Tuesday, June 17, 2008

Battle of Words Shakes Markets!--IFCN Wk 28 -Tue- Equity: $781.34.

Much talk about inflation and the ramifications of high crude prices caused a lot of turmoil for our trades. Three of them got stopped out.

I wasn't surprised.  I was more surprised when we had the temporary 4% gain mid-Monday with the initial trades.

The week is probably going to continue to chop as the large players get settled as to where they intend to place their strongest positions.

The following are this week's current FirstStrike entries:
  • Eur/Usd: long @ 1.5444, stop 1.5384. Trade still in progress.
  • Gbp/Jpy: long @ 211.89, stopped out at 210.99 for 90 pip loss.
  • Gbp/Usd: long @ 1.9555, stopped out at 1.9495 for 60 pip loss.
  • Usd/Chf: short @ 1.0424, stop 1.0484. Trade still in progress.
  • Usd/Jpy: short @ 107.74, stopped out at 108.34 for 60 pip loss.
Note: Any FirstStrike trade not stopped out before Friday gets exited on Friday just before 15:00 CST.

Current equity is $781.34.

Joel Rensink

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Skyline said...

Hi Joel,
I'm starting to study and following your FirstStrike method. I'm wondering about your GBPUSD entry on this week at 1.9555. Infact I checked in various broker platform and monday 16th open at 1 AM EST should be in the range 1.9520-22 that could lead to a long entry at about 1.9570-72. It's strange your entry point this week is far for more than 15 pips from correct entry (even if it leads to a loss whatsoever).
Thank you for your great system. I'll continue to follow your great blog ;)


Joel said...

I would recheck your sources and timeframes.


Skyline said...

Oh yes I'm checking again it's my fault, I picked price one hour later.
Have a nice weekend ;)