Forex Trade Alert for Wednesday, Jun 25, 2008.
Forex UPDATE.
EUR/JPY – SETUP for All Time HIGH !!
Market is holding above the 164.98 level.On May-13-2008 We Call to BUY currency pair EUR/JPY at 161.50 (+700 pips). 4xgenie Action: ==> Maintain long position. Trailling Stop at 167.05. Wave 3 could rise up to 171.8700 or to 176.9088. NOTE: The width of the Bollinger Bands has started to narrow which indicates that prices are beginning to consolidate. A divergence in the MACD indicator has been found. The current upward trend may soon correct or end. The CCI is above 100. This currency pair is overbought at this time. For a short term trade, we looking to take short position, wave 4, and try to enter long, wave 5.
MONTHLY PIVOT ALERT: Resistance level of 168.2967 was broken today. When the monthly R2 ( resistance level 2 ) is broken – we can look for a possible rise to the monthly R3 ( resistance level 3). This is extremely bullish.
Next Day Trading Ranges for Wednesday Jun 25, 2008.
The 20 day moving average of the daily trading range is 132 pips and the 60 day moving average of the daily trading range is 147 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 48.73 percent. This means that if this pair does not drop more than 33 from the opening price then there is a 48.73 percent chance that this will be an upday.
The [R3] or the most extreme high trading range is 171.03.
The [R2] or the extreme high trading range is 170.09.
The [R1] or the high trading range is 169.51.
The [P] or pivot point is 168.57.
The [S1] or the low trading range is 167.99.
The [S2] or the extreme low trading range is 167.05.
The [S3] or the most extreme low trading range is 166.47.
Next Day Alternate Stops for Wednesday Jun 25, 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 167.05 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 167.07 then that could be a sign that the current upward momentum is reversing.
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[...] Global FOREX Trading Information wrote an interesting post today onHere’s a quick excerpt Trade Alert for – Symbol EUR/JPY. Trade Alert for Wednesday, Jun 25, 2008. UPDATE. EUR/JPY – SETUP for All Time HIGH !! Market is holding above the 164.98 level.On May-13-2008 We Call to BUY currency pair EUR/JPY at 161.50 (+700 pips). 4xgenie Action: ==> Maintain long position. Trailling Stop at 167.05. Wave 3 could rise up to 171.8700 or to 176.9088. NOTE: The width of the Bollinger Bands has started to narrow which indicates that prices are beginning to consolidate. A dive [...]