It was nice to have a long weekend. As stated last week, I exited all remaining FirstStrike trades @ 15:00 CST on Thursday. Also, no OneNightStand orders were entered Friday.
There was some minimal trading that took place on Friday, but the spreads and lack of opportunity should have kept all but the gambler out of the marketplace. 90% of the market players (read: the “big money”) celebrate easter or other holidays at this time of the year, so it is wise to be out. If you follow this line of thought you will rarely miss any opportunities except to get slaughtered if you ignore it.
The FirstStrike orders below were all executed. As usual, the Gbp/Jpy was a heartbreaker- got us long, looked like it was going to be perfect, backed off just enough to stop out the trade and then skyrocketed back up.
FirstStrike also got short Usd/Chf, which quickly got stopped out for a loss.
But so far, the Eur/Usd, Gbp/ Usd and Usd/Jpy longs are still in progress.
Eur/Usd: BUY 1.5410, stop 1.5350.
Gbp/Jpy: BUY 198.05, stopped out @ 197.45 for 60 pip loss.
Gbp/Usd: BUY 1.9819, stop 1.9759.
Usd/Chf: SELL 1.0131, stopped out @ 1.0190 for 59 pip loss.
Usd/Jpy: BUY 100.42, stop 99.82.
As always, any trade not stopped out before Friday-- exit on Friday just before 15:00 CST.
Current equity: $684.63. My Euro and Gbp pairs have larger position size due to my money management algorithm. So far so good. That can change however, as you know too well.
Joel Rensink
www.infiniteyield.com
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 to which address you would like it sent. Please do not use AOL or Yahoo addresses. Nothing personal, but they've been known to filter out more good mail than actual spam. Try a Gmail address. It's free, simple and perfect for traders!
Monday, March 24, 2008
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