Forex Trade Alert for GBP/JPY SELL

 

Forex Trade Alert for GBP/JPY SELL. Forex Trade Alert for Wednesday Feb 25, 2009.

 

On Feb-25-2009 a candlestick formation confirmed a sell signal. 4xGenie Action:  Sell this currency pair GBP/JPY at 137.46. Stop at 142.22. Wave 5 could drop down to 134.22 or to 120.55. NOTE: The width of the Bollinger Bands has started to expand which indicates that prices are beginning to trend. The CCI is above 100. This currency pair is overbought at this time.

 

Next Day Trading Ranges for Wednesday Feb 25, 2009.

The 20 day moving average of the daily trading range is 382 pips and the 60 day moving average of the daily trading range is 373 pips. This shows that volatility has increased in the short term. The percentage of downdays when the open/high ratio is less than 25% is 72.19 percent. This means that if this currency pair does not rise more than 95 pips from the opening price then there is a 72.19 percent chance that this will be an downday.

The [R3] or the most extreme high trading range is 144.8567.

The [R2] or the extreme high trading range is 143.2903.

The [R1] or the high trading range is 140.8017.

The [P] or pivot point is 139.2353.

The [S1] or the low trading range is 136.7467.

The [S2] or the extreme low trading range is 135.1803.

The [S3] or the most extreme low trading range is 132.6917.

 

Next Day Alternate Stops for Wednesday Feb 25, 2009.

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 143.29 then that would show momentum against 4xGenie‘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 142.22 then that could be a sign that new downward momentum is beginning.

 

4xGenie Support Team

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