On Apr-28-2008 a candlestick formation confirmed a sell signal. 4xGenie Action: ==> Sell this par at 103.98. Stop at 105.17. Wave 5 could drop down to 100.87 or to 97.88. Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidation here! The CCI is above 100. This par is overbought at this time.

Next Day Trading Ranges for  Apr 29, 2008.

The 20 day moving average of the daily trading range is 133 pips and the 60 day moving average of the daily trading range is 139 pips. This shows that volatility has decreased in the short term. The percentage of downdays when the open/high ratio is less than 25% is 71.53 percent. This means that if this par does not rise more than 33 from the opening price then there is a 71.53 percent chance that this will be an downday.

The [R3] or the most extreme high trading range is 105.41.

The [R2] or the extreme high trading range is 105.11.

The [R1] or the high trading range is 104.66.

The [P] or pivot point is 104.36.

The [S1] or the low trading range is 103.91.

The [S2] or the extreme low trading range is 103.61.

The [S3] or the most extreme low trading range is 103.16.

Next Day Forex Trade Alert, Alternate Stops for  Apr 29, 2008.

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 105.17 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.