Forex Trade Alert for - Symbol USD/CAD.

Forex Trade Alert for Monday Jun 30, 2008.

On Jun-30-2008 a candlestick formation confirmed a buy signal. A buy signal was also confirmed when this currecy pair closed above 1.0189 on Jun-30-2008. 4xgenie Action: ==> Buy this currancy pair USD/CAD at 1.0228. Stop at 1.0045. Wave 3 could rise up to 1.0553 or to 1.0744. Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidation here!

MONTHLY PIVOT ALERT: Resistance level of 1.0177 was broken today. When the monthly R1 ( resistance level 1 ) is broken - we can look for a possible rise to the monthly R2 ( resistance level 2).

Next Day Trading Ranges for Monday Jun 30, 2008.

The 20 day moving average of the daily trading range is 86 PIPS and the 60 day moving average of the daily trading range is 95 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 48.87 percent. This means that if this currency pair USD/CAD does not drop more than 22 PIPS from the opening price then there is a 48.87 percent chance that this will be an upday.

The [R3] or the most extreme high trading range is 1.0411.

The [R2] or the extreme high trading range is 1.0314.

The [R1] or the high trading range is 1.0258.

The [P] or pivot point is 1.0161.

The [S1] or the low trading range is 1.0105.

The [S2] or the extreme low trading range is 1.0008.

The [S3] or the most extreme low trading range is 0.9952.

Next Day Alternate Stops for Monday Jun 30, 2008.

The green 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 1.0008 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:

New momentum to the upside has just started.

Next Day Trading Session:

If the next day’s close is below 1.00837 then that could be a sign that the current upward momentum is reversing.

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