Breakthrough

Today, the dollar continued to lose ground to the other major currencies. The pound finally broke through the resistance and did so convincingly setting a one month high. So did the yen, but by only about 20 pips. The Euro made a new high for 2009.

This causes some problems for my existing open trades. I will have to make a decision to take some losses or risk bigger losses if the market continues the weakening dollar trend. What caught me by surprise today is the timing of the major move. It began late during the European session when no announcements were occurring. Up to that point, the dollar was gaining ground. The trend continued through the New York session with the pound gaining more than 200 pips on the dollar.

I made a record number of trades today with 49 new trades. I closed 46 winners including 3 older trades, 0 losses, and 21 trades remain open. I also set a new account record with the net pips of +584.9 pips, or 12.84% gain.

Here are the daily stats for Thursday, September 10, 2009.

Open

High

Low

Close

Pip Interval

GBP/USD	1.6545	1.6684	1.6479	1.6648	205
EUR/USD	1.4555	1.4612	1.4501	1.4580	111
USD/CHF	1.0410	1.0464	1.0359	1.0383	105
USD/JPY	92.02	92.24	91.41	91.72	83
GBP/JPY	152.25	153.09	151.89	152.70	120

If it comes to it, I will try to minimize the losses. Even with all the remaining open trades, the account would still be in positive territory. This is what I'm trying to protect if the trend continues.

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com