New Trend?

The dollar continued to lose ground against the major currencies today, and in a sizable fashion. Although it is now in its fourth day, the question remains if it will continue. It hit a resistance yesterday on the pound that was fairly strong since the middle of August. So, it may reach it again, or close to it and bounce back.

Or, quite possibly, it may take a number of runs at it before it breaks through the resistance. This is the thrill of trading - the anticipation of what is likely to happen before it happens. When you're right, it is a great feeling. When you are wrong, you will likely have some tough decisions to make. Do I take a loss and limit the bleeding? Or, do I wait it out and wait for the return - that may never come?

Tomorrow, it will likely confirm which will happen - retreat or breakthrough. If a breakthrough occurs, I will likely have to take some losses on some sells I have out there to prevent bigger losses down the road. Nonetheless, I'm still in a positive ground even if I took losses on all open trades including the buys.

Later this month, I expect a significant shift on the markets with the dollar losing major ground. I will use different strategies than what I'm currently using. There will be more frequent losses at that time, but the overall direction of the growing account should remain.

Today, I made 28 new trades, closing 24 winners including 2 older trades, 0 losses, and 21 trades remaining open. The net pips today is +406.6 pips, or 7.15% gain.

Here are the daily stats for Tuesday, September 8, 2009.

Open

High

Low

Close

Pip Interval

GBP/USD	1.6346	1.6585	1.6320	1.6484	265
EUR/USD	1.4331	1.4533	1.4327	1.4477	206
USD/CHF	1.0599	1.0602	1.0431	1.0472	171
USD/JPY	93.05	93.07	92.02	92.30	105
GBP/JPY	152.10	152.88	151.30	152.16	158

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com