FOREX TRADE ALERT for GBP/USD

SELL SIGNAL

FOREX Trade Alert for Monday Mar 09, 2009.

A sell signal was confirmed when this currency pair closed below      1.3874 on Mar-09-2009.  4xgenie Action: ==>   Sell this CURRENCY PAIR at

1.3755.  Stop at      1.4323.   Wave 3 could drop down to      1.3555  or to      1.3283.  Today’s candlestick has broken out of the yellow shaded area of the chart and below the lower Bollinger band. This is very bearish!  The CCI is below -100. This currency pair GBP/USD is oversold at this time.

MONTHLY PIVOT ALERT: Support level of      1.3915 was broken today. When the monthly S1 ( support level 1 ) is broken – we can look for a possible drop to the monthly S2 ( support level 2).

TRENDLINE ALERT: Support level of      1.4043 was broken today. Look for a possible drop to the next support level.

Next Day Trading Ranges for Monday Mar 09, 2009.

The 20 day moving average of the daily trading range is 273 Pips and the 60 day moving average of the daily trading range is 317Pips. This shows that volatility has decreased in the short term. The percentage of downdays when the open/high ratio is less than 25% is 68.87 percent. This means that if this currency pair GBP/USD does not rise more than 68 pIPS from the opening price then there is a 68.87 percent chance that this will be an downday.

The [R3] or the most extreme high trading range is 1.4485. The [R2] or the extreme high trading range is 1.4332. The [R1] or the  high trading range is 1.4053. The [P] or pivot point is 1.3900. The [S1] or the low trading range is 1.3621. The [S2] or the extreme low trading range is 1.3467. The [S3] or the most extreme low trading range is 1.3188.

Next Day Alternate Stops for Monday Mar 09, 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 1.4332 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: Momentum is continuing downward at the present time.

Next Day Trading Session: If the next day’s close is above      1.4198 then that could be a sign that the current downward momentum is reversing.

FOREX GENIE SUPPORT TEAM

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