Wednesday, June 4, 2008

Can You Handle the Swings?-- IFCN Wk 26 -Wed- Equity: $$754.15.

We've had two more of the week's FirstStrike trades bite the dust. The short Usd/Chf and Usd/Jpy got stopped out.

I wasn't surprised.

When they got stopped out, the drawdown intraday was substantial. All of the trades looked like grim “death at the door”. If you panicked and exited then right then, which would be the most natural human reaction there is; you would be down substantially for the week.

We may still get stopped out of the current winners and have a losing week. But at least, we won't give up our trades without a fight!

Still, the system trades are holding together quite well. The lone winning trades- the short Gbp/Jpy and Gbp/Usd are gaining enough to overshadow the losses so far.

The week's FirstStrike entries:
  • Eur/Usd: short @ 1.5488, stopped out at 1.5548 for a 60 pip loss.
  • Gbp/Jpy: short @ 207.36, stop 208.26. Trade still in progress.
  • Gbp/Usd: short @ 1.9692, stop 1.9752. Trade still in progress.
  • Usd/Chf: short @ 1.0381, stopped out at 1.0441 for a 60 pip loss.
  • Usd/Jpy: short @ 104.91, stopped out at 105.51 for a 60 pip loss.
Note: Any FirstStrike trade not stopped out before Friday gets exited on Friday just before 15:00 CST.

Current equity: $754.15.

Holding the course.

Joel Rensink

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