The choppiness is there for several reasons. Historically, November is pretty flat but maybe a little choppy because the market tends to settle down after a trending month like October. Most of the economic announcements are subdued because of the time of the year prior to the big holiday sales season. There are also few interest rate changes or other major moves that will affect currency rates.
Also, for those that follow Elliott Wave theory, we are in a complex wave 4 which can last for weeks or months as the currencies bounce back and forth. The question always is with complex waves 2 and 4 is when will they break out and begin wave 5. My expectation is not until the second week of December, but 3 years ago is was on Black Friday, the day after Thanksgiving. Time will tell.
The pound was all over the place as it fell, gained, bounced, rose to yesterday's high, dropped like a stone, bounced, and ended as a doji close to where it began the day. The euro slumped all day until mid morning during the New York session, then recovered a bit. The yen gained, then slumped, and ended near a doji like the pound. The pound/yen pair had one of the smallest pip intervals I've ever seen at 87 pips.
Today, I did 25 new trades, closing 25 winners including 9 older trades, and 1 loss. The net pips for today is +433.7 pips, or 0.89% gain.
Here are the stats for Tuesday, November 17, 2009.
| Open | High | Low | Close | Pip Interval |
| GBP/USD | 1.6815 | 1.6870 | 1.6753 | 1.6809 | 117 |
| EUR/USD | 1.4969 | 1.4997 | 1.4806 | 1.4874 | 191 |
| USD/CHF | 1.0075 | 1.0207 | 1.0059 | 1.0159 | 148 |
| USD/JPY | 89.04 | 89.52 | 88.72 | 89.24 | 80 |
| GBP/JPY | 149.72 | 150.19 | 149.32 | 150.01 | 87 |
This afternoon, funds were deposited for 4 clients. Yeah!!! More are on the way!
May the pips be with us!
The Pipmaster
Email: titangroupfx@gmail.com
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