The signal has been accompanied by an intra-day decline of the AUD/USD currency pair that traversed 2.4% high to low. The price opened above the pps moving averages and then fell below.
At this writing the price is trading at the level of Wednesday's open. A retest of the moving averages followed by a decline, or a persistant break below the US$0.83 level would signify confirmation of the signal.
AUD/USD has been prone to signal whipsaws that produce little price movement, a three-day whipsaw in late March, a six-day whipsaw in late May and carrying into June.
On the other hand, a bear phase signal on April 16 produed a wonderful 14.1% decline by the time the movement bottomed on May 25, two days before a reversal to bull phase.
As is often the case with the pps, the signal itself hasn't been persistant, disappearing on occasion and then reappearing, sometimes several times a minute.
By the book, the signal in place at the close of the U.S. market day -- 4 p.m. Eastern -- is the "official" signal.
The lower Person's Pivot for June is at US$0.739, the upper at US$0.9132.
OK. The credit bubble burst. Housing, burst. Shockwaves reverberated. Markets collapsed. What lies ahead as we remerge from the wreckage.
New to private trading? Here's a look at How to Become a Private Trader.
Disclaimer
Tim Bovee, Private Trader tracks the trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.
No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decision decisions for his or her own account, and take responsibility for the consequences.
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