Light Day

Despite today being a light day in terms of trading volume, the dollar rebounded a bit. It gained some ground across all the major currencies during the New York session, more than likely because of the comments made by Ben Bernanke on Friday. The Fed chairman said the economy is "beginning to emerge" from the recession.

What sheep we are! I did expect this and was able to close out some older trades. I did 12 new trades to start off the week, with 12 winners including 3 older trades, no losses, and 8 trades remaining open. The net pips for today is +131.9 pips, or 5.18% gain.

Here are the daily stats for Monday, August 24, 2009.

Open

High

Low

Close

Pip Interval

GBP/USD	1.6502	1.6542	1.6390	1.6414	152
EUR/USD	1.4343	1.4357	1.4280	1.4303	77
USD/CHF	1.0569	1.0629	1.0563	1.0611	66
USD/JPY	94.31	95.05	94.30	94.55	75
GBP/JPY	155.63	156.76	154.78	155.19	198

What this means:
What should be very interesting tomorrow is that if Bernanke's comments will be strong enough to keep the dollar gaining ground and start a new trend, or will it resume the volatile up and down pattern the currencies have had over the past week. I think the currencies will swing back like last week.

As my track record is building, the interest in my trading is also building. I will share more details in the coming week. Stay tuned ...

If you need any help understanding forex or any terms, go to www.babypips.com. The lessons and encyclopedia are great learning tools. Another good website is www.chartpatterns.com.

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com