Forex Trade Alert GBP/USD

 Forex Trade Alert for  – Symbol GBP/USD.

<Forex Trade Alert for Friday Aug 27, 2010>

On Aug-27-2010 a candlestick formation confirmed a buy signal.  4xGenie Action: ==>   BUY GBP/USD @ 1.5596.  Stop at      1.5352.   Wave 5 could rise up to      1.5813  or to      1.6000.  Today's candlestick appears in the yellow shaded area of the chart. This reflects strong consolidation here!

Next Day Trading Ranges for Friday Aug 27, 2010

The [R3] or the most extreme high trading range is 1.5551.
The [R2] or the extreme high trading range is 1.5543.
The [R1] or the  high trading range is 1.5530.
The [P] or pivot point is 1.5522.
The [S1] or the low trading range is 1.5509.
The [S2] or the extreme low trading range is 1.5501.
The [S3] or the most extreme low trading range is 1.5488.

Next Day Alternate Stops for Friday Aug 27, 2010

The black 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 1.5501 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      1.5560 then that could be a sign that new upward momentum is beginning.

myforexedge.com Support Team