Outage 2

Although I did not have another outage, I was still dealing with the outage from Thursday in managing my positions. Again today, the currencies were really erratic.

The pound especially had a wild ride today. First during the Asian session, it did a 140 pip upside down V formation during the first 8 hours of the day. Then during the European session, it did another 100 pip upside down V formation. Which direction is it going? The New York session gained some ground on the dollar before leveling off with about a 90 pip gain on the dollar.

The other currencies initially gained on the dollar during the Asian session, but lost that ground and then some during the other sessions and for the day. Thus the currencies were mixed with the pound gaining ground because of its momentum, but the euro, yen, and swissie lost ground against the dollar.

This may mean that the current trend against the dollar may reverse again next week.

I continued to be aggressive in doing damage control on the lost ground during the outage on Thursday. I did 61 new trades today, an account high. I closed 50 winners including 3 older trades, 2 losses, and 21 trades remain open. The net pips for today is -642.4 pips, or -2.47% loss. The aggressive trading limited the loss for the day to under 3%.

The 2 losses were from earlier in the week before this big move upward. I still have some positions from earlier that I may have to liquidate if the trend continues.

For the week, I still posted a gain. The net pips for the week is -124 pips, but a 15.76% gain. This is an example where the pip value can change on any trade. I made larger wins giving me a dollar gain, but the losses were lower values leaving a negative pip balance for the week.

Here are the daily stats for Friday, October 16, 2009.

Open

High

Low

Close

Pip Interval

GBP/USD	1.6266	1.6397	1.6250	1.6353	147
EUR/USD	1.4947	1.4966	1.4848	1.4902	118
USD/CHF	1.0147	1.0222	1.0129	1.0180	93
USD/JPY	90.54	91.31	90.50	90.91	81
GBP/JPY	147.26	149.26	147.14	148.60	212

Rest assured, based on this week there will be more excitement next week.

I haven't mentioned this for a while, so here's a reminder. If you need any help understanding forex or any terms, go to www.babypips.com. The lessons and encyclopedia are great learning tools. Another good website is www.chartpatterns.com.

Have a great weekend everyone!

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com