Resistance Holds

As indicated yesterday, the trend with the dollar losing ground did hit the upper resistance again before retreating. For the day, the dollar did lose ground, but the resistance held on the pound and the yen. The Euro did break through its resistance yesterday, but not more than 200 pips yet.

So, I expect the dollar to make another run at the resistance. Whether it breaks through or not, we will have to wait for the results tomorrow.

I did not take any losses yet, but it will depend on what the market does tomorrow. If it retreats again, it will likely retreat more significantly allowing me to limit the losses substantially or even entirely.

Today, I made 27 new trades, closing 30 winners including 6 older trades, 0 losses, and 18 trades remaining open. The net pips for today is +501.6 pips, or 8.69% gain. This was the second highest pip total for the account to date.

Here are the daily stats for Wednesday, September 9, 2009.

Open

High

Low

Close

Pip Interval

GBP/USD	1.6484	1.6589	1.6454	1.6544	135
EUR/USD	1.4477	1.4599	1.4466	1.4556	133
USD/CHF	1.0472	1.0488	1.0383	1.041	105
USD/JPY	92.31	92.58	91.60	92.02	98
GBP/JPY	152.17	152.98	151.62	152.25	136

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com