Who likes the NFA?

On the first day of trading, I ran into some problems with my trading platform with FX Solutions. It turned out that this was the day that the NFA (National Futures Association) decided to implement some new rules determining how trades can be closed. These FIFO rules only allow first-in-first-out of multiple trades to be closed without individual stop limits. This messed up some trades.

So, because of this little hitch, I don't have any information on trades closed. Tomorrow I will.

If anyone is interested in learning more about forex, from simplest to more complex, check out the following website. This website is really good at explaining terms, school lessons (kindergarten to college), etc.

www.babypips.com

However, here are some daily stats from Monday, Aug. 3, 2009.

	Open	High	Low	Close	Pip Interval
GBP/USD	1.6716	1.6983	1.6693	1.6926	290
EUR/USD	1.4267	1.4443	1.4202	1.4411	241

USD/JPY	94.75	95.41	94.58	95.25	83
GBP/JPY	158.38	161.73	158.06	161.22	367

There was a lot of movement in the European pairs today, more than twice the normal interval for the Great British Pound and the Euro, but most of it came later during the New York session from 9am to 11am.

What this means:
The dollar lost significant ground today vs. the pound (almost 3 cents) and the euro (almost 2.5 cents). Since the pound gained value and the yen lost value, the yen really lost ground to the pound (almost 4 yen).

Example: It now takes almost $1.70 to buy 1 Great British Pound. On Friday it was about $1.67.

May the pips be with us!

The Pipmaster