Trade Alert for - Symbol EUR/JPY.
Trade Alert for Tuesday May 13, 2008.
On May-13-2008 a candlestick formation confirmed a buy signal. A buy signal was also confirmed when this par closed above 161.50 on May-13-2008. 4XGENIE Action: ==> Maintain long position. Stop at 158.18. Wave 3 could rise up to 164.61 or to 165.81. Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidation here! The CCI has crossed above -100. Look for rising prices soon.
TRENDLINE ALERT: Resistance level of 161.49 was broken today. Look for a possible rise to the next resistance level.
Next Day Trading Ranges for Tuesday May 13, 2008.
The 20 day moving average of the daily trading range is 159 and the 60 day moving average of the daily trading range is 179. This shows that volatility has decreased in the short term. The percentage of updays when the open/low ratio is less than 25% is 53.25 percent. This means that if this par does not drop more than 39 from the opening price then there is a 53.25 percent chance that this will be an upday.
monthly pivots.
The [R3] or the most extreme high trading range is 165.00.
The [R2] or the extreme high trading range is 163.67.
The [R1] or the high trading range is 162.80.
The [P] or pivot point is 161.47.
The [S1] or the low trading range is 160.60.
The [S2] or the extreme low trading range is 159.27.
The [S3] or the most extreme low trading range is 158.40.
Next Day Alternate Stops for Tuesday May 13, 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 159.27 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: 159.29
Current Day Trading Session:
No signs of upward momentum at this time.
Next Day Trading Session:
If the next day’s close is above 160.766 then that could be a sign that new upward momentum is beginning.
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[...] Original post by Forex Genie [...]
[...] Fundamental Market View wrote an interesting post today onHere’s a quick excerpt Trade Alert for - Symbol EUR/JPY. Trade Alert for Tuesday May 13, 2008. On May-13-2008 a candlestick formation confirmed a buy signal. A buy signal was also confirmed when this par closed above 161.50 on May-13-2008. 4XGENIE Action: ==> Maintain long position. Stop at 158.18. Wave 3 could rise up to 164.61 or to 165.81. Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidation here! The CCI has crossed above -100. Look for rising prices s [...]
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