on Saturday, August 7th, 2010 | No Comments
Forex Trade Alert for EUR/JPY
<Forex Trade Alert for Friday Aug 06, 2010>
On Aug-06-2010 a candlestick formation confirmed a buy signal. 4xGenie Action: ==> Buy this
currency pair EUR/JPY at 113.48 or better. Stop at 111.40. Wave 3 could rise up to
115.71 or to 117.50. Today's candlestick appears in the yellow shaded area of the chart. This
reflects strong consolidation here!
TRENDLINE ALERT: Resistance level of 113.33 was broken today. Look for a possible rise to the
next resistance level.
Next Day Trading Ranges for Friday Aug 06, 2010
The 20 day moving average of the daily trading range is 150 PIPS and the 60 day moving average of
the daily trading range is 187 PIPS. This shows that volatility has decreased in the short term. The
percentage of updays when the open/low ratio is less than 25% is 52.78 percent. This means that if
this currency pair EUR/JPY does not drop more than 37 PIPS from the opening price then there is a
52.78 percent chance that this will be an upday.
The [R3] or the most extreme high trading range is 115.0433.
The [R2] or the extreme high trading range is 114.3667.
The [R1] or the high trading range is 113.9333.
The [P] or pivot point is 113.2567.
The [S1] or the low trading range is 112.8233.
The [S2] or the extreme low trading range is 112.1467.
The [S3] or the most extreme low trading range is 111.7133.
Next Day Alternate Stops for Friday Aug 06, 2010
The red line to the right on your chart is an extreme support or resistence level for the next
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 112.14 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
Current Day Trading Session:
New momentum to the upside has just started.
Next Day Trading Session:
If the next day's close is below 113.31 then that could be a sign that the current upward
momentum is reversing.
4xGenie Support Team.
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