Monday, April 21, 2008

It Isn't Luck! IFCN Wk 20 -Mon- Equity: $801.06

We just take the trades....

FirstStrike entered all 5 of the markets we placed our orders. The first ones to hit were the short trades of GBP/USD and GBP/JPY. They executed their orders, dropped like a rock and stopped for nothing.

Just the way I like to see a trade, because they can be the absolute best ones. Most people are uncomfortable with a “straightline” trade because it gives virtually no second chance to get in good. Either you get the trade or you don't.

People easily get used to the markets oscillating a lot and get lulled into the expectation that they will have a few chances to get in at a given price or even better.

Weekly breakouts can be very quick in the early hours of the morning.  It is important to place your orders as soon as possible.

All 5 trades have profits as I write this, with large profits in the Sterling pairs and minor profits in the others.

It looks like our drawdown is beginning to end. And the Dollar is beginning to gain on other currencies.

I find it hard to believe that all of our trades entered will be profitable by the end of the week. The Eur/Usd and Gbp/Usd tend to be correlated but we are long the former and short the later.

The following are our 5 FirstStrike entries:
  • Eur/Usd: long @ 1.5883, stop 1.5823.
  • Gbp/Jpy: short @ 206.91, stop 207.81.
  • Gbp/Usd: short @ 1.9958, stop 2.0018.
  • Usd/Chf: short @ 1.0120, stop 1.0180.
  • Usd/Jpy: short @ 103.31, stop 103.91.

Any FirstStrike trade not stopped out before Friday gets exited on Friday just before 15:00 CST.

Current equity is $801.06.

Joel Rensink

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