Monday, May 12, 2008

pssst!! Now Sell the Dollar! IFCN Wk 23 -Mon- Equity: $748.05

Nothing has changed except the flavor of fear in the forex market.

The currency markets of late have offered every possible variety of movement. Strong up movements, strong down movements, and then strong upmoves again. Pick a pair, any pair.

That is why we simply follow our signals. If there is a sustained move, by entering our trades we will be in position to catch it. Only those who execute get the chance to profit.

We had one OneNightStand trade exited this morning at 00:01 CST-
Gbp/Usd: short on Friday @ 1.9501, exited at 1.9480 for a total trade profit of 21 pips. Another profitable ONS trade, now 3 in a row.  

All 5 of the week's FirstStrike trades got entered today. One quick loss was taken in the long Usd/Jpy trade. The trade was entered @ 103.87, the market fell to the protective sell stop at 103.27 to the tick- and then went right back up to the entry point. That happens sometimes, but rarely that perfectly! Trading is a very perverse occupation.

The following are our 5 FirstStrike entries:
  • Eur/Usd:  long @ 1.5463, stop 1.5403.
  • Gbp/Jpy:  long @ 202.11, stop 201.21. (90 pip risk)
  • Gbp/Usd:  long @ 1.9531, stop 1.9471.
  • Usd/Chf: short @ 1.0423, stop 1.0483.
  • Usd/Jpy:   long @ 103.87, stopped out at 103.27 for a 60 pip loss.
Note: Any FirstStrike trade not stopped out before Friday gets exited on Friday just before 15:00 CST.

We are currently sitting with small profits in a couple of our trades. We'll see what the week will bring.

Side note: I've gotten emails from a few subscribers that they missed the March issue (#4) of the IFC newsletter, "What is Your Winning Structure?" This evening, I will send out the current download links for all of the available newsletters if you missed any. The internet is still far from perfect.

Current equity is $748.05.

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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