Tuesday, February 19, 2008

Rangebound forex trade while oil surges! -- IFCN Wk 11 -Tue- Equity: $509.19

Still cold outside up here in Minnesota. -3 degrees Fahrenheit. With wind it has a wind chill of -30.

Crude oil roared to new historic highs, over 100 dollars a barrel.  Makes you think about the value of everything you own.  Obviously everyone else is thinking that.  The markets act as if there is another shoe to drop somewhere.
And the forex markets are still ranging.  They won't for very much longer.

Currency values, just like commodities, are just a perception.  When the perception changes -- they find new territory.

I've been stopped out of the following 3 FirstStrike trades for 60 pips each:
  1. Eur/Usd: short @ 1.4631
  2. Usd/Chf: long @ 1.0995
  3. Usd/Jpy: long @ 108.30
I'm still in the following trades:
  1. Gbp/Jpy: short @ 211.14, stop 211.74.
  2. Gbp/Usd: short @ 1.9575, stop 1.9635.
(Any FirstStrike trade not stopped out before Friday gets exited on Friday just before 15:00 CST.)

I do find it interesting that the Pound pairs are extraordinarily weak.

Current market equity is $509.19.

Have a good evening.

Joel Rensink

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