Forex Trade Alert for Wednesday Aug 06, 2008.

A buy signal was confirmed when this currency pair GBP/JPY closed above 213.26 on Aug-06-2008. 4XGENIE Action: ==> Buy this currency pair GBP/JPY at 213.54. Stop at 210.15. Wave 5 could rise up to 220.75 or to 223.67. NOTE: The width of the Bollinger Bands has started to narrow which indicates that prices are beginning to consolidate.

Next Day Trading Ranges for Wednesday Aug 06, 2008.

The 20 day moving average of the daily trading range is 193 pips and the 60 day moving average of the daily trading range is 191 pips. This shows that volatility has increased in the short term. The percentage of updays when the open/low ratio is less than 25% is 47.86 percent. This means that if this currency pair GBP/JPY does not drop more than 48 pips from the opening price then there is a 47.86 percent chance that this will be an upday.

Monthly Pivots.

The [R3] or the most extreme high trading range is 216.92.

The [R2] or the extreme high trading range is 215.43.

The [R1] or the high trading range is 214.46.

The [P] or pivot point is 212.97.

The [S1] or the low trading range is 212.00.

The [S2] or the extreme low trading range is 210.51.

The [S3] or the most extreme low trading range is 209.54.

Next Day Alternate Stops for Wednesday Aug 06, 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 210.51 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.

Current Day Trading Session:

No signs of upward momentum at this time.

Next Day Trading Session:

If the next day’s close is above 213.54 then that could be a sign that new upward momentum is beginning.

FOREX GENIE

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