Wednesday, March 19, 2008

Silver and Gold and Commodity Rout! -IFCN Wk 15 -Wed- Equity: $631.55

All in all, it was a good day for me.  And the Forex Challenge account.

Remaining FirstStrike Trades:
eur/usd: Sold @ 1.5792, stop 1.5852. Trade in progress---
usd/chf: Bought @ .9811, stop .9751. Trade in progress---

After fooling around for the early part of the morning, the Eur/Usd started back down and the Usd/Chf started back up-- which is good for FirstStrike.

With the gold (XAU) and silver (XAG) dropping like a stone, it is unlikely that the European currencies are going to gain much on the dollar. The drop in the metals is good, as it will give us opportunity to buy large quantities at a better price.

For anyone who requires strong movements for their trading has a perfect environment right now. I took a couple of SureBreakout trades in the GBP/USD and USD/CHF in my personal accounts which netted me a total of 145 pips total this early morning. They happened when I was too busy to send out an email to subscribers. Normally, the markets are a bit calmer when SureBreakout trades set up, but this time there was a ton of action in everything- from silver to coffee and the grains which have dropped, keeping me a busy as a long tailed cat in room of rocking chairs.

Remember the trading scenario I painted for the grains which I outlined in February's IFC newsletter?

May soybeans have now dropped more than $2.80/bushel non-stop since the letter, and Minneapolis wheat for May has dropped $3.00/bushel. I purchased a load of relatively cheap May soybean puts the first trading day after sending out the letter. They have now multiplied my money 5 times. They're not done making money either. The other grain markets have dropped significantly too.

I'm sure very few of you followed my advice about the grains. At least I let some, outside of my normal contacts, know about the “certain” and very limited risk (see IFC newsletter for details) opportunity. (If you are interested in subscribing to the IFC Newsletter-- it is FREE, and you get access to all the back issues)

It is nice when you get follow-through movement in your trades. Especially the bigger ones.

Current equity stands at $631.55.

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. 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!

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