Wednesday, June 25, 2008

Been Bitten? --IFCN Wk 29 -Wed- Equity: $763.20.

-----A young girl was trudging along a mountain path, trying to reach her grandmother's house. It was bitter cold, and the wind cut like a knife. When she was within sight of her destination, she heard a rustle at her feet.

Looking down, she saw a snake. Before she could move, the snake spoke to her. He said, "I am about to die. It is too cold for me up here, and I am freezing. There is no food in these mountains, and I am starving. Please put me under your coat and take me with you."

"No," replied the girl. "I know your kind. You are a rattlesnake. If I pick you up, you will bite me and I will die!"

"No, no," said the snake. "If you help me, you will be my best friend. I will treat you differently."

The little girl sat down on a rock for a moment to rest and think things over. She looked at the beautiful markings on the snake and had to admit that it was the most beautiful snake she had ever seen.

Suddenly, she said, "I believe you. I will save you. All living things deserve to be treated with kindness."

The little girl reached over, put the snake gently under her coat and proceeded toward her grandmother's house.

Within a moment, she felt a sharp pain in her side. The snake had bitten her.

"How could you do this to me?" she cried. "You promised that you would not bite me, and I trusted you!"

"You knew what I was when you picked me up," hissed the snake as he slithered away.


If anyone was watching the forex markets shortly after 2:00 pm CST, they saw a number of divergent violent reactions. Many got bitten.

The dollar got suddenly stronger, and then decidedly weaker. The cause of this confusion was the form of statements made by the Federal Reserve. Their monetary policy was left unchanged at 2%. But the vote to leave the rate unchanged was not unanimous. One Fed President was in favor of raising the rate due to serious inflation concerns. It is an art form to dictate your intent as two opposite results.

The story described above bears remembering. The Fed has many carnivorous qualities where your money is concerned.

The following is this week's last FirstStrike trade:
  • Usd/Jpy: long @ 107.90, stop 107.30. Trade still in progress despite the wild action after Wednesday's FOMC release.
Note: Any FirstStrike trade not stopped out before Friday gets exited on Friday just before 15:00 CST.

The short Gbp/Usd @ 1.9673, was stopped out at 1.9733 for a loss of 60 pips.

Only one FirstStrike trade left alive. Perhaps there will be some OneNightStand trades for Friday.

Current equity is $763.20.

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, Yahoo or Hotmail 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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