7/12 Forex

The EUR/USD moved below the Person's Proprietary Signal (pps) moving averages, suggesting a weakening of the bull phase in force since July 1. GBP/USD moved into bear phase.

	pps	pps open	upper pivot	lower pivot
EUR/USD US$1.25384		US$1.2236 jul01	US$1.2510	US$1.1602
USD/JPY¥88.59		¥87.70 jul08	¥91.49	¥85.29
GBP/USD US$1.5073		US$1.4943 jul01	US$1.5266	US$1.4021
EUR/JPY ¥111.43		¥110.03 jul06	¥112.46	¥103.05
USD/CAD C$1.0338		C$1.0543 jul07	US$1.1024	US$1.0291

The pound's switch into bear phase against the dollar accompanied a sharp decline through the pps moving averages, and trading today has been entirely below the ma levels, although almost all of an early decline has been retraced this morning.

The preceding bull phase was short-lived -- it began on July 1 -- and carried the price up only 1.5% during its lifetime.

Person's Monthly Pivots

• $1.5266, +1.3% (upper)
• $1.5073 <== You are here.
• $1.4805, -1.8% (midline)
• $1.4021, -7.0% (lower)

The analysis uses the daily Person's Proprietary Signal, developed by John Person, and the monthly Person's Pivot, which he also developed. These are black box signals -- the "proprietary" means that Mr. Person knows how they work under the hood, and I don't. But they have shown a fair degree of success in identifying good entry and exit points, and I find them useful. On the glance, "pps open" means the price at the start of trading in the United States on the day the signal appeared.  

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.