Tuesday, February 26, 2008

Dollar hits an air pocket! IFCN Wk 12 -Tue- Equity: $536.24

Looks like a good week for FirstStrike so far. It took a while for the market pairs to pick a direction, but when they did-- we've gotten some line moves.

A recap of our entries today:

Usd/Jpy: Went long yesterday @ 107.91, exited today @ 107.67 for 24 pip loss. I simply got out early. The market failed at an area it should have held if it was going to go higher.

I saw no reason to take a bigger loss just to prove a point. Also, the Euro, Swiss and Pound all were gaining strongly on the dollar. Under these circumstances there was no reason to wait for the inevitable loss.
  • Eur/Usd:  Long @ 1.4867, stop 1.4807.
  • Gbp/Usd: Long @ 1.9709, stop 1.9649.
  • Usd/Chf:   Short @ 1.0836, stop 1.0896.
Any trade above not stopped out before Friday-- exit on Friday just before 15:00 CST.

It is always surprising how quick one can rebound from a drawdown. The week isn't over yet, but at least we're seeing positive action.

See you tomorrow.

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: newsletter@infiniteyield.com and tell me which address you would like it sent.

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