Monday, February 4, 2008

The Calm before the Storm....-- IFCN Wk 9 -Mon- Equity: $494.58

Early this morning we entered the GBP/USD and GBP/JPY and that has been it so far. Our other pairs are rangebound and it is the way they've been rangebound that is interesting. Very tight ranges. The longer we go in the week before a trade the more likely we will have a decisive move.

BUY @ 210.53, stop 209.93.
BUY @ 1.9713, stop 1.9653.

The current account equity stands at $494.58-- up a little from the beginning of the week.

The British Services PMI numbers and the US ISM Non-Manufacturing Index numbers are coming out tomorrow. They have sparked some large moves before.  Perhaps they will help tip the balance we're seeing right now.

Either way:

My orders (below) are placed for the other pairs.

BUY 1.4863, stop 1.4803.
SELL 1.4763, stop 1.4823.

BUY 1.0946, stop 1.0886.
SELL 1.0846, stop 1.0906.

BUY 107.32, stop 106.72.
SELL 106.32, stop 106.92.

When one of the buy or sell orders is filled on a currency pair, I will cancel the other order. Any trade not stopped out before Friday-- I will exit on Friday just before 15:00 CST.

I'll be back tomorrow. Maybe something will have happened by then.

Joel Rensink

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