Thursday, October 7, 2010

10/7 Forex

  • Cable turns to bull phase against the U.S. dollar (GBP/USD).
  • U.S. Dollar down 1.1% intra-day against the Japanese yen, bumps against lower monthly pivot (USD/JPY).
  • Should the headline just say, "U.S. dollar turns to bear phase against the Universe"??? (USD/Everything)
ppspps openupper pivotlower pivot
EUR/USD US$1.39 US$1.35 sep13 US$1.40 US$1.30
USD/JPY¥82 ¥85.08 sep22 ¥85 ¥82
GBP/USD US$1.59 US$1.50 oct7 US$1.60 US$1.54
EUR/JPY ¥115 ¥112.22 sep14 ¥117 ¥108
USD/CAD C$1.01 C$1.03 sep24 C$1.06 C$1.02
USD/MXN M$12.49 M$13.07 sep2 M$13.06 M$12.28
The GBP/USD signal comes after five U.S. market days in bear phase that carried the price up by 0.6%. Some bear phase.

 In the longer run, the pair has been marking time between about US$1.42 and $1.70 since mid 2009. The most recent leg up began in May and peaked in August, and since then GBP/USD has been forming an extended top with US$1.60 as the upper limit and the 200-day moving average (now at $1.54) as the lower limit.

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.

No comments:

Post a Comment