7/2 Forex

I'm changing my forex format (how alliterative!) to make things more concise and easier to read at a glance. Also, I'm concentrating on the top currency pairs in New York trading, which kicks out the Aussies and welcomes the Canucks. O! Canada. Welcome!

Also new, a guest article from ForexTraders.com explaining the carry trade in forex. Check it out here.

	pps	pps open	upper pivot	lower pivot
EUR/USD US$1.2550		US$1.2236 jul01	US$1.2510	US$1.1602
USD/JPY¥87.69>		¥91.44 jun17	¥91.49	¥85.29
GBP/USD US$1.5176		US$1.4943 jul01	US$1.5266	US$1.4021
EUR/JPY ¥110.00		¥112.16 jul22	¥112.46	¥103.05
USD/CAD C$1.0653		C$1.0295 jun23	US$1.1024	US$1.0291

The euro moved to bull phase on July 1 -- or perhaps it should be described as the U.S. dollar's move to bear phase, since cable also moved to bull phase simultaneously.

The phase switch was accompanied, in the EUR/USD case, by a powerful rise that carried the price from the monthly Person's Pivots midline up to the upper pivot, and a day later the upper pivot was pierced, although without conviction.

The GBP/USD pair, although not piercing the upper pivot, showed an equally powerful rise and was near the pivot level.

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 "propropietary" 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.