Tuesday, May 6, 2008

Tuesday's Can Be Blue Too! IFCN Wk 22 -Tue- Equity: $701.90

The paucity of interesting news tends to lull major market participants into inactive postures.

That explains the choppy behavior the past 2 days. It makes me happy that this week I'm trading very little. I only like to be involved heavily when the markets are very strong or very weak.

Late today the dollar started back to a stronger stance against the Swiss Franc, the Yen and the Euro.

It took a serious whack earlier in the day, reacting to other markets, such as U.S. Bonds and high oil prices.

Now, only 3 of the 5 weekly FirstStrike trades are still viable. The Gbp/Usd short trade @ 1.9706, got stopped out at 1.9766 for a 60 pip loss.

Remaining FirstStrike trades:
  • Eur/Usd: long @ 1.5508, stop 1.5448.
  • Gbp/Jpy: short @ 207.09, stop 207.99.
  • Usd/Jpy: short @ 104.69, stop 105.29.
Any FirstStrike trade not stopped out before Friday gets exited on Friday just before 15:00 CST.

Very small profits exist on the remaining trades.

The Nonfarm Productivity report is out tomorrow morning at 7:30 AM CST. That'll likely shake things up a little.

Amazingly the account balance has stayed almost the same, but with different pairs providing the boost. Current equity is $701.90.

Have a good evening.

Joel Rensink

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