On Apr-09-2008 a candlestick formation confirmed a sell signal. 4XGENIE Action: ==> Sell this contract at 101.73. Stop @ 103.25. Wave 5 could drop down to 94.74 or to 90.10. The support level of 102.02 was broken when prices closed below the top pitchfork line. The market has moved back into the trading channel. The market closed below the middle fibonacci fan line. Prices should find support on the bottom fan line. Today’s candlestick appears in the yellow shaded area of the chart. This reflects strong consolidation here! The CCI has crossed below 100. Look for falling prices soon.

Next Day Trading Ranges for Wednesday Apr 09, 2008

The 20 day moving average of the daily trading range is 178 and the 60 day moving average of the daily trading range is 140. This shows that volatility has increased in the short term. The percentage of down days when the open/high ratio is less than 25% is 89.04 percent. This means that if this par does not rise more than 44 pips from the opening price then there is a 89.04 percent chance that this will be an down day.

The [R3] or the most extreme high trading range is 103.87.

The [R2] or the extreme high trading range is 103.35.

The [R1] or the high trading range is 102.54.

The [P] or pivot point is 102.02.

The [S1] or the low trading range is 101.21.

The [S2] or the extreme low trading range is 100.69.

The [S3] or the most extreme low trading range is 99.88.

Next Day Alternate Stops for Wednesday Apr 09, 2008

The bleck 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 103.35 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: 102.02

Current Day Trading Session:

No signs of downward momentum at this time.

Next Day Trading Session:

If the next day’s close is below 102.24 then that could be a sign that new downward momentum is beginning.