Monday, January 14, 2008

Week 6 - Mon- Current Equity: $521.05

It's a new week.  The markets are not a lot different from last week.  Directionless trade prevails.

FirstStrike got trades shortly after midnight on all of the pairs.  So far only one pair is stopped out, the GBP/USD bought @ 1.9644 with a stop at 1.9584.

The other current FirstStrike trades are as follows:

eud/usd:  bought @1.4865, stop 1.4805.
gbp/jpy:   sold @212.40, stop 213.00.
usd/chf:   sold @1.0946, stop 1.1006.
usd/jpy:   sold @ 108.15, stop 108.75.

It would be nice if these trades got on their horses and went. The one obvious fact is that the the Euro, Japanese Yen and Swiss Franc have gained a tremendous amount of ground on the dollar over the past months. It wouldn't be too surprising if they backed off, with all the news about the weak dollar filling the news. When everyone is long, who is left to enter?

We'll see what the night has to bring us.

Joel Rensink

PS: To receive the FREE! trading rules for the Infiniteyield Forex Challenge ($499 value) and the semi-monthly newsletter about this challenge, send an email to: and tell me to which address you would like it sent.

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