Forex Trade Alert for - Symbol  USD/CAD.

Forex Trade Alert for Wednesday Jul 23, 2008.

July 23.2008 : The Currency pair USD/CAD (Canadian Dollar) is setting up in a nice Triangle Pattern. This Would be a long above the upper trendline or short below the lower trendline. The best thing you can do it set price alerts within your real time quotes so that you can be alerted to a breakout without being forced to follow price every hour. These set ups are nice because we can use tight stops, which allow for maximum RISK : REWARD. RISK : REWARD is a basic measure of treading success which measures the difference between a potential loss and gain, or a potential gain against a loss. If we risk 162 pips, like we would with the USD/CAD, and make 333 pips, then our RISK : REWARD is 2:1, because our gain would be 2 times that of our potential loss. THESE ARE JUST OK. TRADES !  RISK : REWARD 2:1, WE PREFER 3:1 OR MORE ! Elliott Wave: The second Elliott Wave may be near completion. Look for a third wave to form soon. The market closed above the middle Fibonacci fan line. Prices could rise up to the top fan line before finding resistance.

Monthly Pivots:

The [R3] or the most extreme high trading range is 1.0195.

The [R2] or the extreme high trading range is 1.0157.

The [R1] or the high trading range is 1.0135.

The [P] or pivot point is 1.0097.

The [S1] or the low trading range is 1.0075.

The [S2] or the extreme low trading range is 1.0037.

The [S3] or the most extreme low trading range is 1.0015.

Current Day Trading Session:

No signs of downward momentum at this time.

Next Day Trading Session:

If the next day’s close is below 1.0031 then that could be a sign that new downward momentum is beginning.

4xGenie Support Team