GBP/JPY
Current Day Trading Session:
No signs of downward momentum at this time.
Next Day Trading Session:
If the next day’s close is below 199.36 then that could be a sign that new downward momentum is beginning.
On Apr-08-2008 a candlestick formation confirmed a sell signal. 4XGENIE‘S Action: ==> Sell this PAR at 200.80. Stop at 204.90. Wave 5 could drop down to 166.85 or to 143.44. Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidation here!
Next Day Trading Ranges for Tuesday Apr 08, 2008
The 20 day moving average of the daily trading range is 3.6345 and the 60 day moving average of the daily trading range is 3.1400. This shows that volatility has increased in the short term. The percentage of downdays when the open/high ratio is less than 25% is 80.00 percent. This means that if this PAR does not rise more than 91 PIPS from the opening price then there is a 80.00 percent chance that this will be an downday.
The [R3] or the most extreme high trading range is 206.5733.
The [R2] or the extreme high trading range is 205.3467.
The [R1] or the high trading range is 203.6233.
The [P] or pivot point is 202.3967.
The [S1] or the low trading range is 200.6733.
The [S2] or the extreme low trading range is 199.4467.
The [S3] or the most extreme low trading range is 197.7233.
Next Day Alternate Stops for Tuesday Apr 08, 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 205.34 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: 204.00
Blogsphere: TechnoratiFeedsterBloglines
Bookmark: Del.icio.usSpurlFurlSimpyBlinkDigg
RSS feed for comments on this post | TrackBack URI for this post
2 Responses to 'GBP/JPY strong consolidation here'
Leave a Reply
- February 2010 (4)
- January 2010 (4)
- December 2009 (1)
- November 2009 (3)
- October 2009 (4)
- September 2009 (3)
- August 2009 (1)
- July 2009 (2)
- June 2009 (6)
- May 2009 (1)
- April 2009 (6)
- March 2009 (3)
- February 2009 (5)
- January 2009 (6)
- December 2008 (5)
- November 2008 (4)
- October 2008 (6)
- September 2008 (8)
- August 2008 (8)
- July 2008 (16)
- June 2008 (13)
- May 2008 (12)
- April 2008 (15)
- March 2008 (2)
- December 2007 (3)
- November 2007 (56)
[...] TopForex.info wrote an interesting post today onHere’s a quick excerpt GBP/JPY Current Day Trading Session: No signs of downward momentum at this time. Next Day Trading Session: If the next day’s close is below 199.36 then that could be a sign that new downward momentum is beginning. On Apr-08-2008 a candlestick formation confirmed a sell signal. 4XGENIE’S Action: ==> Sell this PAR at 200.80. Stop at 204.90. Wave 5 could drop down to 166.85 or to 143.44. Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidat [...]
[...] TopForex.info wrote an interesting post today onHere’s a quick excerpt GBP/JPY Current Day Trading Session: No signs of downward momentum at this time. Next Day Trading Session: If the next day’s close is below 199.36 then that could be a sign that new downward momentum is beginning. On Apr-08-2008 a candlestick formation confirmed a sell signal. 4XGENIE’S Action: ==> Sell this PAR at 200.80. Stop at 204.90. Wave 5 could drop down to 166.85 or to 143.44. Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidat [...]