Friday, November 19, 2010

11/19 Forex

  • Euro, Australian dollar to bull phase against the yen (EUR/JPY, AUD/JPY).
  • They look like head fakes to me. See my discussion below.

ppspps openupper pivotlower pivot
EUR/USD US$1.37 US$1.41 nov8 US$1.40 US$1.33
AUD/USD US$0.98 US$1.00 nov11 US$1.03 US$0.97
USD/CAD C$1.02 C$1.00 nov12 C$1.02 C$0.99
USD/JPY¥83 ¥81 nov9 ¥84 ¥81
GBP/CHF SF1.59 SF1.56 nov11 SF1.61 SF1.55
GBP/USD US$1.60 US$1.61 nov9 US$1.64 US$1.60
EUR/JPY ¥114 ¥113 nov18 ¥115 ¥110
AUD/JPY ¥82 ¥81 nov18 ¥84 ¥81
USD/CHFSF1.00 SF0.97 nov11 SF0.99 SF0.95
NZD/USD US$0.78 US$0.79 nov9 US$0.80 US$0.76
USD/MXN M$12.31 M$12.25 nov12 M$12.41 M$12.08

The switches to bull phase by the EUR/JPY and AUD/JPY pairs are unconfirmed by the average directional index (adx), which is weakening in both cases, suggesting sideways trends and a high likelihood of whipsaws.

The EUR/JPY signal ends a bear phase of eight U.S. market days that brought the price down 1.5%.

The preceding bear phase on AUD/JPY lasted four market days and carried the price down 1%.

The analysis uses the daily Person's Proprietary Signal, developed by John Person, and the weekly 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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