« Forex and Foreign Exchange – Trading with Strategy

FOREX TRADE ALERT GBP/CHF

Trade Alert for – Symbol GBP/CHF.

Trade Alert for Tuesday May 22, 2008.

On May-22-2008 a candlestick formation confirmed a buy signal. 4xgenie Action: ==> Buy this contract @ 2.0412. Stop @ 2.0182. Wave 3 could rise up to 2.1073 or to 2.1770. The PAR above the bottom fibonacci fan line. Prices should find support on this bottom fan line. NOTE: A consolidation of price movement or a price correction may be underway. The CCI is below -100. This PAR is oversold at this time.

MONTHLY PIVOT ALERT: The monthly pivot point has been tested recently. Resistance level of 2.0287 was broken today. When the monthly pivot point is broken – we can look for a possible rise to the monthly R1 ( resistance level 1).

TRENDLINE ALERT: Resistance level of 2.0392 was broken today. Look for a possible rise to the next resistance level.

Next Day Trading Ranges for Thursday May 22, 2008.

The 20 day moving average of the daily trading range is 231 Pips and the 60 day moving average of the daily trading range is 270 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 69.93 percent. This means that if this Par does not drop more than 58 from the opening price then there is a 69.93 percent chance that this will be an upday

The [R3] or the most extreme high trading range is 2.0855.

The [R2] or the extreme high trading range is 2.0676.

The [R1] or the high trading range is 2.0544.

The [P] or pivot point is 2.0365.

The [S1] or the low trading range is 2.0233.

The [S2] or the extreme low trading range is 2.0054.

The [S3] or the most extreme low trading range is 1.9922.

Next Day Alternate Stops for Thursday May 22, 2008

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 drops below 2.0054 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.

Alternate stop: 2.0300.

Current Day Trading Session:

No signs of upward momentum at this time.

Next Day Trading Session:

If the next day’s close is above 2.0412 then that could be a sign that new upward momentum is beginning

4xgenie