Trade Alert for - Symbol GBP/USD.

Trade Alert for Friday May 30, 2008.

On May-30-2008 a candlestick formation confirmed a sell signal. 4xGenie Action: ==> Sell this par at 1.9706. Stop at 1.9868. Wave 3 could drop down to 1.9465 or to 1.9200. Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidation here!

TRENDLINE ALERT: Support level of 1.9784 was broken today. Look for a possible drop to the next support level.

Next Day Trading Ranges for May 30, 2008.

The 20 day moving average of the daily trading range is 145 pips and the 60 day moving average of the daily trading range is 175 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 61.48 percent. This means that if this security or future does not rise more than 36 pips from the opening price then there is a 61.48 percent chance that this will be an downday.

The [R3] or the most extreme high trading range is 1.9963.

The [R2] or the extreme high trading range is 1.9891.

The [R1] or the high trading range is 1.9819.

The [P] or pivot point is 1.9747.

The [S1] or the low trading range is 1.9675.

The [S2] or the extreme low trading range is 1.9603.

The [S3] or the most extreme low trading range is 1.9531.

Next Day Alternate Stops for May 30, 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 rises above 1.9891 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: 1.9815.

Current Day Trading Session:

New momentum to the downside has just started.

Next Day Trading Session:

If the next day’s close is above 1.97890 then that could be a sign that the current downward momentum is reversing.

4xgenie