Monday, April 7, 2008

The Quick and the Dead! -- IFCN Wk 18 -Mon- Equity: $755.34

It is great that the weather is generally improving around the US. Spring is getting here, but in Minnesota today, it was a nasty cold one! The warmth from late last week disappeared, and showed us we have to be patient for the good weather.

The weather is just like the markets we've been trading. Nothing great comes easy!

We got 4 quick FirstStrike entries today and are still alive in 1 of them with a small profit, in the long Eur/Usd. I don't have real high hopes for it though. The remaining pair to enter a trade for the week, the Usd/Jpy-- is at a key price juncture and has the potential to be a solid trade where ever it decides to go.

  • Eur/Usd: long @ 1.5717, stop 1.5657. Currently in for small profit.
  • Gbp/Jpy: long @ 204.32, stopped out @ 203.72 for a 60 pip loss.
  • Gbp/Usd: short @ 1.9843,  stopped out @ 1.9903 for a 60 pip loss.
  • Usd/Chf: long @ 1.0168, stopped out @ 1.0108 for a 60 pip loss.
Usd/Jpy: No Trade Yet!
  • Buy order:    Buy 102.96, stop 102.36.
  • Sell order:     Sell 101.96, stop 102.56.
-----NOTE: Any FirstStrike trade not stopped out before Friday gets exited on Friday just before 15:00 CST.-----

Current equity is $755.34.

Have a good evening.

Maybe we'll get a good Usd/Jpy trade.

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!

No comments: