Letter Day

Today was a very choppy day. In fact, you could call it an alphabet day. The patterns in the currencies kept forming Vs and Ws. Momentum traders love days like this because they keep riding the currencies up and down, making money on each pass.

However, due to an appointment I had this morning, I missed the New York session when a lot of this choppiness occurred.

The pound did a couple of Ws first losing ground to the dollar during the Asian session, gaining it back during the first half of the European session. The process repeated during the second half of the European session and then gaining it back during the first half of the New York session. The second half of the New York session had smaller Ws to maintain the theme.

The Euro did pretty much the same, but gained more ground during the New York session setting another new high for 2009. The yen did a V spanning both sessions before settling to Ws during the second half of the New York session.

I got caught in some sells on the pound/yen during the bottom of its V that I may have to take some losses on. I'll wait a bit to see how tomorrow lines up.

I did 23 new trades today, closing 20 winners including 3 older trades, 0 losses, and 20 trades remain open. The net pips for the day is +386.2 pips, or 6.44% gain.

I did begin trading the SummerstreetFX account today as well. I did six trades, closing all six as winners. The net pips for this account is +114.2 pips, or 1.18% gain.

Here are the daily stats for Wednesday, September 16, 2009.

Open

High

Low

Close

Pip Interval

GBP/USD	1.6486	1.6531	1.6430	1.6492	101
EUR/USD	1.4659	1.4735	1.4641	1.4708	94
USD/CHF	1.0348	1.0367	1.0296	1.0318	71
USD/JPY	91.04	91.35	90.11	90.93	124
GBP/JPY	150.10	150.54	148.58	149.96	196

Tomorrow should be very interesting. I expect another choppy day.

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com