Reversal

It looks as though the dollar has exhausted its run and is now beginning to retreat again. Against the other major currencies, the dollar first gained ground, then lost it during the New York session and for the day, reversing the trend from last week.

This is the kind of movement I needed on Thursday.

Today, I made 18 new trades, closing 12 winners, 1 loss, and 5 trades remain open. The net pips for today is +171.1 pips, or 3.08% gain.

Here are the stats for Tuesday, September 29, 2009.

Open

High

Low

Close

Pip Interval

GBP/USD	1.5883	1.5987	1.5823	1.5959	164
EUR/USD	1.4620	1.4644	1.4526	1.4586	118
USD/CHF	1.0324	1.0404	1.0312	1.0360	92
USD/JPY	89.63	90.35	89.59	90.06	76
GBP/JPY	142.36	143.92	142.01	143.73	191

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com

Wild Times

The last few days have been really wild. Lots of movement, big pip intervals, big volumes, lots of trades. In addition to that, I have some really good news, and some bad news.

I mentioned on Friday that I picked up some big deposits. That is really going to help the accounts grow a lot, because it is many multiples of what I had to work with before.

The bad news is that the large movements of the pound/dollar and pound/yen were moving in the opposite direction I thought was going to happen. My positions were getting more and more over extended. I was hedging to try to keep my margin in check, but could not hedge fast enough. I took some major losses on both accounts.

Because of all the wild activity and being gone for the weekend, I still have not tabulated all the results. However, with the new deposits, I will be able to make up for the losses in a matter of days. No worries.

Today, I did not trade. I had a number of meetings I had to go to and was worn out from the weekend anyway. But I will be back at it again tonight.

Here are the stats for Monday, September 28, 2009.

Open

High

Low

Close

Pip Interval

GBP/USD	1.5973	1.5975	1.5768	1.5882	207
EUR/USD	1.4699	1.4719	1.4563	1.4620	156
USD/CHF	1.0266	1.0373	1.0250	1.0324	123
USD/JPY	89.58	89.76	88.22	89.62	154
GBP/JPY	143.10	143.11	139.72	142.35	339

Here are the stats for Friday, September 25, 2009 that I did not report on Friday.

Open

High

Low

Close

Pip Interval

GBP/USD	1.6058	1.6064	1.5915	1.5928	149
EUR/USD	1.4665	1.4723	1.4613	1.4676	110
USD/CHF	1.0292	1.0340	1.0243	1.0281	97
USD/JPY	91.26	91.33	89.50	89.74	183
GBP/JPY	146.53	146.65	142.74	142.93	391

As you can see, the pound/yen really dropped over the last couple days. In fact, over the last 4 days, the pound/yen dropped over 1100 pips, a sizable move for any month, let alone for a few days. The pound/dollar also dropped 600 pips during the same time frame.

As I mentioned a few weeks back, I expected the currencies to move out of the channel they had been in. The surprise for me was moving positive for the dollar, I had expected the opposite. Now that the markets are starting to do some major trending, I will change tactics and strategies. There will more more losses than before, but minor ones. This will help avoid the heavier losses that I took on Friday. Trend trading is significantly different from channel trading.

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com

Weekend Away

Today was a wild, wild day. I'll have to get more into that on Monday. I'm leaving for the weekend early, so I won't be able to post after the market closes.

The really good news is that I received some large deposits to work with.

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com

Surprise, Surprise

Evidently, the markets really liked what they heard from the FOMC meeting minutes yesterday. Not only did the dollar gain ground all yesterday afternoon against the pound, it continued virtually the entire day today as well. The Fed really knows how to sling it.

The pound lost over 350 pips (3.5 cents), one of the largest pip intervals for the pound all year. The euro reacted differently. It first gained ground on the dollar during the European session, then lost all of that and more during the New York session. The swissie acted similarly, but did not lose at much to the dollar. The yen also gained, then lost to the dollar, ending the day right where it started for a doji.

Since the pound was losing big, my longs (buys) did not fare so well. They are a little overextended at the moment. I was selling all day long, hedging to ride out the dollar moves. I did 51 new trades today, closing 51 winners including 6 older trades, 0 losses, and 19 trades remain open. The net pips for today is +731.4 pips, or 16.02% gain. All of these were highs for the account.

On the SummerstreetFX account, I did not trade as much. I did 9 new trades, closing 6 winners including 1 older trade, 0 losses, and 9 trades remain open. The net pips for SummerstreetFX is +112.5 pips, or 2.16% gain.

Here are the daily stats for Thursday, September 24, 2009.

Open

High

Low

Close

Pip Interval

GBP/USD	1.6339	1.6384	1.6020	1.6058	364
EUR/USD	1.4734	1.4800	1.4627	1.4664	173
USD/CHF	1.0267	1.0321	1.0208	1.0293	113
USD/JPY	91.26	91.62	90.34	91.25	128
GBP/JPY	149.11	149.51	146.26	146.53	325

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com

The Dollar Recovers

After initially losing ground once the interest rate announcement was made, the dollar steadily gained for hours afterward, erasing earlier losses. The Fed left rates unchanged, suggested the economic recovery may be slow. No kidding. It doesn't take a rocket scientist to figure that one out.

Anyway, the market seemed to respond to the usual rhetoric following the announcement, with the dollar gaining all the way until 5pm EST, the official end of the trading day. I just can't believe that traders are taken by some of this stuff. That doesn't matter though, I don't expect the resurgence to last.

I only made 14 new trades today, closing 14 winners including 4 older trades, 0 losses, and 19 trades remain open. The net pips for today is +334.8 pips, or 3.12% gain.

For the SummerstreetFX account, I made 17 new trades, closing 13 winners including 2 older trades, 0 losses, and 6 trades remain open. The net pips for today is +239.7 pips, or 4.47% gain, both new highs for this account.

Here are the daily stats for Wednesday, September 23, 2009.

Open

High

Low

Close

Pip Interval

GBP/USD	1.6357	1.6465	1.6327	1.6339	138
EUR/USD	1.4789	1.4842	1.4727	1.4733	115
USD/CHF	1.0231	1.0273	1.0183	1.0267	90
USD/JPY	91.08	91.52	90.47	91.27	105
GBP/JPY	149.07	150.32	148.21	149.12	211

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com

The Dollar Slides

As I mentioned yesterday, I thought the dollar would start to lose ground. That proved to be true all through the day.

The only interesting thing about the moves of the day was the timing. The yen gained most of its gains on the dollar during the Asian session. The European currencies gained most of their gains during the opening of the European session. Then only the pound gained significant ground against the dollar during the New York session.

The remainder of the sessions were fairly flat.

I only did 15 new trades today, closing 16 winners including 4 older trades, 1 loss, and 19 trades remain open. The net pips for the day is +103.0 pips, or 1.80% gain.

The SummerstreetFX account did a bit better. I did 7 new trades, closing 11 winners including 4 older trades, 0 losses, and 2 trades remain open. The net pips for the day on SummerstreetFX is +151.6 pips (a new high), or 2.73% gain.

Here are the daily stats for Tuesday, September 22, 2009.

Open

High

Low

Close

Pip Interval

GBP/USD	1.6218	1.6392	1.6201	1.6357	191
EUR/USD	1.4678	1.4820	1.4670	1.4789	150
USD/CHF	1.0322	1.0326	1.0215	1.0235	111
USD/JPY	91.90	92.10	90.92	91.08	118
GBP/JPY	149.00	149.38	148.45	148.99	93

Tomorrow should be very interesting with a lot of European economic announcements coming. Also the FOMC releases the interest rate announcement Wed. afternoon. It doesn't look good for the dollar.

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com

Turnaround

It looks as though the recovery of the dollar against the pound has come to an end and the dollar may be beginning a new trend losing ground again. The dollar gained on the pound for the last five days, but only gained on the other European currencies the last two days.

Today, it looks as though that trend is starting to reverse. It was a fairly light day in volume and modest pip intervals. Most of the movement occurred during the Asian session with the dollar gaining strength. The European session was pretty flat, and during the New York session, the dollar gave up ground. The day ended up as a doji on the pound, ending pretty much where it began. A doji tends to indicate a change in direction.

I also had a lighter day in trading. I did 18 new trades, closing 18 winners including 5 older trades, 0 losses, and 21 trades still remain open. The net pips for today is +307.3 pips, or 4.88% gain.

The SummerstreetFX account also had a light day. I did 6 new trades there, closing 6 winners including 2 older trades, and 6 trades remain open. The net pips for today on SummerstreetFX is +97.8 pips, or 1.84% gain.

Here are the daily stats for Monday, September 21, 2009.

Open

High

Low

Close

Pip Interval

GBP/USD	1.6221	1.6262	1.6132	1.6215	130
EUR/USD	1.4699	1.4712	1.4610	1.4678	102
USD/CHF	1.0303	1.0388	1.0290	1.0322	98
USD/JPY	91.32	92.52	91.29	91.92	123
GBP/JPY	148.12	149.56	148.04	149.04	152

May the pips be with us!

The Pipmaster
Email: titangroupfx@gmail.com