Wednesday, July 21, 2010

7/21 Forex

  • Euro moves to bear phase in trading against the U.S. dollar.
  • Cable also showed a bear signal against the dollar, but it is ghosting.
  • Another ghost: Euro turns bearish in yen trading, but the signal is cheshiring madly.
ppspps openupper pivotlower pivot
EUR/USD US$1.2807 US$1.2879 jul21 US$1.2510 US$1.1602
USD/JPY¥87.09 ¥88.30 jul15 ¥91.49 ¥85.29
GBP/USD US$1.5202 US$1.5262 jul21 US$1.5266 US$1.4021
EUR/JPY ¥111.53 ¥112.69 jul21 ¥112.46 ¥103.05
USD/CAD C$1.0423 C$1.0381 jul16 US$1.1024 US$1.0291

The EUR/USD rise began July 1 with a powerful upward push that continued, pretty much unabated, until Tuesday's high. Overall, the bull phase gained 5.3%.

The next two are ghosting and so may not end the trading day as valid phase changes. However, if they do ....
GBP/USD's bull phase was much shorter and choppier, lasting only five market days and showing a two day rise followed by a one day fall and then range-trading. The bull phase produced a 0.6% rise.

EUR/JPY moved to bull phase on July 5. Altogether, the phase saw a gain of 2.4%

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.

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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