One FirstStrike trade is still going. The Eur/Usd bought @ 1.5717 with a stoploss @ 1.5657 is profitable and near all-time historic highs.
I am actually surprised that we had the one holdout. The other pairs have been exceptionally choppy this week, until today. If you traded frequently this week it is likely you lost more than average.
When the markets are trying to digest new market conditions, the primary losers are the shorter term participants.
The International Monetary Fund (IMF) lowered its 2008 growth estimates for the US by almost one percentage point. They believe the dollar's weakness is certain to encourage other currencies to attain prominence, primarily the Euro, which we've been witnessing the past few weeks.
The Fed has slashed its rates by a total of 300 basis points since late last year to ease credit concerns and recharge the economy. The Fed is expected to further lower rates by 50 basis points this month, which should weaken the dollar a bit more.
The great thing about being a trader is--- the trends of the monetary systems force trends in the currencies. We almost are forced to make money if we manage our resources and are willing to take precise robust trades.
See you tomorrow!
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!
Wednesday, April 9, 2008
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