The Dollar Recovers

After initially losing ground once the interest rate announcement was made, the dollar steadily gained for hours afterward, erasing earlier losses. The Fed left rates unchanged, suggested the economic recovery may be slow. No kidding. It doesn't take a rocket scientist to figure that one out.

Anyway, the market seemed to respond to the usual rhetoric following the announcement, with the dollar gaining all the way until 5pm EST, the official end of the trading day. I just can't believe that traders are taken by some of this stuff. That doesn't matter though, I don't expect the resurgence to last.

I only made 14 new trades today, closing 14 winners including 4 older trades, 0 losses, and 19 trades remain open. The net pips for today is +334.8 pips, or 3.12% gain.

For the SummerstreetFX account, I made 17 new trades, closing 13 winners including 2 older trades, 0 losses, and 6 trades remain open. The net pips for today is +239.7 pips, or 4.47% gain, both new highs for this account.

Here are the daily stats for Wednesday, September 23, 2009.

Open

High

Low

Close

Pip Interval

GBP/USD	1.6357	1.6465	1.6327	1.6339	138
EUR/USD	1.4789	1.4842	1.4727	1.4733	115
USD/CHF	1.0231	1.0273	1.0183	1.0267	90
USD/JPY	91.08	91.52	90.47	91.27	105
GBP/JPY	149.07	150.32	148.21	149.12	211

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com