Forex Trade Alert for  Symbol  GBP/USD

Forex Trade Alert for Symbol GBP/USD

<Forex Trade Alert for Monday Jun 22, 2009>

On Jun-22-2009 a candlestick formation confirmed a sell signal. 4xGenie Action: ==> Sell at 1.6478 Stop at 1.6685. Wave C could drop down to 1.6317 or to 1.5628.

Next Day Trading Ranges for Monday Jun 22, 2009.

The [R3] or the most extreme high trading range is 1.8099.

The [R2] or the extreme high trading range is 1.7148.

The [R1] or the high trading range is 1.6655.

The [P] or pivot point is 1.5704.

The [S1] or the low trading range is 1.5211.

The [S2] or the extreme low trading range is 1.4260.

The [S3] or the most extreme low trading range is 1.3767.

Next Day Alternate Stops for Monday Jun 22, 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 1.6478 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.

Alternate stop: 1.64

Current Day Trading Session:

No signs of downward momentum at this time.

Next Day Trading Session:

If the next day’s close is below 1.6478 then that could be a sign that new downward momentum is beginning.

Forex Genie Support Team

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